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Working Paper
Exclusion in all-pay auctions
Gale, Ian; Stegeman, Mark (1994)
A description of a procedure for increasing the seller's expected revenue in an all-pay auction, specifically in the case of lobbying, where a politician is typically assumed to award the political prize to the highest bidder.
Working Papers (Old Series) , Paper 9401

Working Paper
Historical review of “umbrella supervision” by the Board of Governors of the Federal Reserve System
Greenlee, Mark B. (2008)
The article reviews legislative history and supervisory practices related to bank holding companies with a view toward understanding what Congress meant by referring to the Board of Governors of the Federal Reserve System as the ?umbrella supervisor? in the Gramm-Leach-Bliley Act. The first part of the article looks at the historical development of bank holding company law and regulation, which laid the foundation for the current practice of umbrella supervision. The second part of the article provides answers to questions related to the Board?s current role as umbrella supervisor: What does ...
Working Papers (Old Series) , Paper 0807

Working Paper
Bridging the gap? Government subsidized lending and access to capital
Cortes, Kristle Romero; Lerner, Joshua (2012)
The consequences of providing public funds to financial institutions remain controversial. We examine the Community Development Financial Institution (CDFI) Fund?s impact on credit union activity, using hitherto little studied U.S. Treasury data. The CDFI Fund grants increase lending at credit unions by 3%. For every dollar awarded, 45 additional cents are loaned out to borrowers in the first year, and up to an additional $1.60 is loaned out within three years. Delinquent loan rates also increase slightly. Our panel results are supported by a broadband regression discontinuity analysis. ...
Working Papers (Old Series) , Paper 1229

Working Paper
Is the political business cycle for real?
Blomberg, S. Brock; Hess, Gregory D. (2000)
This paper's macroeconomic model combines features from both real and political business cycle models. It augments a standard real business cycle tax model by allowing for varying levels of government partisanship and competence in order to replicate two important empirical regularities: First, that on average the economy expands early under Democratic presidents and contracts early under Republican presidents. Second, that presidents whose parties successfully retain the presidency have stronger-than-average growth in the second half of their terms. The model generates both of these features ...
Working Papers (Old Series) , Paper 0016

Working Paper
The Rise and Fall of Consumption in the 2000s
Demyanyk, Yuliya; Luengo-Prado, Maria Jose; Hryshko, Dmytro; Sorensen, Bent E. (2015-05-21)
U.S. consumption has gone through steep ups and downs since the turn of the millennium, but the causes of these fluctuations are still imperfectly identified. We quantify the relative impact on consumption growth of income, unemployment, house prices, credit scores, debt, expectations, foreclosures, inequality, and refinancings for four subperiods: the ?dot-com recession? (2001-2003), the ?subprime boom? (2004-2006), the Great Recession (2007-2009), and the ?tepid recovery? (2010-2012). We document that the explanatory power of different factors varies by subperiods, implying that a ...
Working Papers (Old Series) , Paper 1507

Working Paper
Private takings
Nosal, Ed (2007)
This paper considers the implications associated with a recent Supreme Court ruling that can be interpreted as supporting the use of eminent domain in transferring the property rights of one private agent?a landowner?to another private agent?a developer. Compared to voluntary exchange, when property rights are transferred via eminent domain, landowners? investments in their properties become more inefficient and, as a result, any benefit associated with mitigating the holdout problem between landowners and the developer is reduced. Social welfare can only increase if the holdout problem is ...
Working Papers (Old Series) , Paper 0713

Working Paper
On the threat of counterfeiting
Rocheteau, Guillaume; Li, Yiting (2008)
We study counterfeiting of currency in a search?theoretic model of monetary exchange. In contrast to Nosal and Wallace (2007), we establish that counterfeiting does not pose a threat to the existence of a monetary equilibrium; i.e., a monetary equilibrium exists irrespective of the cost of producing counterfeits, or the ease with which genuine money can be authenticated. However, the possibility to counterfeit ?at money can affect its value, velocity, output and welfare, even if no counterfeiting occurs in equilibrium. We provide two extensions of the model under which the threat of ...
Working Papers (Old Series) , Paper 0809

Working Paper
On the valuation of deposit institutions
Demirgüč-Kunt, Asli (1991)
The author develops an empirical model to value a financial institution's capital for regulatory purposes, which when estimated for a sample of failed and nonfailed institutions, reveals the need for a market-value accounting approach to capital.
Working Papers (Old Series) , Paper 9104

Working Paper
Fertility and welfare participation
Powers, Elizabeth T. (1995)
A look at some basic questions about the phenomenon of welfare births using data from the March 1987 Current Population Survey and the National Longitudinal Survey of Youth. ; An analysis of the quantitative effects of agency costs in a real business cycle model, showing that these costs can explain why output growth displays positive autocorrelation at short horizons. ; An analysis of the quantitative effects of agency costs in a real business cycle model, showing that these costs can explain why output growth displays positive autocorrelation at short horizons.
Working Papers (Old Series) , Paper 9516

Working Paper
Economic estimates of urban infrastructure needs
Wyckoff, Paul Gary (1984)
This paper, critical of commonly employed measures of capital spending needs, offers an alternative method for constructing needs estimates and tests the model using highway spending data for 10 midwestern urban counties.
Working Papers (Old Series) , Paper 8401

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