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The effects of news about future productivity on international relative prices: an empirical investigation
Nam, Deokwoo; Wang, Jian - Federal Reserve Bank of Dallas - 2010
In this paper, we find that expected (news) and unexpected (contemporaneous) components of productivity changes have … factor productivity (TFP) into news and contemporaneous productivity changes. The US real exchange rate appreciates following … international transmission of productivity shocks and the modeling of exchange rate volatility. …
Persistent link: https://www.econbiz.de/10008739773
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Efficient bailouts?
Bianchi, Javier - Federal Reserve Bank of Dallas - 2012
This paper develops a non-linear DSGE model to assess the interaction between ex-post interventions in credit markets and the build-up of risk ex ante. During a systemic crisis, bailouts relax balance sheet constraints and mitigate the severity of the recession. Ex ante, the anticipation of such...
Persistent link: https://www.econbiz.de/10010599257
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Business cycles and remittances: can the Beveridge-Nelson decomposition provide new evidence?
Coronado, Roberto - Federal Reserve Bank of Dallas - 2009
In this paper, I analyze the business cycle properties of remittances and output series for three pairs of countries: United States-Mexico, United States-El Salvador, and Germany-Turkey. Using an unobserved components state-space model (via the Beveridge-Nelson decomposition), I decompose the...
Persistent link: https://www.econbiz.de/10008611001
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Credit and Growth Cycles in India: An Empirical Assessment of the Lead and Lag Behaviour
Banerjee, Krittika - eSocialSciences - 2012
This paper studies the leadlag pattern in the interaction between credit and growth cycles of India at three levels i.e. at the aggregate level for annual GDP growth, at the sectoral level across agriculture, industry and services, and also across major industries. The study focuses on three...
Persistent link: https://www.econbiz.de/10009393108
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Financial integration and international business cycle co-movement: the role of balance sheets
Davis, Scott - Federal Reserve Bank of Dallas - 2011
This paper investigates the effect of international financial integration on international business cycle co-movement. We first show with a reduced form empirical approach how capital market integration (equity) has a negative effect on business cycle co-movement while credit market integration...
Persistent link: https://www.econbiz.de/10009321090
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Offshoring and volatility: more evidence from Mexico's maquiladora industry
Coronado, Roberto A. - Federal Reserve Bank of Dallas - 2011
In recent papers, Bergin, Feenstra, and Hanson (2007 and 2009, hereafter BFH) analyze the impact that offshoring has in employment and output volatility, particularly on the Mexican maquiladora industry. Their empirical results indicate that employment and output in the offshoring manufacturing...
Persistent link: https://www.econbiz.de/10009292897
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Labor matching: putting the pieces together
Cheremukhin, Anton A. - Federal Reserve Bank of Dallas - 2011
The original Mortensen-Pissarides model possesses two elements that are absent from the commonly used simplified version: the job destruction margin and training costs. I find that these two elements enable a model driven by a single aggregate shock to simultaneously explain most movements...
Persistent link: https://www.econbiz.de/10009292898
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Optimal monetary policy under financial sector risk
Davis, Scott; Huang, Kevin X.D. - Federal Reserve Bank of Dallas - 2011
We consider whether or not a central bank should respond directly to financial market conditions when setting monetary policy. Specifically, should a central bank put weight on interbank lending spreads in its Taylor rule policy function? ; Using a model with risk and balance sheet effects in...
Persistent link: https://www.econbiz.de/10009292919
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Immigrants in the U.S. labor market
Orrenius, Pia M.; Zavodny, Madeline - Federal Reserve Bank of Dallas - 2013
Immigrants supply skills that are in relatively short supply in the U.S. labor market and account for almost half of labor force growth since the mid-1990s. Migrant inflows have been concentrated at the low and high ends of the skill distribution. Large-scale unauthorized immigration has fueled...
Persistent link: https://www.econbiz.de/10010702275
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Spurious seasonal patterns and excess smoothness in the BLS local area unemployment
Phillips, Keith R.; Wang, Jianguo - Federal Reserve Bank of Dallas - 2013
State level unemployment statistics are some of the most important and widely used data sources for local analysts and public officials to gauge the health of their state’s economy. We find statistically significant seasonal patterns in the state level seasonally adjusted Local Area...
Persistent link: https://www.econbiz.de/10010702276