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Series:Working Papers  Bank:Federal Reserve Bank of Minneapolis 

Working Paper
Ramsey Taxation in the Global Economy

We study cooperative optimal Ramsey equilibria in the open economy addressing classic policy questions: Should restrictions be placed to free trade and capital mobility? Should capital income be taxed? Should goods be taxed based on origin or destination? What are desirable border adjustments? How can a Ramsey allocation be implemented with residence-based taxes on assets? We characterize optimal wedges and analyze alternative policy implementations.
Working Papers , Paper 745

Working Paper
Optimality and monetary equilibria in stationary overlapping generations models with long lived agents: growth versus discounting

This paper studies the relationship between the existence and optimality of a monetary steady-state and the nonoptimality of nonmonetary steady-states. We construct a sequence of stationary overlapping generations economies with longer and longer lived generations in which all agents maximize a discounted sum of utilities with a common discount rate. Under some assumptions the following result is established: If the discount rate is greater (less) than the population growth rate, then eventually every nonmonetary steady-state is optimal (non-optimal) and a monetary steady-state does not exist ...
Working Papers , Paper 312

Working Paper
Stopping moderate inflations: the methods of Poincaré and Thatcher

Working Papers , Paper 1

Working Paper
Models of firm heterogeneity and growth

Although employment at individual firms tends to be highly non-stationary, the employment size distribution of all firms in the United States appears to be stationary. It closely resembles a Pareto distribution. There is a lot of entry and exit, mostly of small firms. This paper surveys general equilibrium models that can be used to interpret these facts and explores the role of innovation by new and incumbent firms in determining aggregate growth. The existence of a balanced growth path with a stationary employment size distribution depends crucially on assumptions made about the cost of ...
Working Papers , Paper 678

Working Paper
Modeling the dynamic impact of North American free trade

The current tool of choice for analyzing the impact of a potential North American Free Trade Agreement on the economies of Canada, Mexico, and the United States is the static applied general equilibrium model. Although this type of model can do a good job in analyzing, and even in predicting, the impact of trade liberalization or tax reform on relative prices and resource allocation over a short time horizon, it does not attempt to capture the impact of government policy on growth rates. For this we need a dynamic model. This paper outlines some of the issues that confront a researcher ...
Working Papers , Paper 491

Working Paper
Efficient Bailouts?

We develop a quantitative equilibrium model of financial crises to assess the interaction between ex-post interventions in credit markets and the buildup of risk ex ante. During a systemic crisis, bailouts relax balance sheet constraints and mitigate the severity of the recession. Ex ante, the anticipation of such bailouts leads to an increase in risk-taking, making the economy more vulnerable to a financial crisis. We find that moral hazard effects are limited if bailouts are systemic and broad-based. If bailouts are idiosyncratic and targeted, however, this makes the economy significantly ...
Working Papers , Paper 730

Working Paper
Comments on Farmer and Guo's \\"The econometrics of indeterminacy: an applied study.\\"

(replaced by Staff Report No. 196)
Working Papers , Paper 543

Working Paper
Optimal income tax in a monetary economy

This study examines the shape of an optimal income tax schedule in a monetary economy. In equilibrium, money?s role is to allocate resources across generations, while a tax-transfer scheme serves as a form of social insurance. It is found that the optimal real income tax with money can be progressive.
Working Papers , Paper 244

Working Paper
Catch-up growth followed by stagnation: Mexico, 1950–2010

In 1950 Mexico entered an economic takeoff and grew rapidly for more than 30 years. Growth stopped during the crises of 1982?1995, despite major reforms, including liberalization of foreign trade and investment. Since then growth has been modest. We analyze the economic history of Mexico 1877? 2010. We conclude that the growth 1950?1981 was driven by urbanization, industrialization, and education and that Mexico would have grown even more rapidly if trade and investment had been liberalized sooner. If Mexico is to resume rapid growth ? so that it can approach U.S. levels of income ? it needs ...
Working Papers , Paper 693

Working Paper
Inflation at the Household Level

We use scanner data to estimate inflation rates at the household level. Households' inflation rates are remarkably heterogeneous, with an interquartile range of 6.2 to 9.0 percentage points on an annual basis. Most of the heterogeneity comes not from variation in broadly defined consumption bundles but from variation in prices paid for the same types of goods - a source of variation that previous research has not measured. The entire distribution of household inflation rates shifts in parallel with aggregate inflation. Deviations from aggregate inflation exhibit only slightly negative serial ...
Working Papers , Paper 731

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