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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

Do stock price bubbles influence corporate investment?

Gilchrist, Simon (contributor); … - 2004 - [Elektronische Ressource]

Building on recent developments in behavioral asset pricing, we develop a model in which an increase in the dispersion of investor beliefs under short-selling constraints predicts a "bubble," or a rise in a stock's price above its fundamental value. Our model predicts that managers respond to...

Persistent link: https://www.econbiz.de/10001936312

Why did the average duration of unemployment become so much longer?

Mukoyama, Toshihiko (contributor); … - 2004 - [Elektronische Ressource]

"This paper examines the causes of the observed increase in the average duration of unemployment over the past thirty … in the generosity and coverage of unemployment insurance. We find that changes in the composition of the labor force and … institutional changes can only partially account for the longer duration of unemployment. We construct a job search model and …

Persistent link: https://www.econbiz.de/10002521759

Markov switching in disaggregate unemployment rates

Chauvet, Marcelle (contributor); Juhn, Chinhui (contributor) - 2001 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001590063

The linkage between regional economic indexes and tax bases : evidence from New York

Bram, Jason; Haughwout, Andrew; Orr, James A.; Rich, … - 2004 - [Elektronische Ressource]

This paper examines the linkage between economic activity and tax revenues for New York State and New York City. Drawing upon the methodology of Stock and Watson, we use a dynamic single-factor model to estimate indexes of coincident economic indicators. We also construct measures of the sales...

Persistent link: https://www.econbiz.de/10002128506

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

Dynamic prediction pools: an investigation of financial frictions and forecasting performance

Del Negro, Marco; Schorfheide, Frank; Hasegawa, Raiden B. - Federal Reserve Bank of New York - 2014

We provide a novel methodology for estimating time-varying weights in linear prediction pools, which we call dynamic pools, and use it to investigate the relative forecasting performance of dynamic stochastic general equilibrium (DSGE) models, with and without financial frictions, for output...

Persistent link: https://www.econbiz.de/10010938565

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

Central bank macroeconomic forecasting during the global financial crisis: the European Central Bank and Federal Reserve Bank of New York experiences

Peach, Richard Wilson; Potter, Simon; Alessi, Luci; … - Federal Reserve Bank of New York - 2014

This paper documents macroeconomic forecasting during the global financial crisis by two key central banks: the European Central Bank and the Federal Reserve Bank of New York. The paper is the result of a collaborative effort between the two institutions, allowing us to study the time-stamped...

Persistent link: https://www.econbiz.de/10010823098

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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