Chronological

  1. 2019

    “Interjurisdictional Competition with Adverse Selection.” Hernández-Murillo, Rubén. 2019. Journal of Public Economics 173 (May): 85–95. doi:10.1016/j.jpubeco.2019.01.012.

    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.

    BibTeX entry:

    @article{jpube2019,
      title = {Interjurisdictional Competition with Adverse Selection},
      author = {Hern{\'a}ndez-Murillo, Rub{\'e}n},
      journal = {Journal of Public Economics},
      year = {2019},
      month = may,
      volume = {173},
      pages = {85--95},
      pubtype = {Journal},
      selectpub = {Yes},
      doi = {10.1016/j.jpubeco.2019.01.012},
      url = {https://doi.org/10.20955/wp.2012.052}
    }
    

    Links to file:

  2. 2018

    “A State Level Analysis of Okun’s Law.” Guisinger, Amy Y., Rubén Hernández-Murillo, Michael T. Owyang, and Tara M. Sinclair. 2018. Regional Science and Urban Economics 68 (January): 239–48. 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.

    BibTeX entry:

    @article{rsue2018,
      title = {A State Level Analysis of {O}kun's {L}aw},
      author = {Guisinger, Amy Y. and Hern{\'a}ndez-Murillo, Rub{\'e}n and Owyang, Michael T. and Sinclair, Tara M.},
      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},
      keywords = {Correlated unobserved components; Potential output; Natural rate of unemployment},
      url = {https://research.stlouisfed.org/wp/2015/2015-029.pdf}
    }
    

    Links to file:

  3. 2017

    “Clustered Housing Cycles.” Hernández-Murillo, Rubén, Michael T. Owyang, and Margarita Rubio. 2017. Regional Science and Urban Economics 66 (September): 185–97. 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).

    BibTeX entry:

    @article{rsue2017,
      journal = {Regional Science and Urban Economics},
      title = {Clustered Housing Cycles},
      author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Owyang, Michael~T. and Rubio, Margarita},
      month = sep,
      year = {2017},
      volume = {66},
      pages = {185--197},
      pubtype = {Journal},
      selectpub = {Yes},
      doi = {10.1016/j.regsciurbeco.2017.06.003},
      keywords = {Clustered Markov switching; Business cycles; Building permits; Co-movements},
      url = {http://research.stlouisfed.org/wp/2013/2013-021.pdf}
    }
    

    Links to file:

  4. 2016

    “Rosie the Refiner? Two Manufacturing Industries’ Rising District Importance.” Hernández-Murillo, Rubén, and Sarah Mattson. 2016. Forefront. New Ideas on Economic Policy from the Federal Reserve Bank of Cleveland 7 (3): 15–19. https://www.clevelandfed.org/newsroom-and-events/publications/forefront/ff-v7n03.aspx.

    BibTeX entry:

    @article{fedff2016fall,
      title = {Rosie the Refiner? {T}wo Manufacturing Industries' Rising {D}istrict Importance},
      author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Mattson, Sarah},
      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}
    }
    

    Links to file:

  5. 2015

    “Risk Aversion at the Country Level.” Gandelman, Néstor, and Rubén Hernández-Murillo. 2015. Federal Reserve Bank of St. Louis Review 97 (1). Federal Reserve Bank of St. Louis: 53–66. http://research.stlouisfed.org/publications/review/2015/q1/53-66GandelmanHernandez.pdf.

    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.

    BibTeX entry:

    @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},
      institution = {Federal Reserve Bank of St. Louis},
      pubtype = {Review},
      selectpub = {Yes},
      url = {http://research.stlouisfed.org/publications/review/2015/q1/53-66GandelmanHernandez.pdf}
    }
    

    Links to file:

  6. 2015

    “Did Affordable Housing Legislation Contribute to the Subprime Securities Boom?” Ghent, Andra C., Rubén Hernández-Murillo, and Michael T. Owyang. 2015. Real Estate Economics 43 (4): 820–54. doi:10.1111/1540-6229.12110.

