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Press Releases


Research Notes–March 2008


Featuring research published in February 2008

Speeches

Thoughts on the Subprime Mortgage Crisis
Feb. 29, 2008
Dennis P. Lockhart, president and chief executive officer of the Federal Reserve Bank of Atlanta, provides remarks on the subprime crisis and contagion concern at the Commerce Club in Atlanta.

Current Financial Stresses and Persistent Global Imbalances
Feb. 8, 2008
Dennis P. Lockhart, president and chief executive officer of the Federal Reserve Bank of Atlanta, provides remarks about financial markets and global imbalances at the Southern Center for International Studies in Atlanta.

Thoughts on the Future of Credit Markets
Feb. 7, 2008
Dennis P. Lockhart, president and chief executive officer of the Federal Reserve Bank of Atlanta, provides his thoughts on the credit markets to the Association of Corporate Growth Capital Connection Conference in Atlanta.

Macroeconomics

Comments on Jeske and Krueger’s “Housing and the Macroeconomy: The Role of Implicit Guarantees for Government Sponsored Enterprises”
Working Paper 2008-3
This commentary on a study about the role of Fannie Mae and Freddie Mac in the U.S. economy uses the study’s model to illustrate the economic effects of a mortgage subsidy.

Comments on Piazzesi and Schneider’s “Bond Positions, Expectations, and the Yield Curve”
Working Paper 2008-4
The author comments on a paper that studies the yield curve and risk premia. He concludes that using a model that emphasizes finance is central to understanding monetary and fiscal interactions.

On Policy Interactions among Nations: When Do Cooperation and Commitment Matter?
Working Paper 2008-5
Using a generic game framework to reconcile puzzling results from other studies, the authors prove that the relevance of commitment and cooperation for policy decisions among nations depends on specific spillovers.

The Tax Treatment of Homeowners and Landlords and the Progressivity of Income Taxation
Working Paper 2008-6
Using a model that emphasizes the decision to own a home versus renting, the authors determine that movement toward a less progressive income tax structure can generate significant increases in homeownership and welfare.

Working with Children? The Probability of Mothers Exiting the Workforce at Time of Birth
Working Paper 2008-8
Exploring working women’s decision to exit the labor market following the birth of a child, the authors find that women are making workforce exit decisions based on measurable costs and benefits.

The Exact Distribution of the Hansen-Jagannathan Bound
Working Paper 2008-9
The authors propose a framework for evaluating whether popular asset pricing models can explain the returns on financial assets. They show that accounting for sampling variability reduces the severity of the equity premium puzzle.

Technology Shocks, Employment, and Labor Market Frictions
Working Paper 2008-10
The authors develop and estimate a real business cycle model that supports the hypothesis that labor market frictions are the factor responsible for the negative response of employment to technology shocks.

Dollar Depreciated in January
The average monthly value for the trade-weighted dollar index of 15 major currencies tracked by the Federal Reserve Bank of Atlanta decreased 0.7 percent in January from the previous month.

Regional Economics

The Labor Market Experience and Impact of Undocumented Workers
Working Paper 2008-7
Looking at wages in Georgia, the authors find that a larger share of undocumented workers in an industry has a negative impact on documented workers’ wages and that undocumented workers are less sensitive to wage changes.

Podcasts

Thoughts on the Subprime Mortgage Crisis (MP3 13:45)
Speeches
Atlanta Fed President and Chief Executive Officer Dennis Lockhart provides remarks at the Commerce Club in Atlanta.

Current Financial Stresses and Persistent Global Imbalances (MP3 20:54)
Speeches
Atlanta Fed President and Chief Executive Officer Dennis Lockhart speaks to the Southern Center for International Studies in Atlanta.

Thoughts on the Future of Credit Markets (MP3 18:56)
Speeches
Atlanta Fed President and Chief Executive Officer Dennis Lockhart speaks to the Association for Corporate Growth’s Capital Connection Conference in Atlanta to discuss his views of the future of credit markets.

Crisis Preparedness: Reconnecting the Financial Lifeline (MP3 6:27)
Financial Update Focus
The Federal Reserve Bank of Atlanta has developed Crisis Preparedness: Reconnecting the Financial Lifeline , a DVD designed to assist bankers with their institutions' emergency preparedness efforts.