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Working Paper
Intrinsic and inherited inflation persistence
Fuhrer, Jeffrey C. (2005)
In the now conventional view of the inflation process, the New Keynesian Phillips Curve (NKPC) captures most of the persistence in inflation. The sources of persistence are twofold. First, the ?driving process? for inflation?the output gap or, more commonly, real marginal cost?is itself quite persistent, and a casual inspection of the NKPC reveals that inflation must ?inherit? this persistence. Second, a modest amount of backward-looking or indexing behavior imparts some ?intrinsic? persistence to inflation. This latter source is generally thought to be of less importance than the former, as ...
Working Papers , Paper 05-8

Working Paper
The role of economic, fiscal, and financial shocks in the evolution of public sector pension funding
Zhao, Bo; Triest, Robert K. (2013-12-27)
Many studies have documented the pervasive underfunding of public sector pension plans in the United States in recent years. The deterioration of the funded status of public pension plans coincided with severe fiscal crises that state and local governments experienced in the 2000s. This development has led to a suspicion that state and local governments have decreased employer pension contributions as a backdoor means of running fiscal deficits. In this paper, the authors investigate the extent to which this phenomenon has occurred. They estimate panel data regressions using the Boston ...
Working Papers , Paper 13-26

Working Paper
House price growth when kids are teenagers: a path to higher intergenerational achievement?
Cooper, Daniel H.; Luengo-Prado, Maria Jose (2011)
This paper examines whether rising house prices immediately prior to children entering their college years impacts their intergenerational earnings mobility and/or educational outcomes. Higher house prices provide homeowners, especially liquidity constrained ones, with additional funding to invest in their children's human capital. The results show that a 1 percentage point increase in house prices, when children are 17-years-old, results in roughly 0.8 percent higher annual income for the children of homeowners, and 1.2 percent lower annual income for the children of renters. Additional ...
Working Papers , Paper 11-6

Working Paper
Active decisions and pro-social behavior
Zehnder, Michael; Goette, Lorenz; Stutzer, Alois (2007)
In this paper, we propose a decision framework where people are individually asked to either actively consent to or dissent from some pro-social behavior. We hypothesize that confronting individuals with the choice of whether to engage in a specific pro-social behavior contributes to the formation of issue-specific altruistic preferences, while simultaneously involving a commitment. The hypothesis is tested in a large-scale field experiment on blood donations. We find that this ?active-decision? intervention substantially increases the actual donation behavior of people who had not fully ...
Working Papers , Paper 07-13

Working Paper
Housing and debt over the life cycle and over the business cycle
Pavan, Marina; Iacoviello, Matteo (2009)
This paper describes an equilibrium life-cycle model of housing where nonconvex adjustment costs lead households to adjust their housing choice infrequently and by large amounts when they do so. In the cross-sectional dimension, the model matches the wealth distribution; the age profiles of consumption, homeownership, and mortgage debt; and data on the frequency of housing adjustment. In the time-series dimension, the model accounts for the procyclicality and volatility of housing investment, and for the procyclical behavior of household debt.
Working Papers , Paper 09-12

Working Paper
Merchant steering of consumer payment choice: evidence from a 2012 Diary survey
Stavins, Joanna; Shy, Oz (2014-05-12)
This paper seeks to discover whether U.S. merchants are using their recently granted freedom to offer price discounts and other incentives to steer customers to pay with methods that are less costly to merchants. Using evidence of merchant steering based on the 2012 Diary of Consumer Payment Choice, we find that only a very small fraction of transactions received a cash or debit card discount, and even fewer were subjected to a credit card surcharge. Transactions at gasoline stations were more likely to receive either cash discounts or credit card surcharges than transactions in other ...
Working Papers , Paper 14-1

Working Paper
Job Displacement and Sectoral Mobility
Jackson, Osborne (2021-10-01)
This paper combines two components of the US Current Population Survey to characterize the relationship between job displacement and sectoral mobility for long-tenured workers over the 1996–2019 period: (1) the cross-sectional Displaced Worker Survey and (2) the 16-month longitudinal design of the Basic Monthly Survey. While displacement negatively correlates with mobility over time, such job loss has a positive causal impact on mobility for displaced workers compared with similar non-displaced workers. Education and industry structure facilitate post-displacement industry switching, and ...
Working Papers , Paper 21-19

Working Paper
Space and time in macroeconomic panel data: young workers and state-level unemployment revisited
Foote, Christopher L. (2007)
A provocative paper by Shimer (2001) finds that state-level youth shares and unemployment rates are negatively correlated, in contrast to conventional assumptions about demographic effects on labor markets. This paper updates Shimer's regressions and shows that this surprising correlation essentially disappears when the end of the sample period is extended from 1996 to 2005. This shift does not occur because of a change in the underlying economy during the past decade. Rather, the presence of a cross-sectional (that is, spatial) correlation in the state-level data sharply reduces the ...
Working Papers , Paper 07-10

Working Paper
High-Yield Debt Covenants and Their Real Effects
Bräuning, Falk; Ivashina, Victoria; Ozdagli, Ali K. (2022-03-01)
High-yield debt, including leveraged loans, is characterized by incurrence financial covenants, or “cov-lite” provisions. Unlike, traditional, maintenance covenants, incurrence covenants preserve equity control rights but trigger pre-specified restrictions on the borrower’s actions once the covenant threshold is crossed. We show that restricted actions impose significant constraints on investments: Similar to the effects of the shift of control rights to creditors in traditional loans, the drop in investment under incurrence covenants is large and sudden. This evidence suggests a new ...
Working Papers , Paper 22-5

Working Paper
Family characteristics and macroeconomic factors in U. S. intragenerational family income mobility, 1978–2014
Bradbury, Katharine L. (2018-10-01)
Family economic mobility has been a policy concern for decades, with interest heating up further since the 1990s. Using data that tracks individual families? incomes during overlapping 10-year periods from 1978 through 2014, this paper investigates the relationships of factors ? family characteristics and macro influences ? to intragenerational mobility and whether the importance of those factors has changed over time. Family characteristics include both levels of work behavior and family structure and within-period changes in those factors, as well as time-invariant characteristics of the ...
Working Papers , Paper 19-1

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