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Author:Wen, Yi 

Journal Article
The quantity theory of money

Monetary Trends , Issue Nov

Journal Article
Granger causality and equilibrium business cycle theory

Postwar U.S. data show that consumption growth "Granger-causes" output and investment growth, which is puzzling if technology is the driving force of the business cycle. The author asks whether general equilibrium models with information frictions and non-technology shocks can rationalize the observed causal relationships. His conclusion is they cannot.
Review , Volume 89 , Issue May , Pages 195-206

Journal Article
Understanding the Trade Imbalance and Employment Decline in U.S. Manufacturing

Economic analysis suggests that a trade war with China can neither stop the decline in American manufacturing employment nor eliminate the U.S. trade deficit, but it could significantly reduce the welfare of American consumers by making U.S. imports of Chinese goods more expensive. Moreover, it could cause the United States to lose its global leadership in free trade and globalization and facilitate China's rise as a world leader in trade and commerce. A better approach may be for policymakers to design policies that can ensure fair redistribution of the gains from free trade among American ...
Economic Synopses , Issue 15 , Pages 1-3

Journal Article
Money supply, credit expansion, and housing price inflation

Credit and M2 may be driven simultaneously as part of a broader financial intermediation process; a common underlying factor may be the interest rate
Economic Synopses

V-Shaped Recovery Eludes G-7 Countries

Economic growth should overshoot its long-run trend to make up for the downturn caused by the pandemic. So far, this hasn’t happened.
On the Economy

Journal Article
Anecdotal Evidence Suggests State Capacity Unrelated to COVID-19 Spread

The COVID-19 pandemic has underscored many societal issues, including the capacity of different world governments to contain the virus’ spread.
The Regional Economist , Volume 28 , Issue 4

Journal Article
Oil shocks and price stability

Monetary Trends , Issue Dec

Journal Article
Secured and Unsecured Debt Over the Business Cycle

Unsecured debt better predicts economic activity than secured debt
Economic Synopses , Issue 1 , Pages 1-2

Journal Article
Income and Living Standards within the Eighth District

In this article, we have look at the distribution of living standards in terms of the purchasing power of real per capita personal income by county using RPPs. Adjusting income for cost of living allows us to evaluate inequality in income?s local purchasing power instead of income per se. We see that overall inequality is not so severe in the District once adjusted for the cost of living, both across counties and in comparison to the nation. We also see that living standards tend to be higher within MSAs than outside them. In general, inequality is less severe when measured by living ...
The Regional Economist , Volume 26 , Issue 1

Journal Article
Okun’s law: a meaningful guide for monetary policy?

Okun?s law can be a useful guide for monetary policy, but only if the natural rate of unemployment is properly measured.>
Economic Synopses

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