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

Working Paper
Optimal fiscal policy when public capital is productive: a business cycle perspective

A presentation of a dynamic general-equilibrium model with productive public capital to help account for differences in the business cycle characteristics of public- versus private- sector expenditures in postwar U.S. data.
Working Papers (Old Series) , Paper 9507

Working Paper
The computational experiment: an econometric tool

A specification of the steps in designing a computational experiment to address a well-posed quantitative question, emphasizing that the computational experiment is an econometric tool used in the task of deriving the quantitative implications of theory.
Working Papers (Old Series) , Paper 9420

Working Paper
Agency costs, net worth, and business fluctuations: a computable general equilibrium analysis

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 9602

Working Paper
Generational accounts: a meaningful alternative to deficit accounting

A presentation of a set of generational accounts that can be used as an alternative to the federal budget deficit in assessing intergenerational policy, concluding that the fiscal burdens on future generations will be significantly larger than those on existing generations if current tax policy remains unchanged.
Working Papers (Old Series) , Paper 9103

Working Paper
Financial crises and bank failures: a review of prediction methods

In this article we analyze financial and economic circumstances associated with the U.S. subprime mortgage crisis and the global financial turmoil that has led to severe crises in many countries. We suggest that the level of cross-border holdings of long-term securities between the United States and the rest of the world may indicate a direct link between the turmoil in the securitized market originated in the United States and that in other countries. We provide a summary of empirical results obtained in several Economics and Operations Research papers that attempt to explain, predict, or ...
Working Papers (Old Series) , Paper 0904

Working Paper
Does means-testing welfare discourage saving? Evidence from the National Longitudinal Survey of Women

An empirical test of AFDC's asset limit, finding that after correcting for the potential endogeneity of policy, a $1 difference in limits implies a difference in potential AFDC recipients' wealth of 30 cents. ; This paper uses a stochastic cost frontier to examine the scale economies, cost efficiencies, and technological change of three payments instruments--check, automated clearinghouse (ACH) transfers, and Fedwire processing--provided by the Federal Reserve over the period 1990-94.
Working Papers (Old Series) , Paper 9519

Working Paper
Home production meets time-to-build

An innovation in this paper is to introduce a time-to-build technology for the production of market capital into a model with home production. The paper?s main finding is that the two anomalies that have plagued all household production models?the positive correlation between business and household investment, and household investment leading business investment over the business cycle?are resolved when time-to-build is added.
Working Papers (Old Series) , Paper 0007R

Working Paper
Two flaws in business cycle dating

Using ?business cycle accounting,? Chari, Kehoe, and McGrattan (2006) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not promising avenues for modeling business cycle dynamics. There are two reasons that this conclusion is not warranted. First, small changes in the implementation of business cycle accounting overturn Chari, Kehoe, and McGrattan?s conclusions. Second, one way that shocks to the intertemporal wedge affect the economy is by their spillover effects onto other wedges. This potentially important mechanism for the ...
Working Papers (Old Series) , Paper 0612

Working Paper
The efficiency and welfare effects of tax reform: are fewer tax brackets better than more?

Using the well-known dynamic fiscal policy framework pioneered by Auerbach and Kotlikoff, we examine the efficiency and welfare implications of shifting from a linear marginal tax rate structure to a discrete rate structure characterized by two regions of flat tax rates of 15 and 28 percent. For a wide range of parameter values, we find that there is no sequence of lump-sum transfers that the (model) government can feasibly implement to make the shift from the linear to the discrete structure Pareto-improving. We conclude that the worldwide trend toward replacing rate structures having many ...
Working Papers (Old Series) , Paper 9212

Working Paper
Federal Home Loan Bank lending to community banks: are targeted subsidies necessary?

The Gramm-Leach-Bliley Act of 1999 extended the lending authority of Federal Home Loan Banks to include advances secured by small-enterprise loans of community financial institutions. The authors examine three possible reasons for the extension of this selective credit subsidy to community banks and thrifts, including the need to subsidize community depository institutions, stabilize the Federal Home Loan Banks, and address a market failure for small enterprise loans in rural banking markets. They use two empirical models to investigate whether funding constraints affect small-business ...
Working Papers (Old Series) , Paper 0112

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