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Bank:Federal Reserve Bank of Dallas  Series:Working Papers 

Working Paper
On Fed watching and central bank transparency in an overlapping generations model

I develop a simple general equilibrium model that integrates fed watching with central bank opaqueness. With the intergenerational conflict, opaqueness can solve a Ramsey problem. With monetary uncertainty as the only source of randomness, transparency is the welfare maximizing policy. With other sources of variation, transparency is costly in the sense that it limits the central bank?s response to intrinsic shocks. In short, opaqueness is the veil that permits the central bank freedom to choose money growth in a way to raise welfare.
Working Papers , Paper 0002

Working Paper
Offshoring and volatility: more evidence from Mexico's maquiladora industry

In recent papers, Bergin, Feenstra, and Hanson (2007 and 2009, hereafter BFH) analyze the impact that offshoring has in employment and output volatility, particularly on the Mexican maquiladora industry. Their empirical results indicate that employment and output in the offshoring manufacturing plants in Mexico are more volatile than their counterparts in the U.S. Such empirical results suggest that the maquiladora industry (offshoring) can help the U.S. industrial sector to better absorb shocks. In this paper, I expand BFH's empirical analysis in different directions. The empirical results I ...
Working Papers , Paper 1106

Working Paper
The U.S. Shale Oil Boom, the Oil Export Ban, and the Economy: A General Equilibrium Analysis

This paper examines the effects of the U.S. shale oil boom in a two-country DSGE model where countries produce crude oil, refined oil products, and a non-oil good. The model incorporates different types of crude oil that are imperfect substitutes for each other as inputs into the refining sector. The model is calibrated to match oil market and macroeconomic data for the U.S. and the rest of the world (ROW). We investigate the implications of a significant increase in U.S. light crude oil production similar to the shale oil boom. Consistent with the data, our model predicts that light oil ...
Working Papers , Paper 1708

Working Paper
Unionization and unemployment rates: a re-examination of Olson's labor cartelization hypothesis

Working Papers , Paper 8807

Working Paper
How do e-verify mandates affect unauthorized immigrant workers?

A number of states have adopted laws that require employers to use the federal government?s E-Verify program to check workers? eligibility to work legally in the United States. Using data from the Current Population Survey, this study examines whether such laws affect labor market outcomes among Mexican immigrants who are likely to be unauthorized. We find evidence that E-Verify mandates reduce average hourly earnings among likely unauthorized male Mexican immigrants while increasing labor force participation and employment among likely unauthorized female Mexican immigrants. In contrast, the ...
Working Papers , Paper 1403

Working Paper
Are deep recessions followed by strong recoveries? Results for the G-7 countries

Working Papers , Paper 9509

Working Paper
On the stability of OPEC

Working Papers , Paper 7809

Working Paper
VAR estimation and forecasting when data are subject to revision

Conventional VAR estimation and forecasting ignores the fact that economic data are often subject to revision many months or years after their initial release. This paper shows how VAR analysis can be modified to account for such revisions. The proposed approach assumes that government statistical releases are efficient with a finite lag. It takes no stand on whether earlier revisions are ?noise? or ?news.? The technique is illustrated using data on employment and the unemployment rate, real GDP and the unemployment rate, and real GDP and the GDP/consumption ratio. In each case, the proposed ...
Working Papers , Paper 0501

Working Paper
The Impact of the COVID-19 Pandemic on the Demand for Density: Evidence from the U.S. Housing Market

Cities are shaped by the strength of agglomeration and dispersion forces. We show that the COVID-19 pandemic has re-introduced disease transmission as a dispersion force in modern cities. We use detailed housing data to study the impact of the COVID-19 pandemic on the location demand for housing. We find that the pandemic has led to a greater decline in the demand for housing in neighborhoods with high population density. We further show that the reduced demand for density is partially driven by the diminished need of living close to jobs that are telework-compatible and the declining value ...
Working Papers , Paper 2024

Working Paper
Bargaining Under Liquidity Constraints: Nash vs. Kalai in the Laboratory

We report on an experiment in which buyers and sellers engage in semi-structured bargaining in two dimensions: how much of a good the seller will produce and how much money the buyer will offer the seller in exchange. Our aim is to evaluate the empirical relevance of two axiomatic bargaining solutions, the generalized Nash bargaining solution and Kalai's proportional bargaining solution. These bargaining solutions predict different outcomes when buyers are constrained in their money holdings. We first use the case when the buyer is not liquidity constrained to estimate the bargaining power ...
Working Papers , Paper 2113

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