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Resilience After Climate Shocks: Evidence From SBA Disaster Loans
September 2026
Working Paper Number:
CES-26-58
We show that natural disasters generate persistent declines in U.S. county employment and net job creation. We then examine whether emergency credit can mitigate these effects. Linking the universe of SBA disaster-loan applications to Census Bureau records, we exploit a credit-score screening rule introduced in 2016 and implement a fuzzy regression discontinuity design around the score cutoff. Firms just above the threshold are substantially more likely to receive government-backed loans, and approval increases employment relative to declined applicants, with effects persisting over subsequent years. The adjustment operates primarily through lower job destruction, while reduced firm exit and stronger job creation also contribute. Overall, SBA lending preserved an estimated 9.8% of the jobs that would otherwise have been lost in disaster-affected counties.
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Graduating Into Disruption: Labor Market Outcomes for AI-Exposed College Majors
September 2026
Working Paper Number:
CES-26-56
How are new college graduates affected by the rise of artificial intelligence, and what can this tell us about the mechanisms behind AI's overall labor market effects? We use administrative records on college graduates to observe how economic outcomes among college majors with differing levels of labor market AI exposure have evolved since large language models became available. We find that post-graduation employment, earnings, and job switching patterns among the most AI-exposed college majors began to diverge immediately following the introduction of ChatGPT in late 2022. In regression-adjusted estimates, the most AI-exposed decile of college majors saw their likelihood of initial employment decline by five percentage points, while full-quarter initial earnings declined by thirteen percent. This earnings decline is comparable in magnitude to the earnings losses associated with graduating into a large recession. Roughly half of the decline in earnings is attributable to lower earnings within the industry sectors that employ these graduates, with the remainder resulting from a shift in the industry mix into lower-wage sectors such as restaurants and retail. The effects attenuate as graduates move further from labor market entry but remain substantial for the most exposed majors.
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Regional Trends in Hospitals in the United States
August 2026
Working Paper Number:
CES-26-51
Regional disparities in healthcare access and health outcomes are well-documented in the United States. Rural localities face worse health outcomes and greater challenges to accessing care than urban localities, particularly in the South. This study examines national and regional trends in hospital establishments (openings and closings), employment, size (employees per establishment), and regional concentration over three decades. We document an era of declining hospital counts and increasing employment within the industry, highlighting how the trends have differed across regions and rurality. Finally, we consider how these trends relate to the current policy environment in the United States.
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Integrating Administrative and Survey Data to Estimate WIC Eligibility and Access
July 2026
Working Paper Number:
CES-26-43
The Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) provides benefits to low-income, nutritionally at-risk women, infants, and children. To administer WIC, officials and program managers at the federal and state level want to understand who is eligible for the program, who among the eligible population chooses to participate, and who is not accessing the program despite their eligibility. Novel individual-level data linkages between restricted-use WIC Administrative Records and the American Community Survey provide WIC access rates estimated at the state and county levels, as well as estimates disaggregated by the demographic and socioeconomic characteristics of individuals and their households. These estimates are developed by the Census-FNS-ERS Joint Project, a research partnership among the U.S. Census Bureau, the US Department of Agriculture's Food and Nutrition Service and Economic Research Service, and state WIC agencies that provide the requisite WIC administrative data to the Census Bureau. This paper details and evaluates our current data linkage and estimation methods, reports results, and identifies areas for improvement and further research.
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Did Foreigners Pay America's Tariffs? Quantity Discounts, Scale Economies and Incomplete Pass-Through
February 2026
Working Paper Number:
CES-26-17
Transaction-level quantity discounts are a pervasive feature of US trade, shaping both price variation and tariff incidence. Using administrative microdata, we show that these discounts reflect transaction-level scale economies rather than market power. Accounting for these micro-level economies resolves a key puzzle: while observed import prices rose one-for-one with 2018-2019 US tariffs, we show this was driven by the loss of scale economies as transaction sizes collapsed. Controlling for this scale effect, the strategic pass-through of tariffs to scale-free prices falls to 60 percent, implying foreign exporters absorbed a significant share of the burden through reduced markups.
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Expectations versus Reality in Business Formation
February 2026
Working Paper Number:
CES-26-11
Using administrative data on 17 million U.S. business applications linked to outcomes, we compare potential entrants' expectations about employer entry and first-year employment with realizations. On average, applicants overestimate employment, mainly because many expect to enter but do not. Among those who expect and achieve entry, employment is typically underestimated. Expected employment predicts entry and realized employment, but conditional on entry realized employment rises less than one-for-one with expectations. Expectation errors are highly heterogeneous and systematically related to application characteristics and local economic conditions, and they predict near-term employment outcomes. A parsimonious model with heterogeneous priors, learning, and pre-entry selection rationalizes these patterns.
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Non-Random Assignment of Individual Identifiers and Selection into Linked Data: Implications for Research
January 2026
Working Paper Number:
CES-26-06
The U.S. Census Bureau's Person Identification Validation System facilitates anonymous linkages between survey and administrative records by assigning Protected Identification Keys (PIKs) to person records. While PIK assignment is generally accurate, some person records are not successfully assigned a PIK, which can lead to sample selection bias in analyses of linked data. Using the American Community Survey (ACS) and the Current Population Survey Annual Social and Economic Supplement (CPS ASEC) between 2005 and 2022, we corroborate and extend existing findings on the drivers of PIK assignment, showing that the rate of PIK assignment varies widely across socio-demographic subgroups. Using earnings as a test case, we then show that limiting a survey sample of wage earners to person records with PIKs or successful linkages to W-2 wage records tends to overestimate self-reported wage earnings, on average, indicative of linkage-induced selection bias. In a validation exercise, we demonstrate that reweighting methods, such as inverse probability weighting or entropy balancing, can mitigate this bias.
