Search Results
Journal Article
Has deunionization led to higher earnings inequality?
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
On the stability of employment growth: a postwar view from the U.S. states.
In 1952, the average quarterly volatility of U.S. state employment growth stood at 1.5 percent. By 1995, employment growth volatility came in at just under 0.5 percent. While all states shared in the decline, some states declined much more dramatically than others. We analyze aspects of this decline using new data covering industry employment by state during the postwar period. Estimates from a pooled cross-section/time-series model corrected for spatial dependence indicate that fluctuations in state-specific and aggregate variables have both played an important role in explaining volatility ...
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
Does monetary policy have differential regional effects?
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. ...