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Bank:Federal Reserve Bank of Minneapolis 

Journal Article
This little piggy restricted market access

Fedgazette , Volume 17 , Issue Sep , Pages 13

Journal Article
District exports: untold stories behind the data

Fedgazette , Volume 16 , Issue May , Pages 21-22

Journal Article
The untouchables

By quantifying the unmeasured, Fed economists shed light on the stock market, productivity and the development of economic theory
The Region , Volume 19 , Issue Dec , Pages 30-33, 52-57

Report
Sustainable plans

We propose a definition of time consistent policy for infinite horizon economies with competitive private agents. Allocations and policies are defined as functions of the history of past policies. A sustainable equilibrium is a sequence of history-contingent policies and allocations that satisfy certain sequential rationality conditions for the government and for private agents. We provide a complete characterization of the sustainable equilibrium outcomes for a variant of Fischer?s (1980) model of capital taxation. We also relate our work to recent developments in the theory of repeated ...
Staff Report , Paper 122

Working Paper
Optimal fiscal policy in a business cycle model (technical appendix)

Working Papers , Paper 567

Journal Article
The vanishing equity premium

The Region , Volume 15 , Issue Jun , Pages 6-7

Report
Optimal fiscal and monetary policy: some recent results

This paper studies the quantitative properties of fiscal and monetary policy in business cycle models. In terms of fiscal policy, optimal labor tax rates are virtually constant and optimal capital income tax rates are close to zero on average. In terms of monetary policy, the Friedman rule is optimal?nominal interest rates are zero?and optimal monetary policy is activist in the sense that it responds to shocks to the economy.
Staff Report , Paper 147

Working Paper
Deconstructing Delays in Sovereign Debt Restructuring

Negotiations to restructure sovereign debt are time consuming, taking almost a decade on average to resolve. In this paper, we analyze a class of widely used complete information models of delays in sovereign debt restructuring and show that, despite superficial similarities, there are major differences across models in the driving force for equilibrium delay, the circumstances in which delay occurs, and the efficiency of the debt restructuring process. We focus on three key assumptions. First, if delay has a permanent effect on economic activity in the defaulting country, equilibrium delay ...
Working Papers , Paper 753

Journal Article
Four funerals and a wedding: We're growing older and it won't be cheap

Fedgazette , Volume 16 , Issue Mar , Pages 2-5

Journal Article
How severe is the time-inconsistency problem in monetary policy?

This study analyzes two monetary economies, a cash-credit good model and a limited-participation model. In these models, monetary policy is made by a benevolent policymaker who cannot commit to future policies. The study defines and analyzes Markov equilibrium in these economies and shows that there is no time-inconsistency problem for a wide range of parameter values.
Quarterly Review , Volume 27 , Issue Sum , Pages 17-33

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