@Article{frbcddb20220323, author = {Rub{\'e}n Hern{\'a}ndez-Murillo}, title = {Age-adjusted {COVID-19} Mortality Rates by Demographic Groups}, journal = {Federal Reserve Bank of Cleveland District Data Brief}, month = mar, number = {2022-03-23}, Selectpub = {Yes}, year = {2022}, Pubtype = {DDB}, doi = {10.26509/frbc-ddb-20220323} } @Article{frbcddb20200827, author = {Rub{\'e}n Hern{\'a}ndez-Murillo and Pawel M. Krolikowski}, title = {Layoffs during the {COVID-19} Pandemic: Four Findings from {WARN Act} Data}, journal = {Federal Reserve Bank of Cleveland District Data Brief}, month = aug, number = {2020-08-27}, year = {2020}, Pubtype = {DDB}, doi = {10.26509/frbc-ddb-20200827} } @Article{frbcec202021, author = {Rub{\'e}n Hern{\'a}ndez-Murillo and Pawel M. Krolikowski}, title = {Assessing Layoffs in Four Midwestern States during the Pandemic Recession}, journal = {Federal Reserve Bank of Cleveland Economic Commentary}, month = aug, number = {2020-21}, Selectpub = {Yes}, year = {2020}, Pubtype = {EComm}, doi = {10.26509/frbc-ec-202021} } @Article{frbcec202010, author = {Rub{\'e}n Hern{\'a}ndez-Murillo}, title = {The Labor-Market Skills of Foreign-born Workers in the United States, 2007–2017}, journal = {Federal Reserve Bank of Cleveland Economic Commentary}, month = may, number = {2020-10}, year = {2020}, Pubtype = {EComm}, doi = {10.26509/frbc-ec-202010} } @Article{jpube2019, Title = {Interjurisdictional Competition with Adverse Selection}, Author = {Rub{\'e}n Hern{\'a}ndez-Murillo}, Journal = {Journal of Public Economics}, Year = {2019}, Month = may, Volume = {173}, Pages = {85--95}, Abstract = {In this paper, we study the welfare consequences of imposing alternative regimes of competition between two local governments that compete for mobile firms which have private information on their degree of mobility. Competition among jurisdictions raises the firms’ rents to higher levels than if jurisdictions were to cooperate. Therefore, from the perspective of a utilitarian federation, constitutional constraints on the competition process may be desirable. We find that imposing a system of coarser policy instruments improves welfare relative to competition with discretionary instruments because it reduces the socially costly rents that are granted to firms in equilibrium. We also find that the gains from constraining competition to uniform policy instruments are maximal when communities are identical, but decline if the extent of asymmetry between locations (in terms of local market size or technological complementarities) increases. }, Pubtype = {Journal}, Selectpub = {Yes}, Doi = {10.1016/j.jpubeco.2019.01.012}, Url = {https://doi.org/10.20955/wp.2012.052} } @Article{rsue2018, Title = {A State Level Analysis of {O}kun's {L}aw}, Author = {Amy Y. Guisinger and Rub{\'e}n Hern{\'a}ndez-Murillo and Michael T. Owyang and Tara M. Sinclair}, Journal = {Regional Science and Urban Economics}, Year = {2018}, Month = jan, Volume = {68}, Pubtype = {Journal}, Selectpub = {Yes}, Pages = {239--248}, Doi = {10.1016/j.regsciurbeco.2017.11.005}, Abstract = {Okun's law is an empirical relationship that measures the correlation between the deviation of the unemployment rate from its natural rate and the deviation of output growth from its potential. This relationship is often referred to by policy makers and used by forecasters. In this paper, we estimate Okun's coefficients separately for each U.S. state using an unobserved components framework and find variation of the coefficients across states. We exploit this heterogeneity of Okun's coefficients to directly examine the potential factors that shape Okun's law, and find that indicators of more flexible labor markets (higher levels of education achievement in the population, lower rate of unionization, and a higher share of non-manufacturing employment) are important determinants of the differences in Okun's coefficient across states.}, Keywords = {Correlated unobserved components; Potential output; Natural rate of unemployment}, Url = {https://research.stlouisfed.org/wp/2015/2015-029.pdf} } @Article{rsue2017, Journal = {Regional Science and Urban Economics}, Title = {Clustered Housing Cycles}, Author = {Rub{\'e}n Hern{\'a}ndez-Murillo and Michael~T. Owyang and Margarita Rubio}, Month = sep, Year = {2017}, Volume = {66}, Pages = {185--197}, Pubtype = {Journal}, Selectpub = {Yes}, Doi = {10.1016/j.regsciurbeco.2017.06.003}, Abstract = {Using a panel of U.S. city-level building permits data, we estimate a Markov-switching model of housing cycles that allows cities to systematically deviate from the national housing cycle. These deviations occur for clusters of cities that experience simultaneous housing contractions. We find that cities do not form housing regions in the traditional geographic sense. Instead, similarities in factors affecting the demand for housing (such as population growth or availability of credit) appear to be more important determinants of cyclical co-movements than similarities in factors affecting the supply for land (such as the availability of developable land or the elasticity of land supply).