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Series:Economic Policy Paper  Bank:Federal Reserve Bank of Minneapolis 

Discussion Paper
Quantifying the costs of additional regulation on community banks

In this Economic Policy Paper, we quantify the cost of increased regulation on community banks. We do so by modeling the impact of new regulatory costs as the hiring of additional staff, resulting in higher total compensation and lower profitability. We then analyze the changes in the distribution of community bank profitability.
Economic Policy Paper , Paper 13-3

Discussion Paper
Accounting for the Great Recession

Economic Policy Paper , Paper 11-1

Discussion Paper
How Rich Will China Become?

China?s impressive economic growth since the 1980s raises the question of how much richer it will become over future decades. Its growing share of the world economy affects other national economies. Understanding the future course of the Chinese economy is therefore important for both fiscal and monetary policymaking in the United States and elsewhere. Using fundamental growth theory, data from China and from Korea and Japan?s similar ?miracle? growth experiences, we provide a suggestive calculation for China?s future per capita income. Our ballpark estimate is that China?s per capita income ...
Economic Policy Paper , Paper 15-5

Discussion Paper
Taxing Wealth

Some have proposed wealth taxation as a means of reducing economic inequality, but such proposals are premature. While economic theory and data measurement have solid grounding when analyzing other forms of taxation, such as income or sales taxes, this is not the case for wealth Total estimates of the two most widely used measures of wealth, fixed assets and net worth, vary widely over the six decades for which data are available. Trend lines in these two wealth measures are rarely correlated. In addition, the relationship between the two?and explanation of why they differ so ...
Economic Policy Paper , Paper 15-4

Discussion Paper
New manufacturing investment and unions

Despite recent media stories about both labor unions and the potential revitalization of U.S. manufacturing, most current policy discussions about improving business climate to foster manufacturing neglect the role of unions. This, plus the continued decline in U.S. union membership, might lead one to believe that unions matter little for new investment decisions. This essay argues that, in fact, unions remain an extremely significant factor in decisions by U.S. manufacturers about where they will or will not make new investments. Both unions and manufacturing are discussed in an analysis ...
Economic Policy Paper , Paper 13-2

Discussion Paper
A sharp drop in interstate migration? not really

Economic Policy Paper , Paper 11-2

Discussion Paper
Who Defaults on Their Mortgage, and Why? Policy Implications for Reducing Mortgage Default

To design mortgage modification policies that successfully stem default and allow borrowers to keep their homes, policymakers need to understand why borrowers default. Is it because they?re truly unable to pay, or are they able to pay but have negative equity? {{p}} New research finds that both motives were important during the Great Recession, but that ability to pay plays the greater role, accounting for over 60 percent of defaults. Moreover, the analysis?which matches borrowers? income, employment, and assets with their mortgage characteristics and payment status?shows that cash-strapped ...
Economic Policy Paper , Paper 17-4

Discussion Paper
On the Ethics of Redistribution

Analysts of optimal policy often advocate for redistributive policies within developed economies using a behind-the-veil-of-ignorance criterion. Such analyses almost invariably ignore the effects of these policies on the well-being of people in poor countries. We argue that this approach is fundamentally misguided because it violates the criterion itself.
Economic Policy Paper , Paper 15-6

Discussion Paper
Monetary Policy and Employment

In its ?Statement on Longer-Run Goals and Monetary Policy Strategy,? the Federal Open Market Committee (Federal Reserve Board of Governors, 2014) summarizes its two main objectives: to mitigate (i) deviations of inflation from its longer-run goal and (ii) deviations of employment from the Federal Open Market Committee?s assessment of its maximum level. In the case of employment, the statement acknowledges that ?the maximum level ... is largely determined by nonmonetary factors,? which is why the FOMC sets no fixed goal for the employment level. It instead depends on the Committee?s ...
Economic Policy Paper , Paper 15-7

Discussion Paper
On the Importance of Easing Consumer Credit Frictions

The vast bulk of the government financial interventions during the Great Recession was directed at helping banks weather the financial crisis. The design of these programs was heavily influenced by the view that helping banks preserve their means of providing finance to firms was the most important ingredient in ensuring a quick recovery from the crisis. We argue that the cross-state patterns of employment, output and debt in the United States suggest that financial frictions that led to a tightening of credit to consumers were more important in accounting for the recession than those that ...
Economic Policy Paper , Paper 17-5

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