Search Results
Discussion Paper
Understanding Ohios land bank legislation
The effects of sustained high rates of foreclosure on numerous areas of Cuyahoga County have thrust land banking to the forefront of recent public policy discussions in Ohio. This Policy Discussion Paper seeks to inform those discussions by explaining the states current land banking system and by illustrating how the proposed system under Senate Bill 353/House Bill 602 (the Land Bank Bill) would work.
Discussion Paper
A conference on liquidity in frictional markets
This Policy Discussion Paper summarizes the papers that were presented at the Liquidity in Frictional Markets conference in November 2008. The papers, which looked at markets for assets as diverse as houses, bank loans, and electronic funds transfer, all explored that amorphous concept called liquidity and how its presenceor absenceaffects the economy.
Discussion Paper
On the resolution of financial crises: the Swedish experience
Sweden was one of the Scandinavian countries experiencing a severe financial crisis In the late 1980s and early 1990s. I review the policy choices and external factors that pushed the countrys financial system over the edge and then examine the steps the government took to make its resolution of the crisis one of the most successful in the past 30 years.
Discussion Paper
Estimating GSP and labor productivity by state
In gauging the health of state economies, arguably the two most important series to track are employment and output. While employment by state is available about three weeks after the end of a month, data on output, as measured by Gross State Product (GSP), are only available annually and with a significant lag. This Policy Discussion Paper details how more current estimates of GSP can be generated using U.S. Gross Domestic Product and personal income along with individual states personal income. A straightforward share approach yields reasonable GSP estimates, but a more sophisticated ...
Discussion Paper
Measuring labors share of income
Recent Bureau of Labor Statistics (BLS) data show labors share of income at a historic low. This Policy Discussion Paper explores the BLS calculations with an eye to understanding the factors leading to the recent fall in labors share. While data limitations prohibit replication of the BLS series, alternative measures of labors share of income, based on either the nonfinancial corporate business sector or the macroeconomy more generally, are near their historic averages, quite unlike the BLS series.
Discussion Paper
On systemically important financial institutions and progressive systemic mitigation
One of the most important issues in the regulatory reform debate is that of systemically important financial institutions. This paper proposes a framework for identifying and supervising such institutions; the framework is designed to remove the advantages they derive from becoming systemically important and to give them more time-consistent incentives. It defines criteria for classifying firms as systemically important: size (the classic doctrine of too big to let fail) and the four Cs of systemic importance (contagion, concentration, correlation, and conditions); it also discusses the ...
Discussion Paper
Umbrella supervision and the role of the central bank
Deregulation and financial consolidation have led to the development of financial holding companiesallowing commercial banking, insurance, investment banking, and other financial activities to be conducted under the same corporate umbrellaand the Federal Reserve has been named supervisor of the consolidated enterprise. This Policy Discussion Paper will show that there likely are economies of scope between the Feds inherent central-banking responsibilities and those of an umbrella supervisor and that these duel roles benefit both the Fed and functional regulators.
Discussion Paper
The 2006 Summer Workshop on Money, Banking, and Payments: an overview
This Policy Discussion Paper summarizes the papers presented at the 2006 Summer Workshop on Money, Banking, and Payments. Every summer since 2002, some of the best researchers in the areas of theory, policy, and quantitative analysis relating to money, banking, and payments systems have met in Cleveland to discuss their latest work. The papers presented at the 2006 workshop cover a vast spectrum of issues and use a wide variety of methods. Still, there is an underlying theme, which is an effort to enhance our understanding of monetary economics, broadly defined, and to uncover new ways to ...
Discussion Paper
Does government intervention in the small-firm credit market help economic performance?
The guaranteed lending programs of the Small Business Administration (SBA) are large and growing rapidly. The SBAs fiscal year 2008 performance budget calls for $25 billion in guaranteed loans for small businessesa new record for the agency. Some critics of SBA programs suggest they do not help small businesses or overall economic performance. Other critics suggest that these programs unfairly benefit the financial institutions that participate in SBAs guaranteed lending programs. While very little serious empirical evidence exists on whether the net economic impact of the SBAs guaranteed ...
Discussion Paper
Does wage inflation cause price inflation?
Is there any evidence to support the assumption that increased wages cause inflation? This study updates and expands earlier research into this question and finds little support for the view that higher wages cause higher prices. On the contrary, more evidence is found for higher prices leading to wage growth.