Search Results
Journal Article
Old-fashioned tech transfer
Licensing isn?t the only way for industry to tap into university knowledge.
Working Paper
Signaling effects of monetary policy
We develop a DSGE model in which the policy rate signals the central bank's view about macroeconomic developments to incompletely informed price setters. The model is estimated with likelihood methods on a U.S. data set including the Survey of Professional Forecasters as a measure of price setters' expectations. The signaling effects of monetary policy are found to be empirically important and dampen the effects of monetary disturbances on inflation. While the signaling effects enhance the Federal Reserve's ability to stabilize the economy in the face of demand shocks, they play a small role ...
Journal Article
The Tech Pulse Index: recent trends in tech-sector activity
This Economic Letter introduces the new Tech Pulse Index, a measure that tracks economic activity in the U.S. information technology (IT) sector. The index first appeared under the sponsorship of the Federal Reserve Bank of New York; due to substantial revisions of the econometric model and source data used in the current version, it is not directly comparable to versions released by the New York Fed before August 2008. Starting January 14, 2009, the index will be published every second Wednesday of the month by the San Francisco Fed's CSIP (Center for the Study of Innovation and ...
Report
Technology capital and the U.S. current account (appendices)
Appendix A provides details for the computation of our model's equilibrium paths, the construction of model national and international accounts, and the sensitivity of our main findings to alternative parameterizations of the model. We demonstrate that the main finding of our paper - namely, that the mismeasurement of capital accounts for roughly 60 percent of the gap in FDI returns - is robust to alternative choices of income shares, depreciation rates, and tax rates, assuming the same procedure is followed in setting exogenous parameters governing the model's current account. Appendix B ...
Conference Paper
Innovation in non-bank payment systems: remarks (Bank of America)
Journal Article
Targeting high tech in the Delaware Valley
Working Paper
Identifying technology shocks in the frequency domain
Since Gal [1999], long-run restricted VARs have become the standard for identifying the effects of technology shocks. In a recent paper, Francis et al. [2008] proposed an alternative to identify technology as the shock that maximizes the forecast-error variance share of labor productivity at long horizons. In this paper, we propose a variant of the Max Share identification, which focuses on maximizing the variance share of labor productivity in the frequency domain. We consider the responses to technology shocks identified from various frequency bands. Two distinct technology shocks emerge. ...
Conference Paper
Competition: vertical integration: remarks (Wal-Mart Stores, Inc.)
Journal Article
Technology outsourcing : a community bank perspective
This article provides an overview of the technology industry that has evolved to provide technology outsourcing services for community banks, and the risk management issues associated with outsourcing. The service provider industry is in a transition phase being brought about by changing economic fundamentals in banking and in information technology. These factors have contributed to significant consolidation among the technology companies that serve the banking industry, especially among technology firms offering core processing services. Accordingly, the array of firms serving the national ...
Working Paper
Transitional dynamics of output and factor income shares: lessons from East Germany
I evaluate the quantitative implications of technology change and government policies for output and factor income shares during East Germany's transition since 1990. I model an economy that gains access to a high productivity technology embodied in new plants. As existing low productivity plants decrease production, the capital income share varies due to variation in the profit share of these plants. Two policies - transfers and government-mandated wage increases - have opposite effects on output growth, but both contribute to reducing the capital share during the transition. The model's ...