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Bank:Federal Reserve Bank of San Francisco  Series:Working Papers in Applied Economic Theory 

Working Paper
What do money market models tell us about how to implement monetary policy: reply

Working Papers in Applied Economic Theory , Paper 108

Working Paper
The search for a stable money demand function: a survey of the post- 1973 literature

Working Papers in Applied Economic Theory , Paper 109

Working Paper
Dynamic adjustment in the demand for money: tests of alternative hypotheses

Working Papers in Applied Economic Theory , Paper 110

Working Paper
Estimating dynamic rational expectations models when the trend specification is uncertain

This paper explores various strategies for estimating rational expectations models when the trend specification is uncertain. One approach modified the likelihood function in order to reduce the influence of low-frequency dynamics. Hansen and Sargent (1993) conjectured that this would have little cost in correctly specified models and would improve estimated in mis-specified models. This paper confirms the first part of their conjecture but not the second. Contrary to intuition, the effects of trend-specification errors are spread across the entire frequency domain and are not confined to ...
Working Papers in Applied Economic Theory , Paper 96-01

Working Paper
Capital flows and macroeconomic management: tequila lessons

Working Papers in Applied Economic Theory , Paper 96-02

Working Paper
Monetary union and macroeconomic stabilization

Working Papers in Applied Economic Theory , Paper 96-03

Working Paper
Do measures of monetary policy in a VAR make sense?

No. In many VARs, monetary policy shocks are identified with the least squares residuals from a regression of the federal funds rate on an assortment of variables. Such regressions appear to be structurally fragile and are at odds with other evidence on the nature of the Fed's reaction function; furthermore, the residuals from these regressions have little correlation with funds rate shocks that are derived from forward-looking financial markets.
Working Papers in Applied Economic Theory , Paper 96-05

Working Paper
Measuring the liquidity effect

This paper develops a measure of the immediate effect on the federal funds rate of an open market operation. Because open market operations are often responses to current or anticipated economic developments, there is a serious problem of simultaneous equations bias in measuring this effect. This paper resolves this problem by developing a proxy for the errors the Federal Reserve makes in forecasting the extent to which Treasury operations will add or drain reserves available to private banks. These errors induce fluctuations in bank reserve which have measurable consequences for the ...
Working Papers in Applied Economic Theory , Paper 96-06

Working Paper
The effect of health insurance on married female labor supply

We investigate the effects of employer-provided health insurance on the labor supply of married women. Because health benefits commonly are restricted to full-time workers, wives who prefer to work short hours but have no alternate source of insurance may work long hours in order to acquire coverage for their families. We use data from the April 1993 Current Population Survey Benefits Supplement, and we exploit variation in coverage under husbands' health plans to estimate the magnitude of this effect. Our reduced-form labor supply models indicate a strong negative effect of husbands' ...
Working Papers in Applied Economic Theory , Paper 96-09

Working Paper
Leaving Los Angeles: migration, economic opportunity and the quality-of-life

Working Papers in Applied Economic Theory , Paper 96-10

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