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Working Paper
Does monetary policy have differential regional effects?
Journal Article
Cleaning the air with the invisible hand
Working Paper
Regional income dynamics
Working Paper
Postwar period changes in employment volatility: new evidence from state/industry panel data
Many recent studies have identified a decline in the volatility of U.S. real output over the last half century. This study examines a less discussed and analyzed trend, but one as significant as the drop in output volatility, namely a substantial decline in employment volatility during the postwar period. Using a new panel data set covering industry employment by state since 1952, the authors find that a large decline in employment growth volatility began in the early 1950s and largely ended by the mid- to late 1960s. This study also illuminates the geographical dimension of the declines, an ...
Working Paper
Employee turnover and regional wage differentials
Working Paper
How strong is co-movement in employment over the business cycle? Evidence from state/industry data
This study measures the extent of co-movement in employment across states and industries at business-cycle frequencies. The strength of co-movement is quantified using the bi-variate and multi-variate measures of cohesion developed in Crous, Forni, and Reichlin (2001). The data indicate that cohesion is generally positive for the state/industry pairs, although the distribution masses around a relatively low value. The results suggest that cohesion has risen over time and that cohesion increases with spatial aggregation. Evidence is presented revealing that the measured degree of co-movement ...
Journal Article
Does monetary policy have differential regional effects?
Do monetary policy actions have a uniform national effect? Or do the separate, but interdependent, regions of the country respond differently to changes in policy? In this article, Jerry Carlino and Bob DeFina demonstrate that monetary policy does have differential effects across regions. They also examine three reasons why the effects may differ: regional differences in the mix of interest-sensitive industries, in the ability of banks to alter their balance sheets, and in the mix of large and small borrowers.