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Press Releases


Research Notes–July 2004

Featuring research published in June 2004

Speeches

Quest for Sustainable Growth
June 11, 2004
Jack Guynn, president and chief executive officer of the Federal Reserve Bank of Atlanta, provides his thoughts on sustainable growth and the current economic outlook at the Databank Real Estate Symposium in Atlanta.

Macroeconomics

Taking the Long View On Outsourcing
EconSouth Q2 2004
When Gregory Mankiw, chairman of the president’s Council of Economic Advisers, argued that outsourcing was good for the United States, his remarks were greeted with negative reaction. Recently, some government entities have enacted requirements to try to stop this loss of jobs to outsourcing. At the federal level, outsourcing discussions include calls for tax relief to corporations that add new jobs in the United States in lieu of outsourcing. What do we really know about outsourcing, and does Mankiw have a point?

Normalization in Econometrics
Working Paper 2004-13
Normalization can affect inference in economic models. The authors propose a unifying treatment of normalization, leading to a better characterization of the true statistical uncertainty in an economic model.

Were There Regime Switches in U.S. Monetary Policy?
Working Paper 2004-14
A model of U.S. data since 1959 shows that changes in the systematic response of the Federal Reserve to the state of the economy were modest and hard to detect.

MCMC Method for Markov Mixture Simultaneous-Equation Models: A Note
Working Paper 2004-15
The authors describe methods for Bayesian inference in multivariate time series models with changes in structure. They apply these methods to studying changes in policy and economic structure in the United States.

Dollar Up Again in May
In May the average monthly value for the trade-weighted dollar index of 15 major currencies tracked by the Federal Reserve Bank of Atlanta rose 2.0 percent, its fourth consecutive monthly gain.

Regional

Nashville Economy Stays In Tune
EconSouth Q2 2004
Known by fans nationwide as Music City, Nashville is the undisputed mecca of country music. Although a steep slump in sales of country music hit the local recording industry hard, Nashville’s leaders remain optimistic about the future and their city’s prospects for sustaining growth.

Labor Market Lessons From Georgia’s Temp Workers
EconSouth Q2 2004
Does the growing market for temporary help services indicate an economic surge, or is the temp boom evidence of employers’ reluctance to hire permanent workers? Data collected on Georgia workers show the important yet volatile role temp workers occupy in the labor market.

International Economics

Understanding CAFTA: Perspectives From All Sides
EconSouth Q2 2004
Implementation of the Central American Free Trade Agreement creates new opportunities for U.S. companies. Because exports drive growth in the Southeast, gaining access to these new markets should enhance regional growth and development.