    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.

    BibTeX entry:

    @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},
      doi = {10.1111/1540-6229.12110},
      issue = {4},
      pubtype = {Journal},
      url = {http://research.stlouisfed.org/wp/2012/2012-005.pdf}
    }
    

    Links to file:

  7. 2014

    “The Rising Complexity of the FOMC Statement.” Hernández-Murillo, Rubén, and Hannah Shell. 2014. Federal Reserve Bank of St. Louis Economic Synopses, no. 23. http://research.stlouisfed.org/publications/es/14/ES_23_2014-11-05.pdf.

    BibTeX entry:

    @article{fedles2014n23,
      title = {The Rising Complexity of the {FOMC} Statement},
      author = {Hern{\'a}ndez-Murillo, Rub{\'e}n and Shell, Hannah},
      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}
    }
    

    Links to file:

  8. 2014

    Interjurisdictional Competition and Location Decisions of Firms. Hernández-Murillo, Rubén. 2014. No. 2014-036A. Federal Reserve Bank of St. Louis. http://research.stlouisfed.org/wp/2014/2014-036.pdf.

    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.

    BibTeX entry:

    @techreport{fedlwp2014-036,
      title = {Interjurisdictional Competition and Location Decisions of Firms},
      author = {Hern{\'a}ndez-Murillo, Rub{\'e}n},
      institution = {Federal Reserve Bank of St. Louis},
      year = {2014},
      number = {No. 2014-036A},
      pubtype = {WP},
      url = {http://research.stlouisfed.org/wp/2014/2014-036.pdf}
    }
    

    Links to file:

  9. 2014

    “Differences in Subprime Loan Pricing Across Races and Neighborhoods .” Ghent, Andra C., Rubén Hernández-Murillo, and Michael T. Owyang. 2014. Regional Science and Urban Economics 48 (September): 199–215. doi:10.1016/j.regsciurbeco.2014.07.006.

    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.

    BibTeX entry:

    @article{rsue2014,
      title = {Differences in Subprime Loan Pricing Across Races and Neighborhoods },
      author = {Ghent, Andra C. and Hern{\'a}ndez-Murillo, Rub{\'e}n and Owyang, Michael T.},
      journal = {Regional Science and Urban Economics },
      year = {2014},
      month = sep,
      pages = {199--215},
      volume = {48},
      doi = {10.1016/j.regsciurbeco.2014.07.006},
      issn = {0166-0462},
      keywords = {Fair Housing Act},
      pubtype = {Journal},
      selectpub = {Yes},
      url = {http://research.stlouisfed.org/wp/2011/2011-033.pdf}
    }
    

    Links to file:

  10. 2013

    “Urban Areas Host the Largest Manufacturing and Service Employers.” Hernández-Murillo, Rubén, and Elise Marifian. 2013. Federal Reserve Bank of St. Louis The Regional Economist, July, 21–22. http://www.stlouisfed.org/publications/pub_assets/pdf/re/2013/c/dist_overview.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  11. 2013

    “What Do Happiness and Health Satisfaction Data Tell Us about Relative Risk Aversion?” Hernández-Murillo, Rubén, and Néstor Gandelman. 2013. Journal of Economic Psychology 39 (December): 301–12. doi:10.1016/j.joep.2013.09.005.

    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.

