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Series:FRB Atlanta Working Paper 

Working Paper
Rational expectations equilibrium in an economy with segmented capital asset markets

We develop a model of noisy rational expectations equilibrium in segmented markets. The noise emerges endogenously through intermarket effects rather than through exogenous supply noise from liquidity or naive trading as in standard noisy rational expectations equilibrium of the Hellwig type. Existence of and persistence of segmentation in equilibrium is established. A metric to determine welfare effects of the degree of segmentation is also derived. This metric is structurally different from the metric derived in the standard models and includes the latter as a special case. Empirical ...
FRB Atlanta Working Paper , Paper 95-16

Working Paper
Responding to a shadow banking crisis: the lessons of 1763

In August 1763, northern Europe experienced a financial crisis with numerous parallels to the 2008 Lehman Brothers episode. The 1763 crisis was sparked by the failure of a major provider of acceptance loans, a form of securitized credit resembling modern asset-backed commercial paper. The central bank at the hub of the crisis, the Bank of Amsterdam, responded by broadening the range of acceptable collateral for its repo transactions. Analysis of archival data shows that this emergency source of liquidity helped to contain the effects of the crisis, by preventing the collapse of at least two ...
FRB Atlanta Working Paper , Paper 2012-08

Working Paper
Competition for more than one class of borrowers using different credit- worthiness tests

FRB Atlanta Working Paper , Paper 91-18

Working Paper
Optimal taxation and debt with uninsurable risks to human capital accumulation

We consider an economy where individuals face uninsurable risks to their human capital accumulation and study the problem of determining the optimal level of linear taxes on capital and labor income together with the optimal path of the debt level. We show both analytically and numerically that in the presence of such risks it is beneficial to tax both labor and capital income and to have positive government debt.
FRB Atlanta Working Paper , Paper 2014-24

Working Paper
Money demand and relative prices in the German hyperinflation

FRB Atlanta Working Paper , Paper 91-8

Working Paper
Educational achievement and economic growth: evidence from Taiwan

FRB Atlanta Working Paper , Paper 93-11

Working Paper
European Monetary Union: evidence from structural VARs

This paper examines the historical pattern of aggregate demand and supply shocks in several European Monetary System countries in order to assess the desirability of monetary union. Countries with similar patterns of shocks are presumably better candidates for monetary union than those hit by wildly disparate shocks. The historical time series of shocks is identified by estimating a vector autoregressive model while imposing the restriction that demand shocks have no permanent effect on real output. In most cases supply shocks are positively correlated with those of Germany, but the negative ...
FRB Atlanta Working Paper , Paper 95-1

Working Paper
A quarterly Bayesian VAR model of the US economy

FRB Atlanta Working Paper , Paper 88-2

Working Paper
Comments on Piazzesi and Schneider's \"Bond positions, expectations, and the yield curve\"

This working paper comments on Monika Piazzesi and Martin Schneider's "Bond Positions, Expectations, and the Yield Curve," delivered at the Fiscal Policy and Monetary/Fiscal Policy Interactions conference held at the Atlanta Fed on April 19?20, 2007.
FRB Atlanta Working Paper , Paper 2008-04

Working Paper
The effect of the common bond and membership expansion on credit union risk

This paper examines differences in institutional risk profiles based on credit union membership type and membership expansion via ?select employee groups,? or SEGs, which are now expressly allowed by the Credit Union Membership Access Act of 1998. A cross-sectional statistical model is specified that examines risk variation relative to the type of common bond and the breadth of the credit union?s membership. In findings that are consistent with earlier research, the authors document that occupationally based credit unions have a unique risk profile relative to other common bonds. This profile ...
FRB Atlanta Working Paper , Paper 2001-10

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