This paper quantifies the effects of two short-run fiscal policies, a temporary tax cut and a temporary rebate transfer, that are intended to stimulate economic activity. A reduction in income taxation provides immediate incentives to work and save more, raising aggregate output and consumption....

This paper provides updated estimates of the impact of three financial frictions—negative equity, mortgage lock-in, and property tax lock-in—on household mobility. We add the 2009 wave of the American Housing Survey (AHS) to our sample and also create an improved measure of permanent moves...

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey.

Remarks at the Long Island Association, Melville, New York.