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Working Paper
Autocracy, democracy, bureaucracy, or monopoly: can you judge a government by its size?

We develop a simple theoretical framework to examine on an integrated basis how the form of government affects its power and size. The analytical framework abstracts from distortions that arise from the means ofgovernment finance and separates government power into two dimensions-pure coercive power and pure monopoly power. A government can exert its coercive power to shift the demand for its services outward and/or its monopoly power to restrict the output along a given demand curve to earn rents. Among the implications drawn from the analysis are that government officials have an incentive ...
Working Papers , Paper 9908

Journal Article
The use of equity positions by banks: the Japanese evidence

Economic Review , Issue Fall , Pages 41-55

Working Paper
The effect of school finance reform on population heterogeneity

This paper tests whether state school finance reform alters neighborhood income homogeneity. One implication of the Tiebout model is that within-community homogeneity declines as a result of an exogenous decrease in the ability of jurisdictions to set local tax and expenditure levels. The property tax revolt and the school finance equalization reform of the 1970s and 1980s offer a test of the role of state fiscal reform on aggregate population sorting behavior. The results show that school finance has a significant effect on school district income sorting, especially among low income ...
Working Paper Series , Paper WP-98-11

Conference Paper
Bank lending, financing constraints, SME investment

Proceedings , Paper 1105

Journal Article
Don't know much about financial literacy : In this classroom, the right choice may be (d) all of the above

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Econ Focus , Volume 15 , Issue 3Q , Pages 17-19

Working Paper
Can feedback from the jumbo-CD market improve bank surveillance?

We examine the value of jumbo certificate-of-deposit (CD) signals in bank surveillance. To do so, we first construct proxies for default premiums and deposit runoffs and then rank banks based on these risk proxies. Next, we rank banks based on the output of a logit model typical of the econometric models used in off-site surveillance. Finally, we compare jumbo-CD rankings and surveillance-model rankings as tools for predicting financial distress. Our comparisons include eight out-of-sample test windows during the 1990s. We find that rankings obtained from jumbo-CD data would not have improved ...
Working Papers , Paper 2003-041

Working Paper
Search-Based Models of Money and Finance: An Integrated Approach

Many applications of search theory in monetary economics use the Shi-Trejos-Wright model, hereafter STW, while applications in finance use Duffie-Grleanu-Pederson, hereafter DGP. These approaches have much in common, and both claim to be about liquidity, but the models also differ in a fundamental way: in STW agents use assets as payment instruments when trading goods; in DGP there are no gains from exchanging goods, but agents trade because they value assets differently with goods serving as payment instruments. We develop a framework nesting the two. This clarifies the connection between ...
Working Papers , Paper 709

Recent Inflation Surges Have Modestly Affected Long-Term Expectations

Improvements in Federal Reserve credibility over the last 40 years have ensured that inflation expectations, particularly long-term inflation expectations, have so far remained well-anchored despite surging current inflation.
Dallas Fed Economics

Three Macroeconomic Factors to Watch in Equity Markets

Machine learning has helped make music playlist recommendations, facilitated self-driving cars and even interpreted patients’ medical test results.
Dallas Fed Economics

Ability to Repay a Mortgage: Assessing the Relationship Between Default, Debt-to-Income

The Consumer Financial Protection Bureau has announced that it intends to change the definition of a “qualified mortgage.” Specifically, the CFPB proposes to reconsider the use of a borrower's debt-to-income ratio as a measure of the ability to repay a loan.
Dallas Fed Economics


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