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Keywords:Government spending policy 

Speech
The outlook, policy choices and our mandate

Remarks at the at the Society of American Business Editors and Writers Fall Conference, City University of New York, Graduate School of Journalism, New York City.
Speech , Paper 30

Speech
The road to recovery: Hudson Valley

Remarks at the Dutchess County Regional Chamber of Commerce, Fishkill, New York.
Speech , Paper 56

Speech
The road to recovery: Hudson Valley

Remarks at the State University of New York at New Paltz, New Paltz, New York.
Speech , Paper 57

Speech
The national and regional economic outlook

Remarks at Fordham University's Gabelli School of Business, Bronx, New York.
Speech , Paper 69

Speech
The national and regional economic outlook

Remarks before the Bronx Chamber of Commerce at the New York Botanical Garden, Bronx, New York.
Speech , Paper 68

Report
Correlated disturbances and U.S. business cycles

The dynamic stochastic general equilibrium (DSGE) models used to study business cycles typically assume that exogenous disturbances are independent first-order autoregressions. This paper relaxes this tight and arbitrary restriction by allowing for disturbances that have a rich contemporaneous and dynamic correlation structure. Our first contribution is a new Bayesian econometric method that uses conjugate conditionals to allow for feasible and quick estimation of DSGE models with correlated disturbances. Our second contribution is a reexamination of U.S. business cycles. We find that ...
Staff Reports , Paper 434

Report
Deficits, public debt dynamics, and tax and spending multipliers

Cutting government spending on goods and services increases the budget deficit if the nominal interest rate is close to zero. This is the message of a simple but standard New Keynesian DSGE model calibrated with Bayesian methods. The cut in spending reduces output and thus?holding rates for labor and sales taxes constant?reduces revenues by even more than what is saved by the spending cut. Similarly, increasing sales taxes can increase the budget deficit rather than reduce it. Both results suggest limitations of ?austerity measures? in low interest rate economies to cut budget deficits. ...
Staff Reports , Paper 551

Report
Fiscal multipliers and policy coordination

This paper addresses the effectiveness of fiscal policy at zero nominal interest rates. I analyze a stochastic general equilibrium model with sticky prices and rational expectations and assume that the government cannot commit to future policy. Real government spending increases demand by increasing public consumption. Deficit spending increases demand by generating inflation expectations. I derive fiscal spending multipliers that calculate how much output increases for each dollar of government spending (real or deficit). Under monetary and fiscal policy coordination, the real spending ...
Staff Reports , Paper 241

Journal Article
The foundations and practice of historic preservation

The authors examine historic preservation and show why it serves as an important force in the economy, discussing the motivations for historic preservation and how the practice has evolved, and explaining why government plays a role in preservation and how policy is implemented. Problems created by the competition between preservation and other interests are presented.
The Regional Economy of Upstate New York , Issue Fall

Speech
The road to recovery: Brooklyn

Remarks by President Dudley at the Brooklyn Chamber of Commerce Brooklyn Borough Hall, Brooklyn, New York.
Speech , Paper 58

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