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Bank:Federal Reserve Bank of Cleveland 

Journal Article
Procyclical real wages under nominal-wage contracts with productivity variations

A modification of existing sticky-wage models to account for the observed cyclical behavior of real wages by means of a model that introduces productivity factors into nominal-wage contracts.
Economic Review , Volume 24 , Issue Q IV , Pages 11-23

Journal Article
Making financial markets safer for consumers: lessons from consumer goods markets and beyond

In the wake of the mortgage meltdown, policymakers are discussing how best to protect consumers in financial product markets.
Forefront , Issue Winter , Pages 8-13

Working Paper
Underlying determinants of closed-bank resolution costs

An analysis of the issues surrounding bank resolution costs, looking at failures from 1986 to 1992 and including proxies for fraud, off-balance-sheet risk, brokered deposits, and both regional and size effects. Evidence suggests there was a significant lag between the realization and recognition of losses on bank assets, and that regulators may have practiced forbearance.
Working Papers (Old Series) , Paper 9403

Working Paper
Predictive Modeling of Surveyed Property Conditions and Vacancy

Using the results of a comprehensive in-person survey of properties in Cleveland, Ohio, we fit predictive models of vacancy and property conditions. We draw predictor variables from administrative data that is available in most jurisdictions such as deed recordings, tax assessor?s property characteristics, and foreclosure filings. Using logistic regression and machine learning methods, we are able to make reasonably accurate out-of-sample predictions. Our findings indicate that housing professionals could use administrative data and predictive models to identify distressed properties between ...
Working Papers (Old Series) , Paper 1637

Working Paper
Earnings and wealth inequality and income taxation: quantifying the tradeoffs of switching to a proportional income tax in the U.S.

This paper quantifies the steady-state aggregate, distributional, and mobility effects of switching the U.S. to a proportional income tax system.
Working Papers (Old Series) , Paper 9814

Speech
Building Financial System Resilience

To conclude, a resilient financial system plays an important role in ensuring a strong economy. After the global financial crisis, steps were taken to shore up the resilience of the banking system. Systemically important banking institutions have higher capital and liquidity buffers and better risk-management systems than they did. The sound banking system was able to lend important support to households and businesses throughout the pandemic. But the financial system is dynamic, with new products, business models, and technologies being introduced, and the economic environment can change ...
Speech

Working Paper
Nowcasting Tail Risks to Economic Activity with Many Indicators

This paper focuses on tail risk nowcasts of economic activity, measured by GDP growth, with a potentially wide array of monthly and weekly information. We consider different models (Bayesian mixed frequency regressions with stochastic volatility, classical and Bayesian quantile regressions, quantile MIDAS regressions) and also different methods for data reduction (either the combination of forecasts from smaller models or forecasts from models that incorporate data reduction). The results show that classical and MIDAS quantile regressions perform very well in-sample but not out-of-sample, ...
Working Papers , Paper 20-13

Working Paper
The Ohio economy: using time series characteristics in forecasting

The premise of this study is that the regional economist can better understand the Ohio economy by studying the properties of important Ohio time series that can be identified and quantified through simple regression methods.
Working Papers (Old Series) , Paper 8508

Journal Article
Assessing Layoffs in Four Midwestern States during the Pandemic Recession

We use WARN data to assess layoffs in four Midwestern states during the current pandemic-induced recession—Kentucky, Ohio, Pennsylvania, and West Virginia. The data come from the advance layoff notices filed under the Worker Adjustment and Retraining Notification (WARN) Act. We find that the number of workers affected by layoff announcements rose sharply in the second half of March and April, and unexpected changes in economic conditions meant that workers received little advance notice before layoff. Layoff announcements have affected workers across these four states, and workers in mining ...
Economic Commentary , Volume 2020 , Issue 21 , Pages 6

Journal Article
Identifying amenity and productivity cities using wage and rent differentials

An explanation of how regional wage and rent differentials can be used to classify metropolitan areas according to their amenity and productivity characteristics.
Economic Review , Issue Q III , Pages 16-25

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