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Working Paper
Regional income dynamics
Journal Article
Has deunionization led to higher earnings inequality?
Working Paper
Does monetary policy have differential regional effects?
Working Paper
The long and large decline in state employment growth volatility
This study documents a general decline in the volatility of employment growth during the period 1956 to 2005 and examines its possible sources. Estimates from a state-level pooled cross-section/time-series model indicate that aggregate and state-level factors each account for an important share of the total explained variation in state-level volatility. Specifically, state-level factors have contributed as much as 16 percent, while aggregate factors are found to account for up to 46 percent of the variation. With regard to state-level factors, the share of state total employment in ...
Working Paper
Employee turnover and regional wage differentials
Journal Article
Does lower unemployment reduce poverty?
In "Does Lower Unemployment Reduce Poverty?" Bob DeFina considers the link between unemployment and poverty. How strong the link is depends critically on how we measure poverty. During the past two decades, researchers have identified numerous shortcomings in the government's official procedures for determining the extent of poverty. DeFina presents empirical evidence that improved measures of poverty are less strongly related to changes in unemployment than the headcount rate, the government's official measure.>
Working Paper
The differential regional effects of monetary policy: evidence from the U.S. States
This paper uses time-series techniques to examine whether monetary policy has similar effects across U.S. states during the 1958-92 period. Impulse response functions from estimated structural vector autoregression models reveal differences in state policy responses, which in some cases are substantial. The paper also provides evidence on the reasons for the measured cross-state differential policy responses. The size of a state's response is significantly related to its industry mix, evidence of an interest rate channel for monetary policy. The state-level data offer no support for recently ...
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
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 ...