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Working Paper
Interwar U.K. unemployment: the Benjamin and Kochin hypothesis or the legacy of “just” taxes?
Nason, James M.; Vahey, Shaun P. (2006)
Benjamin and Kochin (1979, Journal of Political Economy) present regression estimates to support their hypothesis that larger unemployment benefits increased U.K. unemployment post?World War I (WWI). The Benjamin-Kochin (BK) regression is easy to replicate. When the replication is widened to include income tax rates and WWI observations using Bayesian Monte Carlo methods, the evidence moves against the BK hypothesis and in favor of regressions that include the capital income tax rate. We explain these results with Daunton (2002, Just Taxes). He argues that U.K. tax rates were set during WWI ...
FRB Atlanta Working Paper , Paper 2006-04

Working Paper
Liquidity Premia, Price-Rent Dynamics, and Business Cycles
Zha, Tao; Wang, Pengfei; Miao, Jianjun (2014-08-01)
n the U.S. economy during the past 25 years, house prices exhibit fluctuations considerably larger than house rents, and these large fluctuations tend to move together with business cycles. We build a simple theoretical model to characterize these observations by showing the tight connection between price-rent fluctuation and the liquidity constraint faced by productive firms. After developing economic intuition for this result, we estimate a medium-scale dynamic general equilibrium model to assess the empirical importance of the role the price-rent fluctuation plays in the business cycle. ...
FRB Atlanta Working Paper , Paper 2014-15

Working Paper
The S-curve: Understanding the Dynamics of Worldwide Financial Liberalization
Li, Nan; Papageorgiou, Chris; Zha, Tao (2021-07-13)
Using a novel database of domestic financial reforms in 90 countries from 1973 to 2014, we document that global financial liberalization followed an S-curve path: reforms were slow and gradual in early periods, accelerated during the 1990s, and slowed down after 2000. We estimate a learning model that explains these dynamics. Policymakers updated their beliefs about the growth effects of financial reforms by learning from their own and other countries' experiences. Positive growth surprises in advanced economies helped accelerate belief updating worldwide, leading to the global wave of ...
FRB Atlanta Working Paper , Paper 2021-19

Working Paper
The major supervisory initiatives post-FDICIA: Are they based on the goals of PCA? Should they be?
Eisenbeis, Robert A.; Wall, Larry D. (2002)
The prompt corrective action provisions in FDICIA 1991 provide the supervisors with an unambiguous goal: "to resolve the problems of insured depository institutions at the least possible long-term cost to the deposit insurance fund." Yet performance of the regulators in achieving this goal has been lacking in that substantial losses continue to be imposed on the insurance funds when banks fail. Is PCA misguided, or are there incentive defects in the law and how the requirements are being administered? This paper analyzes these issues in the context of recent proposals to reform the deposit ...
FRB Atlanta Working Paper , Paper 2002-31

Working Paper
Corporate board composition, protocols, and voting behavior: experimental evidence
Rebello, Michael J.; Noe, Thomas H.; Gillette, Ann B. (2000)
We model experimentally the governance of an institution. The optimal management of this institution depends on the information possessed by insiders. However, insiders, whose interests are not aligned with the interests of the institution, may choose to use their information to further personal rather than institutional ends. Researchers (e.g., Palfrey 1990) and the business press have both argued that multiagent mechanisms, which inject trustworthy but uninformed ?watchdog? agents into the governance process and impose penalties for conflicting recommendations, can implement institutionally ...
FRB Atlanta Working Paper , Paper 2000-10

Working Paper
State Merit Aid Programs and Youth Labor Market Attachment
Pitts, M. Melinda; Frisvold, David (2018-07-01)
This paper examines the impact of state merit-aid programs on the labor market attachment of high school-aged youths. The labor force participation rate of teenagers has fallen substantially in recent decades, coinciding with the introduction of merit-aid programs. These programs reduce the price of attending an in-state public college or university for high-achieving students and have the potential to influence students' allocation of time and effort between labor market activities, human capital development, and other forms of leisure. We examine the influence of these programs based on ...
FRB Atlanta Working Paper , Paper 2018-4

Working Paper
The impact of 9/11 on hours of work in the United States
Pavlova, Olga; Hotchkiss, Julie L. (2004)
The purpose of this paper is to determine whether workers? commitment to the labor force declined after 9/11, as many popular press accounts at the time suggested it would. The results indicate that any measured decline in hours spent working was the result of economic conditions rather than changes in desired hours of work. Controlling for economic conditions, hours of work after 9/11 actually increased on average compared to before 9/11; no significant change in hours spent working occurred among residents of New York City, however.
FRB Atlanta Working Paper , Paper 2004-16

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
Commitment, coordination failures, and delayed reforms
Chang, Roberto (1994)
FRB Atlanta Working Paper , Paper 94-10

Working Paper
Barriers to Creative Destruction: Large Firms and Nonproductive Strategies
Baslandze, Salomé (2021-09-30)
This working paper reviews recent empirical evidence on large firms and nonproductivestrategies that hinder creative destruction and reallocation. The focus is on three types ofnonproductive strategies: political connections, nonproductive patenting, and anticompetitiveacquisitions. Across different contexts using granular micro data sets, we overwhelmingly see that asfirms gain market share, they increasingly rely on nonproductive strategies but reduce theirproductive, innovation-based strategies. I also discuss theoretical channels, aggregate implications,and potentials for some policies.
FRB Atlanta Working Paper , Paper 2021-23

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