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Working Paper
Growth effects of progressive taxes
Sarte, Pierre-Daniel G.; Li, Wenli (2003)
The authors study the effects of progressive taxes in conventional endogenous growth models augmented to include heterogeneous households. In contrast to representative agent models with flat-rate taxes, this framework allows us to distinguish between marginal tax rates and the empirical proxies that are typically used for these rates such as the share of tax revenue, or government expenditures, in GDP. The analysis then illustrates how the endogenous nature of these proxy variables causes them to be weakly correlated, or even increase, with economic growth. This study, therefore, helps ...
Working Papers , Paper 03-15

Working Paper
Staggered prices and inventories: production smoothing reconsidered
Sarte, Pierre-Daniel G.; Hornstein, Andreas (1998)
Working Paper , Paper 98-08

Working Paper
The anatomy of U.S. personal bankruptcy under Chapter 13
Sarte, Pierre-Daniel G.; Li, Wenli (2007)
By compiling a novel data set from bankruptcy court dockets recorded in Delaware between 2001 and 2002, the authors build and estimate a structural model of Chapter 13 bankruptcy. This allows them to quantify how key debtor characteristics, including whether they are experiencing bankruptcy for the first time, their past-due secured debt at the time of filing, and income in excess of that required for basic maintenance, affect the distribution of creditor recovery rates. The analysis further reveals that changes in debtors' conditions during bankruptcy play a nontrivial role in governing ...
Working Papers , Paper 07-31

Report
An anatomy of U.S. personal bankruptcy under Chapter 13
Eraslan, Hulya; Koşar, Gizem; Li, Wenli; Sarte, Pierre-Daniel G. (2016-01-01)
We build a structural model of Chapter 13 bankruptcy that captures salient features of personal bankruptcy under Chapter 13. We estimate our model using a novel data set that we construct from bankruptcy court dockets recorded in Delaware in 2001 and 2002. Our estimation results highlight the importance of debtor?s choice of repayment plan length for Chapter 13 outcomes under the restrictions imposed by the bankruptcy law. We use the estimated model to conduct policy experiments to evaluate the impact of more stringent provisions of Chapter 13 that impose additional restrictions on the length ...
Staff Reports , Paper 764

Journal Article
Changes in monetary policy and the variation in interest rate changes across credit markets
Sarte, Pierre-Daniel G.; Reilly, Devin (2010-04)
This article uses principal component methods to assess the importance of changes in the federal funds rate in driving interest rate changes across a broad array of credit markets. We find that most of the variability in interest rate changes across these markets is explained by a small number of common components. Furthermore, for many of the interest rate series in our sample, changes that reflect common movements are highly correlated with changes in the federal funds rate. However, in some credit markets associated with longer maturities, such as the mortgage market, common movements are ...
Economic Quarterly , Volume 96 , Issue 2Q , Pages 201-229

Journal Article
Consumption, savings, and the meaning of the wealth effect in general equilibrium
Sarte, Pierre-Daniel G.; Lantz, Carl D. (2001-07)
Economic Quarterly , Issue Sum , Pages 53-71

Journal Article
Stark optimal fiscal policies and sovereign lending
Sarte, Pierre-Daniel G. (2006-10)
Economic Quarterly , Volume 92 , Issue Fall , Pages 337-352

Working Paper
An anatomy of u.s. Personal bankruptcy under chapter 13
Li, Wenli; Eraslan, Hulya; Koşar, Gizem; Sarte, Pierre-Daniel G. (2014-10-29)
We build a structural model of Chapter 13 bankruptcy that captures salient features of personal bankruptcy under Chapter 13. We estimate our model using a novel data set we construct from bankruptcy court dockets recorded in Delaware between 2001 and 2002. Our estimation results highlight the importance of debtor?s choice of repayment plan length on Chapter 13 outcomes under the restrictions imposed by the bankruptcy law. We use the estimated model to conduct policy experiments to evaluate the impact of more stringent provisions of Chapter 13 that impose additional restrictions on the length ...
Working Papers , Paper 14-33

Working Paper
What Inventory Behavior Tells Us About How Business Cycles Have Changed
Lubik, Thomas A.; Sarte, Pierre-Daniel G.; Schwartzman, Felipe (2014-03-01)
Beginning in the mid-1980s, the nature of U.S. business cycles changed in important ways, as made evident by distinctive shifts in the comovement and relative volatilities of key economic aggregates. These include labor productivity, hours, output, and inventories. Unlike the widely documented change in absolute volatility over that period, known as the Great Moderation, these shifts in comovement and relative volatilities persist into the Great Recession. To understand these changes, we exploit the fact that inventory data are informative about sources of business cycles. Specifically, they ...
Working Paper , Paper 14-6

Working Paper
Sticky prices and inventories : production smoothing reconsidered
Sarte, Pierre-Daniel G.; Hornstein, Andreas (2001)
Working Paper , Paper 01-06

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