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Bank:Federal Reserve Bank of Minneapolis 

Journal Article
District manufactured exports post solid growth in 2007

Growth abroad, exchange rates have positive impact on exports.
Fedgazette , Volume 20 , Issue May , Pages 17-19

Journal Article
Recent developments in modeling financial intermediation

Quarterly Review , Volume 11 , Issue Sum , Pages 19-29

Journal Article
Interview with Eugene Fama

A conversation with Eugene Fama, the intellectual father of efficient market theory, passive portfolio management, and value and small cap mutual funds.
The Region , Volume 21 , Issue Dec , Pages 15-23

Patent data appendix for quid pro quo: Technology capital transfers for market access in China

Despite the recent rapid development and greater openness of China?s economy, FDI flows between China and technologically advanced countries are relatively small in both directions. We assess global capital flows in light of China?s quid pro quo policy of exchanging market access for transfers of technology capital?accumulated know-how such as research and development (R&D) that can be used in multiple production locations. We first provide empirical evidence of this policy and then incorporate it into a multicountry dynamic general equilibrium model. This extension leads to a significantly ...
Staff Report , Paper 488

Fixed vs. floating exchange rates: a dynamic general equilibrium analysis

In this study we contrast fixed and floating exchange rate regimes in a dynamic general equilibrium model. We find that the fundamental difference in the regimes is in the courses they imply for monetary policies. Because of policy coordination requirements, a tighter monetary policy needed to maintain a fixed exchange rate may necessitate a tightening in budget policy as well. We show that under some initial conditions voters or a social planner will favor one regime, but under other conditions they will favor the other. However, the choices of voters and a social planner are almost ...
Staff Report , Paper 194

Inferring labor income risk from economic choices: an indirect inference approach

This paper uses the information contained in the joint dynamics of households? labor earnings and consumption-choice decisions to quantify the nature and amount of income risk that households face. We accomplish this task by estimating a structural consumption-savings model using data from the Panel Study of Income Dynamics and the Consumer Expenditure Survey. Specifically, we estimate the persistence of labor income shocks, the extent of systematic differences in income growth rates, the fraction of these systematic differences that households know when they begin their working lives, and ...
Staff Report , Paper 450

Journal Article
Low commodity prices taking toll across the Ninth District

Fedgazette , Volume 10 , Issue Nov , Pages 8

Journal Article
Explaining financial market facts: the importance of incomplete markets and transaction costs

In this article, I suggest that incomplete markets and transaction costs are crucial for explaining the high equity premium and the low risk-free rate. I first demonstrate the failure of the complete frictionless markets model in explaining these return puzzles and then show how introducing incomplete markets and transaction costs can lead to success. Additionally, I explain how these features lead to predictions concerning individual consumptions, wealths, portfolios, and asset market transactions that are in better agreement with the facts than the predictions of the complete frictionless ...
Quarterly Review , Volume 17 , Issue Win , Pages 17-31

Occupational Licensing and Labor Market Fluidity

We show that occupational licensing has significant negative effects on labor market fluidity defined as cross-occupation mobility. Using a balanced panel of workers constructed from the CPS and SIPP data, we analyze the link between occupational licensing and labor market outcomes. We find that workers with a government-issued occupational license experience churn rates significantly lower than those of non-licensed workers. Specifically, licensed workers are 24% less likely to switch occupations and 3% less likely to become unemployed in the following year. Moreover, occupational licensing ...
Staff Report , Paper 606



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Wirtz, Ronald A. 183 items

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Federal Reserve District, 9th 482 items

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