Recent Analysis and Research

Posted August 25, 2014
Sylvain Leduc and Dan Wilson

Economic Letter a Publication of Economic Research

Highway spending in the United States between 2008 and 2011 was flat, despite the serious need for improvements and the big boost to state highway funds from the Recovery Act of 2009. A comparison of how much different states received and spent shows that these federal grants actually boosted highway spending substantially. However, this was offset by pressures to reduce state highway spending due to plummeting tax revenues. In fact, analysis suggests national highway spending would have fallen roughly 20% over this period without federal highway grants from the Recovery Act.

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Posted August 28, 2014
Eugenio Cerutti, Galina Hale, and Camelia Minoiu

Working Papers a Publication of Economic Research

We examine the composition and drivers of cross-border bank lending between 1995 and 2012, distinguishing between syndicated and non-syndicated loans. We show that on-balance sheet syndicated loan exposures, which account for almost one third of total cross-border loan exposures, increased during the global financial. We show that banks with lower levels of capital favor syndicated over other kinds of cross-border loans, that borrower country characteristics indicate a diversification motive for syndication, and that information asymmetries between lender and borrower countries became more binding during the recent crisis.

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The New Geography of Jobs (EiP)

Posted April 30, 2014

The New Geography of Jobs

In the 1950s, the best indicator of a community's economic success was its level of physical capital. In today's world, the best indicator of a community's economic success is human capital. Professor Enrico Moretti discusses the factors shaping community development and the pivotal role of college-educated workers.

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