Résultats de recherche
Creator: Todd, Richard M. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 196 Mot-clé: Rural credit market, Farm firms, Farming, and Grain storage Assujettir: R51 - Finance in Urban and Rural Economies and Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
Creator: Stutzer, Michael J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 350 Mot-clé: Intergovernmental aid, Tax policy, Minnesota, Local government aid, Tax reform, Public finance, and LGA Assujettir: R51 - Finance in Urban and Rural Economies and H71 - State and Local Taxation, Subsidies, and Revenue
Creator: Holmes, Thomas J. and Ohanian, Lee E. Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 501 Abstract:
As part of compensation, municipal employees typically receive promises of future benefits. Motivated by the recent bankruptcy of Detroit, we develop a model of the equilibrium size of a city and use it to analyze how pay-with-promises schemes interact with city growth. The paper examines the circumstances under which a death spiral arises, where cutbacks of city services and increases in taxes lead to an exodus of residents, compounding financial distress. The model is put to work to analyze issues such as the welfare effects of having cities absorb pension risk and how unions affect the likelihood of a death spiral.
Mot-clé: Defined benefit pension plans, Death spiral, City growth, Pay with promises, Detroit, and Retiree health benefits Assujettir: H20 - Taxation, Subsidies, and Revenue: General, H75 - State and Local Government: Health; Education; Welfare; Public Pensions, R51 - Finance in Urban and Rural Economies, and R23 - Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics