Investigating Non-neutrality in a State-Dependent Pricing Model with Firm-level Productivity Shocks
International Economic Review
Forthcoming
Economic Research
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Two-sided Market, R&D, and Payments System Evolution
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Bin Grace Li, James McAndrews and Zhu Wang
Hornstein-Kudlyak-Lange Non-Employment Index
February 19, 2020
The NEI was 7.4 percent in January 2020, edging up from December 2019. It has declined by 0.4 percentage points since January 2019.
Month,HKL Nonemployment Index,HKL Nonemployment Index Including PTER,Civilian Unemployment Rate (U-3),Unemployed plus Marginally Attached (U-5),Unemployed plus Marginally Attached and PTER (U-6) 1994-01-01,9.999692869,11.0621318,6.6,8,11.7 1994-02-01,9.826723453,10.98764929,6.6,7.9,11.4 1994-03-01,9.721084686,10.93513216,6.5,7.8,11.5 1994-04-01,9.5874078,10.77192681,6.4,7.7,11.3 1994-05-01,9.376122077,10.5950623,6.1,7.3,10.9 1994-06-01,9.370853012,10.58547528,6.1,7.3,11 1994-07-01,9.312908765,10.47395408,6.1,7.4,10.8 1994-08-01,9.261423395,10.38012719,6,7.3,10.6 1994-09-01,9.173170117,10.2834007,5.9,7.2,10.4 1994-10-01,9.097875871,10.23775372,5.8,7,10.4 1994-11-01,8.998542022,10.14892519,5.6,6.8,10.1 1994-12-01,8.917962532,10.03537897,5.5,6.7,10.1 1995-01-01,8.938721493,10.12924418,5.6,6.7,10.1 1995-02-01,8.867859011,9.953062991,5.4,6.6,9.9 1995-03-01,8.90422921,10.00686425,5.4,6.6,9.9 1995-04-01,8.993950781,10.08505433,5.8,6.8,10.1 1995-05-01,9.03310112,10.16590074,5.6,6.8,10.1 1995-06-01,8.972511532,10.09569,5.6,6.7,10.1 1995-07-01,8.959195276,10.09470675,5.7,6.8,10.1 1995-08-01,8.998682124,10.14379114,5.7,6.8,10.1 1995-09-01,8.989768667,10.14122489,5.6,6.7,10.2 1995-10-01,8.98266978,10.10429865,5.5,6.7,10 1995-11-01,8.96982621,10.10572174,5.6,6.7,10.1 1995-12-01,8.99085335,10.09996706,5.6,6.7,10 1996-01-01,8.962606951,10.00289989,5.6,6.8,9.8 1996-02-01,8.940094982,10.02766477,5.5,6.7,10 1996-03-01,8.875016143,9.969815994,5.5,6.6,9.9 1996-04-01,8.866348896,9.948289768,5.6,6.7,10 1996-05-01,8.878838571,9.958043274,5.6,6.6,9.8 1996-06-01,8.733787025,9.806812135,5.3,6.5,9.7 1996-07-01,8.739952419,9.846561952,5.5,6.5,9.7 1996-08-01,8.653146185,9.752253906,5.1,6.2,9.4 1996-09-01,8.590826449,9.676422287,5.2,6.2,9.5 1996-10-01,8.638985267,9.722217781,5.2,6.2,9.5 1996-11-01,8.720284814,9.727843454,5.4,6.4,9.4 1996-12-01,8.646062905,9.726031601,5.4,6.4,9.6 1997-01-01,8.642894553,9.706392972,5.3,6.3,9.4 1997-02-01,8.64274173,9.679868241,5.2,6.2,9.3 1997-03-01,8.553845406,9.563927249,5.2,6.2,9.1 1997-04-01,8.452188866,9.494783473,5.1,6.1,9.3 