carapace – Not your father's america

April 12, 2013

The following information is now available on the Philadelphia Fed’s website:

Working Paper 13-11

“Local Deficits and Local Jobs: Can U.S. States Stabilize Their Own Economies?” by Gerald Carlino and Robert Inman

Using a sample of the 48 mainland U.S. states for the period 1973–2009, the authors study the ability of U.S. states to expand their own state employment through the use of state deficit policies.

http://www.philadelphiafed.org/research-and-data/publications/working-papers/2013

The Yale Journal of Economics showcases outstanding undergraduate work in the field of economics. Each semester undergraduates in economics courses write final papers, some based on unique research and many full of original and meaningful insights. But these papers are often read by only a single professor, even though their conclusions could interest large numbers of students, professors, and professionals. The Journal, run entirely by Yale undergraduates, provides a forum for students’ innovative ideas to contribute to economic discourse at Yale and in the larger academic community.

The Journal published its first issue in Spring 2013.
We are currently seeking donations to fund our publication. Those interested in donating can find more information here.

The following information is now available on the Philadelphia Fed’s website:

Working Paper 13-10

Risk, Economic Growth, and the Value of U.S. Corporations by Luigi Bocola and Nils Gornemann

http://www.philadelphiafed.org/research-and-data/publications/working-papers/2013/

This paper documents a strong association between total factor productivity growth and the value of U.S. corporations (measured as the value of equities and net debt for the U.S. corporate sector) throughout the postwar period.

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Working Paper No. 13-2
by Dietmar Fehr, Frank Heinemann, and Aniol Llorente-Saguer
2013 Series

The authors show how the influence of extrinsic random signals depends on the noise structure of these signals. They present an experiment on a coordination game in which extrinsic random signals may generate sunspot equilibria. They measure how these signals affect behavior. Sunspot equilibria emerge naturally if there are salient public signals. Highly correlated private signals may also cause sunspot-driven behavior, even though this is no equilibrium. The higher the correlation of signals and the more easily these can be aggregated, the more powerful these signals are in moving actions way from the risk-dominant equilibrium.

Keywords:coordination games, strategic uncertainty, sunspot equilibria, irrelevant information

PDF version of paper

FROM: http://www.bostonfed.org/economic/wp/wp2013/wp1302.htm?wt.src=rss

U.S. Economy Expands At 0.4 Percent Rate

The U.S. economy grew at a slightly faster but still anemic rate at the end of last year, but there is hope that growth accelerated in early 2013 … continue

FROM : Today in Manufacturing

The following information is now available on the Philadelphia Fed’s website:
First Quarter 2013 Business Review Released

The First Quarter 2013 issue of the Business Review is now available. This issue includes articles on the collapse and rebound of international trade, the arguments for and against having a balanced budget amendment, and tracking the risks in financial instruments. It also includes the latest issue of Research Rap.

http://www.philadelphiafed.org/research-and-data/publications/business-review/2013/#article1_q113
http://www.philadelphiafed.org/research-and-data/publications/research-rap/2013/rrq113.pdf

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