Working Paper
Linear data transformations used in economics
Cohen, Darrel (2001)
The paper examines the properties of standard data transformations--such as growth rates and moving averages--used by applied economists. Because many resources are devoted to understanding the economic significance of incoming data by government and financial-market economists, for example, this paper considers data filters that do not drop recent observations, in contrast to the approximately "ideal" measures recently developed in the literature. Using frequency-domain techniques, it is established that moving averages of multi-period growth rates can attenuate the bias and phase shifts ...
Finance and Economics Discussion Series , Paper 2001-59

Working Paper
Fiscal rules and monetary policy
Lebow, David E.; Cohen, Darrel (1994)
Working Paper Series / Economic Activity Section , Paper 148

Working Paper
The size of the public sector and long-run growth: a theoretical exposition
Cohen, Darrel (1986)
Working Paper Series / Economic Activity Section , Paper 67

Working Paper
Inflation, taxes, and the durability of capital
Cohen, Darrel; Hassett, Kevin A. (1997)
Auerbach (1979, 1981) has demonstrated that inflation can lead to large inter-asset distortions, with the negative effects of higher inflation unambiguously declining with asset life. We show that this is true only if depreciation is treated as geometric for tax purposes. When depreciation is straightline, higher inflation can have the opposite effect, discouraging investment in long-lived assets. Since our current system can be thought of as a mixture of straightline and geometric, the sign of the inter-asset distortion is indeterminate. We show that under current U.S. tax rules, the ...
Finance and Economics Discussion Series , Paper 1997-53

Journal Article
The automatic fiscal stabilizers: quietly doing their thing
Follette, Glenn; Cohen, Darrel (2000-04)
Economic Policy Review , Issue Apr , Pages 35-67

Working Paper
Are U.S. investment and capital stocks at optimal levels?
Kennedy, James E.; Cohen, Darrel; Hassett, Kevin A. (1995)
Finance and Economics Discussion Series , Paper 95-32

Working Paper
A comparison of fiscal measures using reduced-form techniques
Cohen, Darrel (1989)
Working Paper Series / Economic Activity Section , Paper 100

Discussion Paper
The effects of fiscal policy on the U.S. economy
Clark, Peter B.; Cohen, Darrel (1984)
Staff Studies , Paper 136

Working Paper
A quantitative defense of stabilization policy
Cohen, Darrel (2000)
In an analysis of the value of growth and stabilization of consumption, Robert Lucas presents a stunning set of calculations implying that a permanent increase in the growth rate of consumption of only one-tenth percentage point per year is worth nearly 50 times as much to consumers as complete elimination of consumption variability. This is because the higher growth of consumption is worth a lot while the reduced variability is worth virtually nothing (at least in the post-war United States). Taken at face value, such a result supports the pursuit of feasible growth policies but calls into ...
Finance and Economics Discussion Series , Paper 2000-34

Working Paper
The effect of taxes on money demand and aggregate demand
Cohen, Darrel (1987)
Working Paper Series / Economic Activity Section , Paper 73