    BibTeX entry:

    @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},
      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}
    }
    

    Links to file:

  12. 2012

    “Manufacturing and Construction Decline in the Ranks of Top 10 Employers.” Hernández-Murillo, Rubén, and Elise Marifian. 2012. Federal Reserve Bank of St. Louis The Regional Economist, October, 14–16. http://www.stlouisfed.org/publications/pub_assets/pdf/re/2012/d/industry.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  13. 2011

    “The Effects of Education on Health.” Hernández-Murillo, Rubén, and Christopher J. Martinek. 2011. Federal Reserve Bank of St. Louis Economic Synopses, no. 11. http://research.stlouisfed.org/publications/es/11/ES1111.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  14. 2011

    “Immigration at the Extremes of the Skill Distribution.” Hernández-Murillo, Rubén, and Christopher J. Martinek. 2011. Federal Reserve Bank of St. Louis Economic Synopses, no. 31. http://research.stlouisfed.org/publications/es/11/ES1131.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  15. 2011

    “Which Came First — Better Education or Better Health?” Hernández-Murillo, Rubén, and Christopher J. Martinek. 2011. Federal Reserve Bank of St. Louis The Regional Economist, April, 6–7. http://research.stlouisfed.org/publications/regional/11/04/health_education.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  16. 2011

    “Hispanics Play Different Role in District’s Growth than in Nation’s.” Hernández-Murillo, Rubén, and Christopher J. Martinek. 2011. Federal Reserve Bank of St. Louis The Regional Economist, July, 22–23. http://stlouisfed.org/publications/pub_assets/pdf/re/2011/c/district_overview.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  17. 2011

    “Immigrants: Skills, Occupations and Locations.” Hernández-Murillo, Rubén, and Christopher J. Martinek. 2011. Federal Reserve Bank of St. Louis The Regional Economist, October, 18–19. http://stlouisfed.org/publications/pub_assets/pdf/re/2011/d/immigrants.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  18. 2011

    “Patterns of Interstate Migration in the United States from the Survey of Income and Program Participation.” Hernández-Murillo, Rubén, Lesli S. Ott, Michael T. Owyang, and Denise Whalen. 2011. Federal Reserve Bank of St. Louis Review 93 (3): 169–86. http://research.stlouisfed.org/publications/review/11/05/169-186Hernandez.pdf.

    BibTeX entry:

    @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,
      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}
    }
    

    Links to file:

  19. 2011

    “Regional Aggregation in Forecasting: An Application to the Federal Reserve’s Eighth District.” Engemann, Kristie M., Rubén Hernández-Murillo, and Michael T. Owyang. 2011. Federal Reserve Bank of St. Louis Review 93 (3): 207–22. http://research.stlouisfed.org/publications/review/11/05/207-222Engemann.pdf.

    BibTeX entry:

    @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,
      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}
    }
    

    Links to file:

  20. 2011

    The Effect of Neighborhood Spillovers on Mortgage Selection. Hernández-Murillo, Rubén, Alvin D. Murphy, and Rajdeep Sengupta. 2011. No. 2011-036B. Federal Reserve Bank of St. Louis. http://research.stlouisfed.org/wp/2011/2011-036.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  21. 2010

    “City Growth and Industry Employment Reallocation.” Hernández-Murillo, Rubén, and Christopher J. Martinek. 2010. Federal Reserve Bank of St. Louis Economic Synopses, no. 13. http://research.stlouisfed.org/publications/es/10/ES1013.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  22. 2010

    “The Dismal Science Tackles Happiness Data.” Hernández-Murillo, Rubén, and Christopher J. Martinek. 2010. Federal Reserve Bank of St. Louis The Regional Economist, January, 14–15. http://research.stlouisfed.org/publications/regional/10/01/well-being.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  23. 2010

    “Eighth District Fares Better than Nation in Job Losses.” Aubuchon, Craig P., Subhayu Bandyopadhyay, Rubén Hernández-Murillo, and Christopher J. Martinek. 2010. Federal Reserve Bank of St. Louis The Regional Economist, January, 20–22. http://research.stlouisfed.org/publications/regional/10/01/district-overview.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  24. 2010

    “In Some Cases, a Sick Economy Can Be a Prescription for Good Health.” Hernández-Murillo, Rubén, and Christopher J. Martinek. 2010. Federal Reserve Bank of St. Louis The Regional Economist, October, 8–9. http://research.stlouisfed.org/publications/regional/10/10/recession.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  25. 2010

    “Nonlinear Effects of School Quality on House Prices.” Chiodo, Abbigail, Rubén Hernández-Murillo, and Michael T. Owyang. 2010. Federal Reserve Bank of St. Louis Review 92 (3): 185–204. http://research.stlouisfed.org/publications/review/10/05/Chiodo.pdf.

