Found 3 article(s) for author 'Christopher Foote'

Recent Employment Growth in Cities, Suburbs, and Rural Communities

Recent Employment Growth in Cities, Suburbs, and Rural Communities. Christopher Foote, September 18, 2019, Paper, “This paper uses a comprehensive source of yearly data to study private-sector labor demand across US counties during the past five decades. Our focus is on how employment levels and earnings relate to population density—that is, how labor markets in rural areas, suburbs, and urban areas have fared relative to one another. Three broad lessons emerge. First, the longstanding suburbanization of employment and population in cities with very dense urban cores essentially stopped in the first decade of the 21st century. For cities with less dense cores, however, the decentralization of employment continues, even as population patterns mimic those of denser areas. Second, a dataset that begins in 1964 shows clearly the decentralization of manufacturing employment away from inner cities that has long been a focus of the urban sociological literature. Starting in the 1990s, however, manufacturing employment fell sharply not just in cities but also in rural areas, which had experienced less-intense deindustrialization before then.Link

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Mortgage-Default Research and the Recent Foreclosure Crisis

Mortgage-Default Research and the Recent Foreclosure Crisis. Christopher Foote, October 2017, Paper, “This paper reviews recent research on mortgage default, focusing on the relationship of this research to the recent foreclosure crisis. Research on defaults was advanced both theoretically and empirically by the time the crisis began, but economists have moved the frontier further by improving data sources, building dynamic optimizing models of default, and explicitly addressing reverse causality between rising foreclosures and falling house prices. Mortgage defaults were also a key component of early research that pointed to subprime and other privately securitized mortgages as fundamental drivers of the housing boom, although this research has been criticized recently. Going forward, improvements to data and models will allow researchers to explore the central unsolved question in this area: why mortgage default is so rare, even for households with high levels of negative equity or financial distress.Link

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Labor-Market Polarization Over the Business Cycle

Labor-Market Polarization Over the Business Cycle. Christopher Foote, December 6, 2012, Paper. “During the last few decades, labor markets in advanced economies have become “polarized” as relative labor demand grows for high- and low-skill workers while it declines for middle-skill workers. This paper explores how polarization has interacted with the U.S. business cycle since the late 1970s. Consistent with previous work, the authors find that recessions are strongly synchronized across workers with different skills. Even high-skill workers favored by polarization suffer during recessions; this is particularly true during the last two downturns…”  Link

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