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"This paper examines the technical efficiency of U.S. Federal reserve check processing offices over 1980-2003. We use new unconditional quantile estimator of efficiency that avoids some drawbacks of other recently proposed estimators. The new estimator is fully non-parametric, robust with...
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to total government debt based on explicit optimizing behavior. Deficit financing can have short-run effects because of …
Persistent link: https://www.econbiz.de/10005352761
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This paper examines the inflation "pass-through" problem in American monetary policy, defined as the relationship between changes in the growth rates of individual goods and the subsequent economy-wide rate of growth of consumer prices. Granger causality tests robust to structural breaks are...
Persistent link: https://www.econbiz.de/10008852831
This article examines the dynamic relationship between two key U.S. money market interest rates - the federal funds … between these two rates that is remarkably stable across monetary policy regimes of interest rate and monetary aggregate … evidence for the existence of significant asymmetries and nonlinearities in interest rate dynamics that have implications for …
Persistent link: https://www.econbiz.de/10005490888
default and consumption. Our preferred models because of their implied credit terms (interest rates), investments and default … are (1) limited commitment with exogenously non-contingent repayments and (2) moral hazard combined with costly state …
Persistent link: https://www.econbiz.de/10010951617
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