}, Keywords = {Clustered Markov switching; Business cycles; Building permits; Co-movements}, Url = {http://research.stlouisfed.org/wp/2013/2013-021.pdf} } @Article{fedff2016fall, Title = {Rosie the Refiner? {T}wo Manufacturing Industries' Rising {D}istrict Importance}, Author = {Rub{\'e}n Hern{\'a}ndez-Murillo and Sarah Mattson}, Journal = {Forefront. New Ideas on Economic Policy from the Federal Reserve Bank of Cleveland}, Year = {2016}, Month = {Fall}, Number = {3}, Volume = {7}, Pages = {15--19}, Pubtype = {FF}, Url = {https://www.clevelandfed.org/newsroom-and-events/publications/forefront/ff-v7n03.aspx} } @Article{fedlrv2015q1, Title = {Risk Aversion at the Country Level}, Author = {Gandelman, N{\'e}stor and Hern{\'a}ndez-Murillo, Rub{\'e}n}, Journal = {Federal Reserve Bank of St. Louis Review}, Year = {2015}, Month = {First Quarter}, Number = {1}, Pages = {53--66}, Volume = {97}, Abstract = {This article estimates the coefficient of relative risk aversion for 75 countries using data on self-reports of personal well-being from the 2006 Gallup World Poll. The analysis suggests that the coefficient of relative risk aversion varies closely around 1, which corresponds to a logarithmic utility function. The authors conclude that their results support the use of the log utility function in numerical simulations of economic models.}, Institution = {Federal Reserve Bank of St. Louis}, Pubtype = {Review}, Selectpub = {Yes}, Url = {http://research.stlouisfed.org/publications/review/2015/q1/53-66GandelmanHernandez.pdf} } @Article{ree2015, Title = {Did Affordable Housing Legislation Contribute to the Subprime Securities Boom?}, Author = {Ghent, Andra C. and Hern{\'a}ndez-Murillo, Rub{\'e}n and Owyang, Michael T.}, Journal = {Real Estate Economics}, Year = {2015}, Month = {Winter}, Pages = {820--854}, Volume = {43}, Abstract = {In this paper, we use a regression discontinuity approach and present new institutional evidence to investigate whether affordable housing policies influenced the market for securitized subprime mortgages. We use merged loan-level data on non-prime mortgages with individual- and neighborhood- level data for California and Florida. We find no evidence that lenders increased subprime originations or altered pricing around the discrete eligibility cutoffs for the Government Sponsored Enterprises' (GSEs) affordable housing goals or the Community Reinvestment Act. Although we find evidence that the GSEs bought significant quantities of subprime securities, our results indicate that these purchases were not directly related to their affordable housing mandates.}, Doi = {10.1111/1540-6229.12110}, Issue = {4}, Pubtype = {Journal}, Url = {http://research.stlouisfed.org/wp/2012/2012-005.pdf} } @Article{fedles2014n23, Title = {The Rising Complexity of the {FOMC} Statement}, Author = {Rub{\'e}n Hern{\'a}ndez-Murillo and Hannah Shell}, Journal = {Federal Reserve Bank of St. Louis Economic Synopses}, Year = {2014}, Number = {23}, Keywords = {FOMC ; Reading grade level ; Text analysis}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/es/14/ES_23_2014-11-05.pdf} } @TechReport{fedlwp2014-036, Title = {Interjurisdictional Competition and Location Decisions of Firms}, Author = {Rub{\'e}n Hern{\'a}ndez-Murillo}, Institution = {Federal Reserve Bank of St. Louis}, Year = {2014}, Number = {No. 2014-036A}, Abstract = {We examine the welfare properties of alternative regimes of interjurisdictional competition for heterogeneous mobile firms. Firms differ not only in terms of the degree of mobility across jurisdictions but also in terms of productivity. Alternative taxation regimes represent restraints on the discretionary powers of taxation of local governments. We find that average welfare is higher under discretionary and more efficient taxation regimes (in the sense of minimizing dead-weight losses from distortionary taxation) when firms are highly mobile. In this situation, further limiting competition by imposing a system of non-discretionary instruments can reduce average welfare by reducing the efficiency of the local governments at raising and allocating public funds. When firms face high moving costs, on the other hand, switching to a non-discretionary and less efficient taxation regime may increase welfare by preventing local governments from engaging in excessive redistribution of resources.}, Pubtype = {WP}, Url = {http://research.stlouisfed.org/wp/2014/2014-036.pdf} } @Article{rsue2014, Title = {Differences in Subprime Loan Pricing Across Races and Neighborhoods }, Author = {Andra C. Ghent and Rub{\'e}n Hern{\'a}ndez-Murillo and Michael T. Owyang}, Journal = {Regional Science and Urban Economics }, Year = {2014}, Month = sep, Pages = {199--215}, Volume = {48}, Abstract = {We investigate whether race and ethnicity influenced subprime loan pricing during 2005, the peak of the subprime mortgage expansion. We combine loan-level data on the performance of non-prime securitized mortgages with individual- and neighborhood-level data on racial and ethnic characteristics for metropolitan areas in California and Florida. Using a model of rate determination that accounts for predicted loan performance, we evaluate the differences in subprime mortgage rates in terms of racial and ethnic groups and neighborhood characteristics. We find evidence of adverse pricing for blacks and