    BibTeX entry:

    @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,
      number = {3},
      pages = {185-204},
      volume = {92},
      keywords = {education; public schools},
      pubtype = {Review},
      url = {http://research.stlouisfed.org/publications/review/10/05/Chiodo.pdf}
    }
    

    Links to file:

  26. 2010

    “Strategic Online Banking Adoption.” Hernández-Murillo, Rubén, Gerard Llobet, and Roberto Fuentes. 2010. Journal of Banking and Finance 34 (7): 1650–63. doi:10.1016/j.jbankfin.2010.03.011.

    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.

    BibTeX entry:

    @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},
      doi = {10.1016/j.jbankfin.2010.03.011},
      pubtype = {Journal},
      selectpub = {Yes},
      url = {http://research.stlouisfed.org/wp/2006/2006-058.pdf}
    }
    

    Links to file:

  27. 2009

    “U.S. Migration over the Life Cycle.” Hernández-Murillo, Rubén. 2009. Federal Reserve Bank of St. Louis Economic Synopses, no. 33. http://research.stlouisfed.org/publications/es/09/ES0933.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  28. 2009

    “Corporate Social Responsibility Can Be Profitable.” Hernández-Murillo, Rubén, and Christopher J. Martinek. 2009. Federal Reserve Bank of St. Louis The Regional Economist, April, 4–5. http://research.stlouisfed.org/publications/regional/09/04/socialresponsibility.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  29. 2009

    “Employment Growth Mixed across Eighth District.” Aubuchon, Craig P., Subhayu Bandyopadhyay, Rubén Hernández-Murillo, and Christopher J. Martinek. 2009. Federal Reserve Bank of St. Louis The Regional Economist, January, 20–21. http://research.stlouisfed.org/publications/regional/09/01/dist_ovrvw.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  30. 2009

    “District Fares Better than Nation as Prime-Mortgage Problems Escalate.” Aubuchon, Craig P., Subhayu Bandyopadhyay, Rubén Hernández-Murillo, and Christopher J. Martinek. 2009. Federal Reserve Bank of St. Louis The Regional Economist, July, 20–21. http://research.stlouisfed.org/publications/regional/09/07/dist_ovrvw.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  31. 2009

    “The Impact of Inflation and Unemployment on Subjective Personal and Country Evaluations.” Gandelman, Néstor, and Rubén Hernández-Murillo. 2009. Federal Reserve Bank of St. Louis Review 91 (3): 107–26. http://research.stlouisfed.org/publications/review/09/05/Gandelman.pdf.

    BibTeX entry:

    @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,
      number = {3},
      pages = {107-126},
      volume = {91},
      pubtype = {Review},
      url = {http://research.stlouisfed.org/publications/review/09/05/Gandelman.pdf}
    }
    

    Links to file:

  32. 2009

    “Measuring the Information Content of the Beige Book: A Mixed Data Sampling Approach.” Armesto, Michelle T., Rubén Hernández-Murillo, Michael T. Owyang, and Jeremy Piger. 2009. Journal of Money, Credit and Banking 41 (1): 35–55. doi:10.1111/j.1538-4616.2008.00186.x.

    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.

