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Working Paper
Co-movement in sticky price models with durable goods
Fuerst, Timothy S.; Carlstrom, Charles T. (2006)
In an interesting paper Barsky, House, and Kimball (2005) demonstrate that in a standard sticky price model a monetary contraction will lead to a decline in nondurable goods production but an increase in durable goods production, so that aggregate output is little changed. This lack of co-movement between nondurables and durables is wildly at odds with the data and occurs because, by assumption, durable goods prices are relatively more flexible than nondurable goods prices. We investigate possible solutions to this puzzle: nominal wage stickiness and credit constraints. We demonstrate that by ...
Working Papers (Old Series) , Paper 0614

Working Paper
Using SMVAM as a linear approximation to a nonlinear function: a note
Thomson, James B.; Demirgüč-Kunt, Asli (1988)
A study contending that the linear statistical market-value accounting model (SMVAM) is a reasonable approximation of the relationship between market and book equity for firms with positive balance sheets, but that the linear approximation is inadequate when the data sample includes firms whose balance sheets show a low or negative liquidation value.
Working Papers (Old Series) , Paper 8810

Working Paper
Liquidity and asset market dynamics
Wright, Randall; Rocheteau, Guillaume (2010)
We study economies with an essential role for liquid assets in transactions. The model can generate multiple stationary equilibria, across which asset prices, market participation, capitalization, output and welfare are positively related. It can also generate a variety of nonstationary equilibria, even when fundamentals are deterministic and time invariant, including periodic, chaotic, and stochastic (sunspot) equilibria with recurrent market crashes. Some equilibria have asset price trajectories that resemble bubbles growing and bursting. We also analyze endogenous private and public ...
Working Papers (Old Series) , Paper 1016

Working Paper
The Unintended Consequences of Employer Credit Check Bans on Labor and Credit Markets
Glover, Andrew; Tasci, Murat; Cortes, Kristle Romero (2018-01-10)
Since the Great Recession, 11 states have restricted employers? access to the credit reports of job applicants. We document that county-level vacancies decline between 9.5 percent and 12.4 percent after states enact these laws. Vacancies decline significantly in affected occupations but remain constant in those that are exempt, and the decline is larger in counties with many subprime residents. Furthermore, subprime borrowers fall behind on more debt payments and reduce credit inquiries postban. The evidence suggests that, counter to their intent, employer credit check bans disrupt labor and ...
Working Papers (Old Series) , Paper 1625

Working Paper
The birth of the competitive market in the steel industry
Israilevich, Philip R. (1986)
A regional analysis of the steel industry with emphasis on the economic performance of minimills and integrated mills.
Working Papers (Old Series) , Paper 8606

Working Paper
Manufacturing Employment Losses and the Economic Performance of the Industrial Heartland
Schweitzer, Mark E. (2017-06-22)
The industrial Midwest, sometimes referred to disparagingly as the ?Rust Belt,? has long been recognized as a distinct economic region and an important contributor to the US economy. Prior research has emphasized the role that losses in the manufacturing sector have played in the plight of several Midwestern states and cities, particularly in the late 1970s and early 1980s. We identify a hypothetical industrial heartland region consisting of MSAs that have high concentrations of 1969 earnings in manufacturing relative to the US average and that are located within the geography often ...
Working Papers (Old Series) , Paper 1712

Working Paper
More on the differences between reported and actual U.S. central bank foreign exchange intervention
Osterberg, William P.; Humes, Rebecca Wetmore (1995)
An analysis of the differential impacts of reported and actual U.S. foreign exchange intervention on the mean and conditional variance of the Deutschemark-to-dollar and yen-to-dollar exchange rates. For part of the sample period, the impact of intervention on the variance of the exchange rates is shown to depend on whether the intervention was reported.
Working Papers (Old Series) , Paper 9501

Working Paper
On the evolution of U.S. foreign-exchange-market intervention: thesis, theory, and institutions
Humpage, Owen F.; Bordo, Michael D.; Schwartz, Anna J. (2011)
Attitudes about foreign-exchange-market intervention in the United States evolved in tandem with views about monetary policy as policy makers grappled with the perennial problem of having more economic objectives than independent instruments with which to achieve them. This paper?the introductory chapter to our history of U.S. foreign exchange market intervention?explains this thesis and summarizes our conclusion: The Federal Reserve abandoned frequent foreign-exchange-market intervention because, rather than providing a solution to the instruments-versus-objectives problem, it interfered ...
Working Papers (Old Series) , Paper 1113

Working Paper
Sovereign Default in the US
Ergungor, O. Emre (2016-04-06)
In the absence of a judicial mechanism to reduce the debt burden of a sovereign member of our Union, the resolution process can be quick but perhaps too indifferent to the health, safety, and welfare of the affected residents. In this paper, I use evidence from the Arkansas state archives to provide a description of the events surrounding the default of the state in 1933. I examine the evolution of the negotiations, the outcomes, and the role of fiscal policy.
Working Papers (Old Series) , Paper 1609

Working Paper
Dedicated taxes and rent capture by public employees
Cromwell, Brian A. (1989)
A test of whether the enactment of a dedicated tax leads to higher payroll and wages for public employees, by means of survey results from the local mass-transit industry.
Working Papers (Old Series) , Paper 8904

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