Similar Search Results

Financial innovation and the speed of adjustment of money demand: evidence from Bolivia, Israel, and Venezuela

Copelman, Martina - Federal Reserve Board (Board of Governors of the … - 1996

Traditional studies of money demand for both developed and less developed countries have shown that there are periods of "missing money," that is, there is consistent overprediction of real balances. This paper uses cointegration techniques to study the effects of financial innovation on the...

Persistent link: https://www.econbiz.de/10005712846

The role of credit in post-stabilization consumption booms

Copelman, Martina - Federal Reserve Board (Board of Governors of the … - 1996

This paper presents an empirical investigation of the role of credit in the post-stabilization consumption booms of Mexico, Chile, and Israel. Credit from the banking sector to the private sector expanded very rapidly following the stabilizations. I show that this increase in credit reduced the...

Persistent link: https://www.econbiz.de/10005498855

Integrated macroeconomic accounts for the United States: draft SNA-USA

Antoniewicz, Rochelle; McIntosh, Susan Hume; Mead, … - Federal Reserve Board (Board of Governors of the … - 2004

This paper presents integrated macroeconomic accounts for the United States for the period 1985 to 2002 and discusses issues related to their construction and use. Specifically, it focuses on tying together the national income and product accounts (NIPAs) and international transaction accounts...

Persistent link: https://www.econbiz.de/10005393642

News, noise, and estimates of the "true" unobserved state of the economy

Fixler, Dennis J.; Nalewaik, Jeremy J. - Federal Reserve Board (Board of Governors of the … - 2007

Which provides a better estimate of the "true" state of the U.S. economy, gross domestic product (GDP) or gross domestic income (GDI)? Past work has assumed the difference between each estimate and the "true" state of the economy is pure noise, taking greater variability to imply lower...

Persistent link: https://www.econbiz.de/10005393845

Government Connections and Financial Constraints: Evidence from a Large Representative Sample of Chinese Firms

Cull, Robert; Li, Wei; Sun, Bo; Xu, Lixin Colin - Federal Reserve Board (Board of Governors of the … - 2015

flows to fund investment), and that the sensitivity of investment to internal cash flows is higher for firms that report …

Persistent link: https://www.econbiz.de/10011269077

The Real Effects of Credit Line Drawdowns

Berrospide, Jose M.; Meisenzahl, Ralf R. - Federal Reserve Board (Board of Governors of the … - 2015

Do firms use credit line drawdowns to finance investment? Using a unique dataset of 467 COMPUSTAT firms with credit … with theory, our results confirm that firms use drawdowns to sustain investment after an idiosyncratic liquidity shock … investment increased to 16 percent. The effect was even larger for smaller and financially constrained firms. We find only …

Persistent link: https://www.econbiz.de/10011273700

The insensitivity of investment to interest rates: Evidence from a survey of CFOs

Sharpe, Steven A.; Suarez, Gustavo A. - Federal Reserve Board (Board of Governors of the … - 2013

A fundamental tenet of investment theory and the traditional theory of monetary policy transmission is that investment …, at best, for a substantial interest-rate effect on investment. In this paper, we examine the sensitivity of investment … management as well as those that do not expect to borrow over the coming year. Perhaps more surprisingly, we find that investment …

Persistent link: https://www.econbiz.de/10010784174

Optimal monetary and fiscal policy: a linear-quadratic approach

Benigno, Pierpaolo; Woodford, Michael - Federal Reserve Board (Board of Governors of the … - 2004

We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky (so that the supply-side effects of tax changes are more complex than in standard fiscal analyses) and the only available sources of government revenue are...

Persistent link: https://www.econbiz.de/10005368129

Anticipated fiscal contraction: the economic consequences of the announcement of Gramm-Rudman-Hollings

Johnson, Robert A. - Federal Reserve Board (Board of Governors of the … - 1986

The announcement of a plan to cut the U.S. federal budget deficit through the Gramm-Rudman-Hollings legislation provides an excellent opportunity to examine the influence of expectations on economic behavior. This paper presents a small forward-looking macroeconomic model and simulates the...

Persistent link: https://www.econbiz.de/10005368154

Ramsey meets Hosios: the optimal capital tax and labor market efficiency

Arseneau, David M.; Chugh, Sanjay K. - Federal Reserve Board (Board of Governors of the … - 2006

Heterogeneity between unemployed and employed individuals matters for optimal fiscal policy. This paper considers the consequences of welfare heterogeneity between these two groups for the determination of optimal capital and labor income taxes in a model with matching frictions in the labor...

Persistent link: https://www.econbiz.de/10005368396