46 research outputs found
Effects of California migration
No full textCalifornia ; Emigration and immigration ; West (U.S.) ; Federal Reserve District, 12th
The Effects Of General Inflation And Idiosyncratic Cost Shocks On Within-Commodity Price Dispersion: Evidence From Microdata
No full textThis study investigates the dispersion of price levels within highly disaggregated markets by examining plant-level product records from the U.S. Census of Manufactures. The paper estimates the effects of inflation on price dispersion through cross-sectional variation in the drift rate of average input costs within a market, arguing that, in several models that relate inflation to price dispersion, the effects of cost increases on dispersion is similar to the effects of general inflation. We also disentangle the effects of aggregate and idiosyncratic shocks on price dispersion. In general, we find that the higher the drift rate of input costs of a given commodity, the larger the amount of price dispersion. The standard deviation of idiosyncratic shocks also is positively correlated with the degree of price dispersion. © 1999 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology
Evidence on IO Technology Assumptions From the Longitudinal Research Database
No full textThis paper investigates whether a popular IO technology assumption, the commodity technology model, is appropriate for specific United States manufacturing industries, using data on product composition and use of intermediates by individual plants from the Census Longitudinal Research Database. Extant empirical research has suggested the rejection of this model, owing to the implication of aggregate data that negative inputs are required to make particular goods. The plant-level data explored here suggest that much of the rejection of the commodity technology model from aggregative data was spurious; problematic entries in industry-level IO tables generally have a very low Census content. However, among the other industries for which Census data on specified materials use is available, there is a sound statistical basis for rejecting the commodity technology model in about one-third of the cases: a novel econometric test demonstrates a fundamental heterogeneity of materials use among plants that only produce the primary products of the industry.CES,economic,research,micro,data,microdata,chief,economist
Regional effects of the peso devaluation
No full textMexico ; Peso, Mexican ; Exports ; Foreign exchange - Law and legislation
Effects of welfare reform on Western States
No full textWelfare ; State finance ; Local finance ; California ; West (U.S.) ; Personal Responsibility and Work Opportunity Reconciliation Act of 1996
Housing prices and the (in)stability of mortgage prepayment models: evidence from California
No full textMost empirical models of mortgage terminations emphasize refinancing incentives related to interest rate movements. We consider three sources of risk that lead to observed mortgage payment terminations: interest-rate related refinancing, default, and moving. We estimate models that identify the relative importance or regional risk factors leading to termination, using data on mortgage and housing market activity in fifteen California counties from 1992 through 1996. As expected, we find that the time-series dynamics of interest rates and house prices are important determinants of the exercise of the refinancing and default options across regional markets. We also find that mobility effects differ significantly across regions and have an appreciable effect on overall mortgage termination activity. Our results suggest that standard methods of mortgage-backed-securities valuation could be improved by explicitly modeling the dynamics of housing prices and by modeling how house prices affect mortgage terminations.Housing ; Prices ; Mortgages ; California
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Housing Price Cycles and Prepayment Rates of U.S. Mortgage Pools
No full text
