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Series:Working Papers  Bank:Federal Reserve Bank of Dallas 

Working Paper
The policy sensitivity of industries and regions

Working Papers , Paper 9612

Working Paper
Price expectations, uncertainty, and changes in drilling activity

Working Papers , Paper 8405

Working Paper
Heterogeneous bank lending responses to monetary policy: new evidence from a real-time identification

We present new evidence on how heterogeneity in banks interacts with monetary policy changes to impact bank lending, at both the bank and U.S. state levels. Using an exogenous policy measure identified from narratives on FOMC intentions and real-time economic forecasts, we find much stronger dynamic effects and greater heterogeneity in U.S. bank lending responses than that found in previous research based on realized federal funds rate changes. Our findings suggest that studies using realized monetary policy changes confound monetary policy?s effects with those of changes in expected ...
Working Papers , Paper 1404

Working Paper
Fuel subsidies, the oil market and the world economy

This paper studies the e ffects of oil producing countries' fuel subsidies on the oil market and the world economy. We identify 24 oil producing countries with fuel subsidies where retail fuel prices are about 34 percent of the world price. We construct a two-country model where one country represents the oil-exporting subsidizers and the second the oil-importing bloc, and calibrate the model to match recent data. We find that the removal of subsidies would reduce the world price of oil by six percent. The removal of subsidies is unambiguously welfare enhancing for the oil-importing ...
Working Papers , Paper 1407

Working Paper
Output, inflation, and stabilization in a small open economy: evidence from Mexico

Working Papers , Paper 9315

Working Paper
Is increased price flexibility stabilizing? The role of the permanent income hypothesis

Working Papers , Paper 9011

Working Paper
On banking structure and checking-account prices

Working Papers , Paper 7806

Working Paper
Dollarization and monetary unions: implementation guidelines

The purpose of this paper is to discuss the main aspects of the implementation of a dollarization plan or of a monetary union, once the appropriate authorities have decided either course of action. Thus, the paper stays away from any normative issues. It is devoted to answering the question of how to dollarize or form a monetary union rather than the question of whether any given country should adopt any particular monetary regime.
Working Papers , Paper 0105

Working Paper
Protecting social interest in free invention

Working Papers , Paper 9405

Working Paper
Trimmed mean PCE inflation

Research over the past decade has led to improved measures of core inflation in the Consumer Price Index, or CPI. This paper discusses the application of some of the insights and techniques of that line of research to the Federal Reserve Bard of Governors? preferred inflation gauge, the price index for Personal Consumption Expenditures (PCE). The result is a new measure of core PCE inflation?the trimmed mean PCE?and a somewhat different characterization of the economy?s recent inflation experience. ; Compared to the story told by the usual ?excluding food and energy? measure, the trimmed mean ...
Working Papers , Paper 0506

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