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Joseph S. Tracy

Joseph S. Tracy is a non-resident senior fellow at the American Enterprise Institute. Previously he was executive vice president and senior advisor to the president at the Dallas Fed. He joined the Dallas Fed in September 2017 and retired in August 2022. Prior to joining the Dallas Fed, he was executive vice president and senior advisor to the president at the Federal Reserve Bank of New York. He also served as the Bank’s director of research. He joined the New York Fed in 1996 after appointments in the economics departments at Yale and Columbia universities. He is a native of Missouri and holds a BA from the University of Missouri and PhD in economics from the University of Chicago.
Labor

How Workers Adapt to the Threat of Local Employer Exploitation

Matthew E. Kahn
In two recent papers, Matthew E. Kahn and Joseph Tracy examine the outcomes of local labor markets affected by monopsony power. They find that in areas with a high degree of monopsony power, workers earn lower wages but are compensated with lower house prices, at the expense of homeowners. Monopsony markets also experience a “brain drain” over time due to young, educated workers who leave for better opportunities. The rise of work-from-home may accelerate this dynamic by allowing talent to change labor markets without changing residences.

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The publication of the Stigler Center at The University of Chicago Booth School of Business

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