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Subsidizing job creation in the Great Recession

We analyze the effects of various labor market policies on job creation, job destruction, and employment. The framework of Mortensen and Pissarides (2003) is used to model the dynamic interaction between firms and workers and to simulate their responses to alternative policies. The equilibrium model is calibrated to capture labor market conditions at the end of 2009, including the unemployment, inflow, and outflow rates by workers of different educational attainment. We consider the equilibrium effects of a hiring subsidy, a payroll tax reduction, and an employment subsidy. While calibrating ...
Staff Reports , Paper 451

Conference Paper
Straining out Gnats and allowing Camels: the question of subsidy to subsidiaries of banks

Proceedings , Paper 622

Conference Paper
The subsidy provided by the federal safety net: theory, measurement, and containment

Proceedings , Paper 599

Conference Paper
Safety net subsidies at U.S. commercial banks, 1985-1994

Proceedings , Paper 598

Working Paper
Entrepreneurship and government subsidies under capital constraints: a general equilibrium analysis

This paper studies the interaction of capital constraints with business formation, growth and destruction, and the policy implications of this interaction. A dynamic general equilibrium model is constructed and shown to be consistent with recent empirical finding on this subject. In the model, agents face uninsurable income risk and costly financial intermediation, and they choose to be either a worker or an entrepreneur. A calibrated version of the model is used to examine two government assistance programs: loan guarantees and grants. The main findings are that both programs can improve ...
Working Paper , Paper 97-09

Working Paper
The effect of second generation rent controls on the quality of rental housing

Microeconomic theory predicts that rent controls will lead to greater housing quality deterioration than would have been the case in an uncontrolled market. However, empirical analyses of rent control have concentrated on income distribution effects. This study tests the hypothesis of quality deterioration using a two period linked sample of dwelling units drawn from eight Standard Metropolitan Statistical Areas, half of which have rent control laws. The results indicate that quality was 7.1% lower in controlled markets in 1974, and 13.5% lower in 1977. Slow, cumulative effects of deferred ...
Working Paper , Paper 85-05

Working Paper
The impact of capital grants on maintenance in the public sector

A study of how state and federal grants affect the maintenance policies of local mass-transit providers, showing that private owners of transit capital devote significantly greater resources to maintenance than do public owners of similar capital.
Working Papers (Old Series) , Paper 8812

On the political economy of education subsidies

Standard models of public education provision predict an implicit transfer of resources from higher income individuals toward lower income individuals. Many studies have documented that public higher education involves a transfer in the reverse direction. We show that this pattern of redistribution is an equilibrium outcome in a model in which education is only partially publicly provided and individuals vote over the extent to which it is subsidized. We show that increased inequality in the income distribution makes this outcome more likely and that the efficiency implications of this ...
Staff Report , Paper 185

Working Paper
The subsidy from state and local tax deductibility: trends, methodological issues, and its value after federal tax reform

Even though the momentum of the "devolution" movement has slowed, federal intergovernmental grants will probably be cut substantially during the next five to ten years. Federal tax reform could further erode federal assistance by eliminating the deduction for state and local personal income and property taxes. This deduction subsidizes the net cost to taxpayers of financing an additional dollar of state and local spending. In the language of economics, deductibility reduces the marginal "tax price" of state and local public goods. This paper clarifies methodological issues in the ...
Working Papers , Paper 97-8

Journal Article
Like all wars, this one requires political leadership (President's Message)

The Region , Volume 10 , Issue Jun , Pages 2-3


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