Search Results
Journal Article
Explaining long-term unemployment: a new piece to an old puzzle
Working Paper
Employee turnover and regional wage differentials
Working Paper
Regional income dynamics
Working Paper
The impact of unemployment on alternative poverty measures.
The analysis uses data from the March Current Population Survey to estimate state-level cross-section/time-series models of the effects of unemployment on alternative poverty indexes. The indexes include the official headcount rate and alternatives based on improved identification and aggregation procedures. The estimated effects turn critically on the measurement approaches, both for the total sample population and for selected sub-groups. For some broader, distribution-sensitive indexes, the declines in unemployment of the last decade had no significant impact on poverty. The findings thus ...
Working Paper
Monetary policy and the U.S. and regions: some implications for European Monetary Union
Under the European Monetary Union (EMU), member countries will be subject to common monetary policy shocks. Given the diversity in the economic and financial structures across the EMU economies, these common monetary shocks can be reasonably expected to have different effects. Little is known about what differences might arise, however, given the absence of any historical experience in Europe with a common currency. ; An alternative approach is to draw upon the historical experience of monetary policy's impacts on sub-national regions in the United States. Like the countries of the EMU, U.S. ...
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.
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 ...