Microeconomic Inventory Adjustment and Aggregate Dynamics (2001)
Jonathan Mccarthy, Egon Zakrajsek
We examine microeconomic and aggregate inventory dynamics in the business sector of the U.S. economy. We employ high-frequency ...rm-level data and use an empirically tractable model, in which the...
Blacque, Oliver E., Reardon, Michael J., Li, Chunmei, McCarthy, Jonathan, Mahjoub, Moe R., Ansley, Stephen J., ...
Bardet-Biedl syndrome (BBS) is a genetically heterogeneous developmental disorder whose molecular basis is largely unknown. Here, we show that mutations in the Caenorhabditis elegans bbs-7 and bbs-8...
Blacque, Oliver E., Reardon, Michael J., Li, Chunmei, McCarthy, Jonathan, Mahjoub, Moe R., Ansley, Stephen J., ...
Bardet-Biedl syndrome (BBS) is a genetically heterogeneous developmental disorder whose molecular basis is largely unknown. Here, we show that mutations in the Caenorhabditis elegans bbs-7 and bbs-8...
Inventory Dynamics and Business Cycles: What Has Changed?
JONATHAN McCARTHY, EGON ZAKRAJSEK
To what extent can information-technology led improvements in inventory management account for the apparent moderation of economic fluctuations in the United States since the mid-1980s? We argue that...
This paper examines the impact of exchange rates and import prices on the domestic PPI and CPI in selected industrialized economies. The empirical model is a VAR incorporating a distribution chain of...
Microeconomic inventory adjustment: evidence from U.S. firm-level data
Jonathan McCarthy, Egon Zakrajsek
We examine inventory adjustment in the U.S. manufacturing sector using quarterly firm-level data over the period 1978-97. Our evidence indicates that the inventory investment process is nonlinear and...
Housing activity, home values, and consumer spending
Jonathan McCarthy, Charles Steindel
The current expansion has seen record-high levels of transactions in housing, extraordinary growth in the aggregate value of owner-occupied housing, and large increases in the amount of funds...
National and regional factors in the metropolitan economy
Jonathan McCarthy, Charles Steindel
The connections between broad economic indicators in the metropolitan region and their national counterparts are examined by the authors. The authors show that over the last seven years, employment...
Monetary policy transmission to residential investment
Jonathan McCarthy, Richard W. Peach
Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Are home prices the next "bubble"?
Jonathan McCarthy, Richard W. Peach
The strong rise in home prices since the mid-1990s has raised concerns over a possible bubble in the housing market and the effect of a sharp price decline on the U.S. economy. This article assesses...
The impact of individual retirement accounts on savings
Jonathan McCarthy, Han N. Pham
Bills to expand individual retirement accounts have been introduced in both houses of Congress this year. While proponents argue that these accounts can help reverse the nation's declining saving...
Debt, delinquencies, and consumer spending
The sharp rise in household debt and delinquency rates over the last year has led to speculation that consumers will soon revert to more cautious spending behavior. Yet an analysis of the past...
Equipment expenditures since 1995: the boom and the bust
Business investment in equipment surged in the 1990s, then fell back sharply after mid-2000. A popular explanation of these trends holds that the soaring stock market and declining computer prices of...
A study of capital expenditure trends identifies investment in information technology as a major factor in the 1990s boom and subsequent bust. Spending on computers and software, fueled by Y2K...
Insurance ; Saving and investment ; Income ; Consumption (Economics) ; Wealth
Does the household balance sheet affect durable goods expenditures?
Consumer credit ; Consumption (Economics)
The relative importance of national and regional factors in the New York Metropolitan economy
Jonathan McCarthy, Charles Steindel
This paper explores the connections between broad indicators of economic conditions in the New York Metropolitan area and their national counterparts. Our examination provides two different views of...
Jonathan McCarthy, Egon Zakrajsek
We examine the behavior of trade inventories using both industry-level and high-frequency firm-level data. The cost structure underlying the firm's optimization problem--convex delivery costs vs....
Microeconomic inventory adjustment and aggregate dynamics
Jonathan McCarthy, Egon Zakrajsek
We examine the microeconomic and aggregate inventory dynamics in the business sector of the U.S. economy. We employ high-frequency firm-level data and use an empirically tractable model, in which the...
Microeconomic inventory adjustment: evidence from U.S. firm-level data
Jonathan McCarthy, Egon Zakrajsek
We examine inventory adjustment in the U.S. manufacturing sector using quarterly firm-level data over the period 1978-97. Our evidence indicates that the inventory investment process is nonlinear and...
This paper examines the impact of exchange rates and import prices on the domestic producer price index and consumer price index in selected industrialized economies. The empirical model is a vector...
Inventory dynamics and business cycles: what has changed?
Jonathan McCarthy, Egon Zakrajsek
By historical standards, the U.S. economy has experienced a period of remarkable stability since the mid-1980s. One explanation attributes the diminished variability of economic activity to...