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Research Notes–October 2008

Featuring research published in September 2008


A New Convert’s Views on Early Childhood Education
Sept. 22, 2008
Dennis P. Lockhart, president and chief executive officer of the Federal Reserve Bank of Atlanta, comments on the value of early education to the Telluride Economic Summit on Early Childhood Investment, in Telluride, Colo.

A Working Financial Sector Matters to Us All
Sept. 30, 2008
Dennis P. Lockhart, president and chief executive officer of the Federal Reserve Bank of Atlanta, comments on the economic outlook, financial markets, and the connections between the financial sector and the lives of ordinary citizens to Greater New Orleans Inc., in New Orleans, La.


Structural Vector Autoregressions: Theory of Identification and Algorithms for Inference
Working Paper 2008-18
The authors establish rank conditions for global identification of structural vector autoregression models, which are widely used in policy analysis and economic theory, and demonstrate a simple exercise for checking these conditions.

Generalizing the Taylor Principle: Comment
Working Paper 2008-19
Examining the generalized Taylor principle and its role in economic modeling, the authors show that while the principle rules out a subset of indeterminate equilibria, it does not establish the fundamental equilibrium’s uniqueness.

Learning, Adaptive Expectations, and Technology Shocks
Working Paper 2008-20
In a standard real business cycle model, the authors find, adaptive expectations can be a source of frictions that amplify and propagate technology shocks and seem promising for generating plausible labor market dynamics.

Data Breaches and Identity Theft
Working Paper 2008-22
Examining the phenomenon of data breaches, the authors focus on incentives to increase the security of personal identifying data. They also analyze ways to improve economic efficiency in data collection and retention.

Dollar Gained in August
The average monthly value for the trade-weighted dollar index of 15 major currencies tracked by the Federal Reserve Bank of Atlanta rose 3 percent in August from the previous month.


Returns to Investors in Stocks in New Industries
Working Paper 2008-21
Investors in new industries do not receive particularly high or low returns. Adjusted for risk, a portfolio of stocks in a new industry is dominated by a portfolio of the overall market.

Regional Economics

Foreclosures Chill Once-Hot Southeast Housing Market
EconSouth Q3 2008
The housing market once added considerable sizzle to the Southeastern economy. But the foreclosure crisis has roiled the region and spread its tentacles into many industries and residents' lives. Foreclosures' eventual cost to the region's economy remains to be seen.

Plumbing the Gulf's Depths for Oil and Gas
EconSouth Q3 2008
Energy firms are busy exploring and drilling in the Gulf of Mexico, propelled by high oil prices and gradually dwindling supplies of easily accessible oil and gas deposits around the world. Technological and engineering breakthroughs have enabled these firms to reach depths never before possible, keeping energy production a major economic component of the Gulf Coast.

Tourism, Manufacturing Revive Chattanooga
EconSouth Q3 2008
Since 1990 more than $2 billion has been invested in downtown Chattanooga—in an aquarium, parks, a river walk, historic theaters, bike paths, small inns, museums, residences, and one of the world's longest pedestrian bridges. And the city is about to receive another economic boost.

“We Know These Are Difficult Times"
EconSouth Q3 2008
An interview with Barb Godin, executive vice president and consumer credit executive for Regions Bank in Birmingham, Ala., on helping customers who face foreclosure.

International Economics

Remittances Ebb and Flow With the Immigration Tide
EconSouth Q3 2008
Many people in developing countries rely on the remittance payments sent back home by family members working abroad. An economic slowdown in the United States has dampened the growth of this payment method. Changing migration patterns, economic developments, and new technologies and policies are affecting how—and how many—remittances are sent abroad.

New Financing Trends in Latin America: An Overview of Selected Issues and Policy Challenges
Economic Review
A summary of a 2007 conference that explored the nature and implications of major transformations in Latin American financial markets, such as the shift from cross-border to domestic financing and the development of domestic bond markets.


Gulf of Mexico Energy Exploration and Production (MP 8:14)
EconSouth Now
Eric Smith of the Entergy-Tulane Energy Institute at Tulane University in New Orleans discusses oil and gas exploration and production in the Gulf of Mexico.