Working Paper 8816 top
Pricing Daylight Overdrafts
by E.J. Stevens
An examination of three policy problems associated with daylight credit and an evaluation of three reform proposals to alleviate the payment system risk associated with Federal Reserve Banks' extension of daylight credit to financial institutions.
PDF file 307K
Working Paper 8815 top
Bankruptcy in the Life-Cycle Consumption Model
by Kim J. Kowalewski
An analysis assessing the sensitivity of consumption to income using a life-cycle model of consumption that incorporates the possibility of bankruptcy.
PDF file 209K
Working Paper 8814 top
Money, Inflation, and Sectoral Shifts
by Charles T. Carlstrom and Edward N. Gamber
A presentation of a sectoral-shifts model with money that explains the short-run Phillips curve and predicts a long-run positive relationship between inflation and unemployment.
PDF file 451K
Working Paper 8813 top
Decomposing TFP Growth in the Presence of Cost Inefficiency, Nonconstant Returns to Scale, and Technological Progress
by Paul W. Bauer
A decomposition of observed total factor productivity (TFP) growth that examines changes in returns to scale, cost efficiency, and technology and that develops several decompositions using production and cost frontiers.
PDF file 224K
Working Paper 8812 top
The Impact of Capital Grants on Maintenance in the Local Public Sector
by Brian A. Cromwell
PDF file 331K
Working Paper 8811 top
Federal Grant Policies and Public Sector Scrappage Decisions
by Brian A. Cromwell
An examination of capital policies in the public and private sector through analysis of the scrappage decisions of local mass-transit providers, showing that the structure of federal grants has a direct impact on scrappage rates that leads to shorter equipment life in the local public sector.
PDF file 380K
Working Paper 8810 top
Using SMVAM as a Linear Approximation to a Nonlinear Function: a Note
by Asli Demirgüc-Kunt and James Thomson
A study contending that the linear statistical market-value accounting model (SMVAM) is a reasonable approximation of the relationship between market and book equity for firms with positive balance sheets, but that the linear approximation is inadequate when the data sample includes firms whose balance sheets show a low or negative liquidation value.
PDF file 92K
Working Paper 8809 top
Interurban Comparisons of the Quality of Life
by Patricia E. Beeson and Randall W. Eberts
A methodology is developed for constructing quality-of-life comparisons for metropolitan areas in which the full bundle of an area's attributes is valued, rather than the typical method of focusing on individual characteristics.
PDF file 141K
Working Paper 8808 top
Financial Structure and the Adjustment of Capital Stock
by William P. Osterberg
An analysis of the corporate investment decision when financial structure has real effects, utilizing data for the U.S. manufacturing sector from 1954 to 1980.
PDF file 345K
Working Paper 8807 top
Testing for Speculative Bubbles in Stock Prices
by Asli Demirgüc-Kunt and Hashem Dezhbakhsh
A modification of Kenneth West's method for investigating speculative bubbles in stock prices, in which a direct test of the "no bubble" hypothesis is applied to long-term annual U.S. stock-market data.
PDF file 151K
Working Paper 8806 top
Capital Requirements and Optimal Bank Portfolios: a Reexamination
by William P. Osterberg and James B. Thomson
An examination of the impact of increased capital requirements on bank portfolio behavior, finding that although the variance of earnings and the incentive to increase leverage are reduced with risk- and leverage-related interest rates, the impact of increased capital requirements on portfolio behavior is generally ambiguous.
PDF file 258K
Working Paper 8805 top
Lessons of the Past and Prospects for the Future in Lender of Last Resort Theory
by Walker F. Todd
A history of the changes in the theory of the role of the lender of last resort--as a source of solvency versus liquidity support--and a discussion of the distinction between necessity and convenience (the American and European versions of lender of last resort theory) in mounting rescue operations through the central bank.
PDF file 487K
Working Paper 8804 top
TFP Growth, Change in Efficiency, and Technological Progress in the U.S. Airline Industry: 1970 to 1981
by Paul W. Bauer
An overview of the airline industry's early adaptations to deregulation using a best-practice cost function approach; measures cost efficiency and changes in total factor productivity growth for airlines in the 1970s and early 1980s and discusses how these findings relate to individual airline performance.
PDF file 314K
Working Paper 8803 top
The Impact of Firm Characteristics on Plant Closing Decisions
by Mary E. Deily
An examination of the plant-closing decisions of integrated steel firms in the United States from 1977-1987 to determine whether firm characteristics influenced either the probability or the timing of a plant's closing during this decade of significant industry contraction.
PDF file 220K
Working Paper 8802 top
Sources of Wage Dispersion: the Contribution of Interemployer Differentials Within Industry
by Erica L. Groshen
An analysis of variance in individual production workers' wages within and between establishments, using BLS Industry Wage Surveys to examine establishment-based wage differentials.
PDF file 585K
Working Paper 8801 top
Tobin’s Q, Investment, and the Endogenous Adjustment of Financial Structure
by William P. Osterberg
An analysis of a q model of investment in which financial structure affects firm value, using a perfect foresight model of general equilibrium that includes a debt-related agency cost; uses the comparative statics and dynamics of changing the corporate tax rate as an illustration.
PDF file 455K
1987 1988 1989
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