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Working Paper
Health Shocks, Health Insurance, Human Capital, and the Dynamics of Earnings and Health
Capatina, Elena; Keane, Michael P. (2023-11-15)
We specify and calibrate a life-cycle model of labor supply and savings incorporating health shocks and medical treatment decisions. Our model features endogenous wage formation via human capital accumulation, employer-sponsored health insurance, and means-tested social insurance. We use the model to study the effects of health shocks on health, labor supply and earnings, and to assess how health shocks contribute to earnings inequality. We also simulate provision of public insurance to agents who lack employer-sponsored insurance. The public insurance program substantially increases medical ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 080

Working Paper
A transitional analysis of the welfare cost of inflation
Burdick, Clark A. (1997)
This paper applies new computational methods for studying nonstationary dynamics to reevaluate the welfare cost of inflation. A dynamic stochastic general equilibrium model with heterogeneous agents is studied. Incomplete markets induce agents to hold a fiat currency as insurance against idiosyncratic income fluctuations. Rather than comparing steady state equilibria, I measure the welfare cost of inflation by explicitly modeling the transitional dynamics that arise following a change in monetary policy. Transitional dynamics are shown to increase the welfare cost of inflation substantially. ...
FRB Atlanta Working Paper , Paper 97-15

Journal Article
Is umemployment too low? How welfare reform and technology are creating a new employment standard
Saving, Jason L. (1998-11)
Southwest Economy , Issue Nov , Pages 5-8

Journal Article
Are economic flexibility and social welfare programs incompatible?
Zaretsky, Adam M. (1995-01)
The Regional Economist , Issue Jan , Pages 10-11

Working Paper
Left behind: SSI in the era of welfare reform
Daly, Mary C.; Burkhauser, Richard V. (2003)
SSI was established in 1972, born out of a compromise at the time between those wanting to provide a guaranteed income floor and those wishing to limit it to individuals not expected to work: the aged, blind, and disabled. SSI is now the largest federal means-tested program in the United States, serving a population dominated by low-income adults and children with disabilities. With other forms of federal support devolving to state programs (e.g., welfare), policymakers pressing to redefine social expectations about who should and should not work, and the Americans with Disabilities Act ...
Working Paper Series , Paper 2003-12

Discussion Paper
The Supplemental Security Income Program and welfare reform
Schmidt, Lucie (2012)
Over the past 20 years, the Supplemental Security Income Program (SSI), which provides federally funded income support for disabled individuals, has become one of the most important means-tested cash aid programs in the United States. However, little research has examined the determinants of growth in SSI caseloads across states and over time. In this paper I use state panel data, exploiting variation both across states and over time, to determine what factors determine SSI disabled caseloads. I examine the relative importance of a number of factors, including economic conditions, health ...
Public Policy Discussion Paper , Paper 12-3

Working Paper
Managing Macroeconomic Fluctuations with Flexible Exchange Rate Targeting
Mihov, Ilian; Heipertz, Jonas; Santacreu, Ana Maria (2022-01-16)
We show that a monetary policy rule that uses the exchange rate to stabilize the economy can outperform a Taylor rule in managing macroeconomics fluctuations and in achieving higher welfare. The differences between the rules are driven by: (i) the paths of the nominal exchange rate and the interest rate under each rule and (ii) external habits in consumption, which leads to deviations from uncovered interest parity. These differences are larger in economies, which are very open, which are more exposed to foreign shocks, or in which domestic and foreign goods are highly substitutable.
Working Papers , Paper 2017-028

Journal Article
A new idea for welfare reform
Keane, Michael P. (1995-04)
This article analyzes several proposals to build work incentives into the U.S. welfare system. It concludes that the most cost effective way to do that is to offer a work subsidy to all low-income single parents?in other words, to simply pay them for working in the labor market. This conclusion is based on a model of the labor force participation behavior of low-income single mothers that the author developed with Robert Moffitt. Among the proposals evaluated in the article, besides the work subsidy, are proposals to reduce the rate that welfare benefits are reduced when welfare recipients ...
Quarterly Review , Volume 19 , Issue Spr , Pages 2-28

Working Paper
Macroprudential Policy Interlinkages
Matschke, Johannes (2021-09-30)
Emerging markets are concerned about sudden stops in international capital flows, which may lead to severe recessions associated with vicious spirals of currency depreciations and tightening borrowing constraints. A common prescription is to impose macroprudential policies, including prudential capital controls, to limit international borrowing especially in foreign currency. This paper analyzes the supportive role of macroprudential policies geared toward the domestic financial market, suggesting that emerging markets should resort to a wide mix of policies, even when the domestic financial ...
Research Working Paper , Paper RWP 21-10

Working Paper
Comparing the welfare costs and the initial dynamics of alternative temporary stabilization policies
Uribe, Martin (1996)
This paper compares the welfare costs and initial dynamics of three alternative inflation stabilization policies using the staggered price model with imperfect credibility and currency substitution developed by Calvo and Vegh (1990). In addition to the policies analyzed by Calvo and Vegh (1990)--a temporary exchange-rate based stabilization program (ERB) and a temporary money based program (MB)--this paper considers a third stabilization policy consisting of a temporary money based program with initial reliquefication--i.e., an initial once-and-for-all increase in the money supply--that keeps ...
International Finance Discussion Papers , Paper 539

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