世界経済・社会統計 = World development indicators

/pdf/the-theory-of-industrial-organization-19bejph0ej.pdf

The Theory of Industrial Organization

are price decreases. (3) The frequency of price increases covaries strongly with inflation, whereas the frequency of price decreases and the size of price increases and price decreases do not. (4) The frequency of price change is highly seasonal: it is highest in the first quarter and then declines. (5) We find no evidence of upwardsloping hazard functions of price changes for individual products. We show that the first, second, and third facts are consistent with a benchmark menu-cost model, whereas the fourth and fifth facts are not.

/pdf/five-facts-about-prices-a-reevaluation-of-menu-cost-models-35l383bzoq.pdf

Five Facts about Prices: A Reevaluation of Menu Cost Models

lapse using the highly unequal geographic distribution of wealth losses across the United States. We estimate a large elasticity of consumption with respect to housing net worth of 0.6 to 0.8, which soundly rejects the hypothesis of full consumption risk-sharing. The average marginal propensity to consume (MPC) out of housing wealth is 5–7 cents with substantial heterogeneity across ZIP codes. ZIP codes with poorer and more levered households have a significantly higher MPC out of housing wealth. In line with the MPC result, ZIP codes experiencing larger wealth losses, particularly those with poorer and more levered households, experience a larger reduction in credit limits, refinancing likelihood, and credit scores. Our findings highlight the role of debt and the geographic distribution of wealth shocks in explaining the large and unequal decline in consumption from 2006 to 2009. JEL Codes: E21, E32, E44, E60.

/pdf/household-balance-sheets-consumption-and-the-economic-slump-4xo9n6fpzz.pdf

Household Balance Sheets, Consumption, and the Economic Slump*

Enclosed is a copy of the Board of Governors’ Semiannual Agenda of Regulations for the period August 1, 1980 through February 1, 1981. The Semiannual Agenda provides you with information on those regulatory matters that the Board now has under consideration or anticipates considering over the next six months, and is divided into three parts: (1) regulatory matters that the Board had considered during the previous six months on which final action has been taken; (2) regulatory matters that have been proposed for public comment and that require further Board consideration; and (3) regulatory matters that the Board may consider over the next six months.

Federal Reserve Bank of New Yorkの制定せる財務諸表様式について

We use input–output data to compute the share of imports and commodities in personal consumption and fixed investment in the United States (US). We show that for the US, a large high-income economy, the shares of local content and of non-commodity content are rather small in categories that are not directly related to commodities or imported goods. Overall, about 82% of expenditures by US consumers go to goods that are made entirely domestically and from domestic imports. Our measures represent an upper bound on the computed shares of imports from a specific region, because we use a conventional, rather than a value added, measure of trade flows.

Share of Imports and Commodities in Consumption and Investment in the United States

Earlier studies on the equilibrium properties of standard dynamic macroeconomic models have shown that an inflation-targeting central bank imposes strict budgetary requirements on fiscal policy needed to obtain a unique and stable equilibrium The failure of only one fiscal authority within a monetary union to meet these requirements already results in non-existence of equilibrium and an unstable monetary union We show that such outcomes can be averted if fiscal authorities can make a credible commitment to switch to more sustainable fiscal regimes in the future In addition, we illustrate how alternative policy measures, such as fiscal bailouts and debt monetization by the central bank, also broaden the range of policy stances under which monetary unions are stable

Generalized stability of monetary unions under regime switching in monetary and fiscal policies

We introduce a vintage capital model in which workers are matched with machines of increasing quality. Quality improvements of the machines are the sole source of technological change in this economy. However, the matching of workers with machines implies that there is no well dened capital aggregate in this economy. Hence, investment price indices are a spurious measure of price changes in capital goods. We show that the use of such spurious measures of investment price changes can lead to misleading conclusions about (changes in) the trend properties of the economy. keywords: imperfect competition, price indices, vintage capital. JEL-code: O310, O470, C190. Correspondence: Federal Reserve Bank of New York. Research and Statistics Group. 33 Liberty Street, 3rd oor. New York, NY 10045. E-mail: bart.hobijn@ny.frb.org. The views expressed in this paper do not necessarily reect those of the Federal Reserve Bank of New York, nor those of the Federal Reserve System. This paper is based on FRBNY sta¤ report #139, entitled Is Equipment Price Deation a Statistical Artifact?. Comments by Ana Aizcorbe, Susanto Basu, Boyan Jovanovic, Sam Kortum, Steve Oliner, and Kevin Stiroh have been instrumental in writing this paper.

Spurious Investment Prices

Federal Reserve policymakers are watching a broad set of indicators for signs of “substantial” labor market improvement, a key consideration for beginning to scale back asset purchases. One way to find which are most useful is to focus on how well movements in these indicators predict changes in the unemployment rate. Research suggests that six indicators are most promising. They offer evidence that the recovery has more momentum now than a year ago, a strong signal that the labor market is improving and could accelerate in coming months.

/pdf/gauging-the-momentum-of-the-labor-recovery-hgcydxe0ai.pdf

Gauging the momentum of the labor recovery

In this paper, we combine a translog cost functional form with an adjustment process according to the error correction mechanism to explain the simultaneous determination of factor demands and tech...

Structural Models of Factor Demands and Technological Change: An Empirical Assessment of Dynamic Adjustment Specifications for Sectors of the Dutch Economy

Bart Hobijn

Papers

Share of Imports and Commodities in Consumption and Investment in the United States

Generalized stability of monetary unions under regime switching in monetary and fiscal policies

Spurious Investment Prices

Gauging the momentum of the labor recovery

Structural Models of Factor Demands and Technological Change: An Empirical Assessment of Dynamic Adjustment Specifications for Sectors of the Dutch Economy