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Bank:Federal Reserve Bank of Dallas  Series:Working Papers 

Working Paper
Energy security: a comparison of protectionist policies

Working Papers , Paper 9215

Working Paper
Legal fee restrictions, moral hazard, and attorney profits

When attorney effort is unobservable and certain other simplifying assumptions (such as risk neutrality) hold, it is efficient for an attorney to purchase the rights to a client's legal claim. However, the American Bar Association Model Rules of Professional Conduct prohibit this arrangement. We show that this ethical restriction, which is formally equivalent to requiring a minimum fixed fee of zero, can create economic rents for attorneys, even though they continue to compete along the contingent-fee dimension. The contingent fee is not bid down to the zero-profit level, because such a fee ...
Working Papers , Paper 9912

Working Paper
Fluctuations in U.S. voting behavior: evidence from Presidential elections

Working Papers , Paper 8506

Working Paper
Financial innovation and monetary policy effectiveness

Working Papers , Paper 8701

Working Paper
Are deep recessions followed by strong recoveries?

Working Papers , Paper 9201

Working Paper
Money demand and relative prices during episodes of hyperinflation

Working Papers , Paper 9307

Working Paper
The poor, the rich and the enforcer: institutional choice and growth

We study economies where improving the quality of institutions ? modeled as improving contract enforcement ? requires resources, but enables trade that raises output by reducing the dispersion of marginal products of capital. We find that in this type of environment it is optimal to combine institutional building with endowment redistribution, and that more ex-ante dispersion in marginal products increases the incentives to invest in enforcement. In addition, we show that institutional investments lead over time to a progressive reduction in inequality. Finally, the framework we describe ...
Working Papers , Paper 0801

Working Paper
The stock market and monetary policy: the role of macroeconomic states

Working Papers , Paper 9516

Working Paper
Cointegration and tests of a classical model of inflation in Argentina, Bolivia, Brazil, Mexico, And Peru

Working Papers , Paper 9210

Working Paper
The market value of government of Canada debt; Monthly, 1937–84

Working Papers , Paper 8507

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