1997-05-01,8.441487586,9.438457337,4.9,5.9,8.9 1997-06-01,8.401550749,9.385073465,5,6,8.9 1997-07-01,8.269246991,9.282797821,4.9,5.8,8.7 1997-08-01,8.232449775,9.230151771,4.8,5.8,8.7 1997-09-01,8.309763804,9.28985725,4.9,5.8,8.7 1997-10-01,8.207740942,9.18564733,4.7,5.6,8.5 1997-11-01,8.177234028,9.149865399,4.6,5.6,8.4 1997-12-01,8.203220196,9.14596877,4.7,5.7,8.5 1998-01-01,8.12236075,9.102517868,4.6,5.6,8.4 1998-02-01,8.074329685,9.016879855,4.6,5.5,8.3 1998-03-01,8.124193261,9.061767091,4.7,5.6,8.4 1998-04-01,7.957116629,8.837752737,4.3,5.2,8 1998-05-01,7.969576912,8.886611811,4.4,5.3,8 1998-06-01,8.03663729,8.958975475,4.5,5.4,8.1 1998-07-01,8.095075275,9.043254867,4.5,5.5,8.2 1998-08-01,8.068373457,8.936195018,4.5,5.4,7.9 1998-09-01,8.018155834,8.858470637,4.6,5.5,8 1998-10-01,8.033458365,8.873036895,4.5,5.4,7.9 1998-11-01,7.93690859,8.742535151,4.4,5.3,7.7 1998-12-01,7.911934384,8.736434415,4.4,5.2,7.6 1999-01-01,7.895384762,8.741158968,4.3,5.2,7.6 1999-02-01,7.935862435,8.762314896,4.4,5.2,7.7 1999-03-01,7.885248723,8.739703694,4.2,5,7.5 1999-04-01,8.067337464,8.858626408,4.3,5.2,7.7 1999-05-01,7.902854117,8.732593252,4.2,5,7.4 1999-06-01,7.924643139,8.743935006,4.3,5.1,7.5 1999-07-01,7.871241049,8.697344652,4.3,5.1,7.5 1999-08-01,7.842775477,8.644171897,4.2,5,7.3 1999-09-01,7.859374051,8.651734866,4.2,5,7.4 1999-10-01,7.756231397,8.519000255,4.1,5,7.2 1999-11-01,7.726917903,8.485782566,4.1,4.9,7.2 1999-12-01,7.678614804,8.459310004,4,4.8,7.1 2000-01-01,7.622192125,8.383364601,4,4.8,7 2000-02-01,7.736917912,8.482973505,4.1,4.9,7.1 2000-03-01,7.760281911,8.51995039,4,4.8,7.1 2000-04-01,7.634760885,8.358032611,3.8,4.7,6.9 2000-05-01,7.809981542,8.596709692,4,4.8,7.1 2000-06-01,7.65298952,8.403414442,4,4.7,7 2000-07-01,7.666511821,8.421603619,4,4.8,7 2000-08-01,7.698061806,8.471930465,4.1,4.8,7.1 2000-09-01,7.661486521,8.421210021,3.9,4.7,7 2000-10-01,7.647104269,8.399184154,3.9,4.6,6.8 2000-11-01,7.682116586,8.471526334,3.9,4.7,7.1 2000-12-01,7.66613853,8.415830313,3.9,4.7,6.9 2001-01-01,7.757389575,8.5369622,4.2,5,7.3 2001-02-01,7.789381004,8.551155006,4.2,5.1,7.3 2001-03-01,7.849154152,8.612121933,4.3,5,7.3 2001-04-01,7.999750667,8.74852891,4.4,5.1,7.4 2001-05-01,8.088590866,8.902335196,4.3,5.1,7.5 2001-06-01,8.167828327,9.048809514,4.5,5.3,7.9 2001-07-01,8.123204764,8.964916176,4.6,5.4,7.9 2001-08-01,8.438235257,9.251593479,4.9,5.8,8.2 2001-09-01,8.408985373,9.38818871,5,5.8,8.7 2001-10-01,8.672714221,9.698124794,5.3,6.3,9.3 2001-11-01,8.760770508,9.729058411,5.5,6.4,9.4 2001-12-01,8.870913072,9.878236873,5.7,6.6,9.6 2002-01-01,8.946417845,9.884353863,5.7,6.6,9.4 