Institution
Federal Reserve System
Other•Washington D.C., District of Columbia, United States•
About: Federal Reserve System is a other organization based out in Washington D.C., District of Columbia, United States. It is known for research contribution in the topics: Monetary policy & Inflation. The organization has 2373 authors who have published 10301 publications receiving 511979 citations.
Topics: Monetary policy, Inflation, Interest rate, Market liquidity, Debt
Papers published on a yearly basis
Papers
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TL;DR: In this article, a New Keynesian business-cycle model with rich household heterogeneity is proposed and the main result is that a majority of households prefer substantial stabilization of unemployment even if this means deviations from price stability.
Abstract: We build a New Keynesian business-cycle model with rich household heterogeneity. A central feature is that matching frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of households prefer substantial stabilization of unemployment even if this means deviations from price stability. A monetary policy focused on unemployment stabilization helps \Main Street" by providing consumption insurance. It hurts \Wall Street" by reducing precautionary saving and, thus, asset prices. On the aggregate level, household heterogeneity changes the transmission of monetary policy to consumption, but hardly to GDP. Central to this result is allowing for self-insurance and aggregate investment.
148 citations
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TL;DR: In this paper, the authors studied the impact of preferential tax treatment of housing, including the mortgage interest deduction, on equilibrium house prices, rents, and homeownership, and found that eliminating the tax deduction causes house prices to decline and also increases the homeownership rate.
Abstract: This paper studies the impact of the preferential tax treatment of housing, including the mortgage interest deduction, on equilibrium house prices, rents, and homeownership. We build a dynamic model of housing tenure choice that features a realistic progressive tax system in which owner-occupied housing services are tax-exempt, and mortgage interest payments and property taxes are tax deductible. We simulate the eect of various tax reform proposals on the housing market, and nd that repealing existing tax deductions causes house prices to decline and also increases the homeownership rate. Our results challenge the widely held view that the mortgage interest tax deduction promotes homeownership.
148 citations
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TL;DR: The authors survey the economic literature regarding standards, focusing on arguments that markets move between standards either too slowly or too swiftly, and conclude that markets choose technologies either too slow or too quickly.
Abstract: Policymakers face an increasing number of questions regarding whether markets efficiently choose technological standards. In this essay I survey the economic literature regarding standards, focusing on arguments that markets move between standards either too slowly or too swiftly.
148 citations
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TL;DR: The authors compare free trade reached through expanding regional trading blocs to free trade accomplished by multilateral negotiation, and find that the outcomes are different with sunk costs, and that world welfare during free trade is greater when it is achieved by the regional path.
Abstract: We compare free trade reached through expanding regional trading blocs to free trade accomplished by multilateral negotiation. With sunk costs, the outcomes are different. Trade in an imperfectly competitive good flows disproportionately more between the original members of a regional agreement even after free trade is reached. They secure a higher welfare level from regionalism than from free trade achieved multilaterally; nonmembers, however, reach a lower welfare level. A surprising result is that world welfare during free trade is greater when it is achieved by the regional path. We conclude with some empirical evidence from the European Union that is consistent with the model.
147 citations
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TL;DR: This article examined the effects of shocks to productivity growth in a dynamic general equilibrium model where agents do not directly observe whether shocks are transitory or persistent, and showed that an estimated Kalman filter model using real-time data describes economists' long-run productivity growth forecasts in the United States extremely well and that filtering has profound implications for the macroeconomic effects of shifts in productivity growth.
147 citations
Authors
Showing all 2412 results
Name | H-index | Papers | Citations |
---|---|---|---|
Ross Levine | 122 | 398 | 108067 |
Francis X. Diebold | 110 | 368 | 74723 |
Kenneth Rogoff | 107 | 390 | 75971 |
Allen N. Berger | 106 | 382 | 65596 |
Frederic S. Mishkin | 100 | 372 | 34898 |
Thomas J. Sargent | 96 | 370 | 39224 |
Ben S. Bernanke | 96 | 446 | 76378 |
Stijn Claessens | 96 | 462 | 42743 |
Andrew K. Rose | 88 | 374 | 42605 |
Martin Eichenbaum | 87 | 234 | 37611 |
Lawrence J. Christiano | 85 | 253 | 37734 |
Jie Yang | 78 | 532 | 20004 |
James P. Smith | 78 | 372 | 23013 |
Glenn D. Rudebusch | 73 | 226 | 22035 |
Edward C. Prescott | 72 | 235 | 55508 |