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Working Paper
Death of Coal and Breath of Life: The Effect of Power Plant Closure on Local Air Quality
Brown, Jason; Tousey, Colton (2020-10-15)
The number of U.S. coal-fired power plants declined by nearly 250 between 2001 and 2018. Given that burning coal generates large amounts of particulate matter, which is known to have adverse health effects, the closure of a coal-fired power plant should improve local air quality. Using spatial panel data from air quality monitor stations and coal-fired power plants, we estimate the relationship between plant closure and local air quality. We find that on average, the levels of particulate matter within 25 and 50 mile buffers around air quality monitors declined between 7 and 14 percent with ...
Research Working Paper , Paper RWP 20-15

Working Paper
Deciphering Federal Reserve Communication via Text Analysis of Alternative FOMC Statements
Doh, Taeyoung; Song, Dongho; Yang, Shu-Kuei X. (2020-10-06)
We apply a natural language processing algorithm to FOMC statements to construct a new measure of monetary policy stance, including the tone and novelty of a policy statement. We exploit cross-sectional variations across alternative FOMC statements to identify the tone (for example, dovish or hawkish), and contrast the current and previous FOMC statements released after Committee meetings to identify the novelty of the announcement. We then use high-frequency bond prices to compute the surprise component of the monetary policy stance. Our text-based estimates of monetary policy surprises are ...
Research Working Paper , Paper RWP 20-14

Working Paper
Public Pension Reforms and Fiscal Foresight: Narrative Evidence and Aggregate Implications
Bi, Huixin; Zubairy, Sarah (2020-07-31)
We explore the evolution of pension policy across countries and investigate the macroeconomic effects of pension structural reforms in recent decades, in particular those with implementation delays. We first document chronological changes in pension policy for 10 OECD countries between 1962 and 2017. The new data set shows that pension systems rapidly expanded between the 1960s and 1980s, followed by a wave of retrenchments since the 1990s. Structural pension reforms, which are motivated by long-run fiscal sustainability concerns, often come with significant implementation delays. We find ...
Research Working Paper , Paper RWP 20-06

Working Paper
Unemployment Insurance during a Pandemic
Xie, Zoe; Nie, Jun (2020-08-06)
The CARES Act implemented in response to the COVID-19 crisis dramatically increased the generosity of unemployment insurance (UI) benefits, triggering concerns about substantial effects on unemployment. This paper combines a labor market search-matching model with the SIR-type infection dynamics to study the effects of the CARES Act UI on both unemployment and infection. More generous UI policies create work disincentives and lead to higher unemployment but also reduce infection and save lives. Economic shutdown policies further amplify these effects of UI policies. Quantitatively, the CARES ...
Research Working Paper , Paper RWP 20-07

Working Paper
Borrowed reserves targeting and nominal income smoothing
VanHoose, David D. (1989)
Research Working Paper , Paper 89-15

Working Paper
Tax analysis in a dynamic stochastic model: on measuring Harberger triangles and Okun gaps
Greenwood, Jeremy; Huffman, Gregory W. (1989)
Research Working Paper , Paper 89-01

Working Paper
How real is the \\"real exchange rate?\\"
Becketti, Sean; Hakkio, Craig S. (1987)
Research Working Paper , Paper 87-04

Working Paper
Inside money, outside money, and inflation
Talbot, Kathleen E.; Boschen, John F. (1987)
Research Working Paper , Paper 87-10

Working Paper
Market makers' supply and pricing of financial market liquidity
Starr, Ross M.; Shen, Pu (2000)
This study models the bid-ask spread in financial markets as a function of asset price variability and order flow. The market-maker is characterized as passively accepting orders to buy and to sell a security at the market's prevailing price (plus or minus half the bid-ask spread). The bid-ask spread adjusts to cover market-makers' average costs. The bid-ask spread then varies positively with: the security's price volatility, the volatility of order flow, and the absolute value of the market-maker's net inventory position. Each of these variables increases average cost and hence is priced in ...
Research Working Paper , Paper RWP 00-03

Working Paper
International transmission of anticipated inflation under alternative exchange-rate regimes
Rioja, Felix K.; Holman, Jill A. (1999)
This paper studies the international transmission of anticipated inflation. A two-country, two-good, two-currency, cash-in-advance model is used to examine analytically and numerically the consequences of changes in a country's inflation rate. Domestic monetary policy influences real activity at home through an inflation-tax channel. These real effects are transmitted to the foreign country via fluctuations in the real exchange rate. Under a flexible nominal exchange rate, inflation is a beggar-thy-neighbor policy. Under a fixed nominal exchange rate, each country suffers a welfare loss when ...
Research Working Paper , Paper 99-04

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