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Journal Article
Assessing fundamental tax reform

A look at how some basic tax reform proposals stack up against four, sometimes competing, requirements laid out by President Clinton in a December 1997 speech: Is the proposal fiscally responsible? Will it be good for the economy? Will it lead to a simpler tax system? And finally, is it fair to all Americans?
Economic Commentary , Issue Jan

Monograph
A comparison of Fedwire and Swiss interbank clearing

Monograph

Journal Article
The churn among firms

Southwest Economy , Issue Jan , Pages 6-9

Journal Article
Benchmarked 2000 employment data revised up

Western economic developments , Issue Mar , Pages 2

Journal Article
Home-Ownership Center on Wheels

Freddie Mac, Chase Home Finance and The Community College Foundation are sponsoring an innovative program called the Chase Home Finance Mobile Homeownership Center.
e-Perspectives , Volume 4 , Issue 2

Working Paper
Volatility of volatility and tail risk premiums

This paper reports on tail risk premiums in two tail risk hedging strategies: the S&P 500 puts and the VIX calls. As a new measure of tail risk, we suggest using a model-free, risk-neutral measure of the volatility of volatility implied by a cross section of the VIX options, which we call the VVIX index. The tail risk measured by the VVIX index has forecasting power for future tail risk hedge returns. Specifically, consistent with the literature on rare disasters, an increase in the VVIX index raises the current prices of tail risk hedges and thus lowers their subsequent returns over the next ...
Finance and Economics Discussion Series , Paper 2013-54

Working Paper
North-South Technological Diffusion and Dynamic Gains from Trade

This paper studies the transitional dynamics in a quality ladder model of endogenous growth in which North-South trade leads to technological diffusion through reverse engineering of intermediate goods. The concept of learning-to-learn is incorporated into both imitative and innovative processes, which in turn drive domestic technological progress. International trade with imitation leads to feedback effects between Southern imitators and Northern innovators who compete for the world market. Consequently, both regions face transition paths dependent on their relative technologies. We solve ...
Working Paper Series , Paper 2004-24

Working Paper
Who Gets Medication-assisted Treatment for Opioid Use Disorder, and Does It Reduce Overdose Risk? Evidence from the Rhode Island All-payer Claims Database

This paper uses the all-payer claims database (APCD) for Rhode Island to study three questions about the use of medication-assisted treatment (MAT) for opioid use disorder (OUD): (1) Does MAT reduce the risk of opioid overdose; (2) are there systematic differences in the uptake of MAT by observable patient-level characteristics; and (3) how successful were federal policy changes implemented in 2016 that sought to promote increased use of buprenorphine, one of three medication options within MAT? Regarding the first question, we find that MAT as practiced in Rhode Island is associated with a ...
Working Papers , Paper 21-3

Discussion Paper
Do Economic Crises in Europe Affect the U.S.? Some Lessons from the Past Three Decades

In this post we summarize the main results of our contribution to a recent e-book, “The Making of the European Monetary Union: 30 years since the ERM crisis,” on the economic and financial crises in Europe since 1992-93, and focus on the spillovers of those crises onto the United States and the global economy. We find that the answer to the question in the title of this post is a (moderate) yes.
Liberty Street Economics , Paper 20230531

Financial Positions of U.S. Public Corporations: Part 5, The Main Street Lending Program: Potential Benefits and Costs

This blog post is the fifth in a series that discusses how the current pandemic affects the financial positions of publicly traded U.S. corporations, the potential implications of these financial developments, and the federal policy response. In this post, we study the economic benefits and costs of the Main Street Lending Program, created by the Federal Reserve to support corporations during this crisis. We make four points, which reflect our analysis and are not the views of the Federal Reserve System or the Federal Reserve Bank of Chicago. First, the main potential benefit of this program ...
Chicago Fed Insights

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