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Series:Working Paper Series, Macroeconomic Issues 

Working Paper
Gross job creation, gross job destruction and employment reallocation

Working Paper Series, Macroeconomic Issues , Paper 91-5

Working Paper
Wage growth and sectoral shifts: Phillips curve redux

Working Paper Series, Macroeconomic Issues , Paper 92-23

Working Paper
Monetary policy and external finance: interpreting the behavior of financial flows and interest rate spreads

Working Paper Series, Macroeconomic Issues , Paper 92-17

Working Paper
Back of the G-7 pack: public investment and productivity growth in the Group of Seven

Working Paper Series, Macroeconomic Issues , Paper 89-13

Working Paper
Money, sticky wages, and the Great Depression

This paper examines the ability of a simple stylized general equilibrium model that incorporates nominal wage rigidity to explain the magnitude and persistence of the Great Depression in the United States. The impulses to our analysis are money supply shocks. The Taylor contracts model is surprisingly successful in accounting for the behavior of major macroaggregates and real wages during the downturn phase of the Depression, i.e., from 1929:3 through mid-1933. Our analysis provides support for the hypothesis that a monetary contraction operating through a sticky wage channel played a ...
Working Paper Series, Macroeconomic Issues , Paper WP-97-02

Working Paper
Investment and market power

Working Paper Series, Macroeconomic Issues , Paper 91-7

Working Paper
North-South business cycles

This paper shows that the economic activity of the industrial North and developing South move together - when the North is above its trend, the South tends to be above its trend. We refer to this phenomenon as the "North-South business cycle." The paper develops a quantitative general equilibrium model of North-South trade that captures many cyclical features of North-South trade and production data. In particular, the high volatility of North-South terms of trade, and strong comovement of Northern and Southern activity. On the basis of this model we argue that North-South business cycles ...
Working Paper Series, Macroeconomic Issues , Paper WP-96-9

Working Paper
Economic activity and the short-term credit markets: an analysis of prices and quantities

Working Paper Series, Macroeconomic Issues , Paper 93-17

Working Paper
Temporary services employment durations: evidence from state UI data

Working Paper Series, Macroeconomic Issues , Paper WP-97-23

Working Paper
Interest-rate derivatives and bank lending

We study the relationship between bank participation in derivatives contracting and bank lending for the period June 30, 1985 through the end of 1992. Since 1985 commercial banks have become active participants in the interest-rate derivative products markets as end-users, or intermediaries, or both. Over much of this period significant changes were made in the composition of bank portfolios. We find that banks which utilized interest-rate derivatives experienced greater growth in their commercial and industrial (C&I) loan portfolios than banks which did not use these financial instruments. ...
Working Paper Series, Macroeconomic Issues , Paper WP-96-13

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