Immigrants have figured prominently in U.S. economic growth for decades, but the recent recession hit them hard. Immigrantsﾒ labor market outcomes began deteriorating even before the recession was officially underway, largely as a result of the housing bust. An analysis of employment and...

Immigrants have figured prominently in U.S. economic growth for decades, but the recent recession hit them hard. Immigrants' labor market outcomes began deteriorating even before the recession was officially underway, largely as a result of the housing bust. An analysis of employment and...

The purpose of this paper is focus directly on the phase shift. For one thing, we ask whether a sticky-price model economy can account for both countercyclical prices and procyclical inflation. We present findings in which the price level is countercyclical and the inflation rate is procyclical....

In this paper, we examine the relationship between the price level and output and the inflation rate and output at business-cycle frequencies. In the first part of the paper, we develop a methodological approach based on the time series bootstrap adjusted for model uncertainty to characterize...

In this paper, we examine the relationship between the price level and output and the inflation rate and output at business-cycle frequencies. In the first part of the paper, we develop a methodological approach to characterizing joint business cycle correlations. In particular, we are...