2002-02-01,8.850875954,9.826650744,5.7,6.5,9.5 2002-03-01,8.835480667,9.780183101,5.7,6.6,9.4 2002-04-01,8.903362361,9.854399218,5.9,6.9,9.7 2002-05-01,8.82794729,9.781884043,5.8,6.8,9.6 2002-06-01,8.816680858,9.753820586,5.8,6.7,9.5 2002-07-01,8.833452216,9.801417462,5.8,6.8,9.6 2002-08-01,8.769801873,9.796113269,5.7,6.7,9.6 2002-09-01,8.733725237,9.725438313,5.7,6.6,9.6 2002-10-01,8.708403428,9.700523353,5.7,6.6,9.6 2002-11-01,8.849446848,9.808907226,5.9,6.8,9.8 2002-12-01,8.78085065,9.758806865,6,6.9,9.8 2003-01-01,8.827172246,9.871461857,5.8,6.8,9.9 2003-02-01,8.852771368,9.933217039,5.9,6.9,10.1 2003-03-01,8.965209322,10.02385542,5.9,6.9,10 2003-04-01,8.919223047,9.993056211,6,7,10.2 2003-05-01,8.994239337,10.04053226,6.1,7.1,10.1 2003-06-01,9.033258116,10.08010046,6.3,7.2,10.3 2003-07-01,9.001956161,10.06601037,6.2,7.1,10.3 2003-08-01,8.977754188,10.01565569,6.1,7.1,10.1 2003-09-01,8.964989417,10.06680685,6.1,7.1,10.4 2003-10-01,8.952769035,10.02529378,6,7,10.2 2003-11-01,8.817512145,9.880574982,5.8,6.8,10.1 2003-12-01,8.804329382,9.871950095,5.7,6.6,9.8 2004-01-01,8.745821641,9.807510819,5.7,6.7,9.8 2004-02-01,8.698471877,9.708954091,5.6,6.6,9.7 2004-03-01,8.824357855,9.892994185,5.8,6.8,10 2004-04-01,8.697015162,9.707550265,5.6,6.6,9.6 2004-05-01,8.690195796,9.727725087,5.6,6.6,9.7 2004-06-01,8.667101637,9.666888225,5.6,6.6,9.6 2004-07-01,8.658732326,9.660139201,5.5,6.5,9.5 2004-08-01,8.629265031,9.658510832,5.4,6.4,9.4 2004-09-01,8.613046559,9.618182313,5.4,6.4,9.4 2004-10-01,8.649893688,9.713511927,5.5,6.5,9.7 2004-11-01,8.602786134,9.593661184,5.4,6.3,9.4 2004-12-01,8.589169856,9.578055236,5.4,6.3,9.3 2005-01-01,8.539762844,9.51378622,5.3,6.3,9.2 2005-02-01,8.600166117,9.544703663,5.4,6.4,9.2 2005-03-01,8.523864212,9.503605044,5.2,6.2,9.1 2005-04-01,8.484608162,9.41166117,5.2,6.1,9 2005-05-01,8.40574833,9.370219931,5.1,6.1,8.9 2005-06-01,8.437544735,9.422318336,5,6,9 2005-07-01,8.350407661,9.324705511,5,5.9,8.8 2005-08-01,8.264766284,9.278647014,4.9,5.9,8.9 2005-09-01,8.411941047,9.447041579,5,6,9 2005-10-01,8.37155786,9.311644571,5,5.9,8.7 2005-11-01,8.435062449,9.342351038,5,6,8.7 2005-12-01,8.388917897,9.290882178,4.9,5.9,8.6 2006-01-01,8.275873963,9.175881161,4.7,5.6,8.4 2006-02-01,8.271119242,9.19024115,4.8,5.6,8.4 2006-03-01,8.168708971,9.043817376,4.7,5.6,8.2 2006-04-01,8.303735972,9.131407029,4.7,5.6,8.1 2006-05-01,8.125216795,9.029695121,4.6,5.5,8.2 2006-06-01,8.118275513,9.059692848,4.6,5.6,8.4 2006-07-01,8.177775463,9.11729527,4.7,5.7,8.5 2006-08-01,8.145373841,9.082995412,4.7,5.7,8.4 2006-09-01,8.130961,9.047821345,4.5,5.3,8 2006-10-01,8.094824827,9.045006561,4.4,5.3,8.2 