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Grown-up business cycles
Pugsley, Benjamin Wild; Sahin, Aysegul - Federal Reserve Bank of New York - 2014
We document two striking facts about U.S. firm dynamics and interpret their significance for aggregate employment … gradual shift of employment from younger to older firms over the same period. Both observations hold across industries and … unchanged. Consequently, the reallocation of employment toward older firms results entirely from the cumulative effect of the …
Persistent link: https://www.econbiz.de/10011114928
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Job search behavior over the business cycle
Mukoyama, Toshihiko; Sahin, Aysegul; Patterson, Christina - Federal Reserve Bank of New York - 2014
We create a novel measure of job search effort starting in 1994 by exploiting the overlap between the Current Population Survey and the American Time Use Survey. We examine the cyclical behavior of aggregate job search effort using time series and cross-state variation and find that it is...
Persistent link: https://www.econbiz.de/10010890133
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Bank heterogeneity and capital allocation: evidence from "fracking" shocks
Plosser, Matthew Charles - Federal Reserve Bank of New York - 2014
This paper empirically investigates banks’ investment allocations over the recent business cycle. I identify unsolicited deposit shocks resulting from unconventional energy development and estimate bank allocations of these deposits. In the pre-recession period, banks lend 38 percent of...
Persistent link: https://www.econbiz.de/10010936676
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Regional economy and manufacturing update
Dudley, William - Federal Reserve Bank of New York - 2010
Remarks at the Quarterly Regional Economic Press Briefing, New York City.
Persistent link: https://www.econbiz.de/10010724980
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Job creation in the region
Dudley, William C. - Federal Reserve Bank of New York - 2011
Remarks by President Dudley at the Quarterly Regional Economic Press Briefing, New York City.
Persistent link: https://www.econbiz.de/10010725017
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Labor supply heterogeneity and macroeconomic comovement
Eusepi, Stefano; Preston, Bruce - Federal Reserve Bank of New York - 2009
average than the unemployed do. Second, changes in the employment rate, a central factor explaining variation in total hours …
Persistent link: https://www.econbiz.de/10008636173
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Liquidity policies and systemic risk
Adrian, Tobias; Boyarchenko, Nina - Federal Reserve Bank of New York - 2014
The growth of wholesale-funded credit intermediation has motivated liquidity regulations. We analyze a dynamic stochastic general equilibrium model in which liquidity and capital regulations interact with the supply of risk-free assets. In the model, the endogenously time-varying tightness of...
Persistent link: https://www.econbiz.de/10010751386
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Credit supply and the housing boom
Primiceri, Giorgio; Tambalotti, Andrea; Justiniano, … - Federal Reserve Bank of New York - 2015
The housing boom that preceded the Great Recession was the result of an increase in credit supply driven by looser lending constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical observations: the unprecedented rise in home prices,...
Persistent link: https://www.econbiz.de/10011160730
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Intermediary balance sheets
Adrian, Tobias; Boyarchenko, Nina - Federal Reserve Bank of New York - 2013
We document the cyclical properties of the balance sheets of different types of intermediaries. While the leverage of the bank sector is highly procyclical, the leverage of the nonbank financial sector is acyclical. We propose a theory of a two-agent financial intermediary sector within a...
Persistent link: https://www.econbiz.de/10011027229
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What predicts U.S. recessions?
Moench, Emanuel; Liu, Weiling - Federal Reserve Bank of New York - 2014
We reassess the predictability of U.S. recessions at horizons from three months to two years ahead for a large number of previously proposed leading-indicator variables. We employ an efficient probit estimator for partially missing data and assess relative model performance based on the receiver...
Persistent link: https://www.econbiz.de/10010892319