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Series:Economic Quarterly  Bank:Federal Reserve Bank of Richmond 

Journal Article
Monetary Incentives and Mortgage Renegotiation Outcomes

This paper studies the effect of monetary incentives on mortgage renegotiation. Lenders are sometimes willing to renegotiate mortgage contracts with homeowners who are at risk of foreclosure. This paper models the renegotiation process as a simple sequential move game in which the homeowner first seeks renegotiation and the lender responds by deciding whether or not to modify the terms of the mortgage. The model is used to examine outcomes in the presence of monetary incentives given to the homeowner and lender like those given by U.S. government programs during the recent foreclosure crisis. ...
Economic Quarterly , Issue 2Q , Pages 147-168

Journal Article
Monetary policy and global equilibria in a production economy

In linear macroeconomic models, an active Taylor rule for monetary policy can guarantee a locally unique nonexplosive equilibrium. In a series of articles, Benhabib, Schmitt-Groh, and Uribe looked beyond the local dynamics and showed that active Taylor rules could interact with the zero bound on nominal interest rates to generate multiple equilibria, including a steady-state equilibrium with inflation below target. Recently, the persistence of low inflation and low nominal interest rates has brought attention to Benhabib, Schmitt-Groh, and Uribe's work in policy circles. We provide an ...
Economic Quarterly , Volume 96 , Issue 4Q , Pages 317-337

Journal Article
Banking and commerce : tear down this wall?

Economic Quarterly , Volume 89 , Issue Spr , Pages 7-31

Journal Article
Classical deflation theory

Economic Quarterly , Volume 90 , Issue Win , Pages 11-32

Journal Article
On the aggregate labor supply

Economic Quarterly , Volume 91 , Issue Win , Pages 21-37

Journal Article
A regional look at the role of house prices and labor market conditions in mortgage default

A linear fixed effects statistical model is used to study variations in foreclosure rates across metropolitan statistical areas in the Fifth Federal Reserve District. We find that variations in local labor market conditions and house prices do a remarkable job of capturing variation in foreclosure rates. We study the regional variation in foreclosure rates in more detail by examining two localities in our district: Prince William County, Virginia, and Charlotte, North Carolina. Finally, the model is used to provide forecasts of foreclosure rates conditioned on possible paths of labor market ...
Economic Quarterly , Volume 97 , Issue 1Q , Pages 1-43

Journal Article
Knut Wicksell and Gustav Cassel on the cumulative process and the price-stabilizing policy rule

Economic Quarterly , Issue Sum , Pages 59-83

Journal Article
Accommodating rising population in rural areas : the case of Loudoun County, Virginia

Economic Quarterly , Volume 90 , Issue Win , Pages 33-50

Journal Article
Pecuniary Externalities, Segregated Exchanges, and Market Liquidity in a Diamond-Dybvig Economy with Retrade

Pecuniary externalities often serve as a rationale for government intervention into financial markets. This article reviews the theory of market provision of liquidity in a Diamond-Dybvig economy and examines whether or not the possibility of retrade leads to pecuniary externalities and market failure. The answer hinges on the credibility of market participants' commitment to not enter into hidden transactions with non-participants. If such commitment is not credible, then unrestricted, hidden retrade leads to a pecuniary externality and market under-provision of liquidity. If such commitment ...
Economic Quarterly , Issue 4Q , Pages 305-340

Journal Article
Is all government capital productive?

Economic Quarterly , Issue Fall , Pages 53-80

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Hetzel, Robert L. 26 items

Sarte, Pierre-Daniel G. 21 items

Hornstein, Andreas 20 items

Weinberg, John A. 19 items

Wolman, Alexander L. 19 items

Mehra, Yash P. 18 items

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