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Working Paper
A two-sector model of endogenous growth with leisure externalities
Lu, Chia-Hui; Azariadis, Costas; Chen, Been-Lon; Wang, Yin-Chi (2012)
This paper considers the impact of leisure preference and leisure externalities on growth and labor supply in a Lucas [12] type model, as in Gmez [7], with a separable non-homothetic utility and the assumption that physical and human capital are both necessary inputs in both the goods and the education sectors. In spite of the non-concavities due to the leisure externality, the balanced growth path is always unique, which guarantees global stability for comparative-static exercises. We find that small differences in preferences toward leisure or in leisure externalities can generate ...
Working Papers , Paper 2012-045

Speech
The national and regional economy
Dudley, William (2015-04-06)
Remarks at the New Jersey Performing Arts Center, Newark, New Jersey.
Speech , Paper 161

Speech
The Economic Outlook and Some Longer-Run Issues 05-18-2017 Economic Club of Minnesota, Minneapolis, MN
Mester, Loretta J. (2017-05-18)
Today, I will discuss my current outlook for the economy and my views on monetary policy. I will also talk about some longer-run issues facing the economy. Of course, these are my own views and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee. The economic expansion will celebrate its eighth birthday next month ? that?s 56 in dog years ? which is long by historical standards. Of course, expansions don?t die from old age and there is no reason to think that this one cannot continue. In fact, one of my focuses as a monetary policymaker is ...
Speech , Paper 83

Conference Paper
The future of economic convergence
Rodrik, Dani (2011)
Proceedings - Economic Policy Symposium - Jackson Hole

Speech
The recovery and monetary policy
Dudley, William (2012)
Remarks at the National Association for Business Economics Annual Meeting, New York City.
Speech , Paper 89

Working Paper
The analytics of technology news shocks
Mehkari, M. Saif; Dupor, Bill (2013)
This paper constructs several models in which, unlike the standard neoclassical growth model, positive news about future technology generates an increase in current consumption, hours and investment. These models are said to exhibit procyclical news shocks. We find that all models that exhibit procyclical news shocks in our paper have two commonalities. There are mechanisms to ensure that: (I) consumption does not crowd out investment, or vice versa; (II) the benefit of forgoing leisure in response to news shocks outweighs the cost. Among the models we consider, we believe, one model holds ...
Working Papers , Paper 2013-036

Conference Paper
Foreword: Achieving maximum long-run growth
George, Esther L. (2011)
Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
To Cut or Not to Cut? On the Impact of Corporate Taxes on Employment and Income
Smolyansky, Michael; Ljungqvist, Alexander (2016-02-05)
Do corporate tax increases destroy jobs? And do corporate tax cuts boost employment? Answering these questions has proved empirically challenging. We propose an identification strategy that exploits variation in corporate income tax rates across U.S. states. Comparing contiguous counties straddling state borders over the period 1970 to 2010, we find that increases in corporate tax rates lead to significant reductions in employment and income. We find little evidence that corporate tax cuts boost economic activity, unless implemented during recessions when they lead to significant increases in ...
Finance and Economics Discussion Series , Paper 2016-6

Working Paper
Growth Effects of Progressive Taxation
Li, Wenli; Sarte, Pierre-Daniel G. (2001-11)
Criticisms of endogenous growth models with flat rate taxes have highlighted two features that are not substantiated by the data. These models generally imply: (1) that economic growth must fall with the share of government expenditures in output across countries, and (2) that one-time shifts in marginal tax rates should instantaneously lead to similar shifts in output growth. In contrast, we show that allowing for heterogenous households and progressive taxes into otherwise conventional linear growth models radically changes these predictions. In particular, economic growth does not have to ...
Finance and Economics Discussion Series , Paper 2002-03

Conference Paper
Commentary” the future of economic convergence
Padoan, Pier Carlo (2011)
Proceedings - Economic Policy Symposium - Jackson Hole

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