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Wagner's hypothesis: a local perspective

Eberts, Randall W.; Gronberg, Timothy J. - Federal Reserve Bank of Cleveland - 1992

Wagner's hypothesis of an expanding public sector as an economy develops is tested using pooled time-series cross-sectional data for U.S. states from 1964 to 1986. Comparing government size among fiscal jurisdictions within a single nation reduces the problems of data comparability and of...

Persistent link: https://www.econbiz.de/10005428302

Home production meets time-to-build

Gomme, Paul A. (contributor); Kydland, Finn E. (contributor) - 2000 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001536874

Co-movement in sticky price models with durable goods

Carlstrom, Charles T.; Fuerst, Timothy S. - Federal Reserve Bank of Cleveland - 2006

In an interesting paper Barsky, House, and Kimball (2005) demonstrate that in a standard sticky price model a monetary contraction will lead to a decline in nondurable goods production but an increase in durable goods production, so that aggregate output is little changed. This lack of...

Persistent link: https://www.econbiz.de/10005428324

A note on sunspots with heterogeneous agents

Carroll, Daniel R.; Young, Eric R. - Federal Reserve Bank of Cleveland - 2009

This paper studies sunspot fluctuations in a model with heterogeneous households. We find that wealth inequality … is calibrated to match the joint distribution of hours, income, and wealth, the required degree of increasing returns to …

Persistent link: https://www.econbiz.de/10004973935

The demand for income tax progressivity in the growth model

Carroll, Daniel R. - Federal Reserve Bank of Cleveland - 2013

within the wealth distribution, the median voter is determined endogenously. In a numerical experiment, the model is … initialized to the 1992 U.S. joint distribution of income and wealth as well as several statistics of the federal income tax … progressivity have high labor productivity and/or very high wealth. A movement towards greater progressivity increases aggregate …

Persistent link: https://www.econbiz.de/10008852885

Neighborhood dynamics and the distribution of opportunity

Aliprantis, Dionissi; Carroll, Daniel - Federal Reserve Bank of Cleveland - 2012

This paper uses an overlapping-generations dynamic general equilibrium model of residential sorting and intergenerational human capital accumulation to investigate effects of neighborhood externalities. In the model, households choose where to live and how much to invest toward the production of...

Persistent link: https://www.econbiz.de/10011133763

Simulating the transmission of wealth inequality via bequests

Gokhale, Jagadeesh; Kotlikoff, Laurence J.; Sefton, James; … - Federal Reserve Bank of Cleveland - 1998

Answering the question of how much wealth inequality arises from inheritance inequality requires data that are …

Persistent link: https://www.econbiz.de/10005729001

The impact of Social Security and other factors on the distribution of wealth

Gokhale, Jagadeesh; Kotlikoff, Laurence J. - Federal Reserve Bank of Cleveland - 1999

materially alter the distribution of wealth. This paper uses data from the PSID to further analyze how Social Security and other … factors affect wealth inequality. …

Persistent link: https://www.econbiz.de/10005729089