The reduced accuracy of credit ratings on structured finance products in the boom just preceding the financial crisis has prompted investigation into the business of Credit Rating Agencies (CRAs). While CRAs have long held that their behavior is disciplined by reputational concerns, the value of...

A mix of global, national and state-specific shocks help drive employment fluctuations between U.S. states. Econometric modeling shows such differences among metropolitan areas also reflect a mix of shocks. Texas cities strongly tied to oil and gas activity appear more affected by energy-sector...

We provide a structural investigation and interpretation of the questions: What is the origin of business cycle fluctuations? What is the main source of recessions, in particular, since the early 1970s? Are there energy business cycles? Indirect Inference estimation of a two-sector dynamic...