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Working Paper
Sharing Asymmetric Tail Risk: Smoothing, Asset Prices and Terms of Trade
Corsetti, Giancarlo; Lipinska, Anna; Lombardo, Giovanni (2021-08-06)
Crises and tail events have asymmetric effects across borders, raising the value of arrangements improving insurance of macroeconomic risk. Using a two-country DSGE model, we provide an analytical and quantitative analysis of the channels through which countries gain from sharing (tail) risk. Riskier countries gain in smoother consumption but lose in relative wealth and average consumption. Safer countries benefit from higher wealth and better average terms of trade. Calibrated using the empirical distribution of moments of GDP-growth across countries, the model suggests non-negligible ...
International Finance Discussion Papers , Paper 1324

Conference Paper
The role of demand management policies in reducing unemployment
Bean, Charles R. (1994-01)
Proceedings - Economic Policy Symposium - Jackson Hole , Issue Jan , Pages 99-167

Conference Paper
Views of a policymaker and public administrator
Blum, Barbara B. (1986)
Conference Series ; [Proceedings] , Volume 30 , Pages 227-244

Working Paper
Multiple stages of processing and the quantity anomaly in international business cycle models
Huang, Kevin X. D.; Liu, Zheng (2004)
We construct a two-country DSGE model with multiple stages of processing and local currency staggered price-setting to study cross-country quantity correlations driven by monetary shocks. The model embodies a mechanism that propagates a monetary surprise in the home country to lower the foreign price level while restraining the home price level from rising too quickly; and, it does so through reducing material costs in terms of the foreign currency unit while dampening the upward movements in the costs in terms of the home currency unit, both in absolute terms and relative to the costs of ...
Research Working Paper , Paper RWP 04-05

Journal Article
Welfare reform revisited
Saving, Jason L. (2002-09)
Southwest Economy , Issue Sep , Pages 1, 5-8

Conference Paper
Capital controls: a normative analysis
Lipinska, Anna; De Paoli, Bianca (2012-11)
Countries' concerns with the value of their currency have been extensively studied and documented in the literature. Capital controls can be (and often are) used as a tool to manage exchange rate fluctuations. This paper investigates whether countries can benefi t from using such a tool. We develop a welfare based analysis of whether (or, in fact, how)countries should tax international borrowing. Our results suggest that managing exchange rate movements with the use of these taxes can be benefi cial for individual countries although it would limit cross-border pooling of risk. This is because ...
Proceedings , Issue Nov , Pages 1-36

Report
Optimal Tax Progressivity: An Analytical Framework
Violante, Giovanni L.; Heathcote, Jonathan; Storesletten, Kjetil (2014-01-31)
What shapes the optimal degree of progressivity of the tax and transfer system? On the one hand, a progressive tax system can counteract inequality in initial conditions and substitute for imperfect private insurance against idiosyncratic earnings risk. At the same time, progressivity reduces incentives to work and to invest in skills, and aggravates the externality associated with valued public expenditures. We develop a tractable equilibrium model that features all of these trade-offs. The analytical expressions we derive for social welfare deliver a transparent understanding of how ...
Staff Report , Paper 496

Report
Optimal Progressivity with Age-Dependent Taxation
Violante, Giovanni L.; Heathcote, Jonathan; Storesletten, Kjetil (2017-08-04)
This paper studies optimal taxation of labor earnings when the degree of tax progressivity is allowed to vary with age. We analyze this question in a tractable equilibrium overlapping-generations model that incorporates a number of salient trade-offs in tax design. Tax progressivity provides insurance against ex-ante heterogeneity and earnings uncertainty that missing markets fail to deliver. However, taxes distort labor supply and human capital investments. Uninsurable risk cumulates over the life cycle, and thus the welfare gains from income compression via progressive taxation increase ...
Staff Report , Paper 551

Working Paper
A transitional analysis of the welfare cost of inflation
Burdick, Clark A. (1997)
This paper applies new computational methods for studying nonstationary dynamics to reevaluate the welfare cost of inflation. A dynamic stochastic general equilibrium model with heterogeneous agents is studied. Incomplete markets induce agents to hold a fiat currency as insurance against idiosyncratic income fluctuations. Rather than comparing steady state equilibria, I measure the welfare cost of inflation by explicitly modeling the transitional dynamics that arise following a change in monetary policy. Transitional dynamics are shown to increase the welfare cost of inflation substantially. ...
FRB Atlanta Working Paper , Paper 97-15

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