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Jel Classification:D78 

Working Paper
FOMC Responses to Calls for Transparency

I apply latent semantic analysis to Federal Open Market Committee (FOMC) transcripts and minutes from 1976 to 2008 in order to analyze the Fed's responses to calls for transparency. Using a newly constructed measure of the transparency of deliberations, I study two events that define markedly different periods of transparency over this 32-year period. First, the 1978 Humphrey-Hawkins Act increased the degree to which the FOMC used meeting minutes to convey the content of its meetings. Historical evidence suggests that this increased transparency reflected a response to the Act's requirement ...
Finance and Economics Discussion Series , Paper 2015-60

Journal Article
Pork-Barrel Politics and Polarization

This article explores how earmarks shape the ideological composition of elected officials in Congress. Relative to the classic median voter theorem, the framework developed here introduces multiple legislative districts and incorporates a desire for local earmarks in the specification of voter preferences. The main theoretical result demonstrates that competition among politicians to ?bring home the bacon? substantially reduces Congressional polarization. Data from after the earmark ban of 2011 provide supporting evidence for this mechanism.
Review , Volume 101 , Issue 1 , Pages 57-68

Working Paper
Are income taxes destined to rise? the fiscal imbalance and future tax policy

We present a model of optimizing government behavior in which a need for increased revenue leads to the introduction of a new revenue source, such as a VAT, accompanied by a reduction in income taxes. We argue that this is a plausible outcome for the United States, in view of international experience and recent fiscal reform proposals, and has important implications for individual investment decisions.
Working Papers , Paper 1502

Working Paper
Heterogeneous Districts, Interests, and Trade Policy

Congressional districts are political entities with heterogeneous trade policy preferences due to their diverse economic structures. Representation of these interests in Congress is a crucial aspect of trade policymaking that is missing in canonical political economy models of trade. In this paper, we underscore the influence of districts by developing a political economy model of trade with region-specific factors. Using 2002 data from U.S. Congressional Districts, we first characterize the unobserved district-level demand for protection. Extending the model beyond the small country ...
Working Paper , Paper 23-12

Working Paper
Politicians Avoid Tax Increases Around Elections

We use new annual data on gasoline taxes and corporate income taxes from U.S. states to analyze whether politicians avoid tax increases in election years. These data contain 3 useful attributes: (1) when state politicians enact tax laws, (2) when state politicians implement tax laws on consumers and firms, and (3) the size of tax changes. Using a pre-analysis research plan that includes regressions of tax rate changes and tax enactment years on time-to-gubernatorial election year indicators, we find that elections decrease the probability of politicians enacting increases in taxes and reduce ...
Finance and Economics Discussion Series , Paper 2021-004

Working Paper
A Theory of Economic Unions: A Comment

Gino Gancia, Giacomo Ponzetto and Jaume Ventura have written an extremely interesting paper on a topic that is very timely for the global economy. In this article, I will first argue that GPV have succeeded in formalizing their hypothesis, and that while providing very suggestive analytical results, additional work can and should be done with the model, especially with regards to relative changes in the relative weights of incumbent countries. Second, I will comment on the potential insights if the rest of the world is modeled more realistically. Third, I will call for extending the baseline ...
Working Papers , Paper 2019-35

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