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Unemployment Insurance, Wage Pass-Through, and Endogenous Take-Up
September 2025
Working Paper Number:
CES-25-59
This paper studies how unemployment insurance (UI) generosity affects reservation wages, re-employment wages, and benefit take-up. Using Benefit Accuracy Measurement (BAM) data, we estimate a cross-sectional elasticity of reservation wages with respect to weekly UI benefits of 0.014. Exploiting state variation in Pandemic Unemployment Assistance (PUA) intensity and the timing of federal supplements, we find that expanded benefits during COVID-19 increased reservation wages by 8'12 percent. Using CPS rotation data, we also document a 9 percent rise in re-employment wages for UI-eligible workers relative to ineligible workers. Over the same period, the UI take-up rate rose from roughly 30 to 40 percent; Probit estimates indicate that higher benefit levels, rather than changes in observables, account for this increase. A directed search model with an endogenous filing decision replicates these facts: generosity primarily operates through the extensive margin of take-up, which mutes the pass-through from benefits to wages.
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Housing Capital and Intergenerational Mobility in the United States
August 2025
Working Paper Number:
CES-25-55
Housing represents the most important capital asset for most U.S. families. Despite substantial analysis of the intergenerational mobility of income, large gaps in our knowledge of the distribution of housing assets and their transmission over time remain, as housing is generally not reflected by income flows. Using novel linked data that combines survey responses with administrative tax data and information on ownership and valuation from property tax records for over 3.4 million families, we provide new evidence on the intergenerational transmission of housing capital. We find that housing capital is more persistent across generations than labor income. We document important disparities between average housing outcomes for White and Black children. These difference persist even conditional on parent rank in the distribution of housing assets, with the gap growing throughout the parental housing capital distribution. A decomposition shows that average differences in children's labor market outcomes associated with parental assets explain about half of the observed intergenerational persistence (a 'labor income channel'), and that there is also a substantial 'direct channel' ' conditional on children having the same earnings, children of parents with more housing assets have more assets themselves on average. The direct channel is also important for explaining the intergenerational gap in outcomes of Black and White children. Finally, we present quasi-experimental evidence that local housing supply constraints help explain spatial differences in intergenerational persistence across US counties. Our results establish the importance of housing markets, both independently from and jointly with labor markets, in shaping the intergenerational persistence of economic resources.
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Receipt of Public and Private Food Assistance Across the Rural-Urban Continuum Before and During the COVID-19 Pandemic: Analysis of Current Population Survey Data
August 2025
Working Paper Number:
CES-25-51
Background: The nutrition safety net in the United States is critical to supporting food security among households in need. Food assistance in the United States includes both government-funded food programs and private community-based providers who distribute food to in need households. The COVID-19 pandemic impacted experiences of food security and use of private and public food assistance resources. However, this may have differed for households residing in urban versus rural areas. We explored receipt of Supplemental Nutrition Assistance Program (SNAP) benefits or food from community-based emergency food providers across a detailed measure of the rural-urban continuum before and during the COVID-19 pandemic.
Methods: We linked restricted use Current Population Survey Food Security Supplement data to census-tract level United States Department of Agriculture Rural-Urban Commuting Area codes to estimate prevalence of self-reported SNAP participation and receipt of emergency food support across temporal (2015-2019 versus 2020-2021) and socio-spatial (urban, large rural city/town, small rural town, or isolated rural town/area) dimensions. We report prevalences as point estimates with 95% confidence intervals, all weighted for national representation.
Results:
The weighted prevalence of self-reported SNAP participation was 8.9% (8.7-9.2%) in 2015-2019 and 9.1% (8.5-9.5%) in 2020-2021 in urban areas, 11.4% (10.8-12.2%) in 2015-2019 and 11.6% (10.5-12.9%) in 2020-2021 in large rural towns/cities, 13.4% (12.3-14.6%) in 2015-2019 and 12.3% (10.5-14.5%) in 2020-2021 in small rural towns, and 9.7% (8.6-10.9%) in 2015-2019 and 10.9% (8.8-13.4% )in 2020-2021 isolated rural towns. The weighted prevalence of self-reported receipt of emergency food was 4.9% (4.8-5.1%) in 2015-2019 and 6.2% (5.8-6.5%) in 2020-2021 in urban areas, 6.8% (6.2-7.4%) in 2015-2019 and 7.6% (6.6-8.6%) in 2020-2021 in large rural towns/cities, 8.1% (7.3-9.1%) in 2015-2019 and 7.1% (5.7-8.8%) in 2020-2021 in small rural towns, and 6.8% (5.9-7.7%) in 2015-2019 and 8.5% (6.7-10.6%) in 2020-2021 isolated rural towns.
Conclusion: Households in rural communities use public and private food assistance at higher rates than urban areas, but there is variation across communities depending on the level of rurality.
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