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A State-Level Analysis of the Great Moderation

Owyang, Michael T.; Piger, Jeremy; Wall, Howard J. - Society for Computational Economics - SCE; Federal … - 2006

A number of studies have documented a reduction in aggregate macroeconomic volatility beginning in the early 1980s … significant heterogeneity in the timing and magnitude of the state-level volatility reductions. In fact, some states experience no … statistically-significant reduction in volatility. We then exploit this cross-sectional heterogeneity to evaluate three hypotheses …

Persistent link: https://www.econbiz.de/10005342964

A Theory of Targeted Search

Restrepo-Echavarria, Paulina; Cheremukhin, Anton A.; … - Federal Reserve Bank of St. Louis - 2013

We present a theory of targeted search, where people with a finite information processing capacity search for a match. Our theory explicitly accounts for both the quantity and the quality of matches. It delivers a unique equilibrium that resides in between the random matching and the directed...

Persistent link: https://www.econbiz.de/10010951612

The Impact of Trade on Labor Market Dynamics

Dvorkin, Maximiliano Ariel; Caliendo, Lorenzo; Parro, … - Federal Reserve Bank of St. Louis - 2015

We develop a dynamic labor search model where production and consumption take place in spatially distinct labor markets with varying exposure to domestic and international trade. The model recognizes the role of labor mobility frictions, goods mobility frictions, geographic factors, and...

Persistent link: https://www.econbiz.de/10011274550

Explaining Educational Attainment across Countries and over Time

Vandenbroucke, Guillaume; Restuccia, Diego - Federal Reserve Bank of St. Louis - 2014

Consider the following facts. In 1950, the richest countries attained an average of 8 years of schooling whereas the poorest countries 1.3 years, a large 6-fold difference. By 2005, the difference in schooling declined to 2-fold because schooling increased faster in poor than in rich countries....

Persistent link: https://www.econbiz.de/10011075148

Universal Basic Income versus Unemployment Insurance

Zimmermann, Christian; Fabre, Alice; Pallage, Stéphane - Federal Reserve Bank of St. Louis - 2014

In this paper we compare the welfare effects of unemployment insurance (UI) with an universal basic income (UBI) system in an economy with idiosyncratic shocks to employment. Both policies provide a safety net in the face of idiosyncratic shocks. While the unemployment insurance program should...

Persistent link: https://www.econbiz.de/10010961580

Withstanding great recession like China

Wen, 文一; Wu, Jing - Federal Reserve Bank of St. Louis - 2014

Persistent link: https://www.econbiz.de/10010748402

The cost of business cycles with heterogeneous trading technologies

Chien, YiLi - Federal Reserve Bank of St. Louis - 2014

This paper investigates the welfare cost of business cycles in an economy where households have heterogeneous trading technologies. In an economy with aggregate risk, the different portfolio choices induced by heterogeneous trading technologies lead to a larger consumption inequality in...

Persistent link: https://www.econbiz.de/10010798471

Mortgages and monetary policy

Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - Federal Reserve Bank of St. Louis - 2013

Mortgage loans are a striking example of a persistent nominal rigidity. As a result, under incomplete markets, monetary policy affects decisions through the cost of new mortgage borrowing and the value of payments on outstanding debt. Observed debt levels and payment to income ratios suggest the...

Persistent link: https://www.econbiz.de/10011027315

Metro Business Cycles

Arias, Arias , Maria A.; Gascon, Charles S.; Rapach, … - Federal Reserve Bank of St. Louis - 2014

We construct monthly economic-activity indices for 51 U.S. metropolitan statistical areas for 1990 to 2014. Each index is computed via a dynamic factor model that includes 14 variables measuring various aspects of economic activity in a metro area. We estimate the dynamic factor model using the...

Persistent link: https://www.econbiz.de/10011027333

Self-Fulfilling Credit Cycles

Azariadis, Costas; Wen, 文一; Kaas, Leo - Federal Reserve Bank of St. Louis - 2015

. We show that these sunspot shocks are quantitatively important, accounting for around half of output volatility. …

Persistent link: https://www.econbiz.de/10011206263

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