Federal Reserve Bank of St. Louis

About: Federal Reserve Bank of St. Louis is a other organization based out in St Louis, Missouri, United States. It is known for research contribution in the topics: Monetary policy & Inflation. The organization has 203 authors who have published 1650 publications receiving 46084 citations.

Collaboration in Bipartite Networks, with an Application to Coauthorship Networks

Abstract: This paper studies the impact of collaboration on research output. First, we build a micro-founded model for scientific knowledge production, where collaboration between researchers is represented by a bipartite network. The equilibrium of the game incorporates both the complementarity effect between collaborating researchers and the substitutability effect between concurrent projects of the same researcher. Next, we develop a Bayesian MCMC procedure to estimate the structural parameters, taking into account the endogenous matching of researchers and projects. Finally, we illustrate the empirical relevance of the model by analyzing the coauthorship network of economists registered in the RePEc Author Service.

NAFTA and the Changing Pattern of State Exports

Abstract: This study finds that NAFTA has increased U.S. merchandise exports to Mexico and Canada by just over 15 percent, and has increased total U.S. merchandise exports by nearly 8 percent. We also find that although many states have seen large increases in exports to both Mexico and Canada, others have seen large decreases. NAFTA has also affected states' exports to non-NAFTA regions of the world, tending to decrease exports to Europe and Latin America, and increase exports to Asia. States in the northeast regions of the United States have seen the smallest increases in exports in the wake of NAFTA.

Industry localisation and earnings inequality: Evidence from U.S. manufacturing*

Abstract: . While the productivity gains associated with the geographic concentration of industry (i.e., localisation) are by now well-documented, little work has considered how those gains are distributed across individual workers. This article offers evidence on the connection between total employment and the relative wage earnings of high- and low-skill workers (i.e., inequality) within two-digit manufacturing industries across the states, and a collection of metropolitan areas in the U.S. between 1970 and 1990. Using measures of overall, between-education-group and residual inequality, I find that wage dispersion falls significantly as industry employment expands.

Leveraged borrowing and boom-bust cycles

Abstract: Investment booms and asset "bubbles" are often the consequence of heavily leveraged borrowing and speculations of persistent growth in asset demand. We show theoretically that dynamic interactions between leveraged borrowing and persistent asset demand can generate a multiplier-accelerator mechanism that transforms a one-time technological innovation into large and long-lasting boom-bust cycles. The predictions are consistent with the basic features of investment booms and the consequent asset-market crashes led by excessive credit expansion.