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Author:Coughlin, Cletus C. 

Journal Article
Living Standards in St. Louis and the Eighth Federal Reserve District: Let’s Get Real

Recently, the Bureau of Economic Analysis (BEA) has developed the Regional Price Parities (RPPs), spatial price indexes that allow for comparison of cost of living differences across various geographic areas. By construction, RPPs compare the average price level for a region with the national average. Accordingly, unlike traditional, temporal price indexes, RPPs can be used to adjust nominal incomes for cost of living differences, thereby allowing for more accurate comparison of living standards across geographic areas. When adjusting incomes in this manner, the authors find that, despite ...
Review , Volume 99 , Issue 4 , Pages 377-394

Journal Article
Measuring state exports: is there a better way?

Review , Issue Jul , Pages 65-79

Journal Article
What do economic models tell us about the effects of the U.S.-Canada Free Trade Agreement?

Review , Issue Sep , Pages 40-58

Journal Article
How the 1992 legislation will affect European financial services

Review , Issue Mar , Pages 62-77

Working Paper
House Price Growth Interdependencies and Comovement

This paper examines house price comovement across U.S. metropolitan areas (MSAs). We develop a Markov-switching framework that includes a spatial similarity element based on distances between MSAs. Our approach allows for house price comovements that occur due to similar timing of downturns across groups or clusters of MSAs. The inclusion of the spatial element improves the model fit compared to a standard endogenous clustering model. We find seven clusters of MSAs, where each cluster experiences idiosyncratic house price downturns, plus one distinct national house price cycle. Notably, only ...
Working Papers , Paper 2019-028

Journal Article
U.S. trade-remedy laws: do they facilitate or hinder free trade?

Review , Issue Jul , Pages 3-18

Working Paper
House Price Growth Interdependencies and Comovement

This paper examines house price diffusion across metropolitan areas in the United States. We develop a generalization of the Hamilton and Owyang (2012) Markov-switching model, where we incorporate direct regional spillovers using a spatial weighting matrix. The Markov-switching framework allows consideration for house price movements that occur due to similar timing of downturns across MSAs. The inclusion of the spatial weighting matrix improves fit compared to a standard endogenous clustering model. We find seven clusters of MSAs that experience idiosyncratic recessions plus one distinct ...
Working Papers , Paper 2019-28

Journal Article
Regulating carbon emissions: the cap-and-trade program

The anti-pollution program in Congress contains desirable economic features. But a key component - an auction process covering all permits for carbon emissions - does not seem to be politically viable.
The Regional Economist , Issue Oct , Pages 12-13

Journal Article
An introduction to the theory and estimation of a job-search model

Review , Issue Jan , Pages 53-65

Working Paper
Ethnic networks and U.S. exports

This paper provides new estimates of the effects of ethnic networks on U.S. exports. In line with recent research, our dataset is a panel of exports from U.S. states to 29 foreign countries. Our analysis departs from the literature in two ways, both of which show that previous estimates of the ethnic-network elasticity of trade are sensitive to the restrictions imposed on the estimated models. Our first departure is to control for unobserved heterogeneity with properly specified fixed effects, which we can do because our dataset contains a time dimension absent from previous studies. Our ...
Working Papers , Paper 2005-069

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