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Homeowner Balance Sheets and Monetary Policy

Aladangady, Aditya - Federal Reserve Board (Board of Governors of the … - 2014

Expenditures Survey, house price and consumption responses are compared across areas differing in local land availability and …

Persistent link: https://www.econbiz.de/10011095299

Learning, Rare Disasters, and Asset Prices

Lu, Yang; Siemer, Michael - Federal Reserve Board (Board of Governors of the … - 2013

In this paper, we examine how learning about disaster risk affects asset pricing in an endowment economy. We extend the literature on rare disasters by allowing for two sources of uncertainty: (1) the lack of historical data results in unknown parameters for the disaster process, and (2) the...

Persistent link: https://www.econbiz.de/10010728883

Credit Status and College Investment: Implications for Student Loan Policies

Ionescu, Felicia; Simpson, Nicole B. - Federal Reserve Board (Board of Governors of the … - 2014

The private market for student loans has become an important source of college financing in the United States. Unlike government student loans, the terms on student loans in the private market are based on credit status. We quantify the importance of the private market for student loans and of...

Persistent link: https://www.econbiz.de/10010892304

Should America save for its old age? Population aging, national saving, and fiscal policy

Elmendorf, Douglas W.; Sheiner, Louise M. - Federal Reserve Board (Board of Governors of the … - 2000

optimal saving response depends on the openness of our economy, on how we view the consumption of children, and on the … open economy and world interest rates were fixed at their current level, the desire to smooth consumption as our population … influence consumption if they affect the capital-labor ratio or the relative weight that society places on the consumption of …

Persistent link: https://www.econbiz.de/10005512979

Forecasting exogenous fiscal variables in the United States

Cohen, Darrel; Follette, Glenn - Federal Reserve Board (Board of Governors of the … - 2003

This paper provides an introduction to the practice of forecasting "exogenous" components of federal government taxes and spending-policy actions, for short--in the United States. First, we estimate simple models of defense expenditures that are useful for constructing current-quarter forecasts...

Persistent link: https://www.econbiz.de/10005394215

The timing of stabilizations

Orphanides, Athanasios - Federal Reserve Board (Board of Governors of the … - 1992

Persistent link: https://www.econbiz.de/10005393708

State and local finances and the macroeconomy: the high-employment budget and fiscal impetus

Follette, Glenn; Kusko, Andrea; Lutz, Byron - Federal Reserve Board (Board of Governors of the … - 2009

We examine the interplay of the economy and state and local budgets by developing and examining two measures of fiscal policy: the high-employment budget and fiscal impetus. We find that a 1 percentage point increase in cyclical GDP results in a 0.1 percentage point increase in NIPA-based net...

Persistent link: https://www.econbiz.de/10004965407

Distress in the financial sector and economic activity

Carlson, Mark A.; King, Thomas B.; Lewis, Kurt F. - Federal Reserve Board (Board of Governors of the … - 2009

This paper explores the relationship between the health of the financial sector and the rest of the economy. We develop an indicator of financial sector health using a distance-to-default measure based on a Merton-style option pricing model. Our measure spans over three decades and appears to...

Persistent link: https://www.econbiz.de/10004965410

Check in the mail or more in the paycheck: does the effectiveness of fiscal stimulus depend on how it is delivered?

Sahm, Claudia R.; Shapiro, Matthew D.; Slemrod, Joel - Federal Reserve Board (Board of Governors of the … - 2010

Recent fiscal policies have aimed to stimulate household spending. In 2008, most households received one-time economic stimulus payments. In 2009, most working households received the Making Work Pay tax credit in the form of reduced withholding; other households, mainly retirees, received...

Persistent link: https://www.econbiz.de/10008498966

Fiscal policy in the United States: automatic stabilizers, discretionary fiscal policy actions, and the economy

Follette, Glenn; Lutz, Byron - Federal Reserve Board (Board of Governors of the … - 2010

We examine the effects of the economy on the government budget as well as the effects of the budget on the economy. First, we provide measures of the effects of automatic stabilizers on budget outcomes at the federal and state and local levels. For the federal government, the deficit increases...

Persistent link: https://www.econbiz.de/10008643758