Search Results

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Working Paper
Turbulent Business Cycles
Dong, Ding; Wang, Pengfei; Liu, Zheng (2025-02-26)
Firm-level evidence suggests that turbulence that reshuffles firms’ productivity rankings rises sharply in recessions. An increase in turbulence reallocates labor and capital from high- to low-productivity firms, reducing aggregate TFP and the stock market value of firms. A real business cycle model with heterogeneous firms and financial frictions can generate the observed macroeconomic and reallocation effects of turbulence. In the model, increased turbulence makes high-productivity firms less likely to remain productive, reducing their expected equity values and tightening their borrowing ...
Working Paper Series , Paper 2021-22

Working Paper
Technological progress, the \"user cost of money,\" and the real output of banks
Basu, Susanto; Wang, J. Christina (2013-12-31)
Financial institutions provide their customers a variety of unpriced services and cover their costs through interest margins - the interest rates they receive on assets are generally higher than the rates they pay on liabilities. In particular, banks pay below-public-market interest rates on deposits while charging above-public-market rates on loans. Various authors have suggested that this situation allows one to measure the real quantity of financial services provided without explicit prices as proportional to the real stocks of financial assets held by households. We present a ...
Working Papers , Paper 13-21

Working Paper
The Economic Effects of Firm-Level Uncertainty: Evidence Using Subjective Expectations
Fiori, Giuseppe; Scoccianti, Filippo (2021-06-28)
This paper uses over two decades of Italian survey data on business managers' expectations to measure subjective firm-level uncertainty and quantify its economic effects. We document that firm-level uncertainty persists for a few years and varies across firms' demographic characteristics. Uncertainty induces long-lasting economic effects over a broad array of real and financial variables. The source of uncertainty matters with firms responding only to downside uncertainty, that is, uncertainty about future adverse outcomes. Economy-wide uncertainty, constructed aggregating firm-level ...
International Finance Discussion Papers , Paper 1320

Working Paper
Tax Heterogeneity and Misallocation
Kaymak, Barış; Schott, Immo (2023-12-19)
Companies face different effective marginal tax rates on their income. This can be detrimental to allocative efficiency unless taxes offset other distortions in the economy. This paper estimates the effect of tax rate heterogeneity on aggregate productivity in distorted economies with multiple frictions. Using firm-level balance-sheet data and estimates of marginal tax rates, we find that tax heterogeneity reduces total factor productivity by about 3 percent. Our findings highlight the positive correlation between marginal tax rates and other distortions to capital and especially labor. This ...
Working Papers , Paper 23-33

Journal Article
Industrial production and capacity utilization: the 2004 annual revision
Gilbert, Charles; Bayard, Kimberly (2005-01)
In late 2004, the Board of Governors of the Federal Reserve issued revisions to its index of industrial production (IP) and the related measures of capacity and capacity utilization for the period from January 1972 to November 2004. Overall, the changes to total industrial production were small. ; Measured from the fourth quarter of 2002 to the third quarter of 2004, industrial output is reported to have increased a little less than shown previously. Production expanded more slowly in 2000 than earlier estimates indicated, whereas the contraction in 2001 was a little less steep. The rise in ...
Federal Reserve Bulletin , Volume 91 , Issue Win

Working Paper
Schools and Stimulus
Dupor, Bill; Mehkari, M. Saif (2015-03-11)
This paper analyzes the impact of the education funding component of the 2009 American Recovery and Reinvestment Act (the Recovery Act) on public school districts. We use cross- Sectional differences in district-level Recovery Act funding to investigate the program's impact on staffing, expenditures and debt accumulation. To achieve identification, we use exogenous variation across districts in the allocations of Recovery Act funds for special needs students. We estimate that $1 million of grants to a district had the following effects: expenditures increased by $570 thousand, district ...
Working Papers , Paper 2015-4

Working Paper
The 2009 recovery act: stimulus at the extensive and intensive labor margins
Dupor, Bill; Mehkari, M. Saif (2014-08-11)
This paper studies the effect of government stimulus spending on a novel aspect of the labor market: the differential impact of spending on the total wage bill versus employment. We analyze the 2009 Recovery Act via instrumental variables using a new instrument, the spending done by federal agencies that were not instructed to target funds towards harder hit regions. We find a moderate positive effect on jobs created/saved (i.e., "the extensive margin") and also a significant increase in wage payments to workers whose job status was safe without Recovery Act funds (i.e., "the intensive ...
Working Papers , Paper 2014-23

Working Paper
Measuring the Miracle: Market Imperfections and Asia’s Growth Experience
Neiman, Brent; Fernald, John G. (2006-05-01)
The newly industrialized economies (NIEs) of Asia are the fastest-growing economies in the world since 1960. A clear understanding of their rapid development remains elusive, with continuing disputes over the roles of technology growth, capital accumulation, and international trade and investment. We reconcile seemingly contradictory explanations by accounting for imperfections in output and capital markets. For instance, in Singapore, growth-accounting studies using quantities (the primal approach) find rising capital-output ratios and a constant labor share; but studies using real factor ...
Working Paper Series , Paper 2006-17

Working Paper
Quality Adjustment in Industry Deflators Strengthens Estimated Innovation–Productivity Relationships
Atalay, Enghin; Hortacsu, Ali; Kimmel, Nicole; Syverson, Chad (2026-04-20)
How do investments in innovation translate into future productivity growth? Empirically answering this question is challenging. R&D spending is an observed input into the innovation process, but mapping it to productivity growth requires assumptions about the depreciation of R&D capital, gestation lags, and how well such expenditures capture true innovative effort (Hall, 2007). Patents, an alternative measure, capture successful innovations but vary widely in novelty (Kelly et al., 2021) and economic value (Kogan et al., 2017). Firms may forgo patenting to preserve secrecy, while others ...
Working Papers , Paper 26-22

show more (71)

PREVIOUS / NEXT

Fed in Print

Search Results

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

FILTER BY Keywords