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Press Releases

Research Notes–August 2005

Featuring research published in August 2005


Responding to Change in U.S. and Global Payments
July 19, 2005
Patrick Barron, first vice president and chief operating officer of the Federal Reserve Bank of Atlanta, spoke to bankers in Chile about ongoing changes in financial payments issues.


Payroll Employment Data: Measuring the Effects of Annual Benchmark Revisions
Economic Review Q2 2005
The authors describe the processes the Bureau of Labor Statistics uses to revise payroll employment data and investigate whether these revisions contain information that can be exploited to anticipate future revisions.

Smoothing the Shocks of a Dynamic Stochastic General Equilibrium Model
Economic Review Q2 2005
To gain perspective on unusual aspects of the 2001 recession, the authors use a general equilibrium model with sticky prices and sticky wages to examine the effects of structural shocks to the U.S. economy.

Happy-Hour Economics, or How an Increase in Demand Can Produce a Decrease in Price
Economic Review Q2 2005
This article provides a step-by-step construction of a monopolistic competition model, which can explain such phenomena as “happy hour,” when prices are lower during periods of high demand even though costs do not fall.

Asset-Pricing Models and Economic Risk Premia: A Decomposition
Working Paper 2005-13
The authors demonstrate the unreliability of economic risk premia estimates in the context of multi-beta models with nontraded factors. They also suggest a more reliable indicator of the risk premium on an economic risk factor.

Dollar Appreciated Slightly in June
In June the average monthly value for the trade-weighted dollar index of 15 major currencies tracked by the Federal Reserve Bank of Atlanta increased 0.8 percent.


Market Imperfections
Working Paper 2005-12
Market imperfections affect virtually every transaction, generating costs and opportunities. The author develops a taxonomy of imperfections built around the economic forces underlying them and examines the challenges and opportunities they present.