Search Results
Journal Article
This little piggy came home
Earmarks are plentiful in the Ninth District and vary widely.
Speech
The road to recovery: Brooklyn
Remarks by President Dudley at the Brooklyn Chamber of Commerce Brooklyn Borough Hall, Brooklyn, New York.
Working Paper
Industry evidence on the effects of government spending
This paper investigates industry-level effects of government purchases in order to shed light on the transmission mechanism for government spending on the aggregate economy. We begin by highlighting the different theoretical predictions concerning the effects of government spending on industry labor market equilibrium. We then create a panel data set that matches output and labor variables to shifts in industry-specific government demand. The empirical results indicate that increases in government demand raise output and hours, but lower real product wages and productivity. Markups do not ...
Working Paper
Government policy response to war-expenditure shocks
A theory of government policy determination, based on intertemporal distortion-smoothing and limited commitment, matches the set of stylized facts of U.S. wartime policy.
Journal Article
Veto politics : can a line-item veto reduce spending?
Related link(s): https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2009/spring/feature4_weblinks.cfm
Speech
The national and regional economic outlook
Remarks at the University at Albany, Albany, New York.
Journal Article
Twin deficits, twenty years later
Recent declines in the U.S. current account and fiscal balances have sparked renewed debate over the twin-deficit hypothesis, which argues that a larger fiscal deficit, through its effect on national saving, leads to an expanded current account deficit. This study reviews international evidence on the hypothesis, finding some support for it. However, the link observed between fiscal and current account deficits is too weak to support the view that deficit reductions in the United States can play a major role in correcting the nation's current account imbalance with the rest of the world.
Journal Article
President's perspective
Dallas Fed President Richard W. Fisher discusses the impact deficit spending and fiscal policy have on the conduct of monetary policy.
Working Paper
Understanding the effects of government spending on consumption
Recent evidence on the effect of government spending shocks on consumption cannot be easily reconciled with existing optimizing business cycle models. We extend the standard New Keynesian model to allow for the presence of rule-of-thumb (non-Ricardian) consumers. We show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the effects of government spending.
Journal Article
Public investment and economic growth