    BibTeX entry:

    @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},
      doi = {10.1111/j.1538-4616.2008.00186.x},
      pubtype = {Journal},
      selectpub = {Yes},
      url = {http://research.stlouisfed.org/wp/2007/2007-010.pdf}
    }
    

    Links to file:

  33. 2008

    “Local Income Inequality.” Hernández-Murillo, Rubén. 2008. Federal Reserve Bank of St. Louis National Economic Trends, December. http://research.stlouisfed.org/publications/net/20081201/cover.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  34. 2008

    “Strategic Social Responsibility.” Hernández-Murillo, Rubén. 2008. Federal Reserve Bank of St. Louis National Economic Trends, September. http://research.stlouisfed.org/publications/net/20080901/cover.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  35. 2008

    “Regional Aggregation in Forecasting: An Application to the Federal Reserve’s Eighth District.” Engemann, Kristie M., Rubén Hernández-Murillo, and Michael T. Owyang. 2008. Federal Reserve Bank of St. Louis Regional Economic Development, October, 15–29. http://research.stlouisfed.org/publications/red/2008/01/Engemann.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  36. 2008

    “Which Came First—Democracy or Growth?” Hernández-Murillo, Rubén, and Christopher J. Martinek. 2008. Federal Reserve Bank of St. Louis The Regional Economist, April, 4–6. http://research.stlouisfed.org/publications/regional/08/04/democracy.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  37. 2008

    “ Eighth District Population Growth Follows National Pattern.” Aubuchon, Craig P., Subhayu Bandyopadhyay, Rubén Hernández-Murillo, and Christopher J. Martinek. 2008. Federal Reserve Bank of St. Louis The Regional Economist, July, 18–19. http://research.stlouisfed.org/publications/regional/08/07/dist_overview.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  38. 2008

    “Reader Exchange: What Is the Beige Book, and How Is It Useful?” Hernández-Murillo, Rubén. 2008. Federal Reserve Bank of St. Louis The Regional Economist, October, 23. http://research.stlouisfed.org/publications/regional/08/10/reader_exchange.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  39. 2008

    “Drug Prices under the Medicare Drug Discount Card Program.” Dinlersoz, Emin M., Rubén Hernández-Murillo, Han Li, and Roger Sherman. 2008. Federal Reserve Bank of St. Louis Review 90 (6): 643–66. http://research.stlouisfed.org/publications/review/08/11/Dinlersoz.pdf.

    BibTeX entry:

    @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,
      number = {6},
      pages = {643-666},
      volume = {90},
      pubtype = {Review},
      url = {http://research.stlouisfed.org/publications/review/08/11/Dinlersoz.pdf}
    }
    

    Links to file:

  40. 2007

    “ U.S. Exporters: a Rare Breed.” Hernández-Murillo, Rubén. 2007. Federal Reserve Bank of St. Louis National Economic Trends, August. http://research.stlouisfed.org/publications/net/20070801/cover.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  41. 2007

    “ U.S. Exporters: Rare but Beneficial.” Hernández-Murillo, Rubén, and Christopher J. Martinek. 2007. Federal Reserve Bank of St. Louis The Regional Economist, October, 12–13. http://research.stlouisfed.org/publications/regional/07/10/exporters.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  42. 2007

    “Employment Growth Slows in the Eighth District.” Bandyopadhyay, Subhayu, Rubén Hernández-Murillo, Elizabeth La Jeunesse, and Christopher J. Martinek. 2007. Federal Reserve Bank of St. Louis The Regional Economist, October, 16–17. http://research.stlouisfed.org/publications/regional/07/10/overview.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  43. 2007

    “Experiments in Financial Liberalization: The Mexican Banking Sector.” Hernández-Murillo, Rubén. 2007. Federal Reserve Bank of St. Louis Review 89 (5): 415–32. http://research.stlouisfed.org/publications/review/07/09/HernandezMurillo.pdf.

    BibTeX entry:

    @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,
      number = {5},
      pages = {415-432},
      volume = {89},
      pubtype = {Review},
      selectpub = {Yes},
      url = {http://research.stlouisfed.org/publications/review/07/09/HernandezMurillo.pdf}
    }
    

    Links to file:

  44. 2007

    “Spatial Dependence in Models of State Fiscal Convergence.” Coughlin, Cletus C., Thomas A. Garrett, and Rubén Hernández-Murillo. 2007. Public Finance Review 35 (3): 361–84. doi:10.1177/1091142106295766.

