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Bank:Federal Reserve Bank of Atlanta  Series:FRB Atlanta Working Paper 

Working Paper
Political Connections, Allocation of Stimulus Spending, and the Jobs Multiplier

Using American Recovery and Reinvestment Act (ARRA) data, we show that firms lever their political connections to win stimulus grants and that public expenditure channeled through politically connected firms hinders job creation. We build a unique database that links information on campaign contributions, state legislative elections, firm characteristics, and ARRA grant allocation. Using exogenous variation in political connections based on ex-post close elections held before ARRA, we causally show that politically connected firms are 38 percent more likely to secure a grant. Based on an ...
FRB Atlanta Working Paper , Paper 13

Working Paper
Spoils of War: Trade Shocks and Segmented Labor Markets in Spain during WWI

How does intranational factor mobility shape the welfare effects of a trade shock? I provide evidence that during WWI, a demand shock emanated from belligerent countries and affected neutral Spain. Within Spain, labor predominantly reallocated locally, while the most affected provinces experienced drastic increases in wages and consumer prices. Embedding imperfect labor mobility in an economic geography model, I show that external demand shocks can improve allocative efficiency, but asymmetric shocks cause localized increases in wages and consumer prices instead of reallocation. Adjusting an ...
FRB Atlanta Working Paper , Paper 14

Working Paper
Estimating Occupation- and Location-Specific Wages over the Life Cycle

In this paper we develop a novel method to project location-specific life-cycle wages for all occupations listed in the Occupational Outlook Handbook from the U.S. Bureau of Labor Statistics. Our method consists of two steps. In the first step, we use individual-level data from the Current Population Survey to estimate the average number of years of potential labor market experience that is associated with each percentile of the education-level specific wage distribution. In the second step, we map this estimated average years of experience to the wage-level percentiles reported in the ...
FRB Atlanta Working Paper , Paper 15

Working Paper
New York and the politics of central banks, 1781 to the Federal Reserve Act

The paper provides a brief history of central banking institutions in the United States. Specifically, the authors highlight the role of New York banking interests in the legislations affecting the creation or expiration of central banking institutions. In our previous research we have detected that New York City banking entities usually exert substantial influence on legislation, greater than their large proportion of United States? banking resources. The authors describe how this influence affected the success or failure of central banking movements in the United States, and the authors use ...
FRB Atlanta Working Paper , Paper 2003-42

Working Paper
Nonaddictive habit formation and the equity premium puzzle

I analyze a model in a simple representative-agent economy with one risky and one riskless asset, populated by habit-forming consumer-investors. These consumer-investors exhibit nonaddictive habit formation in the sense that the current consumption rate of the consumer-investors can fall below the habit-forming past consumption rate. I endogenize the real riskless rate of return in this representative-agent economy and find that the equity premium puzzle is resolved for values of the coefficient of relative risk aversion, the discount rate, and the intensity of nonaddictive habit formation, ...
FRB Atlanta Working Paper , Paper 96-1

Working Paper
Assessing the impact of education and marriage on labor market exit decisions of women

During the late 1990s, the convergence of women's labor force participation rates to men's rates came to a halt. This paper explores the degree to which the role of education and marriage in women's labor supply decisions also changed over this time period. Specifically, this paper investigates women's decisions to exit the labor market upon the birth of a child. The results indicate that changing exit behavior among married, educated women at this period in their lives was not likely the driving force behind the aggregate changes seen in labor force participation. Rather, changes in exit ...
FRB Atlanta Working Paper , Paper 2010-02

Working Paper
Entry cost, financial friction, and cross-country differences in income and TFP

This paper develops a model to assess the quantitative effect of entry cost and financial friction on cross-country income and total factor productivity (TFP) differences. The main focus is on the interaction between entry cost and financial friction. The model is calibrated to match establishment-level statistics for the U.S. economy assuming a perfect financial market. The quantitative analysis shows that entry costs and financial frictions together can generate a factor ten of the differences in income per capita and a factor five of the differences in TFP, and a large part of the ...
FRB Atlanta Working Paper , Paper 2010-16

Working Paper
Optimal fiscal feedback on debt in an economy with nominal rigidities

We examine the impact of different degrees of fiscal feedback on debt in an economy with nominal rigidities where monetary policy is optimal. We look at the extent to which different degrees of fiscal feedback enhance or detract from the ability of the monetary authorities to stabilize output and inflation. Using an objective function derived from utility, we find the optimal level of fiscal feedback to be small. A clear discontinuity exists in the behavior of monetary policy and welfare on either side of this optimal level. As the extent of fiscal feedback increases, optimal monetary policy ...
FRB Atlanta Working Paper , Paper 2007-26

Working Paper
The income smoothing hypothesis: an analysis of the thrift industry

FRB Atlanta Working Paper , Paper 94-3

Working Paper
Volatility forecasts, trading volume, and the ARCH versus option-implied volatility trade-off

Market expectations of future return volatility play a crucial role in finance; so too does our understanding of the process by which information is incorporated in security prices through the trading process. The authors seek to learn something about both of these issues by investigating empirically the role of trading volume in predicting the relative informativeness of volatility forecasts produced by ARCH models versus the volatility forecasts derived from option prices and in improving volatility forecasts produced by ARCH and option models and combinations of models. Daily and monthly ...
FRB Atlanta Working Paper , Paper 2004-6

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