Hispanics. The evidence of adverse pricing is strongest for purchase mortgages and mortgages originated by non-depository institutions. }, Doi = {10.1016/j.regsciurbeco.2014.07.006}, ISSN = {0166-0462}, Keywords = {Fair Housing Act}, Pubtype = {Journal}, Selectpub = {No}, Url = {http://research.stlouisfed.org/wp/2011/2011-033.pdf} } @Article{fedlre2013jul, Title = {Urban Areas Host the Largest Manufacturing and Service Employers}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Marifian, Elise }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2013}, Month = jul, Pages = {21-22}, Keywords = {Urban areas ; Industry ; Employment ; Federal Reserve District; 8th}, Pubtype = {RegEco}, Url = {http://www.stlouisfed.org/publications/pub_assets/pdf/re/2013/c/dist_overview.pdf} } @Article{jepsy2013, Title = {What do happiness and health satisfaction data tell us about relative risk aversion?}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Gandelman, N{\'e}stor}, Journal = {Journal of Economic Psychology}, Year = {2013}, Month = dec, Pages = {301-312}, Volume = {39}, Abstract = {In this paper we provide estimates of the coefficient of relative risk aversion using information on self-reports of subjective personal well-being from multiple datasets, including three cross-sectional surveys and two panel surveys, namely the Gallup World Poll, the European Social Survey, the World Values Survey, the British Household Panel Survey for the United Kingdom, and the General Social Survey for the United States. We additionally consider the implications of allowing for health-state dependence in the utility function on the estimates of risk aversion and examine how the marginal utility of income changes in poor health states. Our estimates of relative risk aversion with cross-section data vary closely around 1, which corresponds to logarithmic utility, while the estimates with panel data are slightly larger. We find that controlling for health dependence generally reduces these estimates. In contrast with other studies in the literature, our results also suggest that the marginal utility of income increases when satisfaction with health deteriorates, and this effect is robust across the various datasets analyzed.}, Doi = {10.1016/j.joep.2013.09.005}, Keywords = {Relative risk aversion; Marginal utility of income; Happiness; Health dependence}, Pubtype = {Journal}, Url = {http://research.stlouisfed.org/wp/2011/2011-039.pdf} } @Article{fedlre2012oct, Title = {Manufacturing and construction decline in the ranks of top 10 employers}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Marifian, Elise }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2012}, Month = oct, Pages = {14-16}, Keywords = {Manufacturing industries ; Construction industry ; Employment ; Federal Reserve District; 8th}, Pubtype = {RegEco}, Url = {http://www.stlouisfed.org/publications/pub_assets/pdf/re/2012/d/industry.pdf} } @Article{fedles2011n11, Title = {The effects of education on health}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J.}, Journal = {Federal Reserve Bank of St. Louis Economic Synopses}, Year = {2011}, Number = {11}, Keywords = {Education ; Public health - Economic aspects}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/es/11/ES1111.pdf} } @Article{fedles2011n31, Title = {Immigration at the extremes of the skill distribution}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J.}, Journal = {Federal Reserve Bank of St. Louis Economic Synopses}, Year = {2011}, Number = {31}, Keywords = {Immigrants ; Labor supply - United States}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/es/11/ES1131.pdf} } @Article{fedlre2011apr, Title = {Which Came First --- Better Education or Better Health?}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J. }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2011}, Month = apr, Pages = {6-7}, Keywords = {Education, Health}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/11/04/health_education.pdf} } @Article{fedlre2011jul, Title = {Hispanics play different role in {D}istrict's growth than in nation's}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J. }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2011}, Month = jul, Pages = {22-23}, Keywords = {Hispanic Americans ; Emigration and immigration}, Pubtype = {RegEco}, Url = {http://stlouisfed.org/publications/pub_assets/pdf/re/2011/c/district_overview.pdf} } @Article{fedlre2011oct, Title = {Immigrants: skills, occupations and locations}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J. }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2011}, Month = oct, Pages = {18-19}, Keywords = {Immigrants ; Emigration and immigration ; Labor supply - United States}, Pubtype = {RegEco}, Url = {http://stlouisfed.org/publications/pub_assets/pdf/re/2011/d/immigrants.pdf} } @Article{fedlrv2011may, Title = {Patterns of interstate migration in the {U}nited {S}tates from the {S}urvey of {I}ncome and {P}rogram {P}articipation}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Ott, Lesli S. and Owyang, Michael T. and Whalen, Denise}, Journal = {Federal Reserve Bank of St. Louis Review}, Year = {2011}, Month = may # {/} # jun, Number = {3}, Pages = {169-186}, Volume = {93}, Keywords = {Demography ; Income ; Emigration and immigration}, Pubtype = {Review}, Url = {http://research.stlouisfed.org/publications/review/11/05/169-186Hernandez.pdf} } @Article{fedlrv2011mayb, Title = {Regional aggregation in forecasting: {A}n application to the {F}ederal {R}eserve's {E}ighth {D}istrict}, Author = {Engemann, Kristie M. and Hern{\'a}ndez-Murillo, Rub{\'e}n and Owyang, Michael T.