Does capital-embodied technological change play an important role in shaping labor market outcomes? To address this question, we develop a model with vintage capital and search-matching frictions where irreversible investment in new vintages of capital creates heterogeneity in productivity among firms, matched as well as vacant. We demonstrate that capital-embodied technological change reduces ...

Regarding the importance of ring spinning method among spinning systems, great potentials exist for research about on the improvement of the quality and properties of ring spun yarn. This study aims to improve yarn quality by changing the shape and dimensions of spinning triangle through forming a groove in the middle zone of the front darfting roller with a curvature of 5 to 7 mm. For the to...

Sovereign debt renegotiations take an average of nine years for bank loans but only one year for bonds. Our paper provides an explanation to this finding by highlighting one key difference between bank loans and bonds: bank debt is rarely traded, while bond debt is heavily traded on the secondary market. The secondary market plays a crucial information revelation role in shortening renegotiatio...

The use of a reserve aggregate as an operating target raises questions about the interest rate effects of policy actions on the ability of the Federal Reserve to achieve a desired growth in the money stock. Open market operations affect both reserve aggregates and interest rates. Changes in interest rates, in turn, influence the portfolio decisions of banks and the public, and are believed by s...

*The views expressed here are those of the author and do not necessarily represent the views of the Federal Reserve Bank of Philadelphia or the Federal Reserve System. Shigeru Fujita is a senior economist in the Research Department of the Philadelphia Fed. This article is available free of charge at www. philadelphiafed. org/research-and-data/publications/. Labor Market Anxiety and the Downward...

In conjunction with the Committee on the Global Financial System Working Group project on foreign direct investment in emerging market financial sectors, staff of the U.S. Federal Reserve examined the market for political risk insurance (PRI) and its use by financial institutions to mitigate emerging market risks. A series of meetings were undertaken in 2003 with U.S. commercial and investment ...