Search Results
Journal Article
\"Don't panic\": a primer on airline deregulation
A summary of the theory behind airline deregulation, and a look at the future evolution of the airline industry as it adapts to its new environment.
Journal Article
Beneath the rhetoric: clarifying the debate on mortgage lending discrimination
The authors' simple model of the mortgage underwriting process provides a framework within which to define discrimination and various notions of the default rate. By providing those with differing views a common framework for discussing their positions, the model clarifies and reconciles some of the most controversial issues in the debate over mortgage discrimination. It also shows how this theoretical framework can help in the design of practical policy responses to this vexing social problem.
Journal Article
The search-theoretic approach to monetary economics: a primer
The authors present simple versions of models used in the search-theoretic approach to monetary economics. They discuss results on the existence of monetary equilibria, the potential for multiple equilibria, and welfare. Using bilateral bargaining theory, they consider models where prices are fixed as well as those where prices are determined endogenously. After describing the frictions necessary to construct a model where money has an essential role, they conclude by reviewing many extensions and applications in the related literature
Journal Article
The reserve market and the information content of M1 announcements
An analysis of the effect that monetary control arrangements have on the information content of the money stock announcements in the market for bank reserves.
Journal Article
A conference on federal credit allocation
An overview of an October 1993 conference that examined the costs, causes, and consequences of credit allocation by the federal government, covering both the broad rationale for government intervention in U.S. credit markets and a number of specific programs and regulations.
Journal Article
Location and reinvestment: the Youngstown steel district
A look at Youngstown's decline as a major steel producing center, emphasizing the city's competitive disadvantages and weakened investment profile, but contending that the steel district remains viable.
Journal Article
Accounting for capital consumption and technological progress
Methods currently used to calculate capital consumption, the stock of capital, and the sources of economic growth do not adequately measure the underlying growth in inputs due to technological advance. This lack affects tax policy as well as the design of programs targeting potential areas of economic growth. The authors present a model designed to surmount the problems affecting current methods of calculation.
Journal Article
Why do wages vary among employers?
A review of empirical evidence on intra- and interindustry wage differentials among industries and establishments, presenting five alternative explanations for large and persistent variance in wages across employers, as well as policy implications for the alternatives.
Journal Article
Defining capital in growth models
This article analyzes the measurement of the capital stock when technological advance is embodied in capital. The source of the problem is that capital is not homogeneous across vintages. Which measure of the capital stock to use is dictated by the question being addressed.
Journal Article
Scale economies and technological change in Federal Reserve ACH payment processing
An analysis of the contribution of scale economies, technological change, and falling input prices to the absolute reduction in the real processing costs of an ACH transfer over the 1979-94 period.