July/August 2012

In This Edition

  • Evolution, Impact, and Limitations of Unusual Central Bank Policy Activism

    In the United States and Europe, central banks have essentially been the only policymaking entities consistently willing and able to take bold measures to deal with an unusually complex set of national, regional, and global economic and financial challenges since the onset of the Great Recession and financial crisis...

  • The Extent and Impact of Outsourcing: Evidence from Germany

    The authors use data from several sources, including plant-level data from the manufacturing sector in Germany, to expand the literature on outsourcing. They find that, in Germany, the extent of outsourcing among manufacturing industries is higher than among service industries and that the outsourcing intensity of these industries did not change much between 1995 and 2005...

  • Where There's a Smoking Ban, There's Still Fire

    Since 2001, the pervasiveness of 100-percent smoke-free bans has increased dramatically"”from 32 local laws in 2001 to 308 by the end of 2009. The authors use individual-level data from the Behavioral Risk Factor Surveillance System survey to examine the effect of these bans in workplaces, bars, and restaurants on changes in smoking initiation, continuation, and cessation...

  • Withdrawal History, Private Information, and Bank Runs

    This paper provides a simple two-depositor, two-stage model to understand how a bank's withdrawal history affects an individual's decision about withdrawals, which could possibly trigger bank runs. Individual depositors have private information about their personal consumption types and receive noisy private signals about the quality of the bank's portfolio...



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