2006-11-01,8.144992497,9.03794662,4.5,5.4,8.1 2006-12-01,8.044641352,8.950702724,4.4,5.2,7.9 2007-01-01,8.120088542,9.038444974,4.6,5.5,8.3 2007-02-01,8.091454547,8.999930563,4.5,5.4,8.1 2007-03-01,7.939223216,8.86276276,4.4,5.3,8 2007-04-01,8.218801969,9.122564429,4.5,5.4,8.2 2007-05-01,8.170150543,9.140007744,4.4,5.3,8.2 2007-06-01,8.138381558,9.069863946,4.6,5.4,8.3 2007-07-01,8.157704533,9.10859614,4.7,5.5,8.4 2007-08-01,8.184929467,9.196105152,4.6,5.5,8.4 2007-09-01,8.231163914,9.227073554,4.7,5.5,8.4 2007-10-01,8.227695391,9.168624826,4.7,5.6,8.4 2007-11-01,8.146263241,9.097229363,4.7,5.6,8.5 2007-12-01,8.31704604,9.298746988,5,5.8,8.8 2008-01-01,8.330665588,9.369378334,5,5.9,9.1 2008-02-01,8.320439973,9.363899765,4.9,5.8,9 2008-03-01,8.439027278,9.491751933,5.1,5.9,9.1 2008-04-01,8.468471393,9.553816134,5,5.9,9.2 2008-05-01,8.622855001,9.758019482,5.4,6.3,9.7 2008-06-01,8.676754964,9.862500454,5.6,6.5,10 2008-07-01,8.860308917,10.14549444,5.8,6.7,10.5 2008-08-01,9.006195203,10.27829095,6.1,7.1,10.8 2008-09-01,9.093268734,10.41930524,6.1,7.1,11.1 2008-10-01,9.232093694,10.66098608,6.5,7.5,11.8 2008-11-01,9.483904844,11.02308494,6.8,8,12.7 2008-12-01,9.756746106,11.45754043,7.3,8.4,13.6 2009-01-01,10.18816524,11.91777253,7.8,9,14.1 2009-02-01,10.40657054,12.26733804,8.3,9.5,15.1 2009-03-01,10.60070579,12.53934068,8.7,10,15.8 2009-04-01,10.69853519,12.55410184,9,10.2,15.9 2009-05-01,10.8979296,12.82878111,9.4,10.7,16.5 2009-06-01,10.93924632,12.87004209,9.5,10.7,16.5 2009-07-01,10.77743512,12.70905016,9.5,10.7,16.4 2009-08-01,10.7898921,12.71011512,9.6,10.9,16.7 2009-09-01,10.86121915,12.7207994,9.8,11.1,16.7 2009-10-01,10.9741501,12.87324363,10,11.3,17.1 2009-11-01,10.82970735,12.73357598,9.9,11.3,17.1 2009-12-01,10.89308439,12.7988081,9.9,11.3,17.2 2010-01-01,10.8033727,12.61260319,9.8,11.2,16.6 2010-02-01,10.81355165,12.69115235,9.8,11.2,17 2010-03-01,10.78830113,12.7256021,9.9,11.2,17.1 2010-04-01,10.63767344,12.55645199,9.9,11.4,17.2 2010-05-01,10.52580799,12.38487131,9.6,11,16.7 2010-06-01,10.45052756,12.27512876,9.4,10.9,16.4 2010-07-01,10.51380929,12.35308599,9.4,10.9,16.4 2010-08-01,10.58327624,12.42883895,9.5,10.9,16.5 2010-09-01,10.6138889,12.50936021,9.5,11,16.9 2010-10-01,10.56585004,12.42430452,9.4,11,16.6 2010-11-01,10.71346628,12.55205465,9.8,11.3,16.9 2010-12-01,10.51690664,12.37887964,9.3,10.8,16.6 2011-01-01,10.4332631,12.21417998,9.1,10.6,16.1 2011-02-01,10.37952892,12.15210883,9,10.6,16 2011-03-01,10.29435511,12.10474908,9,10.4,16 2011-04-01,10.41338354,12.225133,9.1,10.6,16.1 2011-05-01,10.35150442,12.15161377,9,10.4,15.9 