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Working Paper
Toward a modern macroeconomic model usable for policy analysis
Sims, Christopher A.; Leeper, Eric M. (1994)
FRB Atlanta Working Paper , Paper 94-5

Working Paper
Bond positions, expectations, and the yield curve
Piazzesi, Monika; Schneider, Martin (2008)
This paper implements a structural model of the yield curve with data on nominal positions and survey forecasts. Bond prices are characterized in terms of investors' current portfolio holdings as well as their subjective beliefs about future bond payoffs. Risk premia measured by an econometrician vary because of changes in investors' subjective risk premia that are identified from portfolios and subjective beliefs but also because subjective beliefs differ from those of the econometrician. The main result is that investors' systematic forecast errors are an important source of business cycle ...
FRB Atlanta Working Paper , Paper 2008-02

Working Paper
The Dynamic Striated Metropolis-Hastings Sampler for High-Dimensional Models
Zha, Tao; Waggoner, Daniel F.; Wu, Hongwei (2014-11-01)
Having efficient and accurate samplers for simulating the posterior distribution is crucial for Bayesian analysis. We develop a generic posterior simulator called the "dynamic striated Metropolis-Hastings (DSMH)" sampler. Grounded in the Metropolis-Hastings algorithm, it draws its strengths from both the equi-energy sampler and the sequential Monte Carlo sampler by avoiding the weaknesses of the straight Metropolis-Hastings algorithm as well as those of importance sampling. In particular, the DSMH sampler possesses the capacity to cope with incredibly irregular distributions that are full ...
FRB Atlanta Working Paper , Paper 2014-21

Working Paper
Earnings on the information technology roller coaster: insight from matched employer-employee data
Hotchkiss, Julie L.; Pitts, M. Melinda; Robertson, John C. (2005)
This paper uses matched employer-employee data for the state of Georgia to examine workers? earnings experience through the information technology (IT) sector?s employment boom of the mid-1990s and its bust in the early 2000s. The results show that even after controlling for individual characteristics before the sector?s boom, transitioning out of the IT sector to a non-IT industry generally resulted in a large wage penalty. However, IT service workers who transitioned to a non-IT industry still fared better than those who took a non-IT employment path. For IT manufacturing workers, there is ...
FRB Atlanta Working Paper , Paper 2005-11

Working Paper
Credit and the no-surcharge rule
Roberds, William; Monnet, Cyril (2006)
A controversial aspect of payment cards has been the ?no-surcharge rule.? This rule, which is part of the contract between the card provider and a merchant, states that the merchant cannot charge a customer who pays by card more than a customer who pays by cash. In this paper we consider the design of an optimal card-based payment system when cash is available as an alternative means of payment. We find that a version of the no-surcharge rule emerges as a natural and advantageous feature of such a system.
FRB Atlanta Working Paper , Paper 2006-25

Working Paper
Legal restrictions and welfare in a simple model of money
Roberds, William (1991)
FRB Atlanta Working Paper , Paper 91-14

Working Paper
Bayesian semiparametric stochastic volatility modeling
Jensen, Mark J.; Maheu, John M. (2008)
This paper extends the existing fully parametric Bayesian literature on stochastic volatility to allow for more general return distributions. Instead of specifying a particular distribution for the return innovation, we use nonparametric Bayesian methods to flexibly model the skewness and kurtosis of the distribution while continuing to model the dynamics of volatility with a parametric structure. Our semiparametric Bayesian approach provides a full characterization of parametric and distributional uncertainty. We present a Markov chain Monte Carlo sampling approach to estimation with ...
FRB Atlanta Working Paper , Paper 2008-15

Working Paper
Exchange rate pass-through and the role of international distribution channels
Desiraju, Ramarao; Shrikhande, Milind M. (1996)
Manufacturers selling in foreign markets often do not completely pass on the effects of fluctuations in exchange rates to the prices of their products. Our paper addresses this puzzle and studies the effects of the international distribution channel on exchange rate pass-through. We develop an exchange rate pass-through model that takes into account the role of an intermediary between a domestic manufacturer and its consumers in a foreign market. We find that the magnitude of the pass-through depends on the presence of an incentive problem in the distribution channel. When there is no ...
FRB Atlanta Working Paper , Paper 96-22

Working Paper
Intellectual Property, Tariffs, and International Trade Dynamics
Waddle, Andrea L.; Mandelman, Federico S. (2019-05-01)
The emergence of global value chains not only leads to a magnification of trade in intermediate inputs but also to an extensive technology diffusion among the different production units involved in arms-length relationships. In this context, the lack of enforcement of intellectual property rights has recently become a highly controversial subject of debate in the context of the China-U.S. trade negotiations. This paper analyzes the strategic interaction of tariff policies and the enforcement of intellectual property rights within a quantitative general equilibrium framework. Results indicate ...
FRB Atlanta Working Paper , Paper 2019-10

Working Paper
Incorporating insurance rate estimates and differential mortality into net marginal Social Security tax rate calculations
Armour, Brian S.; Pitts, M. Melinda (2002)
This paper extends the literature on net marginal tax rates created by the Social Security program by including variations in both the probability of being eligible to receive benefits and income-related life expectancy. The previous literature has found that women incur a lower net marginal tax rate because they have longer life expectancies. The results presented in this paper indicate that including variations in eligibility for benefits partially reverses this result by increasing net marginal Social Security tax rates for older women. In addition, the existing literature has shown that ...
FRB Atlanta Working Paper , Paper 2002-29

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