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Bank:Federal Reserve Bank of Minneapolis 

Journal Article
Bring is your tired, huddled masses (we’ve got job openings)

Employers strapped for labor have turned to immigrants to fill jobs spurned by many natives
Fedgazette , Volume 16 , Issue Sep , Pages 7-10

Journal Article
Lessons from a laissez-faire payments system: the Suffolk Banking System (1825-58)

A classic example of a privately created interbank payments system was operated by the Suffolk Bank of New England (1825?58). Known as the Suffolk Banking System, it was the nation?s first regionwide net-clearing system for bank notes. While it operated, notes of all New England banks circulated at par throughout the region. Some have concluded from this experience that unfettered competition in the provision of payments services can produce an efficient payments system. But another look at the history of the Suffolk Banking System questions this conclusion. The Suffolk Bank earned ...
Quarterly Review , Volume 22 , Issue Sum , Pages 11-21

Journal Article
How little we know about deficit policy effects

We use a simple model to show why previous empirical studies of budget policy effects are flawed. Due to an identification problem, those studies' findings can be shown to be consistent with policies either mattering or not. We argue that this problem is difficult and not likely to be resolved soon.
Quarterly Review , Volume 16 , Issue Win , Pages 2-11

Journal Article
Early childhood development on a large scale

The Region , Volume 19 , Issue Jun , Pages 12-17

Fiscal Austerity during Debt Crises

This paper constructs a dynamic model in which fiscal restrictions interact with government borrowing and default. The government faces fiscal constraints; it cannot adjust tax rates or impose lump-sum taxes on the private sector, but it can adjust public consumption and foreign debt. When foreign debt is sufficiently high, however, the government can choose to default to increase domestic public and private consumption by freeing up the resources used to pay the debt. Two types of defaults arise in this environment: fiscal defaults and aggregate defaults. Fiscal defaults occur because of the ...
Staff Report , Paper 525

Public trust and government betrayal

This paper presents a simple model of government reputation which captures two characteristics of policy outcomes in less developed countries: governments which betray public trust do so erratically, and, after a betrayal, public trust is regained only gradually.
Staff Report , Paper 283

Working Paper
Coexistence of money and interest-bearing securities

A random matching model with money is used to study the nominal yield on small denomination, bearer, safe, discount securities issued by the government. There is always one steady state with matured securities circulating at par and, for some parameters, another with them circulating at a discount. In the former, a necessary and sufficient condition for a positive nominal yield on not-yet-matured securities is exogenous discriminatory treatment of them by the government. In the latter, the post-maturity discount on securities induces a deeper pre-maturity discount even without such ...
Working Papers , Paper 550

Discussion Paper
Quantifying the costs of additional regulation on community banks

In this Economic Policy Paper, we quantify the cost of increased regulation on community banks. We do so by modeling the impact of new regulatory costs as the hiring of additional staff, resulting in higher total compensation and lower profitability. We then analyze the changes in the distribution of community bank profitability.
Economic Policy Paper , Paper 13-3

Working Paper
Emigration during the French Revolution: Consequences in the Short and Longue Durée

During the French Revolution, more than 100,000 individuals, predominantly supporters of the Old Regime, fled France. As a result, some areas experienced a significant change in the composition of the local elites whereas in others the pre-revolutionary social structure remained virtually intact. In this study, we trace the consequences of the migrs flight on economic performance at the local level. We instrument emigration intensity with local temperature shocks during an inflection point of the Revolution, the summer of 1792, marked by the abolition of the constitutional monarchy and bouts ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 2

Journal Article
A new approach to monetary control

Quarterly Review , Volume 4 , Issue Fall



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Wirtz, Ronald A. 183 items

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