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Journal Article
How do changes in military spending affect the economy? Evidence from state-level data
One reason that business cycle turning points are hard to understand and predict may be that economists typically employ linear models, while a growing body of research suggests that many economic variables interact in a nonlinear fashion. This study measures the contribution of changes in military spending to business cycles. It uses data at the state level, which offer the advantages of a great diversity and volume of data relative to the aggregate, and a framework capable of capturing nonlinear and asymmetric relationships.> The results suggest that military spending is a significant ...
Journal Article
Defense spending flies high in the Southeast
Journal Article
How is the rise in national defense spending affecting the Tenth District economy?
In 2007, the United States spent over $650 billion on national defense. Even after adjusting for inflation, this was the largest annual amount since 1945, surpassing previous post-World War II peaks reached during the Korean, Vietnam, and Cold wars. Defense spending has risen steadily this decade, today accounting for nearly 5 percent of overall gross domestic product?about the same share as residential construction. ; National defense represents an even larger share of economic activity in the Tenth Federal Reserve District. The region is home to some of the country's largest military ...
Journal Article
The economy of Southwest New Mexico
Journal Article
Free enterprise and the challenge of defense
Journal Article
Agriculture and the defense program
Journal Article
Economic and monetary aspects of the defense program