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Bank:Federal Reserve Bank of Richmond  Series:Economic Quarterly 

Journal Article
Understanding monetary policy implementation

The Federal Reserve implements its monetary policy objectives by intervening in the interbank market for overnight loans. In particular, it aims to change the supply of reserves available to commercial banks so that the (average) interest rate in this market equals an announced target rate. A recent change in legislation will give the Federal Reserve greater flexibility in this process by allowing it to pay interest on reserve balances. Together, the change and recent events in financial markets have renewed interest in the process of monetary policy implementation. This article presents a ...
Economic Quarterly , Volume 94 , Issue Sum , Pages 235-263

Journal Article
Trend inflation, firm-specific capital, and sticky prices

Economic Quarterly , Volume 91 , Issue Fall , Pages 57-83

Journal Article
Monetary policy and the adjustment to country-specific shocks

Economic Quarterly , Volume 90 , Issue Spr , Pages 21-40

Journal Article
Predicting the recent behavior of inflation using output gap-based Phillips curves

Economic Quarterly , Volume 90 , Issue Sum , Pages 65-88

Journal Article
Algebraic production functions and their uses before Cobb-Douglas

Economic Quarterly , Issue Win , Pages 51-83

Journal Article
Currency quality and changes in the behavior of depository institutions

Economic Quarterly , Volume 93 , Issue Fall , Pages 361-391

Journal Article
Idiosyncratic Sectoral Growth, Balanced Growth, and Sectoral Linkages

We study the growth properties of an economy where different sectors are linked by way of intermediates and potentially grow at different rates. We characterize the economy's equilibrium balanced growth path, and derive an analytical expression that summarizes how TFP growth in a given sector affects value added growth in every other sector and, therefore, aggregate GDP growth. We show in a special case that a version of Hulten's (1978) theorem, whereby the effects of changes in sector-specific productivity on GDP are entirely captured by that sector's share in GDP, also holds in growth rates ...
Economic Quarterly , Issue 2Q , Pages 79-101

Journal Article
Earned income tax credit recipients: income, marginal tax rates, wealth, and credit constraints

The Earned Income Tax Credit (EITC) has evolved into the largest anti-poverty program in the United States by providing tax credits for low and moderate income working families. In this paper, we describe the characteristics of EITC recipients at various ages using Current Population Survey data. In addition, we discuss the relevance of the EITC in affecting marginal income tax rates in the United States and discuss the effects of the EITC on household labor supply decisions. Lastly, using data from the Survey of Consumer Finances, we estimate wealth distributions for EITC recipients and ...
Economic Quarterly , Volume 96 , Issue 3Q , Pages 229-258

Journal Article
The economics of sovereign defaults

Economic Quarterly , Volume 93 , Issue Spr , Pages 163-187

Journal Article
Unemployment insurance and personal bankruptcy

Economic Quarterly , Volume 89 , Issue Spr , Pages 33-53

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Hetzel, Robert L. 26 items

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