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Working Paper
Lower oil prices and state employment
Journal Article
Enforcing sanctions against employers of illegal aliens
Journal Article
Demographics and the long-term outlook for housing investment
John Hill and D'Ann Petersen measure the importance of projected shifts in the size and age distribution of the U.S. population for domestic housing investment. Their analysis runs through the year 2010 and provides separate estimates for single-family and multifamily investment. ; Hill and Petersen find that the contractionary effects of the population slowdown are already being felt in the housing industry and probably have been since the latter part of the 1980s. In Hill and Petersen's simulations, demographic shifts lower net housing investment by 17 percent from the late 1980s through ...
Journal Article
The trade balance and the real exchange rate
John K. Hill examines how the trade balance and the real exchange rate interact after an economic disturbance. Hill explains how, for disturbances likely to have a significant effect on the trade balance, real exchange rate movements are more the result of a shift in the trade balance than the cause of it. The impetus for change in the trade balance is the disturbance itself. Exchange rate movements are accommodative and, by themselves, account for only part of the total change in the trade balance. Hill concludes that to ask "How far must the dollar fall to balance the trade account?" is ...
Journal Article
When will the United States grow out of its foreign debt?
In a 1989 article in this Review, John K. Hill argued that the mere aging of the baby boom generation would cause the United States to become a major capital exporter by the end of the century. To reach that conclusion, he assumed that rising U.S. capital outflows could be absorbed by the rest of the world without a decline in real interest rates. In this article, he considers the reasonableness of that assumption and reevaluates the accuracy of his earlier projections. ; Hill first examines the demographics of other major countries to see if they could support a rapid turnaround in the U.S. ...