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Discussion Paper
Foreign Competition and Domestic Jobs : Evidence from the U.S. Trade Adjustment Assistance
Using data on the certified petitions for U.S. Trade Adjustment Assistance, I document that international trade unevenly affects reallocation and employment across U.S. states. Job gains are precisely lower in the places that shed more jobs due to trade. One extra trade-displaced worker is associated with the net employment falling by two extra workers relative to other locations. These unequal outcomes are in part due to the lack of worker mobility across locations.
Discussion Paper
China's Footprints on the Global Economy : Remarks Delivered at the Second IMF and Federal Reserve Bank of Atlanta Research Workshop on the Chinese Economy
This note explores some key aspects of China’s economic rise and the spillovers to the rest of the world that this rise has created. It then examines, using the Federal Reserve Board’s large-scale global model (SIGMA), the potential consequences for the global economy were China’s economy to slow sharply. Although the probability of such an event is low, a sharp slowdown of Chinese economic growth could have significant consequences for the global economy.
Discussion Paper
Does Automation Drive the Labor Market?
In this note we question the emerging view that automation is a primary driver of wage and employment outcomes in labor markets.
Discussion Paper
The Effects of Demographic Change on GDP Growth in OECD Economies
This note has evaluated the effects of demographic changes on economic growth performance of OECD countries and found that demographic changes account for a significant portion of growth slowdown in several of these economies in recent years.
Discussion Paper
BAT Signals from Asset Markets : Estimating the U.S. Dollar Response to a Destination-Based Cash-Flow Tax
In early 2017, there was substantial discussion about changing the U.S. corporate tax system to a destination-based cash-flow tax (DBCFT). The DBCFT proposal, also often referred to as a border-adjusted tax (BAT), would exclude exports from taxable revenues and exclude imports from allowable deductions.
Discussion Paper
Constructing a Dictionary for Financial Stability
In this note, we explain in detail how we made word-level choices in our dictionary. In the note, we also consolidate our lessons from this process into a framework for thinking about dictionary construction.
Discussion Paper
Recoveries and Trade : Does the Exchange Rate Regime Matter?
This note examines the connection between a country's exchange rate regime and the strength of its recovery from recessions.
Discussion Paper
Emerging Market Nonfinancial Corporate Debt : How Concerned Should We Be?
Nonfinancial corporate (NFC) debt in emerging market economies (EMEs) has tripled since the global financial crisis (GFC), reaching roughly $25 trillion, or 112 percent of GDP, in mid-2016. In this note, we assess corporate vulnerabilities by looking at two common metrics related to debt-servicing capacity: leverage (the ratio of debt to equity), and the interest coverage ratio (the ratio of earnings to interest expense).
Discussion Paper
Differences in Stock Returns of U.S. Firms with High and Low Tradability
In this note, I summarize the methodology and findings of my research paper and draw out the policy implications. The effects of GDP growth appear to matter more but the link between exchange rates and stock returns is also economically and statistically significant. The policy implications are that the spread in returns between U.S. firms with high and low tradability could provide a hedge against recessions. At the same time, stock returns are also informative about future exchange rate movements.
Discussion Paper
How Vulnerable are EME Corporates?
This note provides an update on the health of EME corporates and examines the extent to which they are vulnerable to risks, including those that might be associated with monetary policy normalization in advanced economies.