2011-06-01,10.45890263,12.23637208,9.1,10.7,16.1 2011-07-01,10.44235962,12.20868222,9,10.6,15.9 2011-08-01,10.37697127,12.19040359,9,10.5,16.1 2011-09-01,10.3407771,12.18389123,9,10.5,16.4 2011-10-01,10.29423206,12.09984315,8.8,10.3,15.8 2011-11-01,10.21876715,11.9644876,8.6,10.2,15.6 2011-12-01,10.13289519,11.82981112,8.5,10,15.2 2012-01-01,10.02118929,11.72532931,8.3,9.8,15.1 2012-02-01,10.00011392,11.70803147,8.3,9.8,15 2012-03-01,10.0048269,11.6184018,8.2,9.6,14.6 2012-04-01,10.00571045,11.64264302,8.2,9.6,14.7 2012-05-01,9.967329576,11.64900279,8.2,9.7,14.8 2012-06-01,10.0035771,11.67716849,8.2,9.6,14.7 2012-07-01,10.01274797,11.69228904,8.2,9.6,14.7 2012-08-01,10.06801365,11.69149888,8.1,9.6,14.6 2012-09-01,9.836395076,11.55189346,7.8,9.3,14.8 2012-10-01,9.809993863,11.50838158,7.8,9.2,14.4 2012-11-01,9.865776196,11.53138634,7.7,9.2,14.4 2012-12-01,9.919276851,11.54846981,7.9,9.4,14.4 2013-01-01,10.03087808,11.65728376,8,9.3,14.5 2013-02-01,9.848852397,11.52311881,7.7,9.2,14.3 2013-03-01,9.787052809,11.36298748,7.5,9,13.9 2013-04-01,9.796485134,11.42377467,7.6,9,14 2013-05-01,9.796663647,11.4083245,7.5,8.8,13.9 2013-06-01,9.77222613,11.42633874,7.5,9.1,14.2 2013-07-01,9.613660883,11.26059641,7.3,8.7,13.8 2013-08-01,9.509424546,11.0879602,7.2,8.6,13.6 2013-09-01,9.503739936,11.08542013,7.2,8.6,13.5 2013-10-01,9.581094463,11.23496687,7.2,8.6,13.6 2013-11-01,9.367347572,10.93552136,6.9,8.2,13.1 2013-12-01,9.299035956,10.89042962,6.7,8.1,13.1 2014-01-01,9.262582799,10.70643313,6.6,8,12.6 2014-02-01,9.282095172,10.7661582,6.7,8,12.6 2014-03-01,9.27072746,10.77011231,6.7,8,12.7 2014-04-01,9.099639098,10.61794871,6.2,7.6,12.3 2014-05-01,9.16786017,10.61725888,6.3,7.7,12.3 2014-06-01,9.067752686,10.57066693,6.1,7.3,12 2014-07-01,9.106476764,10.59528089,6.2,7.4,12.1 2014-08-01,9.118013013,10.5722284,6.1,7.4,12 2014-09-01,9.048565669,10.45803551,5.9,7.2,11.7 2014-10-01,8.914760916,10.37231293,5.7,7.1,11.5 2014-11-01,8.974803636,10.36215205,5.8,7.1,11.4 2014-12-01,8.846878588,10.22407603,5.6,6.9,11.2 2015-01-01,8.883300822,10.21281314,5.7,6.9,11.2 2015-02-01,8.831554257,10.16993632,5.5,6.7,10.9 2015-03-01,8.777721795,10.09883507,5.4,6.7,10.9 2015-04-01,8.775354107,10.09318892,5.4,6.7,10.9 2015-05-01,8.73299433,10.03548699,5.6,6.8,10.9 2015-06-01,8.706400412,9.980004045,5.3,6.4,10.4 2015-07-01,8.704905304,9.948038446,5.2,6.3,10.3 2015-08-01,8.504334363,9.809978828,5.1,6.2,10.2 2015-09-01,8.597326799,9.792467411,5,6.2,10 2015-10-01,8.592158887,9.784312926,5,6.2,9.8 2015-11-01,8.553066088,9.778818654,5.1,6.1,10 2015-12-01,8.480786211,9.686240959,5,6.1,9.9 2016-01-01,8.405723323,9.560279165,4.9,6,9.7 