Federal Reserve Bank of Minneapolis (2009)
Thomas J. Holmes, James A. Schmitz, Senior Economist
The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. The theme of this article is that competition,...
Federal Reserve Bank of Minneapolis (2009)
Harold L. Cole, Senior Economist, Narayana Kocherlakota, Senior Economist
This study shows that in a standard one-sector neoclassical growth model, in which money is introduced with a cash-in-advance constraint, zero nominal interest rates are optimal. Milton Friedman...
A Bleak Outlook for the U.S. Economy (2009)
David E. Runkle, Senior Economist
The views expressed herein are those of the author and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. The recession that started in 1990 seems mild by...
How Should Taxes Be Set? (2009)
S. Rao Aiyagari, Senior Economist
The views expressed herein are those of the author and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. Are current U.S. budget deficits too high? Is a...
Maintenance and Repair: Too Big to Ignore (2009)
Ellen R. Mcgrattan, Senior Economist, James A. Schmitz
Most models of aggregate economic activity, like the standard neoclassical growth model, ignore the fact that equipment and structures are maintained and repaired. Once physical capital is purchased...
Federal Reserve Bank of Minneapolis (2009)
Ravi Jagannathan, Piper Jaffray, Professor Finance, Ellen R. Mcgrattan, Senior Economist
This article describes the academic debate about the usefulness of the capital asset pricing model (the CAPM) developed by Sharpe and Lintner. First the article describes the data the model is meant...
Federal Reserve Bank of Minneapolis and Research Associate (2009)
V. V. Chari, Patrick J. Kehoe, Paul W. Frenzel, Land Grant, Ellen R. Mcgrattan, ...
Economists have offered many theories for the U.S. Great Depression, but no consensus has formed on the main forces behind it. Here we describe and demonstrate a simple methodology for determining...
Reviving Reputation Models of International Debt (2009)
Harold L. Cole, Senior Economist, Patrick J. Kehoe
A traditional explanation for why sovereign countries repay debt is that they want to keep a good reputation so they can easily borrow more. This explanation does not hold if a country has access to...
Competition at Work: Railroads vs. Monopoly in the U.S. Shipping Industry (2009)
Thomas J. Holmes, Visiting Scholar, James A. Schmitz, Senior Economist
This study primarily establishes two things: (1) that monopoly has been pervasive in the U.S. water transportation industry in both the 19th and 20th centuries and has led to prices above competitive...
No Relief in Sight for the U.S. Economy (2009)
David E. Runkle, Senior Economist
The views expressed herein are those of the author and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. Last year we predicted that the first year of...
Inequality and Fairness (2009)
Christopher Phelan, Senior Economist
This study uses John Rawls ’ behind-the-veil of ignorance device as a fairness criterion to evaluate social policies and applies it to a contracting model in which the terms equality of opportunity...
Session: Tax Enforcement Disclaimer (2008)
Kim M. Bloomquist, Senior Economist
The views expressed here are those of the author and should not be interpreted as those of the
Competitiveness Index: Assessing Key Factors Driving the Sector’s Development (2008)
Jennifer Blanke, Senior Economist, Global Competitiveness, Thea Chiesa, Head Of Aviation
Travel & Tourism (T&T) is a critical source of economic growth and development in many countries around the world, rendering the measurement of its competitiveness an important undertaking....
RESEARCH AND PUBLICATIONS PUBLISHED PAPERS (2008)
Yongsung Chang, Senior Economist, Federal Reserve, Bank Richmond
1
A Defense of AK Growth Models (2008)
Ellen R. Mcgrattan, Senior Economist
AK growth models predict that permanent changes in government policies affecting investment rates should lead to permanent changes in a country’s GDP growth. Charles Jones (1995) sees no evidence...
Federal Reserve Bank of Minneapolis Quarterly Review (2008)
Vol No Spring, Christopher Phelan, Senior Economist
This study uses John RawIs' behind-the-veil of ignorance device as a fairness criterion to evaluate social policies and applies it to a contracting model in which the terms equality of...
Setting Priorities for Government Involvement with Antiretrovirals (2007)
Nicholas Prescott Senior, Susan Fernyak, Alison Martin Katz, Nicholas Prescott, Senior Economist, The World Bank
this paper uses the treatment of HI V/AIDS with AZT monotherapy as a possible scenario for costing purposes only. This should not be interpreted as an endorsement of monotherapy for the treatment of...
Setting Priorities for Government Involvement with Antiretrovirals (2007)
Nicholas Prescott Senior, Susan Fernyak, Alison Martin Katz, Nicholas Prescott, Senior Economist, The World Bank
this paper uses the treatment of HI V/AIDS with AZT monotherapy as a possible scenario for costing purposes only. This should not be interpreted as an endorsement of monotherapy for the treatment of...
Economic Adviser Development Economics World Bank (2007)
Masahiro Kawai, Richard Newfarmer, Sergio L. Schmukler, Senior Economist
The recent crises originating in Mexico (1994), Thailand (1997), and Russia (1998) were all transmitted across countries. The shocks affected both neighboring and remote countries, and both emerging...
Douglas A. Galbi, Senior Economist, I. Analyzing Names
To contribute to understanding of information economies of daily life, this paper explores over the past millennium given names of a large number of persons. Analysts have long both condemned and...
