The notable rebound of U.S. manufacturing activity following the Great Recession has raised the question of whether the … labor costs have had a positive impact on U.S. manufacturing production. While we find it unlikely for manufacturing to … become a main engine of growth in the United States, we find that U.S. manufacturing exports could provide nonnegligible …

We examine patterns of regional adjustments to shocks in the US during the past 40 years. Using state-level data, we …-relative labor demand shocks. We find that (i) the long-run effect of a state-specific shock on the state employment level has … a set of 21 European countries, we show that while the short-term response of participation rates to labor demand shocks …

By constructing and estimating a structural arbitrage-free model of demand pressures on US real rates, we find that … recent purchases of US government debt securities by the Fed and foreign officials have significantly affected the level and … the dynamics of US real rates. In particular, by 2008, foreign purchases of US Treasuries are estimated to have had …

. We find that business-cycle driven oil demand shocks are the most important drivers of U.S. oil price fluctuations during … model within a DSGE model of the U.S. economy. This enables us to formally analyze the impact of a (speculative) storage … demand shock and to assess how the effects of various demand and supply shocks change in the presence of oil storage facility …

view that monetary policy easing induces greater risk-taking by banks but also shows that the relationship between real … interest rates and banking risk is more complex. Ultimately, it depends on how much skin in the game banks have. The central …

We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data … on the internal ratings of U.S. banks on loans to businesses over the period 1997 to 2011 from the Federal Reserve …’s survey of terms of business lending. We find that ex-ante risk taking by banks (as measured by the risk rating of the bank …

tourism for a number of PICs. Moreover, if a strong two-way linkage is established between tourism and agriculture, Pacific …