    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.

    BibTeX entry:

    @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},
      doi = {10.1177/1091142106295766},
      pubtype = {Journal},
      url = {http://research.stlouisfed.org/wp/2006/2006-001.pdf}
    }
    

    Links to file:

  45. 2006

    “The Information Content of Regional Employment Data for Forecasting Aggregate Conditions.” Hernández-Murillo, Rubén, and Michael T. Owyang. 2006. Economics Letters 90 (3): 335–39. doi:10.1016/j.econlet.2005.08.023.

    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.

    BibTeX entry:

    @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},
      doi = {10.1016/j.econlet.2005.08.023},
      pubtype = {Journal},
      selectpub = {Yes},
      url = {http://research.stlouisfed.org/wp/2004/2004-005.pdf}
    }
    

    Links to file:

  46. 2006

    “New Views on Immigration.” Hernández-Murillo, Rubén. 2006. Federal Reserve Bank of St. Louis National Economic Trends, June. http://research.stlouisfed.org/publications/net/20060601/cover.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  47. 2006

    “Employment Trends in Nearby Metro Areas Take Different Paths.” Hernández-Murillo, Rubén, and Deborah Roisman. 2006. Federal Reserve Bank of St. Louis The Regional Economist, January, 17. http://research.stlouisfed.org/publications/regional/06/01/overview_MEM.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  48. 2006

    “Professional and Business Services Bounce Back in Memphis.” Hernández-Murillo, Rubén, and Deborah Roisman. 2006. Federal Reserve Bank of St. Louis The Regional Economist, July, 16–16. http://research.stlouisfed.org/publications/regional/06/07/overview_mem.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  49. 2006

    “Adding up the Economic Effects of Immigration.” Hernández-Murillo, Rubén. 2006. Federal Reserve Bank of St. Louis The Regional Economist, October, 12–13. http://research.stlouisfed.org/publications/regional/06/10/immigration.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  50. 2006

    “The Geography, Economics, and Politics of Lottery Adoption.” Coughlin, Cletus C., Thomas A. Garrett, and Rubén Hernández-Murillo. 2006. Federal Reserve Bank of St. Louis Review 88 (3): 165–80. http://research.stlouisfed.org/publications/review/06/05/Coughin.pdf.

    BibTeX entry:

    @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,
      number = {3},
      pages = {165-180},
      volume = {88},
      pubtype = {Review},
      selectpub = {Yes},
      url = {http://research.stlouisfed.org/publications/review/06/05/Coughin.pdf}
    }
    

    Links to file:

  51. 2006

    “Patent Licensing Revisited: Heterogeneous Firms and Product Differentiation.” Hernández-Murillo, Rubén, and Gerard Llobet. 2006. International Journal of Industrial Organization 24 (1): 149–75. doi:10.1016/j.ijindorg.2005.03.008.

    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.

    BibTeX entry:

    @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},
      doi = {10.1016/j.ijindorg.2005.03.008},
      pubtype = {Journal},
      selectpub = {Yes},
      url = {http://research.stlouisfed.org/wp/2002/2002-031.pdf}
    }
    

    Links to file:

  52. 2005

    “The Economics of Giving.” Hernández-Murillo, Rubén. 2005. Federal Reserve Bank of St. Louis National Economic Trends, October. http://research.stlouisfed.org/publications/net/20051001/cover.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  53. 2005

    “Health-Care Industry Pulls Memphis out of Job Slump.” Hernández-Murillo, Rubén, and Deborah Roisman. 2005. Federal Reserve Bank of St. Louis The Regional Economist, July, 16. http://research.stlouisfed.org/publications/regional/05/07/overview_mphs.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  54. 2005

    “The Economics of Charitable Giving: What Gives?” Hernández-Murillo, Rubén, and Deborah Roisman. 2005. Federal Reserve Bank of St. Louis The Regional Economist, October, 12–13. http://research.stlouisfed.org/publications/regional/05/10/charitable_giving.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  55. 2005

    “The Diffusion of Electronic Business in the United States.” Dinlersoz, Emin M., and Rubén Hernández-Murillo. 2005. Federal Reserve Bank of St. Louis Review 87 (1): 11–34. http://research.stlouisfed.org/publications/review/05/01/Dinlersoz.pdf.