A Defense of AK Growth Models (2007)
Ellen R. Mcgrattan, Senior Economist
AK growth models predict that permanent changes in government policies affecting investment rates should lead to permanent changes in a country's GDP growth. Charles Jones (1995) sees no...
Version 1.1 Long-Term Trends in Personal Given Name Frequencies in England and Wales (2007)
Douglas Galbi Senior, Douglas A. Galbi, Senior Economist
The frequency distribution of personal given names offers important evidence about the information economy. This paper presents data on the popularity of the most frequent personal given names (first...
Preliminary Draft -- Comments and Suggestions Welcomed Version 1.5 (2007)
Douglas A. Galbi, Senior Economist, Revolutionary Ideas For
Radio technology is the key to rapid broadband development that reaches even geographically remote areas of the world. To get needed, radical changes in radio regulation, much more attention should...
Long-Term Trends in Personal Given Name Frequencies in the UK (2007)
Douglas A. Galbi, Senior Economist
The frequency distribution of personal given names offers important evidence about the information economy. This paper presents data on the popularity of the most frequent personal given names (first...
Comments and Suggestions Welcomed Version 1.0 (2007)
The New Business, Douglas A. Galbi, Senior Economist
Understanding of the future for media industries can bene fit from a look backwards. In the era before radio and television, print media alone were highly successful in creating new consumer visions...
Comments and Suggestions Welcomed Version 1.1 (2007)
New Account Of, Douglas A. Galbi, Senior Economist, I. Analyzing Names
over the past millennium given names of a large number of persons. Analysts have long both condemned and praised mass media as a source of common culture, national unity, or shared symbolic...
Monetary and Capital Markets Department Audit Committees in Central Banks (2007)
Marie-thérèse Camilleri, Tonny Lybek, Kenneth R. Sullivan, Tonny Lybek, Kenneth R. Sullivan, ...
This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF...
St. Kitts, Claudia Dziobek, Florina Tanase, Senior Economist
1. This paper discusses different purposes and forms of collaboration between central banks and national statistical agencies in the area of macroeconomic statistics. Cooperation agreements may serve...
Modeling and Measuring the Economic Roles of Technology Infrastructure (2007)
Gregory Tassey, Senior Economist, Gregory Tassey
Designing and managing an economy’s technology infrastructure requires both accurate economic models and data to drive them. Previous models treat technology as a homogeneous entity, thereby...
Timothy J. Bartik, George Erickcek, Senior Economist, Senior Regional Analyst, Julie Kurtz, Diane Pfundstein, ...
help in matching metro areas from the various Censuses. This paper should not be construed as official views of any of the sponsors of this conference, or of the Upjohn Institute. 1.
This paper is freely available at www.galbithink.org (2007)
Douglas A. Galbi, Senior Economist
Comments and suggestions welcomed
Michigan=s Economic Competitiveness and Public Policy Executive Summary (2006)
George Erickcek, Senior Regional Analyst, Wei-jang Huang, Timothy J. Bartik, Senior Economist, George Erickcek, ...
This research was funded by the Michigan Economic Development Corporation and the Upjohn Institute. The findings and conclusions are those of the authors, and should not be interpreted as official...
of the National Tax Association Drake Hotel (2003)
Kim M. Bloomquist, Senior Economist, Internal Revenue Service
Abstract – This paper argues that widening income inequality contributes to the propensity to evade by both reducing the probability of detection and increasing compliance opportunity costs. Lower...
Methods for Assessing the Economic (2003)
Gregory Tassey, Senior Economist, Gregory Tassey
2 Analyses of the actual or potential economic impacts of government R&D programs have used a number of distinctly different methodologies, which has led to considerable confusion and...
Peter J. Klenow, Senior Economist
This study describes how the U.S. government measures real consumption growth and how it tries to take account of a complicating factor: that the goods and services offered to consumers change over...
Aaron Katz, Director and Co-Principal Investigator (2002)
William M. Mercer, Grant P Oa, Mark Gardner, Senior Policy Analyst, M. Susan Marquis, Senior Economist, ...
Douglas A. Galbi, Senior Economist, I. Analyzing Names
To contribute to understanding of information economies of daily life, this paper explores over the past millennium given names of a large number of persons. Analysts have long both condemned and...
Harold L. Cole, Senior Economist, Lee E. Ohanian
The extent to which there are aggregate returns to scale at the level of aggregate production has important implications both for the types of shocks generating business cycles and for optimal...
The technological role of fiat money (1998)
Narayana R. Kocherlakota, Senior Economist
This article argues that fiat money’s only technological role in an economy is to act as societal memory: money allows people to credibly record some aspects of their transactions and make that...
Is the Stock Market Overvalued (1985)
Ellen R. Mcgrattan, Senior Economist, Edward C. Prescott
The value of U.S. corporate equity in the first half of 2000 was close to 1.8 times U.S. gross national product (GNP). Some stockmarket analysts have argued that the market is overvalued at this...
Competitive Pressure and Labor Productivity: World Iron Ore (1982)
James A. Schmitz, Senior Economist
Does the extent of competitive pressure industries face influence their productivity? We study a natural experiment conducted in the iron ore industry as a result of the collapse in world steel...