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Bank:Federal Reserve Bank of Dallas  Series:Working Papers 

Working Paper
Villains or Scapegoats? The Role of Subprime Borrowers in Driving the U.S. Housing Boom

An expansion in mortgage credit to subprime borrowers is widely believed to have been a principal driver of the 2002–2006 U.S. house price boom. By contrast, this paper documents a robust, negative correlation between the growth in the share of purchase mortgages to subprime borrowers and house price appreciation at the county-level during this time. Using two different instrumental variables approaches, we also establish causal evidence that house price appreciation lowered the share of purchase loans to subprime borrowers. Further analysis using micro-level credit bureau data shows that ...
Working Papers , Paper 2013

Working Paper
Some implications of increased cooperation in world oil conservation

Working Papers , Paper 9608

Working Paper
Does it matter how monetary policy is implemented?

Working Papers , Paper 9310

Working Paper
On the effectiveness of the Federal Reserve's new liquidity facilities

This paper examines the effectiveness of the new liquidity facilities that the Federal Reserve established in response to the recent financial crisis. I develop a no-arbitrage based affine term structure model with default risk and conduct a thorough factor analysis of the counterparty default risk among major financial institutions and the underlying mortgage default risk. The new facilities' effectiveness is examined, by first separately examining their effects in relieving financial institutions' liquidity concerns and reducing the counterparty risk premiums, and then quantifying their ...
Working Papers , Paper 0808

Working Paper
Inflation and the Gig Economy: Have the Rise of Online Retailing and Self-Employment Disrupted the Phillips Curve?

During the recovery from the Great Recession, inflation did not reach the central bank?s 2 percent objective as quickly as many models had predicted. This coincided with increases in online shopping, which arguably made retail markets more contestable and damped retail inflation. This hypothesis is tested using data on the online share of retail sales, which are incorporated into an econometric model. Results imply that the rise of online retail has flattened the Phillips Curve, reducing the sensitivity of inflation to unemployment rate changes. Improvement in fit from just including the ...
Working Papers , Paper 1814

Working Paper
Unilateral OECD policies to mitigate global climate change

This article offers an alternative perspective for thinking about climate change policy when the developing countries are not participating. If industrialized countries cooperate with each other to reduce their emissions, but comply at levels below those required under the Kyoto protocol, they will have incentives to adopt policies that are more costly to the world than a carbon tax. These incentives result from terms-of-trade gains that result if conservation lowers world prices lower for fuels the industrialized countries import. We consider cases where the industrialized countries act ...
Working Papers , Paper 0003

Working Paper
North American free trade and the peso: the case for a North American currency area

Working Papers , Paper 9115

Working Paper
Immigrant links to the home country: implications for trade, welfare and factor rewards

Working Papers , Paper 9203

Working Paper
Interpersonal comparisons

Working Papers , Paper 7807

Working Paper
Fluctuations in U.S. voting behavior: evidence from Presidential elections

Working Papers , Paper 8506

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