Federal Reserve Bank of Dallas

About: Federal Reserve Bank of Dallas is a other organization based out in Dallas, Texas, United States. It is known for research contribution in the topics: Monetary policy & Inflation. The organization has 196 authors who have published 994 publications receiving 35508 citations.

The International Migration Review at 50: Reflecting on Half a Century of International Migration Research and Looking Ahead

Abstract: When the International Migration Review was established half a century ago, international migration was a peripheral area of research, and migration issues were far less prominent on policy agendas than they are today. This essay introduces the 50th Anniversary Issue of the International Migration Review and begins by identifying seven main areas of change in migration research and migration trends during the journal's lifetime. Subsequently, we examine changes in the geographical distribution of authorship of IMR articles. We also explore the IMR's current positioning in the scientific landscape by analyzing citation relationships with other journals. The ten articles that make up the body of the special issue seek to advance the research frontier on international migration, covering diverse areas of the IMR's thematic scope. We account for how the papers were selected and present each one. In the final section of the article, we look ahead and suggest new frontiers in international migration research. Among the research themes that we foresee as increasingly important are connections between migration and inequality, and the growth of migration flows that are driven by humanitarian crises, but not accommodated by the international refugee regime. [ABSTRACT FROM AUTHOR]

Optimal Categorical Transfer Payments: The Welfare Economics of Limited Lump‐Sum Redistribution

Abstract: Despite their importance in tax-transfer systems, categorical transfer payments, based on (nearly) exogenous characteristics such as disability or date of birth, have been deemphasized in optimal-tax analysis. I use the well-developed theory of first-best redistribution to clarify the welfare economics of categorical transfers, which are a form of limited lump-sum redistribution. The comparison to first-best redistribution explains how categorical transfers affect groups' labor supplies and utility levels, why the use of categorical transfers is inversely related to the planner's inequality aversion, and why their use reduces the optimal income tax rate.

Cash letter print streams with audit data

Abstract: Producing print streams for efficiently generating properly formatted and ordered paper cash letters comprises print stream file that includes electronic form definitions for each cash letter document. The cash letter documents can include a cover page, one or more bundles of substitute checks, a bundle summary for each substitute check bundle, and/or a cash letter bundle summary. Information from an electronic image cash letter file can be input in data fields of the electronic form definitions. Printing the information in the print stream file results in a properly formatted and ordered paper cash letter including substitute checks and audit data. Each substitute check can include all of the MICR data provided on a corresponding, original paper check. The audit data includes the cover page, bundle summary(ies), and/or cash letter bundle summary, which can each detail the documents printed concurrently therewith.

How Have Global Shocks Impacted the Real Effective Exchange Rates of Individual Euro Area Countries Since the Euro's Creation?

Abstract: This paper uncovers the response pattern to global shocks of euro area countries' real effective exchange rates before and after the start of Economic and Monetary Union (EMU), a largely open ended question when the euro was created. We apply to that end a newly developed methodology based on high dimensional VAR theory. This approach features a dominant unit to a large set of over 60 countries' real effective exchange rates and is based on the comparison of two estimated systems: one before and one after EMU. We find strong evidence that the pattern of responses depends crucially on the nature of global shocks. In particular, post-EMU responses to global US dollar shocks have become similar to Germany's response before EMU, i.e. to that of the economy that used to issue Europe's most credible legacy currency. By contrast, post-EMU responses of euro area countries to global risk aversion shocks have become similar to those of Italy, Portugal or Spain before EMU, i.e. of economies of the euro area's periphery. Our findings also suggest that the divergence in external competitiveness among euro area countries over the last decade, which is at the core of today's debate on the future of the euro area, is more likely due to country-specific shocks than to global shocks.