Impact of the Great Recession on public schools in the region
Remarks at the Quarterly Regional Economic Press Briefing, New York City.
School finance takes center stage in the Southeast
The affordable housing shortage: considering the problem, causes and solutions
Many observers claim that we are in the midst of an affordable housing shortage or, even worse, an affordable housing crisis. The primary concern is that too many households live in unaffordable rental units. We hope to clarify the current debate by first measuring the size of the problem, then diagnosing its underlying causes and, finally, discussing treatments that policymakers should consider. While our review is hardly exhaustive, we conclude that a shortage of income is largely behind the housing affordability problem despite the current focus on housing. Policymakers should recognize ...
Government financing in an endogenous growth model with financial market restrictions
In this paper we develop an endogenous growth model with market regulations on explicitly modeled financial intermediaries to examine the effects of alternative government financing schemes on growth, inflation, and welfare. ; We find that in the presence of binding legal reserve requirements, a marginal increase in government spending need not result in a reduction in the rate of economic growth if it is financed with an increase in the seigniorage tax rate. Raising the seigniorage tax base by means of an increase in the reserve requirement retards growth and has an ambiguous effect on ...
The national and regional economic outlook
Remarks before the Bronx Chamber of Commerce at the New York Botanical Garden, Bronx, New York.
State government finances: World War II to the current crises
This article examines the current state budget crises from a historical perspective. The role of major expenditures and revenue sources in the context of the current slowdown and how reliance on various revenue sources has changed since World War II are addressed. Tax revenue variability over the business cycle and the use of nontraditional revenue sources, such as state lotteries and casino gaming, are also discussed. The article further comments on the role of fiscal institutions, such as tax and expenditure limitation laws, rainy day funds, and balanced budget rules, in state budgeting and ...
Financial crises in the emerging markets: the roles of the public and private sectors
In the wake of the emerging market turmoil of recent years, a broad consensus has developed on ways of strengthening the institutional framework to create more robust, and thus more crisis-resistant, economies. But there is no comparable consensus on how best to handle crises once they do erupt, or the respective roles of public institutions and the private sector in containing and resolving such crises. This article examines some of the key issues and outlines a flexible, managed-market approach to crisis resolution that allows for different forms of participation by the public and private ...
Around the Fed : The double whammy of foreclosures
Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2010/q4/around_the_fed_weblinks.cfm
Devolution: the new federalism, an overview
In recent years, a growing number of scholars and policymakers have concluded that the federal government has become too large and powerful, intruding into affairs better handled by states and municipalities. Based on this premise, they have argued for a reduction in federal aid, the conversion of matching grants to block grants, greater flexibility for states in implementing federally funded programs, and curtailment of federal mandates. Their program is popularly referred to as devolution, the devolving of federal responsibilities to lower levels of government. The controversy that ...