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Series:FRB Atlanta Working Paper 

Working Paper
New York and the politics of central banks, 1781 to the Federal Reserve Act

The paper provides a brief history of central banking institutions in the United States. Specifically, the authors highlight the role of New York banking interests in the legislations affecting the creation or expiration of central banking institutions. In our previous research we have detected that New York City banking entities usually exert substantial influence on legislation, greater than their large proportion of United States? banking resources. The authors describe how this influence affected the success or failure of central banking movements in the United States, and the authors use ...
FRB Atlanta Working Paper , Paper 2003-42

Working Paper
Nonaddictive habit formation and the equity premium puzzle

I analyze a model in a simple representative-agent economy with one risky and one riskless asset, populated by habit-forming consumer-investors. These consumer-investors exhibit nonaddictive habit formation in the sense that the current consumption rate of the consumer-investors can fall below the habit-forming past consumption rate. I endogenize the real riskless rate of return in this representative-agent economy and find that the equity premium puzzle is resolved for values of the coefficient of relative risk aversion, the discount rate, and the intensity of nonaddictive habit formation, ...
FRB Atlanta Working Paper , Paper 96-1

Working Paper
Assessing the impact of education and marriage on labor market exit decisions of women

During the late 1990s, the convergence of women's labor force participation rates to men's rates came to a halt. This paper explores the degree to which the role of education and marriage in women's labor supply decisions also changed over this time period. Specifically, this paper investigates women's decisions to exit the labor market upon the birth of a child. The results indicate that changing exit behavior among married, educated women at this period in their lives was not likely the driving force behind the aggregate changes seen in labor force participation. Rather, changes in exit ...
FRB Atlanta Working Paper , Paper 2010-02

Working Paper
Entry cost, financial friction, and cross-country differences in income and TFP

This paper develops a model to assess the quantitative effect of entry cost and financial friction on cross-country income and total factor productivity (TFP) differences. The main focus is on the interaction between entry cost and financial friction. The model is calibrated to match establishment-level statistics for the U.S. economy assuming a perfect financial market. The quantitative analysis shows that entry costs and financial frictions together can generate a factor ten of the differences in income per capita and a factor five of the differences in TFP, and a large part of the ...
FRB Atlanta Working Paper , Paper 2010-16

Working Paper
Optimal fiscal feedback on debt in an economy with nominal rigidities

We examine the impact of different degrees of fiscal feedback on debt in an economy with nominal rigidities where monetary policy is optimal. We look at the extent to which different degrees of fiscal feedback enhance or detract from the ability of the monetary authorities to stabilize output and inflation. Using an objective function derived from utility, we find the optimal level of fiscal feedback to be small. A clear discontinuity exists in the behavior of monetary policy and welfare on either side of this optimal level. As the extent of fiscal feedback increases, optimal monetary policy ...
FRB Atlanta Working Paper , Paper 2007-26

Working Paper
The income smoothing hypothesis: an analysis of the thrift industry

FRB Atlanta Working Paper , Paper 94-3

Working Paper
Volatility forecasts, trading volume, and the ARCH versus option-implied volatility trade-off

Market expectations of future return volatility play a crucial role in finance; so too does our understanding of the process by which information is incorporated in security prices through the trading process. The authors seek to learn something about both of these issues by investigating empirically the role of trading volume in predicting the relative informativeness of volatility forecasts produced by ARCH models versus the volatility forecasts derived from option prices and in improving volatility forecasts produced by ARCH and option models and combinations of models. Daily and monthly ...
FRB Atlanta Working Paper , Paper 2004-6

Working Paper
Does family structure affect children's educational outcomes?

In this paper we examine the effect of family structure on children?s educational outcomes by exploiting the sibling structure in the NLSY and NLSY-Child to control for unobserved heterogeneity across families and individuals. We also compare outcomes for children within the same family?stepchildren with their half-siblings in the same blended family who are the biological children of both parents. Using panel data methods to control for unobserved heterogeneity across families, we find that family structure effects are statistically insignificant. Finally, comparing half-siblings in our ...
FRB Atlanta Working Paper , Paper 2000-13

Working Paper
Cointegrated TFP processes and international business cycles

A puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. We show that total factor productivity processes for the United States and the rest of the world are characterized by a vector error correction model (VECM) and that adding cointegrated technology shocks to the standard IRBC model helps explaining the observed high real exchange rate volatility. Also, we show that the observed increase of the real exchange rate volatility with respect to output in the past ...
FRB Atlanta Working Paper , Paper 2009-23

Working Paper
Effects of devaluation with a partial wage floor

FRB Atlanta Working Paper , Paper 90-12

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