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Briefing
Stargazing: Estimating r* in Other Countries
We provide estimates of r* — a central concept in monetary policy — for a set of countries using the same methodology as for the Richmond Fed's own r* estimate for the U.S. We generally find that the estimated r* paths are country specific, but that they behave more similarly to each other than to the U.S., indicating its central role in the international monetary system.
Working Paper
The Intergenerational Transmission of Mental and Physical Health in the United Kingdom
We estimate intergenerational health persistence in the United Kingdom using Quality Adjusted Life Years (QALY), a broad measure of health derived from the SF-12 Survey. We estimate that both the rank-rank slope and the intergenerational health association (IHA) are 0.21. We use components of the SF-12 to create mental and physical health indices and find that mental health is at least as persistent across generations as physical health. Importantly, parents' mental health is much more strongly associated with children's health than parents' physical health indicating that mental health might ...
Journal Article
Global Uncertainty in the Wake of Brexit
Hakkio and Sly find that increased global uncertainty after Brexit will be a major concern for the United Kingdom, a modest concern for the euro area, and a minor concern for the United States.
Working Paper
The Intergenerational Transmission of Mental and Physical Health in the United Kingdom
We estimate intergenerational health persistence in the United Kingdom using Quality Adjusted Life Years (QALY), a broad measure of health derived from the SF-12 Survey. We estimate that both the rank-rank slope and the intergenerational health association (IHA) are 0.21. We use components of the SF-12 to create mental and physical health indices and find that mental health is at least as persistent across generations as physical health. Importantly, parents' mental health is much more strongly associated with children's health than parents' physical health indicating that mental health might ...
Report
The Impact of Brexit on Foreign Investment and Production
In this paper, we estimate the impact of increasing costs on foreign producers following a withdrawal of the United Kingdom from the European Union (popularly known as Brexit). Our predictions are based on simulations of a multicountry neoclassical growth model that includes multinational ?rms investing in research and development (R&D), brands, and organizational capital that are used nonrivalrously by their subsidiaries at home and abroad. For the main simulation, we assume that U.K. investments in the European Union face the same restrictions as Norway?s and that E.U. investments in the ...