This paper examines the long-term earnings consequences of permanent layoffs that occurred in Massachusetts during the early 1990s, using a sample of experienced workers who enrolled in federally funded assistance programs under Title III of the Job Training Partnership Act and remained strongly...

Quantitative analysis is a key aspect of the design and evaluation of tax policy. To make informed decisions, policymakers should know how much revenue is collected and from whom. The tax reform planned for transition economies should include the introduction not only of new tax structures but...

This study develops a flexible, citations-adjusted ranking technique that allows a specified set of journals to be evaluated using a wide range of alternative criteria. As a result, the set of evaluated journals is not constrained to be identical to the set of evaluating journals. We also draw a...

Models of money demand, in the Baumol (1952)-Tobin (1956) tradition, describe optimal cash management policy in terms of when and how much cash to withdraw, an (s, S) policy. However, today, a vast array of instruments can be used to make payments, opening additional ways to control cash...

Credit limit variability is a crucial aspect of the consumption, savings, and debt decisions of households in the United States. Using a large panel, this paper first demonstrates that individuals gain and lose access to credit frequently and often have their credit limits reduced unexpectedly....

Recent evidence suggests that the use of prepaid cards is growing in the United States. The study of how prepaid cards fit into the existing payments market requires accurate data about the adoption of prepaid cards among consumers. This paper describes several experiments conducted by the...

This paper reveals and tests a new theoretical implication of the credit channel of monetary policy: as financial frictions (monitoring or auditing costs) increase, the reaction of stock prices to monetary policy shocks decreases. Correspondingly, towards the end of the Enron accounting scandal,...

Given the fundamental role that credit scores play in day-to-day life in the United States, it is very important to understand what can be done to help individuals improve their credit scores. This question is important in general, and especially important for the low-to-moderate-income (LMI)...

Variable and high rates of price inflation in the 1970s and 1980s led many countries to delegate the conduct of monetary policy to "instrument-independent" central banks and to give their central banks a clear mandate to pursue price stability and instrument independence to achieve it. Advances...

Using a unique dataset of daily U.S. and U.K. price listings and the associated number of clicks for precisely defined goods from a major shopping platform, this paper explores how prices are set in online markets, which have a number of special properties such as low search costs, low costs of...