Search Results
Journal Article
The Rise and Decline of Petersburg, Va.
Early Virginians looked at Petersburg, with its location on the Appomattox River, as a town of economic vibrancy and promise. Incorporated in 1748 by the Virginia General Assembly, the town fulfilled that early promise and grew to become the commonwealth's third independent city in 1850. But turmoil as well as prosperity for Petersburg were ahead. {{p}} Throughout its 270 years, three factors have dominated Petersburg's economic history: tobacco, trade, and transportation. The city's early economic prominence was due to its tobacco plantations and warehouses as well as various mills powered ...
Working Paper
Identifying credit crunches
This article emphasizes the role of nonprice rationing in credit crunches. It proposes a process for identifying credit crunches centered on the political economy of the period under study. The process is applied to the U.S. for the 1960-92 period, and a variable is constructed that indicates when credit crunches occurred. In addition, the article questions the conventional wisdom that Regulation Q was the primary cause of the 1960s credit crunches.
Journal Article
The long and short of interest rates
Media headlines announcing Federal Reserve actions to raise interest rates have appeared on several occasions this year.
Journal Article
1987: a good year for district farmers
Working Paper
Analyzing firm location decisions : is public intervention justified?
This paper develops a two-region model of firm migration where moving is costly and firms have market power. In this setting, the decentralized equilibrium generates excessive inertia in firm movement relative to the 'first best' solution. Because the decentralized solution is inefficient, the widespread notion that inducing firm movement between regions yield no net social gain does not necessarily hold. That is, firm migration does not amount to a 'zero sum.' Moreover, given the presence of inertia, and contrary to the prevalent view, we show that targeted subsidies that alleviate moving ...
Journal Article
Personal income
Journal Article
NAFTA's impact on the District
Monograph
Government-sponsored enterprises