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Bank:Federal Reserve Bank of Dallas  Series:Working Papers 

Working Paper
Exchange rate uncertainty and economic growth in Latin America

Working Papers , Paper 9338

Working Paper
Building trade barriers and knocking them down: the political economy of unilateral trade liberalizations

Working Papers , Paper 9505

Working Paper
Fiscal policymaking and the central bank institutional constraint

Working Papers , Paper 8606

Working Paper
Heterogeneity in the Pass-Through from Oil to Gasoline Prices: A New Instrument for Estimating the Price Elasticity of Gasoline Demand

We propose a new instrument for estimating the price elasticity of gasoline demand that exploits systematic differences across U.S. states in the pass-through of oil price shocks to retail gasoline prices. We show that these differences are primarily driven by the cost of producing and distributing gasoline, which varies with states’ access to oil and gasoline transportation infrastructure, refinery technology and environmental regulations, creating cross-sectional gasoline price shocks in response to an aggregate oil price shock. Time-varying estimates do not support the view that the ...
Working Papers , Paper 2301

Working Paper
Budget constrained frontier measures of fiscal equality and efficiency in schooling

Working Papers , Paper 9206

Working Paper
Measurement bias in the HICP: what do we know and what do we need to know?

The Harmonized Index of Consumer Prices (HICP) is the primary measure of inflation in the euro area, and plays a central role in the policy deliberations of the European Central Bank (ECB). The ECB defines its Treaty mandate of price stability as "?a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2 percent [?] to be maintained over the medium term." Among the rationales given for defining price stability as prevailing at some positive measured inflation rate is the possibility that the HICP as published incorporates measurement errors of ...
Working Papers , Paper 0206

Working Paper
Financial innovation and monetary policy effectiveness

Working Papers , Paper 8701

Working Paper
Macroelasticities and the U.S. sequestration budget cuts

Microeconomic studies keep reporting that the intertemporal substitution in consumption and the Frisch elasticity of aggregate labor supply have significantly lower values than macroeconomic models find consistent with the dynamics of aggregate variables. The paper argues that in the U.S. such dynamics have been influenced since 2013 by the temporary spending cuts imposed by the so-called budget sequestration. The paper exploits the "policy experiment" features of that measure to gauge macroelasticity values from the evidence associated with it, adopting to that effect a macroeconomic model ...
Working Papers , Paper 1412

Working Paper
Nominal GNP growth and adjusted reserve growth: nonnested tests of the St. Louis and Board measures

Working Papers , Paper 8914

Working Paper
Forecasting turning points: is a two-state characterization of the business cycle appropriate?

Working Papers , Paper 9214

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