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Bank:Federal Reserve Bank of Dallas  Series:Working Papers 

Working Paper
Lower oil prices and state employment

Working Papers , Paper 8706

Working Paper
Does immigration affect wages? A look at occupation-level evidence

Previous research has reached mixed conclusions about whether higher levels of immigration reduce the wages of natives. This paper reexamines this question using data from the Current Population Survey and the Immigration and Naturalization Service and focuses on differential effects by skill level. Using occupation as a proxy for skill, we find that an increase in the fraction of workers in an occupation group who are foreign born tends to lower the wages of low-skilled natives?particularly after controlling for endogeneity?but does not have a negative effect among skilled natives.>
Working Papers , Paper 0302

Working Paper
Trends in poverty and inequality among Hispanics

Since the 1970s, the poverty rate has remained largely unchanged among Hispanics but has declined among non-Hispanic whites and blacks, particularly before the onset of the recent recession. The influx of large numbers of immigrants partially explains why poverty rates have not fallen over time among Hispanics> ; In 2009, Hispanics were more than twice as likely to be poor than non-Hispanic whites. Lower average English ability, low levels of educational attainment, part-time employment, the youthfulness of Hispanic household heads, and the 2007?09 recession are important factors that have ...
Working Papers , Paper 1109

Working Paper
Cointegration and tests of a classical model of inflation in Argentina, Bolivia, Brazil, Mexico, And Peru

Working Papers , Paper 9210

Working Paper
Dynamic Identification Using System Projections on Instrumental Variables

We propose System Projections on Instrumental Variables (SP-IV) to estimate structural relationships using regressions of structural impulse responses obtained from local projections or vector autoregressions. Relative to IV with distributed lags of shocks as instruments, SP-IV imposes weaker exogeneity requirements and can improve efficiency and increase effective instrument strength relative to the typical 2SLS estimator. We describe inference under strong and weak identification. The SP-IV estimator outperforms other estimators of Phillips Curve parameters in simulations. We estimate the ...
Working Papers , Paper 2204

Working Paper
The information content of the paper-bill spread

Working Papers , Paper 9412

Working Paper
Recessions and recoveries in real business cycle models: do real business cycle models generate cyclical behavior?

Working Papers , Paper 9322

Working Paper
Labor Market Effects of Worker- and Employer-Targeted Immigration Enforcement

Hiring someone who is not authorized to work in the United States is illegal, and employers who knowingly hire unauthorized immigrant workers may face civil and criminal penalties. The federal government uses a variety of actions, including worksite raids and paperwork audits, to enforce the prohibition on hiring unauthorized workers. Compliance costs and the possibility of becoming the target of an immigration enforcement action may affect U.S. businesses’ decisions about whom to hire as well as how many workers to employ and how much to pay them, but little previous research has studied ...
Working Papers , Paper 2413

Working Paper
Complementarity and Macroeconomic Uncertainty

Macroeconomic uncertainty—the conditional volatility of the unforecastable component of a future value of a time series—shows considerable variation in the data. A typical assumption in business cycle models is that production is Cobb-Douglas. Under that assumption, this paper shows there is usually little, if any, endogenous variation in output uncertainty, and first moment shocks have similar effects in all states of the economy. When the model departs from Cobb-Douglas production and assumes capital and labor are gross complements, first-moment shocks have state-dependent effects and ...
Working Papers , Paper 2009

Working Paper
A criticism of the traditional analysis of banking competition

Revised by 78-05
Working Papers , Paper 7801

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