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Series:Regional Economic Development  Bank:Federal Reserve Bank of St. Louis 

Journal Article

Regional Economic Development , Issue Apr , Pages 74-77

Journal Article
How well are the states of the Eighth Federal Reserve District prepared for the next recession?

Economic downturns often force state policymakers to enact sizable tax increases or spending cuts to close budget shortfalls. In this paper the authors make use of a Markov-switching regression model to empirically describe the expansions and contractions in the states of the Eighth Federal Reserve District. They use the estimated parameters from the switching regressions to form probability distributions of the revenue shortfalls states are likely to encounter in future slowdowns. This allows them to estimate the probability that each state's projected fiscal-year-end balances will be ...
Regional Economic Development , Issue Nov , Pages 75-87

Journal Article
State tax revenue growth and volatility

Macroeconomic conditions and tax structures jointly determine the growth and volatility of state tax revenues. Since a variety of economic conditions exist among states, government policymakers should carefully anticipate and consider the possible impacts of proposed tax reform and revenue enhancements on the long-term growth and volatility of their unique tax revenue portfolios. In the short run, states generally cannot alter the volatility and growth rates of their economies. They can, however, change the composition of their tax portfolios to minimize the effects of the business cycle on ...
Regional Economic Development , Issue Oct , Pages 23-58

Journal Article
Editor's introduction

Regional Economic Development , Issue Apr , Pages 1-2

Journal Article
Local price variation and labor supply behavior

In standard economic theory, labor supply decisions depend on the complete set of prices: wages and the prices of relevant consumption goods. Nonetheless, most theoretical and empirical work in labor supply studies ignores prices other than wages. We address the question of whether the common practice of ignoring local price variation in labor supply studies is as innocuous as generally assumed. We describe a simple model to demonstrate that the effects of wage and nonlabor income on labor supply typically differ by location. In particular, we show that the derivative of the labor supply with ...
Regional Economic Development , Issue Oct , Pages 2-14

Journal Article
Economic and environmental impacts of U.S. corn ethanol production and use

For many years, U.S. policy initiatives and incentives have favored the production of ethanol from corn. The goals have been to increase corn prices and farmer income, enhance rural employment through encouragement of value-added businesses, increase energy security, and produce additives and/or fuels capable of reducing tailpipe pollutants and greenhouse gases. The Energy Policy Act of 2005 established annual goals via a renewable fuels standard that would have increased production of ethanol and biodiesel to 7.5 billion gallons by 2012. That bill was superseded by the Energy Independence ...
Regional Economic Development , Issue Apr , Pages 42-58

Journal Article
Cyclical patterns and structural changes in the Louisville area economy since 1990

Regional Economic Development , Issue Nov , Pages 17-29

Journal Article
Regional aggregation in forecasting: an application to the Federal Reserve's Eighth District

Hernndez-Murillo and Owyang (2006) showed that accounting for spatial correlations in regional data can improve forecasts of national employment. This paper considers whether the predictive advantage of disaggregate models remains when forecasting subnational data. The authors conduct horse races among several forecasting models in which the objective is to forecast regional- or state-level employment. For some models, the objective is to forecast using the sum of further disaggregated employment (i.e., forecasts of metropolitan statistical area (MSA)-level data are summed to yield ...
Regional Economic Development , Issue Oct , Pages 15-29

Journal Article
The U.S. ethanol industry

Ethanol is vital to achieving greater American energy independence. It is today's only viable and available fuel that can be substituted for gasoline. Unlike oil, ethanol is renewable-it will never run out. As science moves from making ethanol from corn to producing it from corn cobs and other plant materials, ethanol will continue to be a sustainable and effective energy solution for the world. America's dependence on foreign oil causes enormous problems for Americans every day-raising the prices on everything from gas to groceries and sending money and jobs overseas. This article summarizes ...
Regional Economic Development , Issue Apr , Pages 3-11

Journal Article
Forecasting real housing price growth in the Eighth District states

The authors consider forecasting real housing price growth for the individual states of the Federal Reserve's Eighth District. They first analyze the forecasting ability of a large number of potential predictors of state real housing price growth using an autoregressive distributed lag (ARDL) model framework. A number of variables, including the state housing price-to-income ratio, state unemployment rate, and national inflation rate, appear to provide information that is useful for forecasting real housing price growth in many Eighth District states. Given that it is typically difficult to ...
Regional Economic Development , Issue Nov , Pages 33-42




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Garrett, Thomas A. 3 items

Rapach, David E. 3 items

Strauss, Jack K. 3 items

Elder, Erick 2 items

Meyer, Seth 2 items

Owyang, Michael T. 2 items

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