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Series:Working Papers (Old Series) 

Working Paper
Underlying determinants of closed-bank resolution costs

An analysis of the issues surrounding bank resolution costs, looking at failures from 1986 to 1992 and including proxies for fraud, off-balance-sheet risk, brokered deposits, and both regional and size effects. Evidence suggests there was a significant lag between the realization and recognition of losses on bank assets, and that regulators may have practiced forbearance.
Working Papers (Old Series) , Paper 9403

Working Paper
Predictive Modeling of Surveyed Property Conditions and Vacancy

Using the results of a comprehensive in-person survey of properties in Cleveland, Ohio, we fit predictive models of vacancy and property conditions. We draw predictor variables from administrative data that is available in most jurisdictions such as deed recordings, tax assessor?s property characteristics, and foreclosure filings. Using logistic regression and machine learning methods, we are able to make reasonably accurate out-of-sample predictions. Our findings indicate that housing professionals could use administrative data and predictive models to identify distressed properties between ...
Working Papers (Old Series) , Paper 1637

Working Paper
Earnings and wealth inequality and income taxation: quantifying the tradeoffs of switching to a proportional income tax in the U.S.

This paper quantifies the steady-state aggregate, distributional, and mobility effects of switching the U.S. to a proportional income tax system.
Working Papers (Old Series) , Paper 9814

Working Paper
The Ohio economy: using time series characteristics in forecasting

The premise of this study is that the regional economist can better understand the Ohio economy by studying the properties of important Ohio time series that can be identified and quantified through simple regression methods.
Working Papers (Old Series) , Paper 8508

Working Paper
Relocation patterns in U.S. manufacturing

This paper summarizes relocation patterns in the U.S. manufacturing industry over the period 1972-1992, using plant- and firm-level data from the U.S. Census of Manufactures. This study contributes to the existing literature on firm dynamics by distinguishing entry due to relocation from entry by new firms, and exit due to relocation from permanent exit. In contrast to previous studies which report that entering plants experience relatively lower productivity, I find that some entering plants?specifically, those that are not new but merely relocated?have higher productivity. I also find a ...
Working Papers (Old Series) , Paper 0624

Working Paper
Differences of Opinions

This paper presents a generalization of the DeGroot learning rule in which social learning can lead to polarization, even for connected networks. I first develop a model of biased assimilation in which the utility an agent receives from past decisions depends on current beliefs when uncertainty is slow to resolve. I use this model to motivate key features of an agent?s optimization problem subject to scarce private information, which forces the agent to extrapolate using social information. Even when the agent extrapolates under ?scientific? assumptions and all individuals in the network ...
Working Papers (Old Series) , Paper 1604

Working Paper
Fiscal Dominance and US Monetary: 1940–1975

This narrative investigates the frictions that existed between the Federal Reserve?s monetary policies and the US Treasury?s debt-management operations from the onset of the Second World War through the end of the Federal Reserve?s even-keel actions in mid-1975. The analysis suggests that three factors can help explain why the Federal Reserve compromised the attainment of its statutorily mandated monetary-policy objectives for debt-management reasons: 1) the existence of an existential threat, 2) the fear that to do otherwise would create instability in the banking sector, and 3) the ...
Working Papers (Old Series) , Paper 1632

Working Paper
Pricing kernels, inflation, and the term structure of interest rates

We estimate a discrete-time multivariate pricing kernel for the term structure of interest rates, using both yields and inflation rates. This gives a separate estimate of the real kernel and the nominal kernel, taking into account a relatively sophisticated dynamical structure and mutual interaction between the real and nominal side of the economy. Along with obtaining an estimate of the real term structure, we use the estimates to obtain a new perspective on how real and nominal influences interact to produce the observed term structure.
Working Papers (Old Series) , Paper 0308

Working Paper
Firms' wage adjustments: a break from the past?

The authors examine 39 years of wage data for workers in mobile occupations within a set of employers in three midwestern cities. They study wage changes during years of rising, falling, and steady inflation to identify regularities that could broaden understanding of the inflationary process at the micro level.
Working Papers (Old Series) , Paper 9908

Working Paper
Foreclosures in Ohio: does lender type matter?

Whether mortgages are originated mostly by depository institutions regulated by the Federal agencies or by less-regulated lenders does not seem to affect the foreclosure filing rate in Ohio?s counties. What seems to matter is whether the lenders have a physical presence in the market, in which case, foreclosure rates are lower.
Working Papers (Old Series) , Paper 0724

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