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Bank:Federal Reserve Bank of Dallas 

Working Paper
Oil prices and aggregate economic activity: a study of eight OECD countries
AUTHORS: Brown, Stephen P. A.; David B. Oppedahl; Mine K. Yücel
DATE: 1996

Working Paper
Technical note on \"The real exchange rate in sticky price models: does investment matter?\"
This technical note is developed in part as a mathematical companion to the paper ?The Real Exchange Rate in Sticky Price Models: Does Investment Matter?? (GMPI working paper no. 17). Our two-country model incorporates capital accumulation with adjustment costs, variable capital utilization and investment-specific technological shocks. Nominal rigidities and monopolistic competition distort the goods markets of each country and allow monetary policy to have real effects. We investigate two different international pricing scenarios, local-currency pricing (where the law of one price fails) and producer-currency pricing (where the law of one price holds). This technical note contains three basic calculations. First, we derive the equilibrium conditions of the open economy model under local-currency pricing and producer-currency pricing. Second, we compute the zero-inflation, zero-trade balance (deterministic) steady state. Third, we describe the log-linearization of the equilibrium conditions around the deterministic steady state. Simultaneously, commentary is provided whenever necessary to enhance the model description and to place the assumptions embedded in our DSGE framework into context.
AUTHORS: Martinez-Garcia, Enrique; Søndergaard, Jens
DATE: 2008

Working Paper
Did residential electricity rates fall after retail competition? a dynamic panel analysis
A key selling point for the restructuring of electricity markets was the promise of lower prices, that competition among independent power suppliers would lower electricity prices to retail customers. There is not much consensus in earlier studies on the effects of electricity deregulation, particularly for residential customers. Part of the reason for not finding a consistent link with deregulation and lower prices was that the removal of the transitional price caps led to higher prices. In addition, the timing of the removal of price caps coincided with rising fuel prices, which were passed on to consumers in a competitive market. Using a dynamic panel model, we analyze the effect of participation rates, fuel costs, market size, a rate cap and a switch to competition for 16 states and the District of Columbia. We find that an increase in participation rates, price controls, a larger market, and high shares of hydro in electricity generation lower retail prices, while increases in natural gas and coal prices increase rates. The effects of a competitive retail electricity market are mixed across states, but generally appear to lower prices in states with high participation and raise prices in states that have little customer participation.
AUTHORS: Swadley, Adam; Yücel, Mine
DATE: 2011

Working Paper
Are net discount rates stationary?: some further evidence
Gamber and Sorensen provide evidence suggesting that the net discount ratio experienced a level shift in the mean between 1977 and 1981. If such a shift occurred, the nonlinearity in the data shows up as a failure to reject the null hypothesis that a unit root is present; that is, the series is I(1). In this reply, evidence is presented-the Phillips-Perron test and a univariate version of the Stock-Watson q-test-suggesting that the net discount ratio is stationary. Hence, the mean is constant. In addition, if one extends the analysis to include the 1989 through 1993 period, the net discount ratio appears to be reverting.
AUTHORS: Haslag, Joseph H.; Nieswiadomy, Michael; Slottje, D.J.
DATE: 1993

Working Paper
The role of tax policy in the boom/bust cycle of the Texas construction sector
AUTHORS: Petersen, D'Ann M.; Phillips, Keith R.; Mine Yücel
DATE: 1994

Journal Article
Snapshot of mortgage delinquencies and residential foreclosures in Texas
This article looks at foreclosure rates, median home prices and mortgage delinquencies in Texas and the U.S.
AUTHORS: Blum, Elizabeth Sobel
DATE: 2009

Journal Article
The enduring challenge of concentrated poverty in America: case studies from communities across the U.S. (11th district highlights)
Over the past two years, Community Affairs offices in all 12 Federal Reserve Banks have worked on a joint study of concentrated poverty--neighborhoods with poverty rates of at least 40 percent. ; In collaboration with Washington-based nonprofit the Brookings Institution, the Community Affairs offices wrote "The Enduring Challenge of Concentrated Poverty in America: Case Studies from Communities Across the U.S." The report aims to deepen understanding of how poverty and place intersect in the United States. It also hopes to provoke business, nonprofit and government leaders from diverse places to share information and insight on how to address concentrated poverty.>
AUTHORS: Office, Community Affairs; Sobel, Elizabeth
DATE: 2008

Journal Article
Texas housing and mortgage update
The mortgage crisis precipitated a long-lasting economic recession and sent millions of American homeowners into foreclosure. Now, as retail sales, consumer confidence and employment show encouraging progress almost three years after the recession?s end, the housing market is slowly gaining some momentum.
AUTHORS: Office, Community Affairs
DATE: 2012

Journal Article
Section 8 vouchers make home-ownership dreams a reality
AUTHORS: anonymous
DATE: 2001

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