Recently added articles from Economic Quarterly:
Problems for a fundamental theory of house prices.
Jan 01, 2009; ... The recent turmoil in the U.S. residential housing market affects mainly the market for owner-occupied housing. In this market, most owners have less than a complete equity share in their home; rather, they obtain a mortgage and borrow against the value of their home. There is a ...
Indeterminacy from inflation forecast targeting: problem or pseudo-problem?
Jan 01, 2009; ... Monetary economists have been rather proud about developments in their subject over the past two decades. There has been great progress in formal analysis and also in the actual conduct of monetary policy. Analytically, the profession has developed an approach to policy analysis that ...
Semiparametric estimation of land price gradients using large Data sets.
Jan 01, 2009; ... Traditional urban theory typically predicts land values that form a smooth and convex surface centered at a central business district (CBD) (Mills 1972 and Fujita 1989). The fact that land values are highest near the city center reflects a trade off between commuting costs and ...
Consumption smoothing and the measured regressivity of consumption taxes.
Jan 01, 2009; ... A maintained assumption of nearly all macroeconomic analysis is that households prefer their consumption to remain smooth across time and states of nature. Their ability to smooth consumption is affected by a variety of constraints, including fiscal policy, and, in particular, the choice ...
New Keynesian economics: a monetary perspective.
Jun 22, 2008; ... Since John Maynard Keynes wrote the General Theory of Employment, Interest, and Money in 1936, Keynesian economics has been highly influential among academics and policymakers. Keynes has certainly had his detractors, though, with the most influential being Milton Friedman, Robert Lucas, ...
Nominal frictions, relative price adjustment, and the limits to monetary policy.
Jun 22, 2008; ... There are two broad classes of sticky-price models that have become popular in recent years. In the first class, prices adjust infrequently by assumption (so-called time-dependent models) and in the second class prices adjust infrequently because there is assumed to be a fixed cost of ...
Understanding monetary policy implementation.
Jun 22, 2008; ... Over the last two decades, central banks around the world have adopted a common approach to monetary policy that involves targeting the value of a short-term interest rate. In the United States, for example, the Federal Open Market Committee (FOMC) announces a rate that it wishes to ...
CEO compensation: trends, market changes, and regulation.
Jun 22, 2008; ... Compensation figures for the top managers of large firms are on the news frequently. Newspapers report the salaries, the bonuses, and the profits from selling stock options of the highest paid executives, often under headlines suggesting excessive levels of pay or a very weak relation of ...
On the evolution of income inequality in the United States.
Mar 22, 2008; ... The recent rise in income inequality in the United States has received considerable attention in policy debates. (1) This article discusses individual income inequality trends. In doing so, we summarize results presented in existing work. As in previous studies, the article shows that ...
On the sources of movements in inflation expectations: a few insights from a VAR model.(Value added resellers)
Mar 22, 2008; ... The public's expectations of inflation play an important role in influencing actual inflation and the Federal Reserve's ability to achieve price stability. Hence, there is considerable interest in identifying the economic factors that determine the public's expectations of inflation. (1) ...
What is the monetary standard, or, how did the Volcker-Greenspan FOMCs tame inflation?(Federal Open Market Committee)
Mar 22, 2008; ... What is the monetary standard? Another way to ask this question is to ask how central banks control the price level. In this article, I contrast two views. What I term the "quantity-theory" view implies that to control inflation (with the interest rate as its policy instrument) the central ...
Limits to redistribution and intertemporal wedges: implications of Pareto optimality with private information.
Mar 22, 2008; ... Traditionally an object of interest in microeconomics, models with privately informed agents have recently been used to study numerous topics in macroeconomics. (1) Characterization of Pareto-optimal allocations is an essential step in these studies, because the structure of optimal ...
Should bank supervisors disclose information about their banks?
Jan 01, 2008; ... In order to preserve the safety and soundness of the bing system, bank supervisors collect a great deal of information about a bank. They examine its balance sheet, its operations, and its management. They observe the reports made by a bank's internal management reporting system. To gather ...
Credit access, labor supply, and consumer welfare.
Jan 01, 2008; ... Recent work has argued that U.S. households have seen a systematic improvement in their ability to borrow against future labor income. (1) First, Narajabad (2007) points out that the "extensive" margin of credit has changed; he calculates that in 1989, 56 percent of households held a ...
Antitrust analysis in banking: goals, methods, and justifications in a changed environment.
Jan 01, 2008; ... Antitrust analysis (also known as competitive analysis) of bank mergers has used the same basic procedures for decades, even though the banking market has experienced significant shifts. Do these changes in the banking market call for changes in competitive analysis--or perhaps its ...
A Quantitative study of the role of wealth inequality on asset prices.
Jan 01, 2008; ... There is an extensive body of work devoted to understanding the determinants of asset prices. The cornerstone formula behind most of these studies can be summarized in equation (1). The asset pricing equation states in recursive formulation that the current price of an asset equals the ...
Evolving inflation dynamics and the New Keynesian Phillips Curve.
Sep 22, 2007; ... In most industrialized economies, periods of above average inflation tend to be associated with above average economic activity, for example, as measured by a relatively low unemployment rate. This statistical relationship, known as the Phillips curve, is sometimes invoked when economic ...
The evolution of city population density in the United States.
Sep 22, 2007; ... The answers to important questions in urban economics depend on the density of population, not the size of population. In particular, positive production or residential externalities, as well as negative externalities such as congestion, are typically modeled as a function of density ...
Currency quality and changes in the behavior of depository institutions.
Sep 22, 2007; ... The Federal Reserve System distributes currency to and accepts deposits from Depository Institutions (DIs). In addition, the Federal Reserve maintains the quality level of currency in circulation by inspecting all deposited notes. Notes that meet minimum quality requirements (fit notes) ...
Non-stationarity and instability in small open-economy models even when they are "closed".
Sep 22, 2007; ... Open economies are characterized by the ability to trade goods both intra- and intertemporally, that is, their residents can move goods and assets across borders and over time. These transactions are reflected in the current account, which measures the value of a country's export and ...