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Bank:Federal Reserve Bank of Cleveland  Series:Working Papers (Old Series) 

Working Paper
The equity of social services provided to children and senior citizens

A consideration of the degree of equity in the U.S. government's treatment of children vis-a-vis adults, particularly the elderly. The authors show that given current policy, today's and tomorrow's children could end up paying as much as 70 percent of their lifetime income to the government, whereas the current elderly will pay only about 25 percent on average.
Working Papers (Old Series) , Paper 9311

Working Paper
Redshirting, compulsory schooling laws, and educational attainment

A wide literature uses date of birth as an instrument to study the causal effects of educational attainment. This paper shows how parents delaying their children?s initial enrollment in kindergarten, a practice known as redshirting, can make estimates obtained through this identification framework all but impossible to interpret. A latent index model is used to illustrate how the monotonicity assumption in this framework is violated if redshirting decisions are made in a setting of essential heterogeneity. Empirical evidence is presented from the ECLS-K data set that favors this scenario; ...
Working Papers (Old Series) , Paper 1012

Working Paper
Absolute priority rule violations, credit rationing, and efficiency

A demonstration that violations of the absolute priority rule exacerbate credit rationing problems by reducing the payment lenders receive in default states.
Working Papers (Old Series) , Paper 9710

Working Paper
Community-based well maintenance in rural Haiti

The international community has pledged $11 billion to Haiti, a country where nongovernmental organizations (NGOs) provide nearly all public goods and services. This raises at least two questions: How can NGOs most effectively perform their own work, and how can NGOs integrate their programs into broader efforts organized by public institutions? This paper addresses these questions by evaluating the community-based model of Haiti Outreach (HO) that focuses on training communities to manage wells after they have been constructed. The effect of this management training is identified by ...
Working Papers (Old Series) , Paper 1201

Working Paper
The role of warrants in corporate reorganizations

An argument that informational asymmetries explain why the original shareholders of some firms emerge from Chapter 11 bankruptcy proceedings with stock in the reorganized company, while others receive warrants. By proposing a reorganization plan in which they receive warrants, the original stockholders of a firm with good future prospects can signal their superior information to the creditors in a way that firms with poor prospects will not wish to mimic.
Working Papers (Old Series) , Paper 9512

Working Paper
Inflation expectations, real rates, and risk premia: evidence from inflation swaps

This paper develops a model of the term structures of nominal and real interest rates driven by state variables representing the short-term real interest rate, expected inflation, inflation?s central tendency, and four volatility factors that follow GARCH processes. We derive analytical solutions for nominal bond yields, yields on inflation-indexed bonds that have an indexation lag, and the term structure of expected inflation. Unlike prior studies, the model?s parameters are estimated using data on inflation swap rates, as well as nominal yields and survey forecasts of inflation. The ...
Working Papers (Old Series) , Paper 1107

Working Paper
Monetary policy and real interest rates: new evidence from the money stock announcements

This paper presents new evidence on how asset prices respond to new information about the money stock. It shows that the information content of money stock announcements and the response of asset prices to new information in the announcements vary with changes in the monetary policy regime, the Federal Reserve operating procedures, and the reserve accounting rules. While previous studies have examined how asset prices respond to the money stock announcements under the interest-rate targeting procedure and the nonborrowed reserve procedure, we have included new evidence from the borrowed ...
Working Papers (Old Series) , Paper 8406

Working Paper
Bretton Woods, swap lines, and the Federal Reserve’s return to intervention

This paper describes the United States? first line of defense against shortcomings in the Bretton Woods system, which threatened the system?s continuation as early as 1960. The exposition describes the Federal Reserve?s use of swap lines both to provide cover for central banks? unwanted dollar exposures, thereby forestalling claims on the U.S. gold stock, and to supply dollar liquidity to countries facing temporary balance-of-payments deficits, thereby bolstering confidence in their parities. As suggested by the expansion and growing use of the swap lines, the operations failed to distinguish ...
Working Papers (Old Series) , Paper 1232

Working Paper
HRM policy and increasing inequality in a salary survey

A look at the implications for human resource management of the rising wage disparity found in a three-decades-long private salary survey conducted by the Federal Reserve Bank of Cleveland.
Working Papers (Old Series) , Paper 9302

Working Paper
Voting on social security: evidence from OECD countries

An examination of the subset of public choice models for Social Security that have empirical implications. The data, collected from OECD countries for the years 1960, 1970, 1980 and 1990, show that higher median voter age, greater income heterogeneity, similarity in family size, and variables that make a public pension program profitable are all associated with a larger program.
Working Papers (Old Series) , Paper 9511

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