#2007-050B "States and the Business Cycle"
by Michael T. Owyang, David E. Rapach, and Howard J. Wall
November 2007
Revised October 2008

We model the U.S. business cycle using a dynamic factor model that identifies common factors underlying fluctuations in state-level income and employment growth. More...

FORTHCOMING: Journal of Urban Economics

#2007-003D "A State-Level Analysis of the Great Moderation"
by Michael T. Owyang, Jeremy M. Piger, and Howard J. Wall
February 2007
Revised May 2008

A number of studies have documented a reduction in aggregate macroeconomic volatility beginning in the early 1980s, i.e., the “Great Moderation.” More...

PUBLISHED: Regional Science and Urban Economics, November 2008, 38(6), pp. 578-89

#2006-062B "Is There Too Little Immigration? An Analysis of Temporary Skilled Migration"
by Subhayu Bandyopadhyay, and Howard J. Wall
December 2006
Revised August 2007

This paper presents a model of legal migration of temporary skilled workers from one source country to two host countries, both of which can control their levels of such immigration. More...

PUBLISHED: Journal of International Trade and Economic Development, June 2008, 17(2), pp. 197-211

#2006-057A "Controlling for Geographic Dispersion When Estimating the Japanese Phillips Curve"
by Hiroshi Fujiki, and Howard J. Wall
October 2006

This paper argues that estimation of the Phillips curve for Japan should take account of the geographic dispersion of labor-market conditions. More...

#2006-056C "The Economic Performance of Cities: A Markov-Switching Approach"
by Michael T. Owyang, Jeremy M. Piger, Howard J. Wall, and Christopher H. Wheeler
October 2006
Revised January 2007

This paper examines the determinants of employment growth in metro areas. More...

PUBLISHED: Journal of Urban Economics, November 2008, 64(3), pp. 538-50

#2006-053A "Regional Business Cycle Phases in Japan"
by Howard J. Wall
September 2006

This paper uses a Markov-switching model with structural breaks to characterize and compare regional business cycles in Japan for 1976-2005. More...

PUBLISHED: Federal Reserve Bank of St. Louis Review, January/February 2007, 89(1), pp. 61-76

#2006-021B "The Determinants of Aid in the Post-Cold War Era"
by Subhayu Bandyopadhyay, and Howard J. Wall
April 2006
Revised October 2006

This paper estimates the responsiveness of aid to recipient countries’ economic and physical needs, civil/political rights, and government effectiveness. More...

PUBLISHED: in Sajal Lahiri, ed., Theory and Practice of Foreign Aid, Elsevier, May 2007, pp. 387-402. Reprinted in Federal Reserve Bank of St. Louis Review, November/December 2007, 89(6), pp. 533-47.

#2006-002A "Regional VARs and the Channels of Monetary Policy"
by Michael T. Owyang, and Howard J. Wall
January 2006

We find that the magnitudes of the regional effects of monetary policy were considerably dampened during the Volcker-Greenspan era. Further, regional differences in the depths of monetary-policy-induced recessions are related to the concentration of the banking sector, whereas differences in the total cost of these recessions are related to industry mix. More...

FORTHCOMING: Applied Economics Letters

#2005-074C "Policy Evaluation in the Presence of Outsourcing: Global Competitiveness versus Political Feasibility"
by Subhayu Bandyopadhyay, and Howard J. Wall
December 2005
Revised January 2007

We analyze the effects of outsourcing in the presence of a minimum wage by presenting a general-equilibrium model with an oligopolistic export sector and a competitive import-competing sector. More...

PUBLISHED: Economics and Politics, July 2007, 19(2), pp. 219-34

#2005-069E "Ethnic Networks and U.S. Exports"
by Subhayu Bandyopadhyay, Cletus C. Coughlin, and Howard J. Wall
October 2005
Revised January 2006

This paper provides new estimates of the effects of ethnic networks on U.S. exports. More...

PUBLISHED: Review of International Economics, February 2008, 16(1), pp. 199-213