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Regional disparities in the transmission of monetary policy

Owyang, Michael T. (contributor); … - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001979830

U.S. regional business cycles and the natural rate of unemployment

Wall, Howard J. (contributor); Gylfi Zoega (contributor) - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001986445

Controlling for geographic dispersion when estimating the Japanese Phillips curve

Fujiki, Hiroshi; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2006

This paper argues that estimation of the Phillips curve for Japan should take account of the geographic dispersion of … labor-market conditions. We find evidence that the relationship between wage inflation and the unemployment rate is convex …. With such convexity, wage inflation can occur when unemployment rates across regions become more disperse, even if the …

Persistent link: https://www.econbiz.de/10005490982

A state-level analysis of the Great Moderation

Owyang, Michael T.; Piger, Jeremy M.; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2007

A number of studies have documented a reduction in aggregate macroeconomic volatility beginning in the early 1980s. Using an empirical model of business cycles, we extend this line of research to state-level employment data and find significant heterogeneity in the timing and magnitude of the...

Persistent link: https://www.econbiz.de/10005360567

Structural breaks and regional disparities in the transmission of monetary policy

Owyang, Michael T.; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2004

Using a regional VAR, we find large differences in the effects of monetary policy shocks across regions of the United States. We also find that the region-level effects of monetary policy differ a great deal between the pre-Volcker and Volcker-Greenspan periods in terms of their depth and...

Persistent link: https://www.econbiz.de/10005360583

Regional VARs and the channels of monetary policy

Owyang, Michael T.; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2006

We find that the magnitudes of the regional effects of monetary policy were considerably dampened during the Volcker-Greenspan era. Further, regional differences in the depths of monetary-policy-induced recessions are related to the concentration of the banking sector, whereas differences in the...

Persistent link: https://www.econbiz.de/10005490938