Working Paper 8918 top
Altruism, Borrowing Constraints, and Social Security
by David Altig and
Steve J. Davis
An examination of how intergenerational altruism and borrowing constraints shape the interest rate, savings, and welfare response to funded and unfunded Social Security programs.
PDF file 580K
Working Paper 8917 top
The Timing of Intergenerational Transfers, Tax Policy, and Aggregate Savings
by David Altig and
Steve J. Davis
An analysis of the interest rate and savings effects of fiscal policy in an overlapping generations framework, discussing the circumstances under which capital's steady-state marginal product varies.
PDF file 447K
Working Paper 8916 top
An Analysis of Bank Failures: 1984 TO 1989
by James B. Thomson,
Ph.D.
A study that models the regulatory decision to close a bank as a call option. A two-equation model of bank failure that treats closings as regulatorily timed events is compared with two single-equation models for accuracy.
PDF file 651K
Working Paper 8915 top
Regime Changes in Stock Returns
by Nan-Ting Chou and Ramon P. DeGennaro
The authors model stock returns as a stochastic function of a constant expected return and the financing costs resulting from delayed delivery, to examine three potential sources of instability in stock-return model parameter estimates.
PDF file 224K
Working Paper 8914 top
The Role of Banks in Influencing Regional Flows of Funds
by Katherine A. Samolyk
A presentation of a theoretical model of regional banking using plausible information asymmetries to explain how local bank capital may affect the funding of regional investments, concluding that regional banking conditions can affect the efficiency of investment and the level of future aggregate output.
PDF file 210K
Working Paper 8913 top
Portfolio Risks and Bank Asset Choice
by Katherine A. Samolyk
An investigation of the effects of credit risk and interest-rate risk on bank portfolio choices, showing how bank capital inadequacy may prevent a bank from investing in the optimal portfolio and how the efficiency of the bank's intermediation technology affects its choice of second-best portfolio.
PDF file 260K
Working Paper 8912 top
Enforcement of Pollution Regulations in a Declining Industry
by Mary E. Deily and Wayne B. Gray
An examination of the effect of EPA enforcement activity as it relates to company plant-closing decisions and company compliance decisions in the U.S. steel industry, finding fewer enforcement actions taken toward plants with an already high probability of closing.
PDF file 461K
Working Paper 8911 top
Factor-Adjustment Costs at The Industry Level
by Mary E. Deily and Dennis W. Jansen
An estimation of a dynamic cost function for the U.S. steel industry to investigate the cost of adjusting blue- and white-collar employment levels and to examine the importance of specification of the adjustment-cost function.
PDF file 415K
Working Paper 8910 top
Structure, Conduct, and Perfornance in the Local Public Sector
by Randall W. Eberts and Timothy J. Gronberg
An examination of the relationship between the number of local governments within local labor markets and their expenditures, finding empirical support in both suburbs and central cities for the connection between the structure of the local public service market and its performance.
PDF file 354K
Working Paper 8909 top
Public Infrastructure and Regional Economic Development: a Simultaneous Equations Approach
by Kevin T. Duffy-Deno and Randall W. Eberts
A study of how public capital stock impacts regional economic development, which jointly models the effects of local public infrastructure on personal income and the effect of personal income on the allocation of local public outlays.
PDF file 431K
Working Paper 8908 top
Intervention and the Risk Premium in Foreign Exchange Rates
by William P. Osterberg
An analysis of how central-bank exchange-market intervention can affect both the level of exchange rates and the risk premium in asset returns, showing how the risk premium is related to the conditional variances of intervention and other exogenous processes.
PDF file 602K
Working Paper 8907 top
The Structure of Supervision and Pay in Hospitals
by Erica L. Groshen and Alan B. Krueger
An examination of the intensity of supervision in the workplace and its effect on the pay of nonsupervisory employees through the use a wage survey of the hospital industry.
PDF file 418K
Working Paper 8906 top
Do Wage Differences among Employers Last?
by Erica L. Groshen
An analysis of the variance of wages within and between industries, finding that wage differences are virtually stationary over time and are related to establishment size.
PDF file 1,286K
Working Paper 8905 top
Modeling Large Conmercial-Bank Failures: a Simultaneous-Equation Analysis
by Asli Demirgüc-Kunt
The development of a model of large-bank failures that studies insolvency and failure simultaneously and that recognizes economic, political, and bureaucratic constraints faced by regulators.
PDF file 737K
Working Paper 8904 top
Dedicated Taxes and Rent Capture by Public Employees
by Brian A. Cromwell
A test of whether the enactment of a dedicated tax leads to higher payroll and wages for public employees, by means of survey results from the local mass-transit industry.
PDF file 940K
Working Paper 8903 top
Predicting De Novo Branch Entry Into Rural Markets
by Gary Whalen
An investigation of the probability of de novo branch entry into rural banking markets in Ohio and Pennsylvania to determine whether potential competition is an effective disciplinary force in bank-market expansion.
PDF file 345K
Working Paper 8902 top
A Two-Sector Implicit Contracting Model With Procyclical Quits And Involuntary Layoffs
by Charles T. Carlstrom
An explanation of involuntary unemployment and procyclical quits based on models of implicit contracts and on-the-job search.
PDF file 646K
Working Paper 8901 top
The Effects of Disinflationary Policies on Monetary Velocity
by William T. Gavin and William G. Dewald
A study of the effect of disinflation policies on monetary velocity, which shows a systematic relation between unexpected changes in the money-income relationship and changes in the trends of inflation rates, and which concludes that the failure to commit to a stable price policy tends to destabilize the economy.
PDF file 799K
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