}, Journal = {Federal Reserve Bank of St. Louis Review}, Year = {2011}, Month = may # {/} # jun, Number = {3}, Pages = {207-222}, Volume = {93}, Keywords = {Economic forecasting ; Federal Reserve District; 8th}, Pubtype = {Review}, Url = {http://research.stlouisfed.org/publications/review/11/05/207-222Engemann.pdf} } @TechReport{fedlwp2011-036, Title = {The Effect of Neighborhood Spillovers on Mortgage Selection}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Murphy, Alvin D. and Sengupta, Rajdeep}, Institution = {Federal Reserve Bank of St. Louis}, Year = {2011}, Number = {No. 2011-036B}, Pubtype = {WP}, Url = {http://research.stlouisfed.org/wp/2011/2011-036.pdf} } @Article{fedles2010n13, Title = {City growth and industry employment reallocation}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J. }, Journal = {Federal Reserve Bank of St. Louis Economic Synopses}, Year = {2010}, Number = {13}, Keywords = {Cities and towns ; Labor mobility}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/es/10/ES1013.pdf} } @Article{fedlre2010jan, Title = {The dismal science tackles happiness data}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J. }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2010}, Month = jan, Pages = {14-15}, Keywords = {Happiness}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/10/01/well-being.pdf} } @Article{fedlre2010janb, Title = {{E}ighth {D}istrict fares better than nation in job losses}, Author = {Aubuchon, Craig P. and Bandyopadhyay, Subhayu and Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J. }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2010}, Month = jan, Pages = {20-22}, Keywords = {Employment ; Federal Reserve District; 8th}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/10/01/district-overview.pdf} } @Article{fedlre2010oct, Title = {In some cases, a sick economy can be a prescription for good health}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J.}, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2010}, Month = oct, Pages = {8-9}, Keywords = {health; recession; mortality; business cycle}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/10/10/recession.pdf} } @Article{fedlrv2010may, Title = {Nonlinear effects of school quality on house prices}, Author = {Chiodo, Abbigail and Hern{\'a}ndez-Murillo, Rub{\'e}n and Owyang, Michael T. }, Journal = {Federal Reserve Bank of St. Louis Review}, Year = {2010}, Month = may # {/} # jun, Number = {3}, Pages = {185-204}, Volume = {92}, Keywords = {education; public schools}, Pubtype = {Review}, Url = {http://research.stlouisfed.org/publications/review/10/05/Chiodo.pdf} } @Article{jobafi2010, Title = {Strategic online banking adoption}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Llobet, Gerard and Fuentes, Roberto}, Journal = {Journal of Banking {and} Finance}, Year = {2010}, Month = jul, Number = {7}, Pages = {1650-1663}, Volume = {34}, Abstract = {In this paper we study the determinants of banks' decisions to adopt a transactional website for their customers. Using a panel of commercial banks in the United States for the period 2003--2006, we show that although bank-specific characteristics are important determinants of banks' adoption decisions, competition also plays a prominent role. The extent of competition is related to the geographic overlap of banks in different markets and their relative market share in terms of deposits. In particular, banks adopt online banking services earlier in markets where their competitors have already adopted this technology. This paper is one of the first to construct local banking markets using the geographic market definitions delimited by the CASSIDI Database compiled at the Federal Reserve Bank of St. Louis.}, Doi = {10.1016/j.jbankfin.2010.03.011}, Pubtype = {Journal}, Selectpub = {Yes}, Url = {http://research.stlouisfed.org/wp/2006/2006-058.pdf} } @Article{fedles2009n33, Title = {{U.}{S.} migration over the life cycle}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis Economic Synopses}, Year = {2009}, Number = {33}, Keywords = {Immigrants ; Migration; Internal - United States}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/es/09/ES0933.pdf} } @Article{fedlre2009apr, Title = {Corporate social responsibility can be profitable}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J.}, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2009}, Month = apr, Pages = {4-5}, Keywords = {Social responsibility of business}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/09/04/socialresponsibility.pdf} } @Article{fedlre2009jan, Title = {Employment growth mixed across {E}ighth {D}istrict}, Author = {Aubuchon, Craig P. and Bandyopadhyay, Subhayu and Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J. }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2009}, Month = jan, Pages = {20-21}, Keywords = {Employment ; Federal Reserve District; 8th}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/09/01/dist_ovrvw.pdf} } @Article{fedlre2009jul, Title = {District fares better than nation as prime-mortgage problems escalate}, Author = {Aubuchon, Craig P. and Bandyopadhyay, Subhayu and Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J. }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2009}, Month = jul, Pages = {20-21}, Keywords = {Mortgages ; Federal Reserve District; 8th}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/09/07/dist_ovrvw.pdf} } @Article{fedlrv2009may, Title = {The impact of inflation and unemployment on subjective personal and country evaluations}, Author = {Gandelman, N{\'e}stor and Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis Review}, Year = {2009}, Month = may # {/} # jun, Number = {3}, Pages = {107-126}, Volume = {91}, Pubtype = {Review}, Url = {http://research.stlouisfed.org/publications/review/09/05/Gandelman.pdf} } @Article{jmoncb2009, Title = {Measuring the Information Content of the {B}eige {B}ook: {A} Mixed Data Sampling Approach}, Author = {Armesto, Michelle T. and Hern{\'a}ndez-Murillo, Rub{\'e}n and Owyang, Michael T. and Piger, Jeremy }, Journal = {Journal of Money, Credit and Banking}, Year = {2009}, Month = feb, Number = {1}, Pages = {35-55}, Volume = {41}, Abstract = { Studies of the predictive ability of the Federal Reserve's Beige Book for aggregate output and employment have proven inconclusive. This might be attributed, in part, to its irregular release schedule. We use a model that allows for data sampling at mixed frequencies to analyze the predictive power of the Beige Book. We find that the Beige Book's national summary and District reports predict GDP and aggregate employment and that most District reports provide information content for regional employment. In addition, there appears to be an asymmetry in the predictive content of the Beige Book language.}, Doi = {10.1111/j.1538-4616.2008.00186.x}, Pubtype = {Journal}, Selectpub = {N0}, Url = {http://research.stlouisfed.org/wp/2007/2007-010.pdf} } @Article{fedlne2008dec, Title = {Local income inequality}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis National Economic Trends}, Year = {2008}, Month = dec, Keywords = {Income distribution}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/net/20081201/cover.pdf} } @Article{fedlne2008sep, Title = {Strategic social responsibility}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis National Economic Trends}, Year = {2008}, Month = sep, Keywords = {Social responsibility of business}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/net/20080901/cover.pdf} } @Article{fedlrd2008oct, Title = {Regional aggregation in forecasting: {A}n application to the {F}ederal {R}eserve's {E}ighth {D}istrict}, Author = {Engemann, Kristie M. and Hern{\'a}ndez-Murillo, Rub{\'e}n and Owyang, Michael T. }, Journal = {Federal Reserve Bank of St. Louis Regional Economic Development}, Year = {2008}, Month = oct, Pages = {15-29}, Keywords = {Economic forecasting ; Federal Reserve District; 8th}, Pubtype = {RED}, Url = {http://research.stlouisfed.org/publications/red/2008/01/Engemann.pdf} } @Article{fedlre2008apr, Title = {Which came first---democracy or growth?}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J. }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2008}, Month = apr, Pages = {4-6}, Keywords = {Economic conditions ; Economic development}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/08/04/democracy.pdf} } @Article{fedlre2008jul, Title = { {E}ighth {D}istrict population growth follows national pattern}, Author = {Aubuchon, Craig P. and Bandyopadhyay, Subhayu and Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J. }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2008}, Month = jul, Pages = {18-19}, Keywords = {Federal Reserve District; 8th ; Population}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/08/07/dist_overview.pdf} } @Article{fedlre2008oct, Title = {Reader Exchange: What is the {B}eige {B}ook, and how is it useful?}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2008}, Month = oct, Pages = {23}, Keywords = {Beige Book}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/08/10/reader_exchange.pdf} } @Article{fedlrv2008nov, Title = {Drug prices under the medicare drug discount card program}, Author = {Dinlersoz, Emin M. and Hern{\'a}ndez-Murillo, Rub{\'e}n and Li, Han and Sherman, Roger }, Journal = {Federal Reserve Bank of St. Louis Review}, Year = {2008}, Month = nov # {/} # dec, Number = {6}, Pages = {643-666}, Volume = {90}, Pubtype = {Review}, Url = {http://research.stlouisfed.org/publications/review/08/11/Dinlersoz.pdf} } @Article{fedlne2007aug, Title = { {U}.{S}. exporters: a rare breed}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis National Economic Trends}, Year = {2007}, Month = aug, Keywords = {Exports ; International trade}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/net/20070801/cover.pdf} } @Article{fedlre2007oct, Title = { {U}.