Economics Working Papers

"Forecast Disagreement Among FOMC Members" (2009-12-08)
by Chanont Banternghansa, and Michael W. McCracken
Working Paper 2009-059A. This paper presents empirical evidence on the disagreement among Federal Open Market Committee (FOMC) forecasts. More...

"Spatial Heterogeneity and the Geographic Distribution of Airport Noise" (2009-11-25)
by Jeffrey P. Cohen, and Cletus C. Coughlin
Working Paper 2009-058A. One might expect that houses closer to an airport and those in higher minority population neighborhoods experience more airport noise. We find evidence supporting these conjectures when estimating a standard ordered probit model for houses sold near the Atlanta airport. More...

"Is the International Border Effect Larger than the Domestic Border Effect? Evidence from U.S. Trade" (2009-11-13)
by Cletus C. Coughlin, and Dennis Novy
Working Paper 2009-057A. Many studies have found that international borders represent large barriers to trade. But how do international borders compare to domestic border barriers? More...

"Outside Versus Inside Bonds: A Modigliani-Miller type result for liquidity constrained economies" (2009-10-29)
by Aleksander Berentsen, and Christopher J. Waller
Working Paper 2009-056A. When agents are liquidity constrained, two options exist – sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government bonds (outside bonds) and in the other they can borrow (issue inside bonds). More...

"Common Fluctuations in OECD Budget Balances" (2009-10-26)
by Christopher J. Neely, and David E. Rapach
Working Paper 2009-055A. We analyze comovements in four measures of budget surpluses for 18 OECD countries for 1980–2008 with a dynamic latent factor model. More...