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Evidence from the Nixon tapes, now available to researchers, shows that President Richard Nixon pressured the chairman of the Federal Reserve, Arthur Burns, to engage in expansionary monetary policies in the run up to the 1972 election. This paper quotes the relevant conversations from the Nixon...
Persistent link: https://www.econbiz.de/10005487478
In this paper we estimate the economic loss of hypothetical beach closures on the Padre Island National Seashore on the Gulf Coast of Texas. We use a travel cost random utility maximization (RUM) model with data from a random phone survey of Texas residents completed in 2001. We simulate...
Persistent link: https://www.econbiz.de/10005487479
Does consideration of sunspot equilibria in the cash-in-advance model help the model match key features in the US macroeconomic data? One can use the cash-in-advance model to generate predictions of macro time series via an equilibrium of the model. However, when restricted to minimum state...
Persistent link: https://www.econbiz.de/10005487480
The British North American colonies were the first western economies to rely on legislature-issued fiat paper money as their principal internal medium of exchange. This system arose piecemeal across the colonies making the paper money creation story for each colony unique. It was true monetary...
Persistent link: https://www.econbiz.de/10005487481
This paper investigates to what extent paintings by U.S. artists born before WWII can be treated like capital assets, and whether the findings are specific to artist, subject matter, and value of the work.  The capital asset pricing model (CAPM) in its standard static form is applied to...
Persistent link: https://www.econbiz.de/10005487482
Cohany and Sok recently reported that the labor force participation rate of married women with children, and especially married women with very young children, declined between 1997 and 2005.  In contrast, recent work by Boushey showed that the negative impact of children on work by women age...
Persistent link: https://www.econbiz.de/10005487483
This paper investigates the impact of borrowing constraints on welfare in a standard overlapping-generations model where parental altruism results in transfers. I find that the average level of welfare is higher when children cannot borrow against future income. As Bernheim (1989) showed, the...
Persistent link: https://www.econbiz.de/10005487484
The existence and extent of intra-family debt shifting via selling children into bondage among German immigrant families to North America is documented using quantitative ship manifest and servant auction data. This evidence is at odds with the standard description presented in the literature...
Persistent link: https://www.econbiz.de/10005487485
Implementing congestion pricing at twenty-seven major US airports would reduce delays by thirteen passenger-years and one thousand aircraft-hours every day, saving three to five million dollars. Chicago and Atlanta would save about one thousand dollars per aircraft. Airport revenues would...
Persistent link: https://www.econbiz.de/10005487486
In an important contribution to the literature on the socio-economic impacts of teen childbearing, Hotz, McElroy, and Sanders used a natural experiment based on the random occurrence of miscarriages. They concluded that teen childbearing was actually beneficial to the young women in terms of...
Persistent link: https://www.econbiz.de/10005487487