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Bank:Federal Reserve Bank of Richmond 

Journal Article
State and local government spending: measurement and interpretation

Cross Sections , Issue Fall , Pages 4-6

Journal Article
Measuring the economic impact of ports: a case study for the Port of Richmond

Cross Sections , Issue Fall , Pages 1-3, 16

Journal Article
Optimal Institutions in Economies with Private Information: Exclusive Contracts, Taxes, and Bankruptcy Law

In economies with private information, it is typically optimal to prohibit or otherwise discourage a subset of trades that individual agents want to enter. Economists often refer to such optimal distortions as wedges. In this article, we use a simple private-information Mirrleesian economy to, first, show examples of these wedges and, second, discuss institutions that may be used to implement them in practice. We discuss and compare three such institutions: exclusive contracts, taxes, and bankruptcy law. Our analysis underscores the multiplicity of possible implementations and, therefore, the ...
Economic Quarterly , Issue 4Q , Pages 353-385

Journal Article
Research spotlight: Playing the waiting game

Related links:
Econ Focus , Volume 16 , Issue 1Q , Pages 11

Journal Article
Fiscal sweeteners : Did North Carolina lure Dell too much?

Econ Focus , Volume 11 , Issue Spr , Pages 10

Working Paper
Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System

Reducing systemic liquidity risk related to seasonal swings in loan demand was one reason for the founding of the Federal Reserve System. Existing evidence on the post-Federal Reserve increase in the seasonal volatility of aggregate lending and the decrease in seasonal interest rate swings suggests that it succeeded in that mission. Nevertheless, less than 8 percent of state-chartered banks joined the Federal Reserve in its first decade. Some have speculated that nonmembers could avoid higher costs of the Federal Reserve?s reserve requirements while still obtaining access indirectly to the ...
Working Paper , Paper 16-6

Working Paper
Does Greater Inequality Lead to More Household Borrowing? New Evidence from Household Data

One suggested hypothesis for the dramatic rise in household borrowing that preceded the financial crisis is that low-income households increased their demand for credit to finance higher consumption expenditures in order to "keep up" with higher-income households. Using household level data on debt accumulation during 2001-2012, we show that low-income households in high-inequality regions accumulated less debt relative to income than their counterparts in lower-inequality regions, which negates the hypothesis. We argue instead that these patterns are consistent with supply-side ...
Working Paper , Paper 14-1

Working Paper
Contingent capital: the trigger problem

Price triggers in contingent capital bonds are analyzed. Pervasiveness of multipleequilibria and nonexistence of equilibrium in theoretical models is illustrated. Evidence of these problems from market experiments is summarized. Possible solutions are evaluated.
Working Paper , Paper 11-07

Journal Article
Seeing isn't always believing

Cross Sections , Volume 10 , Issue Win , Pages 16-19

Journal Article
Around the Fed : Lending during the Volker disinflation

Econ Focus , Volume 12 , Issue Fall , Pages 9




Econ Focus 1152 items

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Nash, Betty Joyce 139 items

Gerena, Charles 119 items

Sablik, Timothy 111 items

Steelman, Aaron 105 items

Romero, Jessica Sackett 90 items

Price, David A. 81 items

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Federal Reserve District, 5th 265 items

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