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Author:Hernandez-Murillo, Ruben 

Working Paper
Clustered Housing Cycles

Using a panel of U.S. city-level building permits data, we estimate a Markov-switching model of housing cycles that allows for idiosyncratic departures from a national housing cycle. These departures occur for clusters of cities that experience simultaneous housing contractions. We find that cities do not form housing regions in the traditional geographic sense. Instead, similarities in factors affecting the demand for housing (such as average winter temperature and the unemployment rate) appear to be more important determinants of cyclical comovements than similarities in factors affecting ...
Working Papers (Old Series) , Paper 1524

Working Paper
A State-Level Analysis of Okun’s Law

Okun?s law is an empirical relationship that measures the correlation between the deviation of the unemployment rate from its natural rate and the deviation of output growth from its potential. In this paper, we estimate Okun?s coefficients for each U.S. state and examine the potential factors that explain the heterogeneity of the estimated Okun relationships. We find that indicators of more flexible labor markets (higher levels of education achievement in the population, lower rate of unionization, and a higher share of nonmanufacturing employment) are important determinants of the ...
Working Papers (Old Series) , Paper 1523

Journal Article
Manufacturing and construction decline in the ranks of top 10 employers

The Regional Economist , Issue Oct , Pages 14-16

Journal Article
District fares better than nation as prime-mortgage problems escalate

The Regional Economist , Issue Jul , Pages 20-21

Journal Article
Health-care industry pulls Memphis out of job slump

The Regional Economist , Issue Jul , Pages 16

Journal Article
In some cases, a sick economy can be a prescription for good health

A recession, as long as it?s not too deep or too long, may be good for your health, recent studies suggest.
The Regional Economist , Issue Oct , Pages 8-9

Journal Article
Eighth District population growth follows national pattern

The Regional Economist , Issue Jul , Pages 18-19

Journal Article
Employment growth slows in the Eighth District

The Regional Economist , Issue Oct , Pages 16-17

Journal Article
Innovation: Is the Eighth District catching up with the nation?

The degree of innovation in the Eighth District has lagged the rest of the nation over the past two decades. In one area, however, the District is beginning to catch up.
The Regional Economist , Issue Apr , Pages 12-13

Journal Article
The economics of charitable giving: what gives?

Americans are estimated to have raised their donations to charity three-fold over the past 40 years. What motivates them to give?
The Regional Economist , Issue Oct , Pages 12-13



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