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The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy
Caliendo, Lorenzo; Parro, Fernando; Rossi-Hansberg, Esteban - Federal Reserve Board (Board of Governors of the … - 2014
We study the impact of regional and sectoral productivity changes on the U.S. economy. To that end, we consider an … environment that captures the effects of interregional and intersectoral trade in propagating disaggregated productivity changes … sectoral productivity changes. We fi nd that such elasticities can vary signi cantly depending on the sectors and regions …
Persistent link: https://www.econbiz.de/10011027366
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News, noise, and estimates of the "true" unobserved state of the economy
Fixler, Dennis J.; Nalewaik, Jeremy J. - Federal Reserve Board (Board of Governors of the … - 2007
Which provides a better estimate of the "true" state of the U.S. economy, gross domestic product (GDP) or gross domestic income (GDI)? Past work has assumed the difference between each estimate and the "true" state of the economy is pure noise, taking greater variability to imply lower...
Persistent link: https://www.econbiz.de/10005393845
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A Model of Slow Recoveries from Financial Crises
Queraltó, Albert - Federal Reserve Board (Board of Governors of the … - 2013
This paper documents highly persistent effects of financial crises on output, labor productivity and employment in a …
Persistent link: https://www.econbiz.de/10011027370
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Integrated macroeconomic accounts for the United States: draft SNA-USA
Antoniewicz, Rochelle; McIntosh, Susan Hume; Mead, … - Federal Reserve Board (Board of Governors of the … - 2004
This paper presents integrated macroeconomic accounts for the United States for the period 1985 to 2002 and discusses issues related to their construction and use. Specifically, it focuses on tying together the national income and product accounts (NIPAs) and international transaction accounts...
Persistent link: https://www.econbiz.de/10005393642
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Capital controls during financial crises: the case of Malaysia and Thailand
Edison, Hali J.; Reinhart, Carmen M. - Federal Reserve Board (Board of Governors of the … - 2000
This study examines the impact capital controls had in Malaysia (1998-1999) and Thailand (1997). We aim to assess the …. By contrast, in the case of Malaysia the controls did align closely with the priors of what controls are intended to …
Persistent link: https://www.econbiz.de/10005368503
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Some multi-country evidence on the effects of real exchange rates on output
Kamin, Steven B.; Klau, Marc - Federal Reserve Board (Board of Governors of the … - 1998
The simultaneous occurrence of devaluation and recession in Mexico in 1995, as well as in the East Asian economies more recently, appears to contradict the conventional view that devaluations are expansionary. Moreover, a sizeable theoretical and empirical literature also argues that, contrary...
Persistent link: https://www.econbiz.de/10005372600
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News and noise in G-7 GDP announcements
Faust, Jon; Rogers, John H.; Wright, Jonathan H. - Federal Reserve Board (Board of Governors of the … - 2000
Revisions to GDP announcements are known to be quite large in all G-7 countries: many revisions in quarterly GDP growth are over a full percentage point at an annualized rate. In this paper, we examine the predictability of these data revisions. Previous work suggests that U.S. GDP revisions are...
Persistent link: https://www.econbiz.de/10005712722
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Lack of signal error (LoSE) and implications for OLS regression: measurement error for macro data
Nalewaik, Jeremy J. - Federal Reserve Board (Board of Governors of the … - 2008
This paper proposes a simple generalization of the classical measurement error model, introducing new measurement errors that subtract signal from the true variable of interest, in addition to the usual classical measurement errors (CME) that add noise. The effect on OLS regression of these lack...
Persistent link: https://www.econbiz.de/10005721097
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Nowcasting GDP and inflation: the real-time informational content of macroeconomic data releases
Giannone, Domenico; Reichlin, Lucrezia; Small, David - Federal Reserve Board (Board of Governors of the … - 2005
This paper formalizes the process of updating the nowcast and forecast on output and inflation as new releases of data become available. The marginal contribution of a particular release for the value of the signal and its precision is evaluated by computing "news" on the basis of an evolving...
Persistent link: https://www.econbiz.de/10005721098
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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