Journal Article
What's behind the low U.S. personal saving rate?
Marquis, Milton H. (2002)
FRBSF Economic Letter

Journal Article
Bank lending to businesses in a jobless recovery
Marquis, Milton H. (2003)
FRBSF Economic Letter

Working Paper
An RBC model with growth: the role of human capital
Einarsson, Tor; Marquis, Milton H. (1994)
Finance and Economics Discussion Series , Paper 94-33

Journal Article
Setting the interest rate
Marquis, Milton H. (2002)
FRBSF Economic Letter

Journal Article
What's different about banks - still?
Marquis, Milton H. (2001)
FRBSF Economic Letter

Working Paper
Productivity shocks in a model with vintage capital and heterogeneous labor
Marquis, Milton H.; Trehan, Bharat (2007)
We construct a vintage capital model in which worker skills lie along a continuum and workers can be paired with different vintages (as technology evolves) under a matching rule of "best worker with the best machine." Labor reallocation in response to technology shocks has two key implications for the wage premium. First, it limits both the magnitude and duration of change in the wage premium following a (permanent) embodied technology shock, so empirically plausible shocks do not lead to the kind of increases in the wage premium observed in the U.S. during the 1980s and early 1990s (though ...
Working Paper Series , Paper 2007-06

Journal Article
Shifting household assets in a bear market
Marquis, Milton H. (2003)
FRBSF Economic Letter

Working Paper
The wage premium puzzle and the quality of human capital
Tantivong, Wuttipan; Marquis, Milton H.; Trehan, Bharat (2011)
The wage premium for high-skilled workers in the United States, measured as the ratio of the 90th-to-10th percentiles from the wage distribution, increased by 20 percent from the 1970s to the late 1980s. A large literature has emerged to explain this phenomenon. A leading explanation is that skill-biased technological change (SBTC) increased the demand for skilled labor relative to unskilled labor. In a calibrated vintage capital model with heterogenous labor, this paper examines whether SBTC is likely to have been a major factor in driving up the wage premium. Our results suggest that the ...
Working Paper Series , Paper 2011-06

Working Paper
Bank intermediation and persistent liquidity effects in the presence of a frictionless bond market
Einarsson, Tor; Marquis, Milton H. (2000)
An ?expansionary? monetary policy that increases the growth rate of bank reserves is generally believed by policy makers to induce a ?liquidity effect?, or a persistent decline in short-term nominal interest rates, that stimulates real activity. Christiano, et al. (1991,1995,1997) have incorporated this feature of the economy into equilibrium business cycle models by introducing a commercial bank that acquires deposits from households and channels those funds to firms, which use them to fund their working capital expenses. Bank deposits are the only interest-bearing financial asset available ...
Working Paper Series , Paper 2000-08

Working Paper
Some implications of using prices to measure productivity in a two-sector growth model
Marquis, Milton H.; Trehan, Bharat (2003)
We construct a 2 sector growth model with sector specific technology shocks where one sector produces intermediate goods while the other produces final goods. Theoretical restrictions from this model are used to compute the time series for sector-specific TFPs based solely on factor prices and the relative price of intermediate goods to final goods over the 1959-2000 period. An aggregate TFP measure based on these series appears quite similar to the multifactor productivity measure constructed by the BLS. We find statistical evidence of structural breaks in the growth rate of our productivity ...
Working Paper Series , Paper 2001-10