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Journal Article
The problem of U.S. competitiveness in manufacturing

New England Economic Review , Issue Jan , Pages 18-29

Journal Article
Technology life cycles and state economic development strategies

The extensive literature on state economic development efforts has not been much help to states in developing competitiveness strategies. The materials are primarily descriptive, with little evidence on success or failure of the experiments. In addition, state initiatives have not been viewed in a larger analytical framework that would permit generalizations and understanding of the dynamic processes underlying these changes. ; This article adopts production life-cycle models as a framework in which to analyze systematically the interrelationships between industrial and technological change, ...
New England Economic Review , Issue May , Pages 17-30

Remarks at Panel Discussion on OTC Derivatives Reform and broader financial reforms agenda

Remarks at the 2013 OTC Derivatives Conference, Paris, France.
Speech , Paper 113

Summary of the Report on the Competitiveness of Puerto Rico's Economy

Remarks before the Puerto Rico Chamber of Commerce Annual Convention, Fajardo, Puerto Rico.
Speech , Paper 86

Chinese exports and U.S. import prices

This paper develops a technique to decompose price distributions into contributions from markups and marginal cost. The estimators are then used as a laboratory to measure the relationship between increasing Chinese competition and the components of U.S. import prices. The estimates suggest that the intensification of Chinese exports in the 2000s corresponded to substantial changes in the distributions of both the markups and marginal cost of U.S. imports. The entry of a Chinese exporter in an industry corresponded to rest-of-world exporters shrinking their markup (lowering prices by up to 30 ...
Staff Reports , Paper 591

Corporate performance, board structure, and their determinants in the banking industry

The subprime crisis highlights how little we know about the governance of banks. This paper addresses a long-standing gap in the literature by analyzing board governance using a sample of banking firm data that spans forty years. We examine the relationship between board structure (size and composition) and bank performance, as well as some determinants of board structure. We document that mergers and acquisitions activity influences bank board composition, and we provide new evidence that organizational structure is significantly related to bank board size. We argue that these factors may ...
Staff Reports , Paper 330

Globalization and inflation dynamics: the impact of increased competition

This paper analyzes the potential effect of global market competition on inflation dynamics. It does so through the lens of the Calvo model of staggered price setting, which implies that inflation depends on expected future inflation and a measure of marginal costs. I modify the assumption of a constant elasticity of demand, standard in this model, to provide a channel through which an increase in the number of traded goods may affect the degree of strategic complementarity in price setting and hence alter the dynamic response of inflation to marginal costs. I first discuss the behavior of ...
Staff Reports , Paper 324

Investment shocks and business cycles

Shocks to the marginal efficiency of investment are the most important drivers of business cycle fluctuations in U.S. output and hours. Moreover, like a textbook demand shock, these disturbances drive prices higher in expansions. We reach these conclusions by estimating a dynamic stochastic general equilibrium (DSGE) model with several shocks and frictions. We also find that neutral technology shocks are not negligible, but their share in the variance of output is only around 25 percent and even lower for hours. Labor supply shocks explain a large fraction of the variation of hours at very ...
Staff Reports , Paper 322

Can competition between brokers mitigate agency conflicts with their customers?

We study competitive, but strategic, brokers executing trades for an informed trader in a multi-period setting. The brokers can choose to (a) execute the order, as agents, first, and trade for themselves, as dealers, afterwards; or (b) trade for themselves first and execute the order later. We show that the equilibrium outcome depends on the number of brokers. When the number of brokers exceeds a critical number (greater than one), the informed trader distributes his order (equally) among the available brokers. The brokers, in turn, execute the informed trader's order first and trade personal ...
Staff Reports , Paper 25



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