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Bank:Federal Reserve Bank of Dallas  Series:Economic Letter 

Journal Article
One-size-fits-all monetary policy: Europe and the U.S.

The ongoing euro-area crisis is seen by many as vindication of skeptics who said that a monetary union encompassing a disparate group of countries is doomed to fail because the countries do not constitute what economists call an optimum currency area. Thus, they argued, a one-size-fits-all monetary policy that goes with participation in an alliance such as the European Economic and Monetary Union (EMU) creates strains that ultimately prove insurmountable.
Economic Letter , Volume 7

Journal Article
Mexico's financial vulnerability: then and now

Financial turmoil dots Mexico?s recent economic history. Between 1975 and 1995, the nation experienced recurrent currency, debt and banking crises with devastating effects on real economic activity. ; In Mexico, election years often heighten the risk of financial instability. Debt defaults or massive devaluations?or both?have accompanied three of the past five presidential elections. Given that history, it?s not surprising that questions about Mexico?s financial vulnerability have arisen with the approach of July?s presidential election. ; While the concerns may be understandable, Mexico has ...
Economic Letter , Volume 1

Journal Article
Value-added data recast the U.S.-China trade deficit

Value-added trade data provide a needed complementary measure to conventional compilations to aid in the understanding of bilateral interdependence.
Economic Letter , Volume 8

Journal Article
Sovereign wealth funds allow countries to invest for more than the long term

Some experts question the investment motives, while others regard sovereign wealth funds as a helpful source of capital and even a vehicle for socially responsible investment.
Economic Letter , Volume 8

Journal Article
A historical look at the labor market during recessions

Turmoil in housing, credit and financial markets plunged the U.S. economy into a recession that has taken a heavy toll on the labor market. The weakness that began during the second half of 2007 gravely worsened during a period of extreme financial stress in 2008, and the labor market has yet to recover. To put the recession's labor-market impact into perspective, we compare the past two years to previous downturns, including the Great Depression. We also examine the data commonly used to assess labor market conditions. While unemployment rates and nonfarm payroll losses are widely reported, ...
Economic Letter , Volume 5

Journal Article
Making sense of the U.S. housing slowdown

Economic Letter , Volume 1

Journal Article
Sovereign debt: a matter of willingness, not ability, to pay

Greece, which shook international markets with the disclosure of its deep indebtedness, has struggled recently to borrow money. Among European governments, Ireland, Italy, Portugal and Spain have also had difficulty selling bonds. Even though these governments probably have assets that exceed their debts, investors worry about the risk of default. This belief stems in part from the nature of sovereign debt. Governments aren't subject to formal bankruptcy regulations, leaving investors few legal rights over borrower assets, even if they could be liquidated. Consequently, the likelihood of ...
Economic Letter , Volume 5

Journal Article
Reaching Mexico's unbanked

Banks and the government have mounted a major effort to extend financial services to those without them.
Economic Letter , Volume 3

Journal Article
Volatility-selling strategies carry potential systemic cost

Investors have increasingly turned to stock market volatility-selling strategies based on the idea of selling implied volatility and buying it back later when it falls to a level more consistent with realized volatility.
Economic Letter , Volume 8

Journal Article
Has greater globalization made forecasting inflation more difficult?

U.S. inflation and real economic activity became more difficult to forecast during the Great Moderation. We investigate the possibility that the decline in the ability to forecast inflation may be due to greater globalization. As countries become more integrated through trade and financial flows, domestic inflation has a larger foreign component that is determined by variables typically excluded from forecasts.
Economic Letter , Volume 4




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