2016-02-01,8.408324618,9.592825198,4.9,5.9,9.6 2016-03-01,8.405915815,9.600056876,5,6.1,9.8 2016-04-01,8.461764173,9.642186038,5,6.1,9.8 2016-05-01,8.36636163,9.625907928,4.8,5.9,9.9 2016-06-01,8.356067766,9.486979703,4.9,5.9,9.5 2016-07-01,8.36906907,9.531734965,4.8,5.9,9.6 2016-08-01,8.312866396,9.538297788,4.9,5.9,9.6 2016-09-01,8.487031607,9.643899996,5,6.1,9.7 2016-10-01,8.475130929,9.682156479,4.9,5.9,9.6 2016-11-01,8.313462098,9.439688546,4.7,5.8,9.4 2016-12-01,8.303422696,9.404234948,4.7,5.7,9.2 2017-01-01,8.261302764,9.372631506,4.7,5.7,9.2 2017-02-01,8.196493537,9.298043299,4.6,5.6,9.1 2017-03-01,8.125001031,9.19347642,4.4,5.4,8.8 2017-04-01,8.085782611,9.111628494,4.4,5.4,8.6 2017-05-01,8.081815395,9.091521698,4.4,5.3,8.6 2017-06-01,8.000006936,9.028141399,4.3,5.3,8.5 2017-07-01,7.960118851,8.990572912,4.3,5.2,8.5 2017-08-01,8.034787261,9.107629464,4.4,5.3,8.5 2017-09-01,7.919253976,8.921111874,4.2,5.2,8.3 2017-10-01,7.887937924,8.865934071,4.1,5,8.1 2017-11-01,7.896291921,8.843177492,4.2,5,8 2017-12-01,7.889260221,8.861018303,4.1,5,8.1 2018-01-01,7.822990062,8.783379404,4.1,5,8 2018-02-01,7.801790737,8.80068999,4.1,5,8.1 2018-03-01,7.803085688,8.765208468,4,4.9,8 2018-04-01,7.790849833,8.738318551,4,4.8,7.9 2018-05-01,7.734240695,8.676941354,3.8,4.7,7.8 2018-06-01,7.759551669,8.676222158,4,4.9,7.8 2018-07-01,7.666779468,8.551865932,3.8,4.7,7.5 2018-08-01,7.71027618,8.601888243,3.8,4.7,7.3 2018-09-01,7.676136353,8.562761197,3.7,4.7,7.5 2018-10-01,7.67035702,8.57676559,3.8,4.7,7.5 2018-11-01,7.621719506,8.543494178,3.7,4.7,7.6 2018-12-01,7.66559175,8.566175836,3.9,4.7,7.6 2019-01-01,7.740578573,8.723365041,4,4.9,8 2019-02-01,7.650449976,8.495642179,3.8,4.6,7.2 2019-03-01,7.640437446,8.50766442,3.8,4.6,7.4 2019-04-01,7.572724924,8.463818468,3.6,4.5,7.3 2019-05-01,7.550107085,8.3770492,3.6,4.5,7.2 2019-06-01,7.556104036,8.387409313,3.7,4.6,7.2 2019-07-01,7.633704887,8.386341724,3.7,4.5,6.9 2019-08-01,7.458806408,8.344156225,3.7,4.6,7.2 2019-09-01,7.345961741,8.16387725,3.5,4.3,6.9 2019-10-01,7.315063554,8.173730402,3.6,4.3,6.9 2019-11-01,7.329295154,8.158710712,3.5,4.3,6.8 2019-12-01,7.297482836,8.098755075,3.5,4.2,6.7 2020-01-01,7.351728237,8.166852425,3.6,4.4,6.9
Being a Research Associate at the Richmond Fed
Research Associates help the Richmond Fed's economists with their research and policy memos for briefing the Bank's president on the state of the economy. For recent graduates thinking about applying to a Ph.D. program, this position is an ideal way to learn more about academic economic research.
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