Board of Governors of the Federal Reserve System Research Series最新文献_第8页

Risk Taking and Low Longer-Term Interest Rates: Evidence from the U.S. Syndicated Loan Market 风险承担和低长期利率:来自美国银团贷款市场的证据

Board of Governors of the Federal Reserve System Research Series Pub Date : 2015-07-18 DOI: 10.2139/ssrn.2662615

Sirio Aramonte, S. J. Lee, Viktors Stebunovs

引用次数: 32

Monetary Policy, Hot Housing Markets and Leverage 货币政策，火热的房地产市场和杠杆

Board of Governors of the Federal Reserve System Research Series Pub Date : 2015-05-22 DOI: 10.2139/ssrn.2628295

C. Ungerer

引用次数: 16

High-Dimensional Copula-Based Distributions with Mixed Frequency Data 混合频率数据的高维copula分布

Board of Governors of the Federal Reserve System Research Series Pub Date : 2015-05-19 DOI: 10.2139/ssrn.2670996

D. Oh, Andrew J. Patton

引用次数: 59

Does Exporting Improve Matching? Evidence from French Employer-Employee Data 出口能提高匹配度吗?来自法国雇主雇员数据的证据

Board of Governors of the Federal Reserve System Research Series Pub Date : 2015-05-01 DOI: 10.17016/FEDS.2015.113

M. Bombardini, G. Orefice, Maria D. Tito

{"title":"Does Exporting Improve Matching? Evidence from French Employer-Employee Data","authors":"M. Bombardini, G. Orefice, Maria D. Tito","doi":"10.17016/FEDS.2015.113","DOIUrl":"https://doi.org/10.17016/FEDS.2015.113","url":null,"abstract":"Does opening a market to international trade affect the pattern of matching between firms and workers? This paper answers this question both theoretically and empirically in three parts. We set up a model of matching between heterogeneous workers and firms in which variation in the worker type at the firm level exists in equilibrium only because of the presence of search costs. When firms gain access to the foreign market, their revenue potential increases. When stakes are high, matching with the right worker becomes particularly important because deviations from the ideal match quickly reduce the value of the relationship. Hence, exporting firms select sets of workers that are less dispersed relative to the average. We then document a novel fact about the hiring decisions of exporting firms versus non-exporting firms in a French matched employer-employee dataset. We construct the type of each worker using both a traditional wage regression and a model-based approach and construct measures of the average worker type and worker type dispersion at the firm level. We find that exporting firms feature a lower type dispersion in the pool of workers they hire. This effect is comparable and larger than the common finding in the literature that exporters pay higher wages because, among other factors, they employ better workers. The matching between exporting firms and workers is even tighter in sectors characterized by better exporting opportunities as measured by foreign demand or tariff shocks. Finally, we show that revenue loss is lower relative to the optimum allocation for exporting and more productive firms. This analysis is suggestive of the potenti al presence of additional gains from trade due to improved sorting.","PeriodicalId":153113,"journal":{"name":"Board of Governors of the Federal Reserve System Research Series","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124863359","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 25

Consumers' Attitudes and Their Inflation Expectations 消费者态度与通胀预期

Board of Governors of the Federal Reserve System Research Series Pub Date : 2015-03-03 DOI: 10.2139/ssrn.2595719

Michael Ehrmann, D. Pfajfar, E. Santoro

引用次数: 78

Mode Effects in Mixed-Mode Economic Surveys: Insights from a Randomized Experiment 混合模式经济调查中的模式效应:来自随机实验的见解

Board of Governors of the Federal Reserve System Research Series Pub Date : 2015-02-05 DOI: 10.2139/ssrn.2571447

