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Journal Article
Federal credit and insurance programs: beyond the deficit diversion

An examination of the budgetary and economic effects of federal credit and insurance programs, highlighting the problems inherent in making federal budget deficits the centerpiece of fiscal decisionmaking.
Economic Commentary , Issue Nov

Journal Article
Bank credit's changing role in monetary policy

Financial Letters , Issue Nov

The earned income tax credit: recipients, labor force participation, and credit constraints

There has been a longstanding debate in the United States about how to assist low-income families. The Earned Income Tax Credit (EITC) is designed to augment income while encouraging work: The tax credit increases with earnings for low levels of household income, but declines and ultimately is phased out as incomes rise. The EITC appears to have increased labor force participation but its effects on hours worked is ambiguous. Given the low levels of net wealth of most EITC recipients, it is likely that many are credit constrained and unable to smooth their consumption patterns.
Richmond Fed Economic Brief , Issue Mar

Conference Paper
Housing, credit and consumer expenditure

Many factors have contributed to the development of credit markets, easing access of households to credit. This paper considers the implications of easier credit for the influence of higher house prices on consumer expenditure. It argues that with poorly developed credit markets, the effect is likely to be negative, but becomes positive as access to housing collateral increases and down-payments for first time homebuyers fall in relation to values. The implications for differences between countries and changes in consumer behaviour over time are explored. Previous studies are reviewed: the ...
Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Is the southwest lending boom too much of a good thing?

Southwest Economy , Issue Jan , Pages 6-10

Journal Article
Credit in the macroeconomy

Quarterly Review , Volume 18 , Issue Spr

Working Paper
A dynamic model of unsecured credit

The author studies the terms of credit in a competitive market in which sellers (lenders) are willing to repeatedly finance the purchases of buyers (borrowers) by engaging in a credit relationship. The key frictions are: (i) the lender is unable to observe the borrower's ability to repay a loan; (ii) the borrower cannot commit to any long-term contract; (iii) it is costly for the lender to contact a borrower and to walk away from a contract; and (iv) transactions within each credit relationship are not publicly observable. The lender's optimal contract has two key properties: delayed ...
Working Papers , Paper 11-2

Housing and the economic recovery

Remarks at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey.
Speech , Paper 73

Why financial stability is a necessary prerequisite for an effective monetary policy

Remarks at the Andrew Crockett Memorial Lecture, Bank for International Settlements 2013 Annual General Meeting, Basel, Switzerland.
Speech , Paper 108



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