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Author:Croushore, Dean 

Working Paper
The importance of the tax system in determining the marginal cost of funds

Working Papers , Paper 94-7

Working Paper
The continuing power of the yield spread in forecasting recessions

In this paper, we replicate the main results of Rudebusch and Williams (2009), who show that the use of the yield spread in a probit model can predict recessions better than the Survey of Professional Forecasters. We investigate the robustness of their results in several ways: extending the sample to include the 2007-09 recession, changing the starting date of the sample, changing the ending date of the sample, using rolling windows of data instead of just an expanding sample, and using alternative measures of the actual" value of real output. Our results show that the Rudebusch-Williams ...
Working Papers , Paper 14-5

Working Paper
Ricardian equivalence with wage-rate uncertainty

Working Papers , Paper 93-14

Working Paper
A measure of Federal Reserve credibility

Working Papers , Paper 91-1

Working Paper
Does data vintage matter for forecasting?

This paper illustrates the use of a real-time data set for forecasting. The data set consists of vintages, or snapshots, of the major macroeconomic data available at quarterly intervals in real time. The paper explains the construction of the data set, examines the properties of several of the variables in the data set across vintages, and shows how forecasts can be affected by data revisions.
Working Papers , Paper 99-15

Working Paper
Money in the utility function: an adequate microfoundation of money?

Working Papers , Paper 89-25

Working Paper
The marginal cost of funds with nonseparable public spending

Working Papers , Paper 92-2

Working Paper
Analyzing data revisions with a dynamic stochastic general equilibrium model

We use a structural dynamic stochastic general equilibrium model to investigate how initial data releases of key macroeconomic aggregates are related to final revised versions and how identified aggregate shocks influence data revisions. The analysis sheds light on how well preliminary data approximate final data and on how policy makers might condition their view of the preliminary data when formulating policy actions. The results suggest that monetary policy shocks and multifactor productivity shocks lead to predictable revisions to the initial release data on output growth and inflation.
Working Papers , Paper 14-29

Working Paper
Evaluating McCallum's rule for monetary policy

Working Papers , Paper 94-26

Working Paper
The marginal cost of funds with nonseparable public spending

Working Papers , Paper 94-5

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