Working Paper 9621top
Marginal Tax Rates
and Income Inequality in a Life-Cycle Model
by David Altig and
Charles T. Carlstrom
A presentation of computational counterfactual experiments that examine the quantitative impact of marginal tax rates on the distribution of income.
PDF file 1,292K
Working Paper 9620 top
Neighborhood
Information and Home Mortgage Lending
by Robert B. Avery, Patricia E. Beeson, and Mark
S. Sniderman
An examination of how information about a neighborhood affects the level of lending activity in it, specifically, whether lenders deny mortgage applications at higher rates in neighborhoods where they have little experience in evaluating applications and/or where the lending community in general lacks such experience.
PDF file 601K
Working Paper 9619top
Performance
and Asset Management Effects of Bank Acquisitions
by Ben Craig and João
Cabral dos Santos
An analysis of how bank acquisitions affect the performance and asset management of the acquired bank, its acquirer, and the newly formed banking organization, showing that after the acquisition, the acquired bank is transformed along a wide variety of dimensions such that it becomes a replica of the acquirer.
PDF file 263K
Working Paper 9618top
Consequences
of Means Testing Social Security: Evidence
from the SSI Program
by David Neumark and Elizabeth Powers
A treatise that draws inferences about the potential behavioral responses to means testing Social Security by examining the effects of the Supplementary Security Income program for the aged on wealth accumulation and employment.
PDF file 149K
Working Paper 9617top
Inflation and
Financial Market Performance
by John H. Boyd, Ross Levine, and Bruce D.
Smith
An exploration of the cross-sectional relationship between inflation and an array of indicators of financial market conditions, using time-averaged data covering several decades and a large number of countries.
PDF file 50K
Working Paper 9616top
Monitored Finance,
Liquidity, and Institutional Investment Choice
by Andrew Winton
A presentation of a model predicting that debt or similar claims will dominate the portfolios of institutions that specialize in providing monitored finance. Among these institutions, those with greater liquidity needs should hold fewer monitored equity positions, make less risky loans, and monitor less intensively.
PDF file 926K
Working Paper 9615top
Growth Effects
of a Flat Tax
by Steven P. Cassou and Kevin J. Lansing
A presentation of a quantitative general equilibrium model showing that a revenue-neutral flat tax can permanently boost per capita growth by 0.18 to 0.85 percentage point annually, and that the lower marginal tax rate and the full investment write-off are both important contributors to the increased growth.
PDF file 1,700K
Working Paper 9614top
Welfare, Stabilization,
or Growth: A Comparison of Difference Fiscal
Objectives
by Steven P. Cassou and Kevin J. Lansing
An argument that stabilization produces welfare levels nearly identical to those of welfare maximization, and that both these policies yield large welfare gains and modest growth losses relative to growth maximization policies.
PDF file 596K
Working Paper 9613top
Work Schedules,
Wages, and Employment in a General Equilibrium
Model with Team Production
by Terry J. Fitzgerald
An analysis of working hours, wages, and employment when production requires coordinating the work schedules of heterogeneous workers. The author shows that this coordination aspect of production can have important policy implications.
PDF file 177K
Working Paper 9612top
Rounding in
Earnings Data
by Mark
E. Schweitzer and Eric K. Severance-Lossin
A report showing that although rounding in earnings data is typically ignored, its systematic nature affects some commonly used statistics based on earnings data, particularly those focusing on a specific region of the wage distribution.
PDF file 117K
Working Paper 9611top
Sectoral Wage Convergence: A Nonparametric Distributional Analysis
by Mark E. Schweitzer and Max Dupuy
A nonparametric analysis of the similarity between goods and services wage densities, applying kernel density estimates and an overlap statistic to U.S. weekly full-time wages from 1969 to 1993.
PDF file 509K
Working Paper 9610top
Commercial Banks
in the Securities Business: A Review
by João Cabral dos Santos
An analysis of the potential effects of commercial banks' expansion into the securities business, focusing on gains, such as information advantages and economies of scope, as well as on potential costs, including conflicts of interest and risk considerations.
PDF file 274K
Working Paper 9609top
On the Politcal
Economy of Income Redistribution and Crime
by Ayse Imrohoroglu, Antonio Merle, and Peter Rupert
A general equilibrium analysis of the effects of income redistribution and crime, showing that while expenditures on police protection reduce crime, it is possible for the crime rate to increase with redistribution.
PDF file 1,301K
Working Paper 9608top
U.S. Intervention:
Assessing the Probability of Success
by Owen
F. Humpage
A study showing that the number of observed intervention successes over the February 1987 to February 1990 period was greater than one would expect to see randomly, and that the probability of success increased when intervention was coordinated and when the dollar amount was large.
PDF file 337K
Working Paper 9607top
Macro- and microeconomic
Consequences of wage rigidity
by Erica L. Groshen and Mark
E. Schweitzer
An exploration of the micro- and macroeconomic theories, implications, and evidence of wage rigidity from the perspective of human resource managers and economic researchers, showing that human resource policies can subtly alter the rigidity of wages.
PDF file 418K
Working Paper 9606top
Commitment as
Investment Under Unceratinty
by Joseph A. Ritter and Joseph
G. Haubrich
An explanation of how irreversible investment and the techniques associated with pricing real options can apply to a broad range of problems in finance, macroeconomics, and trade policy.
PDF file 489K
Working Paper 9605top
Endogenous Money
Supply and the Business Cycle
by William T. Gavin and Finn E. Kydland
An empirical and theoretical analysis of how changes in the monetary policy function affect the covariance structure of macroeconomic data.
PDF file 900K
Working Paper 9604top
Bank Deposit
Rate Clustering: Theory and Empirical Evidence
by Charles Kahn, George Pennacchi, and Ben
Sopranzetti
An examination of banks' optimal deposit-rate-setting behavior when some customers have limited recall, showing that when banks exploit this phenomenon, deposit rates will tend to be set at round fractions and will be relatively "sticky" at these levels.
PDF file 264K
Working Paper 9603top
Demographic
Change, Generational Accounts, and National
Saving in the United States
by Jagadeesh Gokhale
An investigation of how alternative population projections affect the measurement of the intergenerational imbalance in the distribution of resources, and an analysis of the impact of demographic change on U.S. national saving.
PDF file 250K
Working Paper 9602top
Agency Costs,
Net Worth, and Business Fluctuations: A Computable
General Equilibrium Analysis
by Charles
T. Carlstrom and Timothy
S. Fuerst
An analysis of the quantitative effects of agency costs in a real business cycle model, showing that these costs can explain why output growth displays positive autocorrelation at short horizons.
PDF file 1,534K
Working Paper 9601top
Dynamic Commitment
and Imperfect Policy Rules
by Joseph
G. Haubrich and Joseph A. Ritter
An examination of the dynamics of commitment, showing that because the decision regarding rules versus discretion occurs in real time, opting for discretion is often the better choice, since it leaves open the possibility of adopting rules later on.
PDF file 125K
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