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Working Paper
The Welfare Effects of Bank Liquidity and Capital Requirements
Van den Heuvel, Skander J. (2022-11-04)
The stringency of bank liquidity and capital requirements should depend on their social costs and benefits. This paper investigates their welfare effects and quantifies their welfare costs using sufficient statistics. The special role of banks as liquidity providers is embedded in an otherwise standard general equilibrium growth model. Capital and liquidity requirements mitigate moral hazard from deposit insurance, which, if unchecked, can lead to excessive credit and liquidity risk at banks. However, these regulations are also costly because they reduce the ability of banks to create net ...
Finance and Economics Discussion Series , Paper 2022-072

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

Working Paper
Is GDP Becoming Obsolete? The 'Beyond GDP' Debate
Nakamura, Leonard I.; Charles, Hulton (2022-11-08)
GDP is a closely watched indicator of the current health of the economy and an important tool of economic policy. It has been called one of the great inventions of the 20th century. It is not, however, a persuasive indicator of individual well-being or economic progress. There have been calls to refocus or replace GDP with a metric that better reflects the welfare dimension. In response, the U.S. agency responsible for the GDP accounts recently launched the GDP and Beyond program. This is by no means an easy undertaking, given the subjective and idiosyncratic nature of much of individual ...
Working Papers , Paper 21-37

Working Paper
Terrorism, Trade and Welfare: Some Paradoxes and a Policy Conundrum
Younas, Javed; Sandler, Todd; Bandyopadhyay, Subhayu (2016-03-01)
We present a standard trade model and show that terrorism can be trade inducing, starting from autarky. In addition, terrorism can be shown to be welfare augmenting for a group of nations. Finally, we present some qualitative conditions that identify when a nation?s trade volume may rise (or fall) in response to a greater incidence of terrorism. Our trade and welfare results point to potential difficulties in international coordination of counterterrorism policy because of terrorism?s differential impact across nations.
Working Papers , Paper 2016-2

Working Paper
The welfare effects of incentive schemes
Monnet, Cyril; Copeland, Adam (2003)
This paper computes the change in welfare associated with the introduction of incentives. Specifically, we calculate by how much the welfare gains of increased output due to incentives outweigh workers' disutility from increased effort. We accomplish this by studying the use of incentives by a firm in the check-clearing industry. Using this firm's production records, we model and estimate the worker's dynamic effort decision problem. We find that the firm's incentive scheme has a large effect on productivity, raising it by 14% over the sample period. Using our parameter estimates, we show ...
Finance and Economics Discussion Series , Paper 2003-08

Working Paper
Social Security Reform with Heterogeneous Mortality
Jones, John Bailey; Li, Yue (2020-07-17)
Using a heterogeneous-agent, life-cycle model of Social Security claiming, labor supply and saving, we consider the implications of lifespan inequality for Social Security reform. Quantitative experiments show that welfare is maximized when baseline benefits are independent of lifetime earnings, the payroll tax cap is kept roughly unchanged, and claiming adjustments are reduced. Eliminating the earnings test and the income taxation of Social Security benefits provides additional gains. The Social Security system that would maximize welfare in a "2050 demographics" scenario, characterized by ...
Working Paper , Paper 20-09

Journal Article
Effects of welfare reform on Western States
Mattey, Joe P. (1996)
FRBSF Economic Letter

Working Paper
The impact of welfare reform on marriage and divorce
Gelbach, Jonah B.; Hoynes, Hilary W.; Bitler, Marianne P.; Zavodny, Madeline (2002)
The goal of the 1996 Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA) was to end the dependency of needy parents on government benefits, in part by promoting marriage; the pre-reform welfare system was widely believed to discourage marriage because it primarily provided benefits to single mothers. However, welfare reform may have actually decreased the incentives to be married by giving women greater financial independence via the program's new emphasis on work. This paper uses Vital Statistics data on marriages and divorces during 1989-2000 to examine the role of ...
FRB Atlanta Working Paper , Paper 2002-9

Working Paper
Managing Macroeconomic Fluctuations with Flexible Exchange Rate Targeting
Mihov, Ilian; Heipertz, Jonas; Santacreu, Ana Maria (2019-11-05)
We show that a monetary policy rule that uses the exchange rate to stabilize the economy outperforms a Taylor rule in managing macroeconomics fluctuations and in achieving higher welfare. The differences between the rules are driven by: (i) the path of the nominal exchange rate and interest rate under each rule, and (ii) time variation in the risk premium, which leads to deviations from uncovered interest parity. These differences are larger in very open economies, more exposed to foreign shocks, and in which domestic and foreign goods are highly substitutable.
Working Papers , Paper 2017-28

Conference Paper
Lessons for future public policy and research
Nathan, Richard P. (1986)
Conference Series ; [Proceedings] , Volume 30 , Pages 245-255

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