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Working Paper
Incorporating insurance rate estimates and differential mortality into net marginal Social Security tax rate calculations
Armour, Brian S.; Pitts, M. Melinda (2002)
This paper extends the literature on net marginal tax rates created by the Social Security program by including variations in both the probability of being eligible to receive benefits and income-related life expectancy. The previous literature has found that women incur a lower net marginal tax rate because they have longer life expectancies. The results presented in this paper indicate that including variations in eligibility for benefits partially reverses this result by increasing net marginal Social Security tax rates for older women. In addition, the existing literature has shown that ...
FRB Atlanta Working Paper , Paper 2002-29

Report
The Welfare Effects of Encouraging Rural-Urban Migration
Lagakos, David; Mobarak, Mushfiq; Waugh, Michael E. (2022-01-04)
This paper studies the welfare effects of encouraging rural-urban migration in the developing world. To do so, we build and analyze a dynamic general-equilibrium model of migration that features a rich set of migration motives. We estimate the model to replicate the results of a field experiment that subsidized seasonal migration in rural Bangladesh, leading to significant increases in migration and consumption. We show that the welfare gains from migration subsidies come from providing better insurance for vulnerable rural households rather than correcting spatial misallocation by relaxing ...
Staff Report , Paper 635

Newsletter
Do Insurers in Catastrophe-Prone Regions Buy Enough Reinsurance?
Drexler, Alejandro; Eloundou Nekoul, Florentine M. (2016)
To protect themselves from catastrophic losses, insurance companies buy insurance, in the same way that people do. These contracts are called reinsurance agreements, and come in two main forms: proportional and nonproportional contracts. In proportional reinsurance contracts, a reinsurer agrees to repay a fixed proportion of losses incurred by the primary insurer. The simplicity of the agreement makes these types of contracts inexpensive and easy to administer. Therefore, they can be ideal risk-management tools for small insurance companies.
Chicago Fed Letter

Journal Article
Agencies adopt consumer protection rules for insurance sales
anonymous (2001-01)
Financial Update , Volume 14 , Issue Jan , Pages 5

Journal Article
PMI reform: good intentions gone awry
Longhofer, Stanley D. (1997-03)
An argument that the legislation aimed at making private mortgage insurance more fair and affordable for homeowners could actually hurt the very borrowers it is intended to help by restricting the availability of mortgage loans and making them more costly.
Economic Commentary , Issue Mar

Newsletter
How Do Property and Casualty Insurers Manage Risk? The Role of Reinsurance
Polacek, Andy (2015)
By tempering financial losses, the insurance industry lends resilience to the economy and helps homeowners and businesses recover from natural disasters and other catastrophes. In order to do this, however, the insurance industry must itself be resilient.
Chicago Fed Letter

Conference Paper
The surprising origin and nature of financial crises: a macroeconomic policy proposal
Caballero, Ricardo J.; Kurlat, Pablo (2009)
Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Statement to Congress, May 31, 1989 (enforcement of the mandatory flood insurance purchase requirements)
Loney, Glenn E. (1989-07)
Federal Reserve Bulletin , Issue Jul , Pages 498-501

Working Paper
Inter-industry contagion and the competitive effects of financial distress announcements: evidence from commercial banks and life insurance companies
Jackson, William E.; Brewer, Elijah (2002)
Contagion usually refers to the spillover of the effects of shocks from one or more firms to other firms. Most studies of contagion limit their analysis to how shock affect firms in the same industry, or "intra-industry" contagion. The purpose of this paper is to explore and document the likely magnitude of "inter-industry" contagion. In their comprehensive study of intra-industry contagion using many individual industries Lang and Stulz (1992) argue that if contagion is not simply an informational effect it will impose a social cost on our economic system. If this is true for ...
Working Paper Series , Paper WP-02-23

Working Paper
Repeated insurance relationships in a costly state verification model: with an application to deposit insurance
Smith, Bruce D.; Wang, Cheng (1997)
We consider the problem of an insurer who enters into a repeated relationship with a set of risk averse agents in the presence of ex post verification costs. The insurer wishes to minimize the expected cost of providing these agents a certain expected utility level. We characterize the optimal contract between the insurer and the insured agents. We then apply the analysis to the provision of deposit insurance. Our results suggest - in a deposit insurance context - that it may be optimal to utilize the discount window early on, and to make deposit insurance payments only later, or not at all.
Working Papers , Paper 574

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