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Report
Money demand, transactions proxies, and the effects of fiscal policies in open economies
Weiller, Kenneth J. (1986)
Research Paper , Paper 8602

Journal Article
Economic and monetary aspects of the defense program
Williams, John H. (1941-02)
Federal Reserve Bulletin , Issue Feb

Journal Article
In case of pension emergency
Wirtz, Ronald A. (2006-05)
Legislatures nationwide will no doubt be debating what to do about public pensions with large unfunded liabilities. Discussion of two options getting considerable attention.
Fedgazette , Volume 18 , Issue May , Pages 5

Working Paper
Global versus country-specific productivity shocks and the current account
Glick, Reuven; Rogoff, Kenneth S. (1993)
For G-7 countries over the period 1961-1990, there appears to be a strong and stable negative correlation between annual changes in the current account and investment. Here we explore this correlation using a highly tractable empirical model that distinguishes between global and country-specific shocks. This distinction turns out to be quite important empirically, as global shocks account for roughly fifty percent of the overall variance of productivity. An apparent puzzle, however, is that the current account seems to respond by much less than investment to country-specific productivity ...
International Finance Discussion Papers , Paper 443

Journal Article
Counting our chickens
Formaini, Robert L. (1998-01)
Southwest Economy , Issue Jan , Pages 8-12

Journal Article
Unprepared for boom or bust: understanding the current state fiscal crisis
McGranahan, Leslie (2002-07)
The headlines concerning state government finances have become increasingly alarming since mid-2001. This article discusses the roots of the current state fiscal crisis by looking at the decisions made by state government leaders during the long expansion. The author suggests increased use of rainy day funds as a way to avoid future crisis.
Economic Perspectives , Volume 26 , Issue Q III , Pages 2-25

Journal Article
The long (and short) on taxation and expenditure policies
Becsi, Zsolt (1993-09)
Much of the 1992 presidential campaign focused on which fiscal policies would best promote economic growth. In this article, Zsolt Becsi develops an analytical and graphical framework to evaluate the long- and short-run effects of a variety of taxation and expenditure policies. ; Becsi shows that many tax schemes in their macro-economic effects are essentially taxes on labor or capital or both. While taxes on labor and capital both tend to depress private consumption and output in the long run, Becsi shows that a revenue-neutral reduction of capital taxes and increase in labor taxes are ...
Economic and Financial Policy Review , Issue Sep , Pages 51-64

Journal Article
After the flood: flood insurance and wetlands restoration are two policies that hold both promise and problems for flood control. Will they be able to handle the next disaster?
Clement, Douglas (2001-11)
Fedgazette , Volume 13 , Issue Nov , Pages 8-11

Report
Why are representative democracies fiscally irresponsible?
Cole, Harold L.; Chari, V. V. (1993)
We develop a model of a representative democracy in which a legislature makes collective decisions about local public goods expenditures and how they are financed. In our model of the political process legislators defer to spending requests of individual representatives, particularly committee chairmen, who tend to promote spending requests that benefit their own districts. Because legislators do not fully internalize the tax consequences of their individual spending proposals, there is a free rider problem, and as a result spending is excessively high. This leads legislators to prefer a ...
Staff Report , Paper 163

Discussion Paper
A business cycle model with nominal wage contracts and government
Phaneuf, Louis; Cho, Jang-Ok (1993)
We incorporate nominal wage contracts and government into a quantitative general equilibrium framework. Thus, our model includes three types of shocks: a fiscal shock, a monetary shock, and a technology shock. We show that it is possible in this type of environment to generate a low correlation between hours worked and the return to working, a moderately negative correlation between output and aggregate prices and a moderately positive correlation between the real wage rate and output. In sharp contrast with RBC models with indivisible labor, wage contracts magnify mainly the effect of ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 80

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