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18 Results

Debt Overhang and Deleveraging in the US Household Sector: Gauging the Impact on Consumption

Staff Working Paper 2015-47 Bruno Albuquerque, Georgi Krustev
Using a novel dataset for the US states, this paper examines whether household debt and the protracted debt deleveraging help explain the dismal performance of US consumption since 2007, in the aftermath of the housing bubble.

Heterogeneity in the Dynamic Effects of Uncertainty on Investment

Staff Working Paper 2015-34 Sungje Byun, Soojin Jo
How does aggregate profit uncertainty influence investment activity at the firm level? We propose a parsimonious adaptation of a factor-autoregressive conditional heteroscedasticity model to exploit information in a subindustry sales panel for an efficient and tractable estimation of aggregate volatility.

Multiple Fixed Effects in Binary Response Panel Data Models

Staff Working Paper 2014-17 Karyne B. Charbonneau
This paper considers the adaptability of estimation methods for binary response panel data models to multiple fixed effects. It is motivated by the gravity equation used in international trade, where important papers such as Helpman, Melitz and Rubinstein (2008) use binary response models with fixed effects for both importing and exporting countries.
Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods JEL Code(s): C, C2, C23, C25, F, F1, F14

Employment Effects Of Nominal-Wage Rigidity: An Examination Using Wage-Settlements Data

Staff Working Paper 2000-14 Umar Faruqui
The argument advocating a moderate level of inflation based on the downward nominal-wage rigidity (DNWR) hypothesis rests on three factors: its presence, extent, and negative impact in the labour market. This paper focuses on the employment effect of DNWR.
Content Type(s): Staff research, Staff working papers Topic(s): Labour markets JEL Code(s): C, C2, C23, J, J2, J23, J3, J30
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