{S}. exporters: rare but beneficial}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Martinek, Christopher J. }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2007}, Month = oct, Pages = {12-13}, Keywords = {Exports ; International trade ; Federal Reserve District; 8th}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/07/10/exporters.pdf} } @Article{fedlre2007octb, Title = {Employment growth slows in the {E}ighth {D}istrict}, Author = {Bandyopadhyay, Subhayu and Hern{\'a}ndez-Murillo, Rub{\'e}n and La Jeunesse, Elizabeth and Martinek, Christopher J. }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2007}, Month = oct, Pages = {16-17}, Keywords = {Employment ; Federal Reserve District; 8th}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/07/10/overview.pdf} } @Article{fedlrv2007sep, Title = {Experiments in financial liberalization: {T}he {M}exican banking sector}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis Review}, Year = {2007}, Month = sep # {/} # oct, Number = {5}, Pages = {415-432}, Volume = {89}, Pubtype = {Review}, Selectpub = {No}, Url = {http://research.stlouisfed.org/publications/review/07/09/HernandezMurillo.pdf} } @Article{pufire2007, Title = {Spatial Dependence in Models of State Fiscal Convergence}, Author = {Coughlin, Cletus C. and Garrett, Thomas A. and Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Public Finance Review}, Year = {2007}, Month = may, Number = {3}, Pages = {361-384}, Volume = {35}, Abstract = {We apply spatial econometric techniques to models of state and local fiscal policy convergence. Our work extends the work of Scully and Annala in much the same way that Rey and Montouri extended the literature on income convergence among U.S. states. Our results indicate that most fiscal policies have been converging and that the growth paths of state and local fiscal policies are not independent. In addition, we find that total expenditures have been converging faster than output, whereas total tax revenues have been converging slower than output. Our models further demonstrate that state expenditure growth is dependent on expenditure growth in economically and demographically similar states, while output growth and revenue growth in a state are dependent on output growth and revenue growth, respectively, in contiguous states.}, Doi = {10.1177/1091142106295766}, Pubtype = {Journal}, Url = {http://research.stlouisfed.org/wp/2006/2006-001.pdf} } @Article{ecolet2006, Title = {The information content of regional employment data for forecasting aggregate conditions}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Owyang, Michael T. }, Journal = {Economics Letters}, Year = {2006}, Month = mar, Number = {3}, Pages = {335-339}, Volume = {90}, Abstract = {We consider whether disaggregated data enhance the efficiency of aggregate employment forecasts. We find that incorporating spatial interaction into a disaggregated forecasting model lowers the out-of-sample mean squared error from a univariate aggregate model by 70% at a two-year horizon.}, Doi = {10.1016/j.econlet.2005.08.023}, Pubtype = {Journal}, Selectpub = {No}, Url = {http://research.stlouisfed.org/wp/2004/2004-005.pdf} } @Article{fedlne2006jun, Title = {New views on immigration}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis National Economic Trends}, Year = {2006}, Month = jun, Keywords = {Immigrants ; Labor market}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/net/20060601/cover.pdf} } @Article{fedlre2006jan, Title = {Employment trends in nearby metro areas take different paths}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Roisman, Deborah}, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2006}, Month = jan, Pages = {17}, Keywords = {Employment ; Federal Reserve District; 8th ; Tennessee}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/06/01/overview_MEM.pdf} } @Article{fedlre2006jul, Title = {Professional and business services bounce back in {M}emphis}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Roisman, Deborah }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2006}, Month = jul, Pages = {16-16}, Keywords = {Regional economics ; Federal Reserve District; 8th}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/06/07/overview_mem.pdf} } @Article{fedlre2006oct, Title = {Adding up the economic effects of immigration}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2006}, Month = oct, Pages = {12-13}, Keywords = {Immigrants ; Labor market}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/06/10/immigration.pdf} } @Article{fedlrv2006may, Title = {The geography, economics, and politics of lottery adoption}, Author = {Coughlin, Cletus C. and Garrett, Thomas A. and Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis Review}, Year = {2006}, Month = may # {/} # jun, Number = {3}, Pages = {165-180}, Volume = {88}, Pubtype = {Review}, Selectpub = {No}, Url = {http://research.stlouisfed.org/publications/review/06/05/Coughin.pdf} } @Article{indorg2006, Title = {Patent licensing revisited: Heterogeneous firms and product differentiation}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Llobet, Gerard }, Journal = {International Journal of Industrial Organization}, Year = {2006}, Month = jan, Number = {1}, Pages = {149-175}, Volume = {24}, Abstract = {In this paper we study the optimal licensing agreement between a patentholder of a cost-reducing innovation and firms that have heterogeneous uses for the new technology. We consider the case in which these firms are competitors in a downstream market. We extend the competition environment among the licensees beyond the Cournot/Bertrand models considered by the previous literature to a framework with differentiated products. We also assume that potential licensees have private information about the usefulness of the new technology. We characterize two purposes the optimal licensing contract serves to the patentholder: separation of the licensees and competition softening in the downstream market. We also describe how the optimal contract changes with the degree of product differentiation.