Search Results

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Working Paper
Comparative Advantage and Moonlighting
Fuller, David L.; Vandenbroucke, Guillaume; Auray, Stéphane (2021-08)
We document three facts: (i) Higher educated workers are more likely to moonlight; (ii) conditional on education, workers with higher wages are less likely to moonlight; and (iii) the prevalence of moonlighting is declining over time for all education groups. We develop an equilibrium model of the labor market to explain these patterns. A dominating income effect explains the negative correlation of moonlighting with productivity in the cross section and the downward trend over time. A higher part-to-full time pay differential for skilled workers (a comparative advantage) explains the ...
Working Papers , Paper 2019-016

Working Paper
How Fast are Semiconductor Prices Falling?
Oliner, Stephen D.; Sichel, Daniel E.; Byrne, David M. (2017-01)
The Producer Price Index (PPI) for the United States suggests that semiconductor prices have barely been falling in recent years, a dramatic contrast to the rapid declines reported from the mid-1980s to the early 2000s. This slowdown in the rate of decline is puzzling in light of evidence that the performance of microprocessor units (MPUs) has continued to improve at a rapid pace. Over the course of the 2000s, the MPU prices posted by Intel, the dominant producer of MPUs, became much stickier over the chips' life cycle. As a result of this change, we argue that the matched-model methodology ...
Finance and Economics Discussion Series , Paper 2017-005

Journal Article
Economic Activity during the COVID-19 Pandemic: A Model with “Acquired Immunity”
Carranza, Juan Esteban; Riascos, Álvaro José; Martin, Juan David (2022)
We calibrate a macroeconomic model with epidemiological restrictions using Colombian data. The key feature of our model is that a portion of the population is immune and cannot transmit the virus, which improves substantially the fit of the model to the observed contagion and economic activity data. The model implies that during 2020, government restrictions and the endogenous changes in individual behavior saved around 15,000 lives and decreased consumption by about 4.7 percent. The results suggest that most of this effect was the result of government policies.
Review , Volume 104 , Issue 1 , Pages 1-16

Working Paper
Attention and a Paradox of Uncertainty
Chiang, Yu-Ting (2024-10-08)
I show that macroeconomic uncertainty during recessions can arise from people paying more attention to aggregate events. When information is dispersed, people's attempts to acquire more information can lead to higher aggregate volatility, forecast dispersion, and uncertainty about aggregate output. Information rigidity is reduced, consistent with evidence in forecast surveys, and distinct from the prediction of exogenous volatility shocks. When the model is calibrated to U.S. data, endogenous attention accounts for half of the observed fluctuations in volatility, forecast dispersion, and ...
Working Papers , Paper 2022-004

Journal Article
Aging and Wealth Inequality in a Neoclassical Growth Model
Vandenbroucke, Guillaume (2016)
In this article, the author uses a version of the neoclassical growth model with overlapping generations of individuals to investigate the effect of aging on wealth inequality. When an economy?s population becomes older?that is, when the proportion of individuals 65 years of age and older increases?two effects are at work: a direct effect from the changing age composition of the population and an indirect, equilibrium effect from the change in asset holdings by owner?s age. The main result is that wealth inequality in an aging population may decrease or increase depending on the cause of the ...
Review , Volume 98 , Issue 1 , Pages 61-80

Working Paper
Comparative Advantage and Moonlighting
Fuller, David L.; Vandenbroucke, Guillaume; Auray, Stéphane (2019-05-24)
The proportion of multiple jobholders (moonlighters) is negatively correlated with productivity (wages) in cross-sectional and time series data, but positively correlated with education. We develop a model of the labor market to understand these seemingly contradictory facts. An income e?ect explains the negative correlation with productivity while a comparative advantage of skilled workers explains the positive correlation with education. We provide empirical evidence of the comparative advantage in CPS data. We calibrate the model to 1994 data on multiple jobholdings, and assess its ability ...
Working Papers , Paper 2019-16

Working Paper
The St. Louis Fed DSGE Model
Faria-e-Castro, Miguel (2024-12-10)
This document contains a technical description of the dynamic stochastic general equilibrium (DSGE) model developed and maintained by the Research Division of the St. Louis Fed as one of its tools for forecasting and policy analysis. The St. Louis Fed model departs from an otherwise standard medium-scale New Keynesian DSGE model along two main dimensions: first, it allows for household heterogeneity, in the form of workers and capitalists, who have different marginal propensities to consume (MPC). Second, it explicitly models a fiscal sector endowed with multiple spending and revenue ...
Working Papers , Paper 2024-014

Working Paper
Attention and Fluctuations in Macroeconomic Uncertainty
Chiang, Yu-Ting (2023-11-09)
I show that economic agents’ attention to macroeconomic events can increase macroeconomic uncertainty during recessions. Agents face uncertainty about the aggregate state of the economy, receive dispersed information about it, and can pay attention to acquire more information. When the economy is in a bad state, agents choose to pay more attention, and their collective response increases three common measures of uncertainty: (i) aggregate output volatility, (ii) forecast dispersion about output, and (iii) subjective uncertainty about output. Uncertainty driven by agents’ attention implies ...
Working Papers , Paper 2022-004

Working Paper
The Mechanics of Individually- and Socially-Optimal Decisions during an Epidemic
Vandenbroucke, Guillaume (2021-09-14)
I present a model where work implies social interactions and the spread of a disease is described by an SIR-type framework. Upon the outbreak of a disease reduced social contacts are decided at the cost of lower consumption. Private individuals do not internalize the effects of their decisions on the evolution of the epidemic while the planner does. Specifically, the planner internalizes that an early reduction in contacts implies fewer infectious in the future and, therefore, a lower risk of infection. This additional (relative to private individuals) benefit of reduced contacts implies that ...
Working Papers , Paper 2020-013

Working Paper
Import Source Reallocation and Aggregate Price Dynamics in the United States
Leibovici, Fernando; Chinagorom-Abiakalam, Dawn (2025-08-15)
This paper studies the impact of changes in the composition of U.S. import sources on aggregate import prices and their implications for consumer prices. We decompose import price changes into within-source price adjustments and changes in sourcing composition. Using bilateral import data, we find that sourcing from lower-cost suppliers, particularly China, put sustained downward pressure on aggregate import prices until the mid-2010s. Since then, shifts away from China have partially reversed this effect, raising both import and consumer prices. We also find sourcing reallocation responds ...
Working Papers , Paper 2025-018

show more (46)

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