Institution
Federal Reserve System
Other•Washington D.C., District of Columbia, United States•
About: Federal Reserve System is a other organization based out in Washington D.C., District of Columbia, United States. It is known for research contribution in the topics: Monetary policy & Inflation. The organization has 2373 authors who have published 10301 publications receiving 511979 citations.
Topics: Monetary policy, Inflation, Interest rate, Market liquidity, Debt
Papers published on a yearly basis
Papers
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TL;DR: In this article, the effect of social interactions on labor market outcomes was empirically analyzed using Census data on residential and employment locations, and the authors found evidence of significant social interactions.
Abstract: We use a novel research design to empirically detect the effect of social interactions on labor market outcomes. Using Census data on residential and employment locations, we examine whether individuals residing in the same city block are more likely to work together than those in nearby blocks. We find evidence of significant social interactions. The estimated referral effect is stronger when individuals are similar in sociodemographic characteristics. These findings are robust across specifications intended to address sorting and reverse causation. Further, the increased availability of neighborhood referrals has a significant impact on a wide range of labor market outcomes.
506 citations
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TL;DR: In this paper, the authors investigated how job creation and destruction behavior varies by employer size in the U.S. manufacturing sector during the period 1972 to 1988 and evaluated the empirical basis for conventional claims about the job-creating prowess of small businesses.
Abstract: This paper investigates how job creation and destruction behavior varies by employer size in the U.S. manufacturing sector during the period 1972 to 1988. The paper also evaluates the empirical basis for conventional claims about the job-creating prowess of small businesses. The chief findings and conclusions fall into five categories:
505 citations
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TL;DR: In this paper, a structural model that encompasses both symmetric and asymmetric models as special cases is proposed, and correctly computed impulse responses are of roughly the same magnitude in either direction, consistent with formal tests for symmetric responses.
Abstract: How much does real gross domestic product (GDP) respond to unanticipated changes in the real price of oil? Commonly used censored oil price vector autoregressive models suggest a substantial decline in real GDP in response to unexpected increases in the real price of oil, yet no response to unexpected declines. We show that these estimates are invalid. Based on a structural model that encompasses both symmetric and asymmetric models as special cases, correctly computed impulse responses are of roughly the same magnitude in either direction, consistent with formal tests for symmetric responses. We discuss implications for theoretical models and for policy responses to energy price shocks.
501 citations
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Federal Reserve Bank of Boston1, Northeastern University2, Brookings Institution3, University of Lausanne4, Institute for the Study of Labor5, Economic Policy Institute6, Federal Reserve Bank of New York7, University of Oslo8, Center for Economic Studies9, Norges Bank10, University of Girona11, Federal Reserve System12, International Monetary Fund13
TL;DR: This paper analyzed individuals' earnings in 31 different data sets from sixteen countries, from which they obtained a total of 360 wage change distributions and found a remarkable amount of variation in wage changes across workers.
Abstract: How do the complex institutions involved in wage setting affect wage changes? The International Wage Flexibility Project provides new microeconomic evidence on how wages change for continuing workers. We analyze individuals' earnings in 31 different data sets from sixteen countries, from which we obtain a total of 360 wage change distributions. We find a remarkable amount of variation in wage changes across workers. Wage changes have a notably non-normal distribution; they are tightly clustered around the median and also have many extreme values. Furthermore, nearly all countries show asymmetry in their wage distributions below the median. Indeed, we find evidence of both downward nominal and real wage rigidities. We also find that the extent of both these rigidities varies substantially across countries. Our results suggest that variations in the extent of union presence in wage bargaining play a role in explaining differing degrees of rigidities among countries.
499 citations
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TL;DR: In this article, the authors trace the evolution of productivity estimates to document how and when this perception emerged, concluding that early studies concluded that information technology was relatively unimportant and only after the massive information technology investment boom of the late 1990s did this investment and underlying productivity increases in the information technology producing sectors come to be identified as important sources of growth.
Abstract: It is widely recognized that information technology was critical to the dramatic acceleration of U.S. labor productivity growth in the mid 1990s. This paper traces the evolution of productivity estimates to document how and when this perception emerged. Early studies concluded that information technology was relatively unimportant. Only after the massive information technology investment boom of the late 1990s did this investment and underlying productivity increases in the information technology-producing sectors come to be identified as important sources of growth. Although information technology has diminished in significance since the dot-com crash of 2000 and observed growth rates have slowed recently, we project that private sector productivity growth will average around 2.4 percent per year for the next decade, only moderately below the average of the post-1995 period.
498 citations
Authors
Showing all 2412 results
Name | H-index | Papers | Citations |
---|---|---|---|
Ross Levine | 122 | 398 | 108067 |
Francis X. Diebold | 110 | 368 | 74723 |
Kenneth Rogoff | 107 | 390 | 75971 |
Allen N. Berger | 106 | 382 | 65596 |
Frederic S. Mishkin | 100 | 372 | 34898 |
Thomas J. Sargent | 96 | 370 | 39224 |
Ben S. Bernanke | 96 | 446 | 76378 |
Stijn Claessens | 96 | 462 | 42743 |
Andrew K. Rose | 88 | 374 | 42605 |
Martin Eichenbaum | 87 | 234 | 37611 |
Lawrence J. Christiano | 85 | 253 | 37734 |
Jie Yang | 78 | 532 | 20004 |
James P. Smith | 78 | 372 | 23013 |
Glenn D. Rudebusch | 73 | 226 | 22035 |
Edward C. Prescott | 72 | 235 | 55508 |