Joanne W. Hsu, B. Helppie‐McFall

{"title":"Mode Effects in Mixed-Mode Economic Surveys: Insights from a Randomized Experiment","authors":"Joanne W. Hsu, B. Helppie‐McFall","doi":"10.2139/ssrn.2571447","DOIUrl":"https://doi.org/10.2139/ssrn.2571447","url":null,"abstract":"Web-based surveys have become increasingly common in economic, marketing, and other social science research. However, questions exist about the comparability of data gathered using a web interview and data gathered using more traditional survey modes, particularly for surveys on household economic behavior. Differences between data from different survey modes may arise through two different mechanisms: sample selectivity due to (lack of) web access and mode effects. This study leverages the randomized experimental design of the mixed-mode Cognitive Economics Study to examine mode effects separately from sample selectivity issues. In particular, we examine differences in survey response rates, item nonresponse, and data quality due to mode effects. Our results indicate that, in contrast to mail mode, web mode surveys (1) attain higher response rates among web users, (2) display lower item nonresponse, and (3) elicit more precise values for financial measures. We conclude that, for web-using populations, web mode surveys appear to result in more usable data than mail mode surveys, and these data appear to be of high quality. However, we also find no systematic mode differences in the categorical distributions of responses to items, providing no evidence that pooling data from the two modes is inadvisable.","PeriodicalId":153113,"journal":{"name":"Board of Governors of the Federal Reserve System Research Series","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121837097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

The Macroeconomic Effects of the Federal Reserve's Unconventional Monetary Policies 美联储非常规货币政策的宏观经济效应

Board of Governors of the Federal Reserve System Research Series Pub Date : 2015-01-14 DOI: 10.2139/ssrn.2561522

Eric M. Engen, Thomas Laubach, D. Reifschneider

{"title":"The Macroeconomic Effects of the Federal Reserve's Unconventional Monetary Policies","authors":"Eric M. Engen, Thomas Laubach, D. Reifschneider","doi":"10.2139/ssrn.2561522","DOIUrl":"https://doi.org/10.2139/ssrn.2561522","url":null,"abstract":"After reaching the effective lower bound for the federal funds rate in late 2008, the Federal Reserve turned to two unconventional policy tools -- quantitative easing and increasingly explicit and forward-leaning guidance for the future path of the federal funds rate -- in order to provide additional monetary policy accommodation. We use survey data from the Blue Chip Economic Indicators to infer changes in private-sector perceptions of the implicit interest rate rule that the Federal Reserve would use following liftoff from the effective lower bound. Using our estimates of the changes over time in private expectations for the implicit policy rule, and estimates of the effects of the Federal Reserve's quantitative easing programs on term premiums derived from other studies, we simulate the FRB/US model to assess the actual economic stimulus provided by unconventional policy since early 2009. Our analysis suggests that the net stimulus to real activity and inflation was limited by the gradual nature of the changes in policy expectations and term premium effects, as well as by a persistent belief on the part of the public that the pace of recovery would be much faster than proved to be the case. Our analysis implies that the peak unemployment effect -- subtracting 1¼ percentage points from the unemployment rate relative to what would have occurred in the absence of the unconventional policy actions -- does not occur until early 2015, while the peak inflation effect -- adding ½ percentage point to the inflation rate -- is not anticipated until early 2016.","PeriodicalId":153113,"journal":{"name":"Board of Governors of the Federal Reserve System Research Series","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127781290","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 153

Reconstruction Multipliers 重建乘数

Board of Governors of the Federal Reserve System Research Series Pub Date : 2014-10-01 DOI: 10.2139/ssrn.2511233

R. Trezzi, F. Porcelli

引用次数: 10

The Adverse Effects of Systematic Leakage Ahead of Official Sovereign Debt Rating Announcements 官方主权债务评级公告前系统性泄漏的不利影响

Board of Governors of the Federal Reserve System Research Series Pub Date : 2014-09-15 DOI: 10.2139/ssrn.1973556

Alexander Michaelides, Andreas Milidonis, George P. Nishiotis, Panayiotis Papakyriakou

引用次数: 54

Role of Training and Development in an Organization 培训和发展在组织中的作用

Board of Governors of the Federal Reserve System Research Series Pub Date : 2014-08-14 DOI: 10.2139/SSRN.2480345

A. Rehman

引用次数: 16