}, Doi = {10.1016/j.ijindorg.2005.03.008}, Pubtype = {Journal}, Selectpub = {No}, Url = {http://research.stlouisfed.org/wp/2002/2002-031.pdf} } @Article{fedlne2005oct, Title = {The economics of giving}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis National Economic Trends}, Year = {2005}, Month = oct, Keywords = {Charitable bequests}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/net/20051001/cover.pdf} } @Article{fedlre2005jul, Title = {Health-care industry pulls {M}emphis out of job slump}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Roisman, Deborah}, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2005}, Month = jul, Pages = {16}, Keywords = {Employment ; Federal Reserve District; 8th}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/05/07/overview_mphs.pdf} } @Article{fedlre2005oct, Title = {The economics of charitable giving: {W}hat gives?}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Roisman, Deborah}, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2005}, Month = oct, Pages = {12-13}, Keywords = {Charitable bequests}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/05/10/charitable_giving.pdf} } @Article{fedlrv2005jan, Title = {The diffusion of electronic business in the {U}nited {S}tates}, Author = {Dinlersoz, Emin M. and Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis Review}, Year = {2005}, Month = jan # {/} # feb, Number = {1}, Pages = {11-34}, Volume = {87}, Pubtype = {Review}, Selectpub = {No}, Url = {http://research.stlouisfed.org/publications/review/05/01/Dinlersoz.pdf} } @Article{fedlrv2005mar, Title = {Does consumer sentiment predict regional consumption?}, Author = {Thomas A. Garrett and Hern{\'a}ndez-Murillo, Rub{\'e}n and Owyang, MichaelT.}, Journal = {Federal Reserve Bank of St. Louis Review}, Year = {2005}, Month = mar # {/} # apr, Number = {2, Part 1}, Pages = {123-135}, Volume = {87}, Pubtype = {Review}, Selectpub = {No}, Url = {http://research.stlouisfed.org/publications/review/05/03/part1/GarrHernOwy.pdf} } @Article{bejeap2004, Title = {Tax Competition and Tax Harmonization With Evasion}, Author = {Gandelman, N{\'e}stor and Hern{\'a}ndez-Murillo, Rub{\'e}n}, Journal = {Topics in Economic Analysis {and} Policy}, Year = {2004}, Month = may, Number = {1}, Volume = {4}, Abstract = { We examine a two-jurisdiction tax competition environment where local governments can only imperfectly monitor where agents pay taxes and risk-averse individuals may choose to cross borders to pay lower taxes in a neighboring location. In a game between local authorities, we find that, when communities differ in size, in equilibrium the smaller community sets lower taxes and attracts agents from the larger jurisdiction. With identical communities, tax rates must be equal. Finally, we examine the incentives of jurisdictions to harmonize tax rates and find that, whenever the smaller community benefits from tax harmonization, the larger jurisdiction will benefit also.}, Doi = {10.2202/1538-0653.1219}, Keywords = {Tax Competition; Tax Evasion; Tax Harmonization; Risk Aversion}, Pubtype = {Journal}, Selectpub = {No}, Url = {http://research.stlouisfed.org/wp/2002/2002-015.pdf} } @Article{fedlne2004may, Title = {Entrepreneurship}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis National Economic Trends}, Year = {2004}, Month = may, Keywords = {Economic development ; Small business}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/net/20040501/cover.pdf} } @Article{fedlne2004oct, Title = {Metropolitan growth: sun belt vs. snow belt}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis National Economic Trends}, Year = {2004}, Month = oct, Keywords = {Labor supply ; Education}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/net/20041001/cover.pdf} } @Article{fedlre2004apr, Title = {Tough lesson: more money doesn't help schools; accountability does}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Roisman, Deborah}, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2004}, Month = apr, Pages = {12-13}, Keywords = {Education}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/04/04/tough_lesson.pdf} } @Article{fedlre2004oct, Title = {Point and click, or mortar and brick? {A} look at internet banking in the {E}ighth {D}istrict}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Roisman, Deborah}, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2004}, Month = oct, Keywords = {Internet banking ; Banks and banking ; Federal Reserve District; 8th}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/04/10/point_click.pdf} } @Article{iecrev2004, Title = {Racial Profiling Or Racist Policing? {B}ounds Tests In Aggregate Data}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Knowles, John }, Journal = {International Economic Review}, Year = {2004}, Month = aug, Number = {3}, Pages = {959-989}, Volume = {45}, Abstract = {State-wide reports on police traffic stops and searches summarize very large populations, making them potentially powerful tools for identifying racial bias, particularly when statistics on search outcomes are included. But when the reported statistics conflate searches involving different levels of police discretion, standard tests for racial bias are not applicable. This article develops a model of police search decisions that allows for nondiscretionary searches and derives tests for racial bias in data that mix different search types. Our tests reject unbiased policing as an explanation of the disparate impact of motor-vehicle searches on minorities in Missouri.}, Doi = {10.1111/j.0020-6598.2004.00293.x}, Pubtype = {Journal}, Selectpub = {No}, Url = {http://research.stlouisfed.org/wp/2004/2004-012.pdf} } @TechReport{fedlwp2003-042b, Title = {Spatial Probit and the Geographic Patterns of State Lotteries}, Author = {Cletus C. Coughlin and Thomas A. Garrett and Rub{\'e}n Hern{\'a}ndez-Murillo}, Institution = {Federal Reserve Bank of St. Louis}, Year = {2003}, Number = {No. 2003-042B}, Abstract = {We implement a spatial probit model to differentiate states with a lottery from those without a lottery. Our analysis extends the basic spatial probit model by allowing spatial dependence to vary across geographic regions. We also separate the spatial effects of neighbors versus non-neighbors. The methodology provides consistent and efficient coefficient estimation in light of the simultaneity in spatial dependence. We find evidence of spatial dependence and spatial heterogeneity in lottery usage, and we find that spatial patterns differ significantly by geographic region. The importance of spatial dependence in state lottery usage suggests the need to consider spatial effects in empirical models examining the use of any policy tool by subnational governmental units.}, Pubtype = {WP}, Url = {https://doi.org/10.20955/wp.2003.042} } @Article{fedlne2003dec, Title = {Computer use and productivity growth}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis National Economic Trends}, Year = {2003}, Month = dec, Keywords = {Computers ; Productivity}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/net/20031201/cover.pdf} } @Article{fedlne2003mar, Title = {Cities as centers of innovation}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis National Economic Trends}, Year = {2003}, Month = mar, Keywords = {Patents ; Research and development ; Cities and towns}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/net/20030301/cover.pdf} } @Article{fedlre2003apr, Title = {Innovation: {I}s the {E}ighth {D}istrict catching up with the nation?}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2003}, Month = apr, Pages = {12-13}, Keywords = {Patents ; Technology ; Federal Reserve District; 8th}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/03/04/innovation.pdf} } @Article{fedlrv2003may, Title = {Strategic interaction in tax policies among states}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis Review}, Year = {2003}, Month = may # {/} # jun, Number = {3}, Pages = {47-56}, Volume = {85}, Pubtype = {Review}, Selectpub = {No}, Url = {http://research.stlouisfed.org/publications/review/03/05/Hernandez.pdf} } @Article{fedlne2002nov, Title = {Health care costs and coverage}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis National Economic Trends}, Year = {2002}, Month = nov, Keywords = {Medical care; Cost of}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/net/20021101/cover.pdf} } @Article{fedlrv2002may, Title = {Did ``right-to-work'' work for {I}daho?}, Author = {Dinlersoz, Emin M. and Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis Review}, Year = {2002}, Month = may # {/} # jun, Number = {3}, Pages = {29-42}, Volume = {84}, Pubtype = {Review}, Url = {http://research.stlouisfed.org/publications/review/02/05/29-42DinlersoHernandez2.pdf} } @Article{fedlne2001apr, Title = {The earned income tax credit at work}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis National Economic Trends}, Year = {2001}, Month = apr, Keywords = {Tax credits ; Personal Responsibility and Work Opportunity Reconciliation Act of 1996 ; Poverty}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/net/20010401/cover.pdf} } @Article{fedlne2001oct, Title = {Give me your skilled....}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis National Economic Trends}, Year = {2001}, Month = oct, Keywords = {Immigrants ; Labor market}, Pubtype = {ES}, Url = {http://research.stlouisfed.org/publications/net/20011001/cover.pdf} } @Article{fedlre2001oct, Title = {Suburban expansion}, Author = {Hern{\'a}ndez-Murillo, Rub{\'e}n }, Journal = {Federal Reserve Bank of St. Louis The Regional Economist}, Year = {2001}, Month = oct, Pages = {12-13}, Keywords = {Metropolitan areas - Statistics ; Federal Reserve District; 8th}, Pubtype = {RegEco}, Url = {http://research.stlouisfed.org/publications/regional/01/10/SuburbanExpansion.pdf} }