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Издател: Board of Governors of the Federal Reserve System

Economic theory predicts that unconditional intergovernmental grant income and private income are perfectly fungible. Despite this prediction, the literature on fiscal federalism documents that grant and private income are empirically non-equivalent. A large scale school finance reform in New Hampshire — the typical school district experienced a

Real-Time Model Uncertainty in the United States: the Fed 1996-2003

Robert Tetlow, Brian ironside

Издател: Board of Governors of the Federal Reserve System

We study 30 vintages of FRB/US, the principal macro model used by the Federal Reserve Board staff for forecasting and policy analysis. To do this, we exploit archives of the model code, coefficients, baseline databases and stochastic shock sets stored after each FOMC meeting from the model's inception in July 1996 until November 2003. The period

Incentives and Prices for Motor Vehicles

collective

Издател: Board of Governors of the Federal Reserve System

We address the construction of price indexes for consumer vehicles using data collected from a national sample of dealerships. The dataset contains highly disaggregate data on actual sales prices and quantities, along with information on customer cash rebates, financing terms, and much more. Using these data, we are able to capture the actual cash

The Choice at the Checkout

Ron Borzekowski, Elizabeth Kiser

Издател: Board of Governors of the Federal Reserve System

Dramatic changes have occurred in the U.S. payment system over the past two decades, most notably an explosion in electronic card-based payments. Not surprisingly, this shift has been accompanied by a series of policy debates, all of which hinge critically on understanding consumer behavior at the point of sale. Using a new nationally

Captive Markets

Rony Pshisva, Gustavo Suarez

Издател: Board of Governors of the Federal Reserve System

This paper measures the impact of crime on firm investment by exploiting variation in kidnappings in Colombia from 1996 to 2002. Our central result is that firms invest less when kidnappings directly target firms. We also find that broader forms of crime - homicides, guerrilla attacks, and general kidnappings - have no significant effect on

A Retrospective Evaluation of the Effects of Temporary Partial Expensing

Darrel Cohen, Jason Cummins

Издател: Board of Governors of the Federal Reserve System

This paper examines how business investment responded to temporary partial expensing, first enacted in 2002 and expanded in 2003. In principle, partial expensing boosted the incentive to invest which should have had a discernable impact on spending. However, the tax changes did not occur in a vacuum, so it is challenging to isolate their impact.

Monetary Policy Implementation Without Averaging or Rate Corridors

William Whitesell

Издател: Board of Governors of the Federal Reserve System

Most central banks now implement monetary policy by trying to hit a target overnight interest rate using one of two types of frameworks. The first involves arrangements for depository institutions to hold a minimum account balance over a multi-day averaging period. The second uses the central bank's lending rate as a ceiling and its deposit rate

The Price of Residential Land in Large U.S. Cities

Моrris Davis, Michael Palumbo

Издател: Board of Governors of the Federal Reserve System

Combining data from several sources, we build a database of home values, the cost of housing structures, and residential land values for 46 large U.S. metropolitan areas from 1984 to 2004. Our analysis of these new data reveal that since the mid-1980s residential land values have appreciated over a much wider range of cities than is commonly