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Moving closer? Comparing regional adjustments to shocks in EMU and the United States.

ABSTRACT: This paper analyzes alternative channels of adjustment to nominal exchange rate flexibility in response to shocks faced by countries and regions that are part of a monetary union. Over our full sample period of analysis (1977-2018), the results suggest a dominant role of interstate migration as an adjustment channel to labor demand shocks for the United States. In contrast, European countries tend to adjust to negative labor demand shocks mainly through changes in labor force participation and unemployment. Labor mobility is lower in the euro area, regardless of whether one is looking at cross-country migration or within-country mobility. Price flexibility is more important as a shock absorber to labor demand shocks in the EMU compared to the United States. We also document that risk-sharing mechanisms have been, on average, more effective in smoothing income fluctuations in the United States than in the EMU. The strength of these channels, however, has changed over time both for the EMU and in the United States. In particular, the results suggest that the pattern of regional adjustments to shocks in EMU and the United States is moving closer, partly because of strengthening of adjustment channels in the EMU and partly because of weakening of these channels in the United States.

SUBMITTER: Furceri D

PROVIDER: S-EPMC7486832 | biostudies-literature | 2020 Sep

REPOSITORIES: biostudies-literature

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Moving closer? Comparing regional adjustments to shocks in EMU and the United States.

Furceri Davide D Loungani Prakash P Pizzuto Pietro P

Journal of international money and finance 20200912

This paper analyzes alternative channels of adjustment to nominal exchange rate flexibility in response to shocks faced by countries and regions that are part of a monetary union. Over our full sample period of analysis (1977-2018), the results suggest a dominant role of interstate migration as an adjustment channel to labor demand shocks for the United States. In contrast, European countries tend to adjust to negative labor demand shocks mainly through changes in labor force participation and u ...[more]

PMID: 32952255

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Project description:To ensure generalizability of clinical research results, it is important to enroll a heterogeneous population that is representative of the target clinical population. Earlier studies have found regional variation in participation in human immunodeficiency virus (HIV) clinical trials, with the lowest rates seen in the southern United States. Rates of new HIV diagnoses are highest in the South, highlighting the need for in-depth understanding of disparities in clinical trial participation. We evaluated whether regional variation in study participation remains, and describe factors that facilitate or prevent HIV clinical trial participation by region.A one-time, anonymous, bilingual, self-administered survey was conducted among HIV-infected adults receiving HIV care at all 47 domestic AIDS Clinical Trials Group clinical research sites, with a goal of completing 50 surveys per site. ?(2) tests were used to evaluate differences in knowledge of and participation in HIV clinical trials by region, including Northeast, Midwest, South, and West regions. Multivariable logistic regression was used to estimate odds ratios and 95% confidence intervals (CIs) for the effect of region on knowledge of and participation in HIV clinical trials.Of 2263 completed surveys, 2125 were included in this analysis. The proportion of respondents in the South who reported knowledge of studies (66%) was significantly lower than in the Northeast (76%), Midwest (77%), and West (73%) (P = 0.001). Respondents in the South also were the least likely group to report ever having tried to or having participated in a research study (51%) compared with respondents in the Northeast (60%), Midwest (57%), and West (69%; P < 0.001). After adjusting for age, sex, education, race/ethnicity, tobacco use, and alcohol use, the odds ratio for knowledge of and participation in clinical trials for the Northeast (1.36; 95% CI 1.07-1.72) and West (1.85; 95% CI 1.39-2.45) remained significant compared with the South. African American respondents in the South were the most likely population group to report not understanding research studies (15%) as a reason for not participating, compared with the Northeast (9%), Midwest (8%), and West (6%; P < 0.001).Significant regional variations in knowledge of and participation in HIV clinical trials exist. Our results suggest that increasing awareness and understanding of research studies, particularly among African Americans in the South, may facilitate HIV clinical trial participation that is more representative of the HIV-infected population across the United States.

Dataset Information

Moving closer? Comparing regional adjustments to shocks in EMU and the United States.

Publications

Moving closer? Comparing regional adjustments to shocks in EMU and the United States.

Similar Datasets

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