We investigate how bank migration across state lines over the last quarter century has affected the size and covariance of business fluctuations within states. Starting with a two-state version of the unit banking model in Holmstrom and Tirole (1997), we conclude that the theoretical effect of...

Using two decades of annual data, we explore the links between real exchange rates and employment, wages and overtime activity in specific U.S. manufacturing industries. Across two-digit industry levels of aggregation, exchange rate movements do not have large effects on numbers of jobs or on...

Remarks at the New York Bankers Association Financial Services Forum, New York City.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks at the Regional Economic Press Briefing, New York City.

Remarks at the Whitman School of Management at Syracuse University, Syracuse, New York.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.