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Keywords:welfare OR Welfare 

Report
Capital controls: a normative analysis

Countries' concerns about the value of their currency have been studied and documented extensively in the literature. Capital controls can be?and often are?used as a tool to manage exchange rate fluctuations. This paper investigates whether countries can benefit from using such a tool. We develop a welfare-based analysis of whether (or, in fact, how) countries should tax international borrowing. Our results suggest that restricting international capital flows through the use of these taxes can be beneficial for individual countries, although it would limit cross-border pooling of risk. The ...
Staff Reports , Paper 600

Report
Migration, Congestion Externalities, and the Evaluation of Spatial Investments

The direct benefits of infrastructure in developing countries can be large, but if new infrastructure induces in-migration, congestion of other local publicly provided goods may offset the direct benefits. Using the example of rural household electrification in South Africa, we demonstrate the importance of accounting for migration when evaluating welfare gains of spatial programs. We also provide a practical approach to computing welfare gains that does not rely on land prices. We develop a location choice model that incorporates missing land markets and allows for congestion in local land. ...
Staff Report , Paper 506

Report
Portfolio autarky: a welfare analysis

Portfolio autarky obtains when residents of every country are prohibited from owning real assets located in other countries. Such a regime and a laissez-faire regime, both characterized by free trade in goods, are studied in a model whose resource and technology assumptions are those of the standard two-country, two- (nonreproducible) factor, two- (nonstorable) good model. But to ensure a market for assets (land), the model is peopled by overlapping generations; each two-period lived individual supplies one unit of labor only in the first period of his life. Unique equilibria are described ...
Staff Report , Paper 9

Working Paper
Managing Macroeconomic Fluctuations with Flexible Exchange Rate Targeting

We show that a monetary policy rule that uses the exchange rate to stabilize the economy outperforms a Taylor rule in managing macroeconomics fluctuations and in achieving higher welfare. The differences between the rules are driven by: (i) the path of the nominal exchange rate and interest rate under each rule, and (ii) time variation in the risk premium, which leads to deviations from uncovered interest parity. These differences are larger in very open economies, more exposed to foreign shocks, and in which domestic and foreign goods are highly substitutable.
Working Papers , Paper 2017-28

Discussion Paper
The social discount rate

In welfare theory it is standard to pick the consumption stream that maximizes the welfare of the representative agent. We argue against this position, and show that a benevolent social planner will generally place a greater weight on future consumption than does the representative agent.
Discussion Paper / Institute for Empirical Macroeconomics , Paper 137

Working Paper
Firms as clubs in Walrasian markets with private information : technical appendix

This paper proves the Welfare Theorems and the existence of a competitive equilibrium for the club economies with private information in Prescott and Townsend (2005). The proofs cover lottery economies with a finite number of goods and without free disposal. A mapping based on Negishi (1960) is used.
Working Paper , Paper 05-11

Journal Article
New England AFDC caseloads remain high despite the recovery

Fiscal Facts , Issue Win , Pages 1-2, 8

Journal Article
Medicaid

Medicaid has become Massachusetts preeminent budget buster. The largest single program in the budget, it will most likely be the most important source of spending increases between FY 1991 and FY 1995. But Massachusetts is not alone. Medicaid is producing budgetary headaches all across the country. This article explains why the Medicaid program has become a substantial burden for Massachusetts and other state governments and why that burden is likely to increase. It examines why Massachusetts Medicaid expenditures are above average and outlines some policy choices. ; One option involves ...
New England Economic Review , Issue Jan , Pages 27-50

Journal Article
The devolution tortoise and the centralization hare

There has been much talk in recent years of devolving powers and functions from the federal government to the states. Some observers even proclaim a devolution revolution, the result of which will be a more efficient and effective federal government and more robust and responsive states. The generally recognized objectives of devolution include (1) more efficient provision and production of public services; (2) better alignment of the costs and benefits of government for a diverse citizenry; (3) better fits between public goods and their spatial characteristics; (4) increased competition, ...
New England Economic Review , Issue May , Pages 13-40

Discussion Paper
The Supplemental Security Income Program and welfare reform

Over the past 20 years, the Supplemental Security Income Program (SSI), which provides federally funded income support for disabled individuals, has become one of the most important means-tested cash aid programs in the United States. However, little research has examined the determinants of growth in SSI caseloads across states and over time. In this paper I use state panel data, exploiting variation both across states and over time, to determine what factors determine SSI disabled caseloads. I examine the relative importance of a number of factors, including economic conditions, health ...
Public Policy Discussion Paper , Paper 12-3

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