Search Results
Working Paper
A technique for estimating a cost system that allows for inefficiency
The presentation of a new econometric technique for estimating a system of cost and input share equations that allow for inefficiency.
Journal Article
Unbalanced growth and the U.S. productivity slowdown
An explanation of the slower trend rate of U.S. productivity growth in the past two decades as a natural response to unbalanced growth, whereby resources are shifted from sectors with high productivity growth rates to those with lower rates, such as the rapidly expanding service sector.
Journal Article
What you should know about identity theft
Identity theft?appropriating someone else?s identity for illicit gain?is the fastest-growing financial crime. It can cause considerable financial losses, and cleaning up a trashed credit history can be time consuming and frustrating. This Economic Commentary examines the identity theft phenomenon?how it works, how lawmakers, regulators, and financial institutions are combating it, and what consumers can do to protect themselves.
Discussion Paper
Estimating GSP and labor productivity by state
In gauging the health of state economies, arguably the two most important series to track are employment and output. While employment by state is available about three weeks after the end of a month, data on output, as measured by Gross State Product (GSP), are only available annually and with a significant lag. This Policy Discussion Paper details how more current estimates of GSP can be generated using U.S. Gross Domestic Product and personal income along with individual states personal income. A straightforward share approach yields reasonable GSP estimates, but a more sophisticated ...
Working Paper
U.S. air passenger service: a taxonomy of route networks, hub locations, and competition
In this paper, we analyze the service provided by the 13 largest U.S. passenger airlines to the 100 most populous U.S. metropolitan areas in 1989. We classify the route systems by their nature and geographical extent using a variety of measures based on route-level data. We then identify individual airline hub locations and derive and calculate several measures of the extent of competition both on individual routes and at the airports in our sample. The results show the wide diversity of route networks that existed in the airline industry in 1989--a phenomenon that may help to explain the ...
Working Paper
Optimal employment of scale economies in the Federal Reserve's currency infrastructure
Given estimates of shipping costs and scale economies for high-speed currency sorting, the authors investigate whether the Federal Reserve might lower its costs by reallocating the volume of sorting among its processing sites.
Working Paper
Scope and scale economies in Federal Reserve payment processing
In the past decade, the U.S. economy has witnessed a tremendous surge in the usage of electronic payment processing services and an increased importance of the firms that provide these services. The payments industry has also undergone changes in cost structure with the introduction of new technology. Unfortunately, data on the private provision of payment processing services are not available. However, the Federal Reserve provides similar services and collects data on its own provision of payments processing, offering an opportunity to gain insights into the cost structure of payments ...
Journal Article
\"Don't panic\": a primer on airline deregulation
A summary of the theory behind airline deregulation, and a look at the future evolution of the airline industry as it adapts to its new environment.
Journal Article
Scale economies and technological change in Federal Reserve ACH payment processing
An analysis of the contribution of scale economies, technological change, and falling input prices to the absolute reduction in the real processing costs of an ACH transfer over the 1979-94 period.
Journal Article
Regional variation in job creation and destruction
As companies and consumers adapt to a changing marketplace, jobs are eliminated and new ones are created. Rates at which this happens vary across states and reflect the flexibility of the labor market. More flexible markets are associated with faster growth.