Search Results
Showing results 1 to 10 of approximately 58.
(refine search)
Working Paper
Sectoral Impact of COVID-19: Cascading Risks
Popov, Latchezar; Osotimehin, Sophie
(2020-05-07)
Workers are unequal in the face of the COVID-19 pandemic: Those who work in essential sectors face higher health risk whereas those in non-essential social-consumption sectors face greater economic risk. We study how these health and economic risks cascade into other sectors through supply chains and demand linkages. In the U.S., we find the cascading effects account for about 25-30% of the exposure to both risks. The cascading effect increases the health risk faced by workers in the transportation and retail sectors, and it increases the economic risk faced by workers in the textile and ...
Opportunity and Inclusive Growth Institute Working Papers
, Paper 31
Working Paper
The Stable Transformation Path
Buera, Francisco J.; Mestieri, MartÃ; O'Connor, Daniel G.; Kaboski, Joseph P.
(2020-10-23)
Standard dynamic models of structural transformation, without knife-edge and counterfactual parameter values, preclude balanced growth path (BGP) analysis. This paper develops a dynamic equilibrium concept for a more general class of models | an alternative to a BGP, which we coin a Stable Transformation Path (STraP). The STraP characterizes the medium-term dynamics of the economy in a turnpike sense; it is the path toward which the economy (quickly) converges from an arbitrary initial capital stock. Calibrated simulations demonstrate that the relaxed parameter values that the STraP allows ...
Working Paper Series
, Paper WP-2020-23
Report
Productivity in the slow lane?: the role of information and communications technology
Pearson, Alison; Wang, J. Christina
(2014-12-22)
As the current recovery matures in the United States, evidence is mounting that total factor productivity (TFP), the typical measure of technological change, has moved back into the slow lane. This study uses industry data to explore the extent to which the acceleration in TFP in the late 1990s and early 2000s and the subsequent deceleration are attributable to unmeasured investment by firms to take full advantage of the new capabilities made possible by information and communications technology (ICT).
Current Policy Perspectives
, Paper 14-10
Working Paper
The Origins of Aggregate Fluctuations in a Credit Network Economy
Altinoglu, Engin L.
(2018-05-04)
I show that inter-firm lending plays an important role in business cycle fluctuations. I first build a tractable network model of the economy in which trade in intermediate goods is financed by supplier credit. In the model, a financial shock to one firm affects its ability to make payments to its suppliers. The credit linkages between firms propagate financial shocks, amplifying their aggregate effects by about 30 percent. To calibrate the model, I construct a proxy of inter-industry credit flows from firm- and industry-level data. I then estimate aggregate and idiosyncratic shocks to ...
Finance and Economics Discussion Series
, Paper 2018-031
Journal Article
Tracking U.S. GDP in Real Time
Bae, Jaeheung; Doh, Taeyoung
(2019-07)
Measuring the current state of the U.S. economy in real time is an important but challenging task for monetary policymakers. The most comprehensive measure of the state of the economy?real gross domestic product?is available at a relatively low frequency (quarterly) and with a significant delay (one month). To obtain more timely assessments of the state of the economy, the Federal Reserve Bank of Kansas City has developed a GDP tracking model that combines new econometric methods with two conventional approaches to estimating GDP. {{p}} Taeyoung Doh and Jaeheung Bae review the Kansas City Fed ...
Economic Review
, Issue Q III
, Pages 5-19
Report
Why has the cyclicality of productivity changed?: what does it mean?
Fernald, John G.; Wang, J. Christina
(2015-10-01)
Historically, U.S. labor productivity (output per hour) and total factor productivity (TFP) rose in booms and fell in recessions. Different models of business cycles explain this procyclicality differently. Traditional Keynesian models relied on "factor hoarding," that is, variations in how intensively labor and capital were utilized over the business cycle. Real business cycle (RBC) models instead posit that procyclical technology shocks drive the business cycle. Since the mid-1980s, however, the procyclicality of productivity has waned. TFP has been roughly acyclical with respect to ...
Current Policy Perspectives
, Paper 15-6
Working Paper
Upstream, Downstream & Common Firm Shocks
Yung, Julieta; Grant, Everett
(2019-04-12)
We develop a multi-sector DSGE model to calculate upstream and downstream industry exposure networks from U.S. input-output tables and test the relative importance of shocks from each direction by comparing these with estimated networks of firms? equity return responses to one another. The correlations between the upstream exposure and equity return networks are large and statistically significant, while the downstream exposure networks have lower ? but still positive ? correlations that are not statistically significant. These results suggest a low short-term elasticity of substitution ...
Globalization Institute Working Papers
, Paper 360
Working Paper
Income-Driven Labor-Market Polarization
Mestieri, MartÃ; Comin, Diego; Danieli, Ana
(2020-10-23)
We propose a mechanism for labor-market polarization based on the nonhomotheticity of demand that we call the income-driven channel. Our mechanism builds on a novel empirical fact: expenditure elasticities and production intensities in low- and high-skill occupations are positively correlated across sectors. Thus, as income grows, demand shifts towards expenditure-elastic sectors, and the relative demand for low- and high-skill occupations increases, causing labor-market polarization. A calibrated general-equilibrium model suggests this mechanism accounts for 90% and 35% of the increase in ...
Working Paper Series
, Paper WP-2020-22
Working Paper
Aggregate Implications of Changing Sectoral Trends
Foerster, Andrew; Hornstein, Andreas; Sarte, Pierre-Daniel G.; Watson, Mark W.
(2019-05-28)
We find disparate trend variation in TFP and labor growth across major U.S. production sectors over the post-WWII period. When aggregated, these sector-specific trends imply secular declines in the growth rate of aggregate labor and TFP. We embed this sectoral trend variation into a dynamic multi-sector framework in which materials and capital used in each sector are produced by other sectors. The presence of capital induces important network effects from production linkages that amplify the consequences of changing sectoral trends on GDP growth. Thus, in some sectors, changes in TFP and ...
Working Paper
, Paper 19-11
Working Paper
A Macroeconomic Model with Financial Panics
Gertler, Mark; Kiyotaki, Nobuhiro; Prestipino, Andrea
(2017-12-15)
This paper incorporates banks and banking panics within a conventional macroeconomic framework to analyze the dynamics of a financial crisis of the kind recently experienced. We are particularly interested in characterizing the sudden and discrete nature of the banking panics as well as the circumstances that makes an economy vulnerable to such panics in some instances but not in others. Having a conventional macroeconomic model allows us to study the channels by which the crisis affects real activity and the effects of policies in containing crises.
International Finance Discussion Papers
, Paper 1219
FILTER BY year
FILTER BY Bank
Board of Governors of the Federal Reserve System (U.S.) 14 items
Federal Reserve Bank of San Francisco 8 items
Federal Reserve Bank of Minneapolis 7 items
Federal Reserve Bank of Atlanta 4 items
Federal Reserve Bank of Chicago 4 items
Federal Reserve Bank of New York 4 items
Federal Reserve Bank of Richmond 4 items
Federal Reserve Bank of St. Louis 4 items
Federal Reserve Bank of Dallas 3 items
Federal Reserve Bank of Boston 2 items
Federal Reserve Bank of Cleveland 2 items
Federal Reserve Bank of Kansas City 2 items
show more (7)
show less
FILTER BY Series
Working Paper Series 12 items
Federal Reserve Bulletin 9 items
Working Papers 9 items
Staff Reports 4 items
Working Paper 4 items
FRB Atlanta Working Paper 3 items
International Finance Discussion Papers 3 items
Current Policy Perspectives 2 items
Finance and Economics Discussion Series 2 items
Globalization Institute Working Papers 2 items
Opportunity and Inclusive Growth Institute Working Papers 2 items
Staff Report 2 items
Economic Review 1 items
FRB Atlanta CQER Working Paper 1 items
Macro Bulletin 1 items
Review 1 items
show more (11)
show less
FILTER BY Content Type
FILTER BY Author
Fernald, John G. 8 items
Gilbert, Charles 7 items
Bayard, Kimberly 4 items
Morin, Norman J. 3 items
Sarte, Pierre-Daniel G. 3 items
Wang, J. Christina 3 items
Wen, Yi 3 items
Bloom, Nicholas 2 items
Chen, Kaiji 2 items
Corrado, Carol 2 items
Gu, Shijun 2 items
Hornstein, Andreas 2 items
Inklaar, Robert 2 items
Jia, Chengcheng 2 items
Mestieri, Martà 2 items
Raddock, Richard D. 2 items
Roys, Nicolas 2 items
Watson, Mark W. 2 items
Altinoglu, Engin L. 1 items
Arellano, Cristina 1 items
Azzimonti-Renzo, Marina 1 items
Bae, Jaeheung 1 items
Bai, Yan 1 items
Barrero, Jose Maria 1 items
Bianchi, Javier 1 items
Buera, Francisco J. 1 items
Caldara, Dario 1 items
Cette, Gilbert 1 items
Comin, Diego 1 items
Copeland, Adam 1 items
Coulibaly, Louphou 1 items
Crosignani, Matteo 1 items
Crouzet, Nicolas 1 items
Daly, Mary C. 1 items
Danieli, Ana 1 items
David, Joel M. 1 items
Davis, Steven J. 1 items
Dinlersoz, Emin M. 1 items
Doh, Taeyoung 1 items
Dong, Feng 1 items
Engbom, Niklas 1 items
Foerster, Andrew 1 items
Foerster, Andrew T. 1 items
Fogli, Alessandra 1 items
Fries, Charles 1 items
GarcÃa-Santana, Manuel 1 items
Gertler, Mark 1 items
Gourio, Francois 1 items
Grant, Everett 1 items
Guvenen, Fatih 1 items
Hyatt, Henry 1 items
Jeenas, Priit 1 items
Jordà , Òscar 1 items
Kaboski, Joseph P. 1 items
Kahn, James A. 1 items
Kalemli-Ozcan, Sebnem 1 items
Karabarbounis, Marios 1 items
Kehoe, Patrick J. 1 items
Kiley, Michael T. 1 items
Kim, Hee Soo 1 items
Kiyotaki, Nobuhiro 1 items
Li, Huiyu 1 items
Macchiavelli, Marco 1 items
Macnamara, Patrick 1 items
Majumder, Monoj Kumar 1 items
Matthes, Christian 1 items
Mehrotra, Neil 1 items
Meyer, Brent 1 items
Mitra, Indrajit 1 items
Mojon, Benoit 1 items
Moral-Benito, Enrique 1 items
Moser, Christian 1 items
Nechio, Fernanda 1 items
O'Connor, Daniel G. 1 items
Orak, Musa 1 items
Osotimehin, Sophie 1 items
Otoo, Maria Ward 1 items
Pearson, Alison 1 items
Penciakova, Veronika 1 items
Perri, Fabrizio 1 items
Phan, Toan 1 items
Pijoan-Mas, Josep 1 items
Pinkovskiy, Maxim L. 1 items
Ponder, Mark 1 items
Popov, Latchezar 1 items
Prestipino, Andrea 1 items
Price, David 1 items
Raghavan, Mala 1 items
Rossi-Hansberg, Esteban 1 items
Sala-i-Martin, Xavier X. 1 items
Scotti, Chiara 1 items
Seo, Taeuk 1 items
Silva, André F. 1 items
Song, Jae 1 items
Stuermer, Martin 1 items
Trachter, Nicholas 1 items
Van Zandweghe, Willem 1 items
Vespignani, Joaquin L. 1 items
Xu, Yu 1 items
Yung, Julieta 1 items
Zeke, David 1 items
Zhong, Molin 1 items
di Giovanni, Julian 1 items
von Wachter, Till 1 items
show more (99)
show less
FILTER BY Jel Classification
E44 13 items
E32 12 items
E22 10 items
O47 9 items
E24 6 items
D24 5 items
J31 5 items
O41 5 items
C32 4 items
E01 4 items
O16 4 items
E21 3 items
E62 3 items
F45 3 items
G32 3 items
O11 3 items
Q54 3 items
D85 2 items
E13 2 items
E25 2 items
E43 2 items
E52 2 items
E65 2 items
G01 2 items
G21 2 items
J21 2 items
J23 2 items
J24 2 items
J63 2 items
L16 2 items
L60 2 items
L70 2 items
O1 2 items
O13 2 items
O40 2 items
O43 2 items
P23 2 items
P24 2 items
R12 2 items
R31 2 items
C11 1 items
C43 1 items
C50 1 items
C53 1 items
C67 1 items
C81 1 items
D22 1 items
D52 1 items
D53 1 items
D57 1 items
D84 1 items
E12 1 items
E31 1 items
E41 1 items
E51 1 items
E60 1 items
E61 1 items
E64 1 items
E66 1 items
F13 1 items
F32 1 items
G10 1 items
G23 1 items
G30 1 items
G33 1 items
I18 1 items
J20 1 items
J41 1 items
J62 1 items
L11 1 items
L14 1 items
L62 1 items
L90 1 items
N50 1 items
O53 1 items
O57 1 items
Q31 1 items
Q43 1 items
Q56 1 items
show more (75)
show less
FILTER BY Keywords
Industrial capacity 8 items
Industrial production index 6 items
Business cycles 4 items
COVID-19 4 items
Chinese economy 4 items
Great Recession 4 items
firm dynamics 3 items
productivity 3 items
growth accounting 3 items
Industrial productivity 2 items
aggregate shocks 2 items
economic reform 2 items
economic transition 2 items
information technology 2 items
misallocation 2 items
trend growth 2 items
Climate Change 2 items
Convergence 2 items
Development 2 items
Financial frictions 2 items
Growth 2 items
Potential output 2 items
Production Networks 2 items
Productivity Growth 2 items
Resource Misallocation 2 items
Adaptation 1 items
Bank Runs 1 items
Bayesian estimation 1 items
Between-firm inequality 1 items
Capital flows 1 items
Capital-task complementarity 1 items
Commodities 1 items
Complex networks 1 items
Credit constraints 1 items
Credit crunch 1 items
Credit network 1 items
DSGE models 1 items
Demand complementarity 1 items
Demand shocks 1 items
Distributional Effect of Monetary Policy 1 items
Economic Conditions 1 items
Economy 1 items
Elasticity of substitution 1 items
Epidemiology 1 items
Equilibrium search model 1 items
Financial Crisis 1 items
Financial accelerator 1 items
Firm heterogeneity 1 items
Firm size 1 items
Firm size distribution 1 items
GDP 1 items
GDP at Risk 1 items
Gross Domestic Product 1 items
Heterogeneous Money Demand 1 items
Housing Bubble 1 items
ICT 1 items
Income 1 items
Income inequality 1 items
Incomplete Markets 1 items
Input-output 1 items
Input-output network 1 items
International spillovers 1 items
Investment Dynamics 1 items
Job polarization 1 items
Joint conditional distributions 1 items
Labor Productivity 1 items
Labor share 1 items
Labor wedge 1 items
Labor-market polarization 1 items
Liquidity traps 1 items
MFP 1 items
Main shocks 1 items
Manufacturing 1 items
Minimum wage 1 items
Mining 1 items
Monetary and macroprudential policies 1 items
New Keynesian DSGE 1 items
Non-balanced Growth 1 items
Nonhomothetic Demand 1 items
Oil rents 1 items
Pay inequality 1 items
Risk management 1 items
SIR 1 items
STVAR 1 items
Social distance 1 items
Spillovers 1 items
Survey of Business Uncertainty 1 items
Tail risk 1 items
Technological change 1 items
Temperature 1 items
Time-Varying Labor Wedge 1 items
Time-Varying Velocity of Money 1 items
Trade credit 1 items
Uncertainty 1 items
Uncertainty shocks 1 items
Worker and firm heterogeneity 1 items
aggregate productivity 1 items
automobiles 1 items
bank credit 1 items
borrowing limits 1 items
business expectations 1 items
capital accumulation 1 items
cash-for-clunkers 1 items
cyberattacks 1 items
dynamic panel data model 1 items
elasticity of demand 1 items
endogenous borrowing constraints 1 items
extreme weather 1 items
financial constraints 1 items
firm growth 1 items
firm life-cycle 1 items
firm networks 1 items
fundamental surplus 1 items
government procurement 1 items
heterogeneous firms 1 items
housing bubbles 1 items
inflation 1 items
input-output linkages 1 items
intangible capital 1 items
investment network 1 items
labor hoarding 1 items
leverage 1 items
local concentration 1 items
long-duration bonds 1 items
measurement 1 items
monetary policy 1 items
multi-sector growth models 1 items
multisector models 1 items
national product-market concentration 1 items
nighttime lights 1 items
non-homothetic preferences 1 items
non-renewable resources 1 items
nonstationary heterogenous panel 1 items
procyclical productivity 1 items
production linkages 1 items
productivity: TFP 1 items
real GDP per capita 1 items
reallocation 1 items
reallocation shock 1 items
regulation 1 items
risk premia 1 items
sectoral linkages 1 items
shock propagation 1 items
short-term debt 1 items
stimulus 1 items
supply chains 1 items
threshold effects 1 items
time-varying discounts 1 items
trade openness 1 items
unemployment fluctuations 1 items
upstream versus downstream 1 items
work from home 1 items
show more (161)
show less