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Bank:Federal Reserve Bank of Dallas  Series:Economic Letter 

Journal Article
How the U.S. tax system stacks up against other G-7 economies

The recent financial crisis, Europe?s sovereign debt problems and the U.S. political dispute about raising the national debt ceiling have prompted fiscal policy debate about the size of government and the type of tax structure needed to fund public expenditures. ; Government revenue of the so-called Group of Seven (G-7) largest industrialized nations expressed as a percentage of gross domestic product (GDP) from 1970 to 2009 generally trended upward before stabilizing in the 1990s (Chart 1). Revenue averaged 27 percent of GDP in 1970, rising to 36 percent in 2009. Over the past four decades, ...
Economic Letter , Volume 6

Journal Article
Laying the foundation for a mortgage industry in Mexico

Economic Letter , Volume 1

Journal Article
Global, National Business Cycles and Energy Explain Texas Metro Growth

A mix of global, national and state-specific shocks help drive employment fluctuations between U.S. states. Econometric modeling shows such differences among metropolitan areas also reflect a mix of shocks. Texas cities strongly tied to oil and gas activity appear more affected by energy-sector shocks than other metros in the state.
Economic Letter , Volume 13 , Issue 4 , Pages 1-4

Journal Article
The 'Great Moderation' in output and employment volatility: an update

The reduced aggregate volatility that began in 1984 has continued into the new millennium.
Economic Letter , Volume 2

Journal Article
Fed intervention: managing moral hazard in financial crises

At the end of September 2008, U.S. policymakers had been working for more than a year to contain the shock waves from plunging home prices and the subsequent financial market turmoil. For the Federal Reserve, the crisis has given new meaning to the adage that extraordinary times call for extraordinary measures. The central bank has dusted off Depression-era powers and rewritten old rules to address serious risks to the global financial system.
Economic Letter , Volume 3

Journal Article
Upstream capital flows: why emerging markets send savings to advanced economies

Emerging market economic growth during the global recovery has exceeded performance in advanced economies. This differential has triggered a rush of private capital inflows to the emerging markets from investors seeking to maximize returns. While capital flows typically benefit receiving economies, sudden surges or stops may pose challenges for economic development.[1] The recent revival of private inflows has put pressure on prices and currencies of some emerging economies, leading them to impose capital controls. Moreover, some observers have argued that accommodative monetary policies in ...
Economic Letter , Volume 6

Journal Article
The Big Mac: a global-to-local look at pricing

The global, national, regional and local factors that shape price-setting behavior are complex, even for a relatively simple product that's neither easily tradable nor wholly nontradable.
Economic Letter , Volume 3

Journal Article
Global and National Shocks Explain A Large Share of State Job Growth

Global and U.S. national shocks on average appear to equally explain more than half of the fluctuations in state employment growth, an important measure of assessing real economic activity. The overall assessment, however, conceals a wide variation among states.
Economic Letter , Volume 12 , Issue 10 , Pages 1-4

Journal Article
Smaller Banks Less Able to Withstand Flattening Yield Curve

For the overall U.S. banking system, the effect on profitability of yield-curve flattening?the lowering of the difference between the yields of short- and long-term debt?lasts about a year and is relatively small. After the first year, the impact on large banks? profitability becomes positive; for smaller institutions, it stays negative and becomes larger. Recent yield-curve flattening is likely to more strongly affect smaller banks, reducing their profitability.
Economic Letter , Volume 13 , Issue 8 , Pages 1-4

Journal Article
Manning the gates: migration policy in the Great Recession

During the downturn, advanced economies as well as developing countries adopted policies ranging from keeping new migrants out to encouraging resident migrants to leave.
Economic Letter , Volume 5




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