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Press Releases

Research Notes–March 2005

Featuring research published in February 2005


The Importance of Price Stability
February 23, 2005
Jack Guynn, president and chief executive officer of the Federal Reserve Bank of Atlanta, provides his thoughts on price stability to the Rotary Club of Birmingham.


Identifying the New Keynesian Phillips Curve
Working Paper 2005-1
The authors employ analytic methods to study the New Keynesian Phillips curve’s potential weak identification of forward- and backward-looking inflationary expectations. The paper’s empirical evidence finds little evidence for forward-looking inflation dynamics.

Testing the Significance of Calendar Effects
Working Paper 2005-2
The authors study tests of calendar effects in equity returns that are robust to data mining. These tests yield evidence that equity returns respond to calendar effects, but their importance varies over time.

Dollar Up Modestly in January
In January the average monthly value for the trade-weighted dollar index of 15 major currencies tracked by the Federal Reserve Bank of Atlanta rose 0.5 percent.

International Economics

Do Free Trade Agreements Actually Increase Members’ International Trade?
Working Paper 2005-3
The authors test the assumption that the growth of free trade agreements has increased bilateral trade. Their results demonstrate that the usual empirical estimates of the impact of free trade agreements contain biases.