    BibTeX entry:

    @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,
      number = {1},
      pages = {11-34},
      volume = {87},
      pubtype = {Review},
      selectpub = {Yes},
      url = {http://research.stlouisfed.org/publications/review/05/01/Dinlersoz.pdf}
    }
    

    Links to file:

  56. 2005

    “Does Consumer Sentiment Predict Regional Consumption?” Garrett, Thomas A., Rubén Hernández-Murillo, and MichaelT. Owyang. 2005. Federal Reserve Bank of St. Louis Review 87 (2, Part 1): 123–35. http://research.stlouisfed.org/publications/review/05/03/part1/GarrHernOwy.pdf.

    BibTeX entry:

    @article{fedlrv2005mar,
      title = {Does consumer sentiment predict regional consumption?},
      author = {Garrett, Thomas A. and Hern{\'a}ndez-Murillo, Rub{\'e}n and Owyang, MichaelT.},
      journal = {Federal Reserve Bank of St. Louis Review},
      year = {2005},
      month = mar,
      number = {2, Part 1},
      pages = {123-135},
      volume = {87},
      pubtype = {Review},
      selectpub = {Yes},
      url = {http://research.stlouisfed.org/publications/review/05/03/part1/GarrHernOwy.pdf}
    }
    

    Links to file:

  57. 2004

    “Tax Competition and Tax Harmonization With Evasion.” Gandelman, Néstor, and Rubén Hernández-Murillo. 2004. Topics in Economic Analysis and Policy 4 (1). doi:10.2202/1538-0653.1219.

    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.

    BibTeX entry:

    @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},
      doi = {10.2202/1538-0653.1219},
      keywords = {Tax Competition; Tax Evasion; Tax Harmonization; Risk Aversion},
      pubtype = {Journal},
      selectpub = {Yes},
      url = {http://research.stlouisfed.org/wp/2002/2002-015.pdf}
    }
    

    Links to file:

  58. 2004

    “Entrepreneurship.” Hernández-Murillo, Rubén. 2004. Federal Reserve Bank of St. Louis National Economic Trends, May. http://research.stlouisfed.org/publications/net/20040501/cover.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  59. 2004

    “Metropolitan Growth: Sun Belt vs. Snow Belt.” Hernández-Murillo, Rubén. 2004. Federal Reserve Bank of St. Louis National Economic Trends, October. http://research.stlouisfed.org/publications/net/20041001/cover.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  60. 2004

    “Tough Lesson: More Money Doesn’t Help Schools; Accountability Does.” Hernández-Murillo, Rubén, and Deborah Roisman. 2004. Federal Reserve Bank of St. Louis The Regional Economist, April, 12–13. http://research.stlouisfed.org/publications/regional/04/04/tough_lesson.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  61. 2004

    “Point and Click, or Mortar and Brick? A Look at Internet Banking in the Eighth District.” Hernández-Murillo, Rubén, and Deborah Roisman. 2004. Federal Reserve Bank of St. Louis The Regional Economist, October. http://research.stlouisfed.org/publications/regional/04/10/point_click.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  62. 2004

    “Racial Profiling Or Racist Policing? Bounds Tests In Aggregate Data.” Hernández-Murillo, Rubén, and John Knowles. 2004. International Economic Review 45 (3): 959–89. doi:10.1111/j.0020-6598.2004.00293.x.

    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.

