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Taxation with Representation
Bryon Lutz
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
Solving Linear Rational Expectations Models
Gary Anderson
Издател: Board of Governors of the Federal Reserve System
This paper compares the functionality, accuracy, computational efficiency, and practicalities of alternative approaches to solving linear rational expectations models, including the procedures of (Sims, 1996), (Anderson and Moore, 1983), (Binder and Pesaran, 1994), (King and Watson, 1998), (Klein, 1999), and (Uhlig, 1999). While all six prcedures
International Property Rights Index
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Издател: Аlliance
The 2010 International Property Rights Index (IPRI) is an international comparative study that measures the significance of both physical and intellectual property rights and their protection for economic well-being. In order to incorporate and grasp the important aspects related to property rights protection, the Index focuses on three areas:
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