IFDP Notes are articles in which Board economists offer their own views and present analysis on a range of topics in economics and finance. These articles are shorter and less technically oriented than IFDP Working Papers.

Constructing a Dictionary for Financial Stability

Ricardo Correa, Keshav Garud, Juan-Miguel Londono-Yarce, and Nathan Mislang

In this note, we explain in detail how we made word-level choices in our dictionary.  In the note, we also consolidate our lessons from this process into a framework for thinking about dictionary construction.

Emerging Market Nonfinancial Corporate Debt: How Concerned Should We Be?

Daniel Beltran, Keshav Garud, and Aaron Rosenblum

Nonfinancial corporate (NFC) debt in emerging market economies (EMEs) has tripled since the global financial crisis (GFC), reaching roughly $25 trillion, or 112 percent of GDP, in mid-2016.

Milton Friedman and Data Adjustment

Neil R. Ericsson, David F. Hendry, and Stedman B. Hood

When empirically modelling the U.S. demand for money, Milton Friedman more than doubled the observed initial stock of money to account for a "changing degree of financial sophistication" in the United States relative to the United Kingdom. This note discusses effects of this adjustment on Friedman's empirical models.

Corporate Buybacks and Capital Investment: An International Perspective

In recent years, a great deal of attention has been paid in the United States to the simultaneous occurrence of relatively weak corporate capital investment (especially at this point in the business cycle) and historically elevated net share buybacks.

The Effect of the GST on Indian Growth

Eva Van Leemput and Ellen A. Wiencek

In the summer of 2016, the Indian Congress approved the Goods and Services Tax (GST) legislation to simplify the current multilayered federal, state, and local indirect tax structure.

Disclaimer: IFDP Notes are articles in which Board economists offer their own views and present analysis on a range of topics in economics and finance. These articles are shorter and less technically oriented than IFDP Working Papers.

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Last Update: February 21, 2017