    BibTeX entry:

    @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},
      doi = {10.1111/j.0020-6598.2004.00293.x},
      pubtype = {Journal},
      selectpub = {Yes},
      url = {http://research.stlouisfed.org/wp/2004/2004-012.pdf}
    }
    

    Links to file:

  63. 2003

    Spatial Probit and the Geographic Patterns of State Lotteries. Coughlin, Cletus C., Thomas A. Garrett, and Rubén Hernández-Murillo. 2003. No. 2003-042B. Federal Reserve Bank of St. Louis. https://doi.org/10.20955/wp.2003.042.

    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.

    BibTeX entry:

    @techreport{fedlwp2003-042b,
      title = {Spatial Probit and the Geographic Patterns of State Lotteries},
      author = {Coughlin, Cletus C. and Garrett, Thomas A. and Hern{\'a}ndez-Murillo, Rub{\'e}n},
      institution = {Federal Reserve Bank of St. Louis},
      year = {2003},
      number = {No. 2003-042B},
      pubtype = {WP},
      url = {https://doi.org/10.20955/wp.2003.042}
    }
    

    Links to file:

  64. 2003

    “Computer Use and Productivity Growth.” Hernández-Murillo, Rubén. 2003. Federal Reserve Bank of St. Louis National Economic Trends, December. http://research.stlouisfed.org/publications/net/20031201/cover.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  65. 2003

    “Cities as Centers of Innovation.” Hernández-Murillo, Rubén. 2003. Federal Reserve Bank of St. Louis National Economic Trends, March. http://research.stlouisfed.org/publications/net/20030301/cover.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  66. 2003

    “Innovation: Is the Eighth District Catching up with the Nation?” Hernández-Murillo, Rubén. 2003. Federal Reserve Bank of St. Louis The Regional Economist, April, 12–13. http://research.stlouisfed.org/publications/regional/03/04/innovation.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  67. 2003

    “Strategic Interaction in Tax Policies among States.” Hernández-Murillo, Rubén. 2003. Federal Reserve Bank of St. Louis Review 85 (3): 47–56. http://research.stlouisfed.org/publications/review/03/05/Hernandez.pdf.

    BibTeX entry:

    @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,
      number = {3},
      pages = {47-56},
      volume = {85},
      pubtype = {Review},
      selectpub = {Yes},
      url = {http://research.stlouisfed.org/publications/review/03/05/Hernandez.pdf}
    }
    

    Links to file:

  68. 2002

    “Health Care Costs and Coverage.” Hernández-Murillo, Rubén. 2002. Federal Reserve Bank of St. Louis National Economic Trends, November. http://research.stlouisfed.org/publications/net/20021101/cover.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  69. 2002

    “Did ‘Right-to-Work’ Work for Idaho?” Dinlersoz, Emin M., and Rubén Hernández-Murillo. 2002. Federal Reserve Bank of St. Louis Review 84 (3): 29–42. http://research.stlouisfed.org/publications/review/02/05/29-42DinlersoHernandez2.pdf.

    BibTeX entry:

    @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,
      number = {3},
      pages = {29-42},
      volume = {84},
      pubtype = {Review},
      url = {http://research.stlouisfed.org/publications/review/02/05/29-42DinlersoHernandez2.pdf}
    }
    

    Links to file:

  70. 2001

    “The Earned Income Tax Credit at Work.” Hernández-Murillo, Rubén. 2001. Federal Reserve Bank of St. Louis National Economic Trends, April. http://research.stlouisfed.org/publications/net/20010401/cover.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  71. 2001

    “Give Me Your Skilled....” Hernández-Murillo, Rubén. 2001. Federal Reserve Bank of St. Louis National Economic Trends, October. http://research.stlouisfed.org/publications/net/20011001/cover.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file:

  72. 2001

    “Suburban Expansion.” Hernández-Murillo, Rubén. 2001. Federal Reserve Bank of St. Louis The Regional Economist, October, 12–13. http://research.stlouisfed.org/publications/regional/01/10/SuburbanExpansion.pdf.

    BibTeX entry:

    @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}
    }
    

    Links to file: