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Showing results 1 to 10 of approximately 10.
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Journal Article
Is the pension system a liability?
Journal Article
Bank competition in the new economy
Working Paper
Coyote crossings : the role of smugglers in illegal immigration and border enforcement
Illegal immigration and border enforcement in the United States have increased concomitantly for over thirty years. One interpretation is that U.S. border policies have been ineffective. We offer an alternative view, extending the current immigration-enforcement literature by incorporating both the practice of people smuggling and a role for non-wage income into a two-country, dynamic general equilibrium model. We state conditions under which two steady state equilibria exist: one with a low level of capital and high amount of illegal immigration and the other with a high level of capital, ...
Journal Article
The economic impact of bank structure: a review of recent literature
The recent passage of the Financial Services Modernization Act, along with numerous bank mergers over the past few years, has focused attention on the banking system in general and on the sector's industrial organization in particular. Because of this, economists have recently begun developing theoretical models to more fully understand the economic impact of the industry's market structure. Mark Guzman reviews some of this research and draws two conclusions. First, a banking monopoly may benefit certain aspects of the economy. In particular, a monopoly bank can help overcome some of the ...
Journal Article
Slow but steady progress toward financial deregulation
Working Paper
Accounting for fluctuations in social network usage and migration dynamics
In this paper, we examine network capital usage and migration patterns in a theoretical model. Networks are modeled as impacting the migration decision in many ways. When young, larger networks reduce the time lost moving from one region to another. In addition networks decrease the time spent searching for a job. Finally, when old, migrants receive transfer payments through the network. We show that the number and properties of steady state equilibria as well as the global dynamics depend crucially on whether the returns to network capital accumulation exhibit constant, increasing, or ...
Working Paper
Bank structure, capital accumulation and growth: a simple macroeconomic model
This paper analyzes the equilibrium growth paths of two economies that are identical in all respects, except for the organization of their financial systems: in particular, one has a competitive banking system and the other has a monopolistic banking system. In addition, the sources of inefficiencies, as a result of monopoly banking, and their relationship to the existence of credit rationing are explored. Monopoly in banking tends to depress the equilibrium law of motion for the capital stock for either of two reasons. When credit rationing exists, monopoly banks ration credit more heavily ...
Working Paper
Coyote crossings: the role of smugglers in illegal immigration and border enforcement
Illegal immigration and border enforcement in the United States have increased concomitantly for over thirty years. One interpretation is that U.S. border policies have been ineffective. We offer an alternative view, extending the current immigration-enforcement literature by incorporating both the practice of people smuggling and a role for non-wage income into a two-country, dynamic general equilibrium model. We state conditions under which two steady state equilibria exist: one with a low level of capital, but relatively little migration. We then analyze two shocks: a positive technology ...
Working Paper
The impact of paying interest on reserves in the presence of government deficit financing
This paper re-examines the impact that paying interest on reserves has on price level indeterminacy, price level volatility, and overall economic well-being. Unlike previous papers which examined these issues, the model developed in this paper allows the return on reserves to equal the return on government securities, which is less than the prevailing return on storage. Equally important, this model also considers how deficit financing changes the impact that paying interest on reserves has on the economy. I show that the number of steady state equilibria are equal to, or greater than, the ...