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Creator: McGrattan, Ellen R. and Prescott, Edward C. Series: Staff Reports (Federal Reserve Bank of Minneapolis) Number: 472 Parola chiave: Taxation, Social Security, Retirement, and Medicare Soggetto: E13 - General aggregative models - Neoclassical, H55 - National government expenditures and related policies - Social security and public pensions, and I13 - Health Insurance, Public and Private
Creator: Nevin, Edward. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 9 Descrizione:
The 1972 version of WP9 was published as part of the Ninth District Economic Series.
Parola chiave: Policy making, Banking, and Regionalism Soggetto: G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages and R58 - Regional government analysis - Regional development policy
Creator: Smith, Bruce D., d. 2002. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 234 Abstract:
Current approaches to monetary theory and policy owe much to the "quantity theory of money." However, recent theoretical developments suggest that the manner in which money is introduced is more important, even for price level movements, than the quantity of money. Colonial American experience provides a laboratory for discriminating between these views. It is shown here that the nature of backing, rather than the quantity of money, determined its value. Large secular inflations were ended by changing the nature of backing despite the continuance of large note issues (and despite the absence of a metallic standard). Extremely large note issues and note withdrawals are shown not to have produced inflation (currency depreciation) or deflation (currency appreciation).
Parola chiave: Quantity theory, Colonial America, Fiat money, and Currency Soggetto: E42 - Money and interest rates - Monetary systems ; Standards ; Regimes ; Government and the monetary system ; Payment systems, E52 - Monetary policy, central banking, and the supply of money and credit - Monetary policy, and N11 - Macroeconomics and monetary economics ; Growth and fluctuations - United States ; Canada : Pre-1913
Creator: Aiyagari, S. Rao. and Peled, Dan. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 503 Abstract:
It is often argued that with a positively skewed income distribution (median less than mean) a majority voting over proportional tax rates would result in higher tax rates than those that maximize average welfare, and will accordingly reduce aggregate savings. We reexamine this view in a capital accumulation model, in which distorting redistributive taxes provide insurance against idiosyncratic shocks, and income distributions evolve endogenously. We find small differences of either sign between the tax rates set by a majority voting and a utilitarian government, for reasonable parametric specifications. We show how these differences reflect a greater responsiveness of a utilitarian government to the average need for the insurance provided by the tax-redistribution scheme. These conclusions remain true despite the fact that the model simulations produce positively skewed distributions of total income across agents.
Parola chiave: Taxes, Income distribution, and Votes Soggetto: E62 - Macroeconomic policy, macroeconomic aspects of public finance, and general outlook - Fiscal policy and D72 - Analysis of collective decision-making - Models of political processes : Rent-seeking, elections, legislatures, and voting behavior
Creator: Aiyagari, S. Rao. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 424 Parola chiave: Deficit, Taxation, Budget management, Federal government, Tax policy, Tax rates, Taxes , and Tax Soggetto: H62 - National budget, deficit, and debt - Deficit ; Surplus and H21 - Taxation, subsidies and revenue - Efficiency ; Optimal taxation
Creator: Lin, Lizbie Gee-Sun. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Descrizione:
Simultaneously published as part of the Ninth District Economic Information Series.
Parola chiave: Students, Community colleges, Technical colleges, and Colleges and universities Soggetto: I22 - Education and research institutions - Educational finance, H52 - National government expenditures and related policies - Government expenditures and education, and R11 - General regional economics - Regional economic activity : Growth, development, and changes
Creator: Christiano, Lawrence J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 415 Abstract:
his article studies the accuracy of two versions of Kydland and Prescott's (1980, 1982) procedure for approximating optimal decision rules in problems in which the objective fails to be quadratic and the constraints fail to be linear. The analysis is carried out using a version of the Brock-Mirman (1972) model of optimal economic growth. Although the model is not linear quadratic, its solution can nevertheless be computed with arbitrary accuracy using a variant of existing value-function iteration procedures. I find the Kydland-Prescott approximate decision rules are very similar to those implied by value-function iteration.
Replaced by IEM Discussion Paper #9 (January 1989).
Parola chiave: Optimization, Decision rule, Production function, Markov chain, State space, and Growth model Soggetto: C40 - Econometric and statistical methods : Special topics - General
Creator: Miller, Preston J. and Todd, Richard M. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 494 Abstract:
This paper investigates the macroeconomic and welfare effects of a particular public finance decision. That decision was to use debt rather than current taxation to finance deposit insurance payments related to the savings and loan debacle. We find that this decision could have significantly raised real interest rates and affected welfare. The analysis is conducted in a dynamic, open-economy, monetary general equilibrium model in which parameters are set based on empirical observations.
Parola chiave: Real interest rates, Deposit insurance, Public finance, Savings and loan, Taxation, Welfare, Government debt, and S & L Soggetto: H63 - National budget, deficit, and debt - Debt ; Debt management and G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages