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Working Paper
Accounting for Growth in the Age of the Internet The Importance of Output-Saving Technical Change
Nakamura, Leonard I.; Hulten, Charles R. (2017-07-31)
We extend the conventional Solow growth accounting model to allow innovation to affect consumer welfare directly. Our model is based on Lancaster?s New Approach to Consumer Theory, in which there is a separate ?consumption technology? that transforms the produced goods, measured at production cost, into utility. This technology can shift over time, allowing consumers to make more efficient use of each dollar of income. This is ?output-saving? technical change, in contrast to the Solow TFP ?resource-saving? technical change. One implication of our model is that living standards can rise at a ...
Working Papers , Paper 17-24

Working Paper
Indirect Consumer Inflation Expectations: Theory and Evidence
Hajdini, Ina; Knotek, Edward S.; Leer, John; Pedemonte, Mathieu; Rich, Robert W.; Schoenle, Raphael (2022-11-22)
Based on indirect utility theory, we introduce a novel methodology of measuring inflation expectations indirectly. This methodology starts at the individual level, asking consumers about the change in income required to buy the same amounts of goods and services one year ahead. Analytically, our methodology possesses smaller ex-post aggregate inflation forecast errors relative to forecasts based on conventional survey questions. We ask this question in a large-scale, high-frequency survey of consumers in the US and 14 countries, and we show that indirect consumer inflation expectations ...
Working Papers , Paper 22-35

Conference Paper
Are mergers beneficial to consumers? evidence from the market for bank deposits
Panetta, Fabio; Focarelli, Dario (2002)
Proceedings , Paper 816

Journal Article
What's happening at the state and local level
anonymous (2003)
e-Perspectives , Issue 2

Journal Article
A jump in consumer loans?
Gopalan, Yadav K.; El-Ghazaly, Hoda S. (2010)
The dramatic increases [in consumer loans] over the past few months have been caused by a new reporting requirement issued by the Financial Accounting Standards Board.
Economic Synopses

Working Paper
Fiscal Policy Design and Inflation: The COVID-19 Pandemic Experience
Hale, Galina; Leer, John; Nechio, Fernanda (2024-07-29)
Fiscal support measures in response to the COVID-19 pandemic varied in their targeted beneficiaries. Relying on variability across 10 large economies, we study differences in the inflationary effects of fiscal support measures targeting consumers or businesses. Because conventional measures of real activity were distorted, we control for the underlying state of real economy using households sentiment data. We find that fiscal support measures to consumers, but not firms, had inflationary effects that manifested 5 weeks following the announcement and peaked at 12 weeks. The magnitude of the ...
Working Paper Series , Paper 2023-02

Working Paper
Regulating two-sided markets: an empirical investigation
Rodriguez-Fernandez, Francisco; Chakravorti, Sujit; Carbo-Valverde, Santiago (2009)
We study the effect of government encouraged or mandated interchange fee ceilings on consumer and merchant adoption and usage of payment cards in an economy where card acceptance is far from complete. We believe that we are the first to use bank- level data to study the impact of interchange fee regulation. We find that consumer and merchant welfare improved because of increased consumer and merchant adoption leading to greater usage of payment cards. We also find that bank revenues increased when interchange fees were reduced although these results are critically dependent on merchant ...
Working Paper Series , Paper WP-09-11

Journal Article
1957 survey of consumer finances: the financial position of consumers
Dingle, Mona E. (1957-08)
Federal Reserve Bulletin , Issue Aug

Journal Article
Consumer and Firm Perceptions of the Aggregate Labor Market Conditions
Kudlyak, Marianna; Miskanic, Brandon E. (2024-08-13)
In the pre-pandemic period, measures of consumer labor market perceptions correlated well with the aggregate unemployment rate. However, for more than a year during the pandemic, consumers perceived labor markets as much tighter than the high aggregate unemployment rate implied. In contrast, there is no such a departure from the historic relation if we use the jobless unemployment rate-unemployment for reasons other than temporary layoffs-as a measure of labor market tightness. Using a measure of the firm labor market perceptions from the National Federation of Independent Business, we find ...
FRBSF Economic Letter , Volume 2024 , Issue 28 , Pages 20

Journal Article
As Manufacturing Weakens, Consumers Pull Back
Mustre-del-Rio, Jose; Pollard, Emily (2019-11-13)
The United States has faced two recent downturns in manufacturing: one from 2014 to 2015 and one that has been ongoing since 2018. We examine consumption growth at the state level to see how consumers have responded to the current downturn relative to the last. We find that during the current downturn, changes in consumption growth at the state level have been negatively correlated with the state?s share of workers in manufacturing. In contrast, we find the opposite relationship during the 2014?15 downturn.
Economic Bulletin

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