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Estimating capacity utilization from survey data

Morin, Norman; Stevens, John - Federal Reserve Board (Board of Governors of the … - 2004

In this paper, we review the history and concepts behind the Federal Reserve's measures of capacity and capacity utilization, summarize the methods used to construct the measures, and describe the principal source data for these measures--the Census Bureau's Survey of Plant Capacity. We show...

Persistent link: https://www.econbiz.de/10005393698

Diverging measures of capacity utilization: an explanation

Morin, Norman; Stevens, John J. - Federal Reserve Board (Board of Governors of the … - 2004

In the wake of the recent recovery in manufacturing production, the capacity utilization rates published by the Federal Reserve Board (FRB) have rebounded much more slowly than those published by the Institute for Supply Management (ISM). As a result, some observers have speculated that the...

Persistent link: https://www.econbiz.de/10005393972

Incorporating judgement in fan charts

Österholm, Pär - Federal Reserve Board (Board of Governors of the … - 2006

Within a decision-making group, such as the monetary-policy committee of a central bank, group members often hold differing views about the future of key economic variables. Such differences of opinion can be thought of as reflecting differing sets of judgement. This paper suggests modelling...

Persistent link: https://www.econbiz.de/10005721011

Integrating expenditure and income data: what to do with the statistical discrepancy?

Beaulieu, J. Joseph; Bartelsman, Eric J. - Federal Reserve Board (Board of Governors of the … - 2004

The purpose of this paper is to build consistent, integrated datasets to investigate whether various disaggregated data can shed light on the possible sources of the statistical discrepancy. Our strategy is first to use disaggregated data to estimate consistent sets of input-output models that...

Persistent link: https://www.econbiz.de/10005721267

Testing for cointegration using the Johansen methodology when variables are near-integrated

Hjalmarsson, Erik; Osterholm, Par - Federal Reserve Board (Board of Governors of the … - 2007

We investigate the properties of Johansen's (1988, 1991) maximum eigenvalue and trace tests for cointegration under the empirically relevant situation of near-integrated variables. Using Monte Carlo techniques, we show that in a system with near-integrated variables, the probability of reaching...

Persistent link: https://www.econbiz.de/10005368330

The role of profits in wage determination: evidence from US manufacturing

Estevao, Marcello; Tevlin, Stacey - Federal Reserve Board (Board of Governors of the … - 1995

Persistent link: https://www.econbiz.de/10005513017

Movements of wages over the business cycle: an intra-firm view

Wilson, Beth Anne - Federal Reserve Board (Board of Governors of the … - 1997

This paper tests the hypothesis that firms adjust to the business cycle by altering employment through promotion and hiring and holding the salary structure and salaries assigned to jobs relatively constant. Two comprehensive firm-level panel datasets are used to examine salary setting and...

Persistent link: https://www.econbiz.de/10005514124

Nominal wage rigidity and real wage cyclicality

Estevao, Marcello M.; Wilson, Beth Anne - Federal Reserve Board (Board of Governors of the … - 1998

We discuss the ability of standard estimates of the correlation of wages and employment to measure the relative … and demand shocks, nor give an indication of the response of wages to aggregate demand shocks. Following this, we test the … predictions of a neo-Keynesian model for the correlation of employment and wages using restrictions generated by the model to …

Persistent link: https://www.econbiz.de/10005514138

Looking ahead: young men, wage growth, and labor market participation

Aaronson, Stephanie - Federal Reserve Board (Board of Governors of the … - 2001

single week per year. One common explanation for this trend, declining real wages, ignores the fact that the value of working … 1967 and 1977. Changes in wages do not explain any of this trend. …

Persistent link: https://www.econbiz.de/10005514139

Are shocks to labor demand transitory or persistent? Evidence from labor flows and wages

Starr-McCluer, Martha - Federal Reserve Board (Board of Governors of the … - 1993

Persistent link: https://www.econbiz.de/10005514173