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Press Releases


Research Notes–March 2004

Featuring research published in February 2004

Speeches

Growth in a Time of Low Interest Rates
March 4, 2004
Jack Guynn, president and chief executive officer of the Federal Reserve Bank of Atlanta, provides his economic outlook and thoughts on long-term monetary policy at the 2004 Best in Atlanta Real Estate Awards dinner in Atlanta.

Macroeconomics

Gender Differences in Information Technology Usage: A U.S.-Japan Comparison
Working Paper 2004-2
The authors examine gender-based differences in information technology skills in the United States and Japan. They find that Japanese working women, unlike American working women, have lower levels of information technology skills than working men.

Estimating Nonlinear Dynamic Equilibrium Economies: A Likelihood Approach
Working Paper 2004-1
The authors present a framework to undertake likelihood-based inference in nonlinear dynamic equilibrium economies. The authors develop a sequential Monte Carlo algorithm that delivers an estimate of the likelihood function of the model using simulation methods.

Estimating Dynamic Equilibrium Economies: Linear versus Nonlinear Likelihood
Working Paper 2004-3
The authors compare two methods for undertaking likelihood-based inference in dynamic equilibrium economies. They conclude that a nonlinear filter is superior to the linear filter for taking models to the data.

Dollar Starts 2004 Down
In January the average monthly value for the trade-weighted dollar index of 15 major currencies tracked by the Federal Reserve Bank of Atlanta dropped 1.7 percent, its fifth consecutive monthly decline.

Finance

Emerging Competition and Risk-Taking Incentives at Fannie Mae and Freddie Mac
Working Paper 2004-4
The authors examine forces that may increase competition in the U.S. secondary conforming mortgage market and conclude that this competition may reduce the growth and importance of Fannie Mae and Freddie Mac.

International Economics

Common Trends and Common Cycles in Canada: Who Knew So Much Has Been Going On?
Working Paper 2004-5
The authors study convergence for regional Canadian per capita outputs and present evidence that long-run movements are driven by two common trends in this time series, casting doubt on the convergence hypothesis for Canada.