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Dissecting Saving Dynamics : Measuring Wealth, Precautionary, and Credit Effects

Author/Editor: Christopher Carroll, Martin Sommer, Jiri Slacalek.

Release Date: September, 2012

Price: $18.00

We argue that the U.S. personal saving rate’s long stability (from the 1960s through the early 1980s), subsequent steady decline (1980s - 2007), and recent substantial increase (2008 - 2011) more...



United States: Staff Report for the 2012 Article IV Consultation

Release Date: August, 2012

Price: $18.00

United States: Selected Issues

Release Date: August, 2012

Price: $18.00

Innocent Bystanders? Monetary Policy and Inequality in the U.S.

Author/Editor: Olivier Coibion, Yuriy Gorodnichenko, Lorenz Kueng, John Silvia.

Release Date: August, 2012

Price: $18.00

We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically more...



Household Production, Services and Monetary Policy

Author/Editor: Constant Lonkeng Ngouana.

Release Date: August, 2012

Price: $18.00

A distinctive feature of market-provided services is that some of them have close substitutes at home. Households may therefore switch between consuming home and market services in response to more...



The Cyclicality of Sales, Regular and Effective Prices: Business Cycle and Policy Implications

Author/Editor: Olivier Coibion, Yuriy Gorodnichenko, Gee Hee Hong.

Release Date: August, 2012

Price: $18.00

We study the cyclical properties of sales, regular price changes and average prices paid by consumers (effective prices) in a dataset containing prices and quantities sold for numerous retailers more...



Measuring Systemic Risk-Adjusted Liquidity (SRL) - A Model Approach

Author/Editor: Andreas Jobst.

Release Date: August, 2012

Price: $18.00

Little progress has been made so far in addressing—in a comprehensive way—the externalities caused by impact of the interconnectedness within institutions and markets on funding and more...



International Capital Flows and Debt Dynamics

Author/Editor: Martin D. D. Evans.

Release Date: July, 2012

Price: $18.00

This paper presents a new model for studying international capital flows and debt dynamics that emphasizes the role played by expectations concerning future trade flows and returns. I use the model more...



Great Recession and Fiscal Squeeze at U.S. Subnational Government Level

Author/Editor: Jiri Jonas.

Release Date: July, 2012

Price: $18.00

The paper discusses the fiscal impact of the Great Recession of 2007-08 on state and local governments in the United States. It documents the sharp decline in tax revenue and discusses how states more...



Successful Austerity in the United States, Europe and Japan

Author/Editor: Nicoletta Batini, Giovanni Callegari, Giovanni Melina.

Release Date: July, 2012

Price: $18.00

The output effects of 2009 fiscal expansions have been hotly debated. But the discussion of fiscal multipliers is even more relevant now that several European countries have had to quickly retract more...



Banks' Liability Structure and Mortgage Lending During the Financial Crisis

Author/Editor: Jihad Dagher, Kazim Kazimov.

Release Date: June, 2012

Price: $18.00

We examine the impact of banks’ exposure to market liquidity shocks through wholesale funding on their supply of credit during the financial crisis in the United States. We focus on more...



Leverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis

Author/Editor: Ashok Vir Bhatia, Tamim Bayoumi.

Release Date: June, 2012

Price: $18.00

This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset more...



The Impact of Longevity Improvements on U.S. Corporate Defined Benefit Pension Plans

Author/Editor: Michael Kisser, John Kiff, Stefan E. Oppers, Mauricio Soto.

Release Date: June, 2012

Price: $18.00

This paper provides the first empirical assessment of the impact of life expectancy assumptions on the liabilities of private U.S. defined benefit (DB) pension plans. Using detailed actuarial and more...



Monetary Policy Transmission in the GCC Countries

Author/Editor: Raphael A. Espinoza, Ananthakrishnan Prasad.

Release Date: May, 2012

Price: $18.00

The GCC countries maintain a policy of open capital accounts and a pegged (or nearly-pegged) exchange rate, thereby reducing their freedom to run an independent monetary policy. This paper shows, more...



Fiscal Monitor, April 2012

Release Date: April, 2012

Price: $40.00

Overall, fiscal risks remain elevated, according to this issue, although there are signs that in some key respects they are less acute than six months ago. Past efforts with fiscal consolidation are more...



Asymmetric Effects of the Financial Crisis: Collateral-Based Investment-Cash Flow Sensitivity Analysis

Author/Editor: Vadim Khramov.

Release Date: April, 2012

Price: $18.00

This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment-cash flow sensitivity, the value of a firm's assets that can be used as collateral more...



De-monopolization Toward Long-Term Prosperity in China

Author/Editor: Ashvin Ahuja.

Release Date: March, 2012

Price: $18.00

During the past decade, the average Chinese earns roughly 9 times less and is 10 times less productive than the average American at purchasing power parity. Current consensus attributes large more...



The Global Welfare Impact of China: Trade Integration and Technological Change

Author/Editor: Julian di Giovanni, Andrei A. Levchenko, Jing Zhang.

Release Date: March, 2012

Price: $18.00

This paper evaluates the global welfare impact of China's trade integration and technological change in a quantitative Ricardian-Heckscher-Ohlin model implemented on 75 countries. We simulate two more...



Commodity Prices and Inflation Expectations in the United States

Author/Editor: Oya Celasun, Roxana Mihet, Lev Ratnovski.

Release Date: March, 2012

Price: $18.00

U.S. monetary policy can remain extraordinarily accommodative only if longer-term inflation expectations stay well-anchored, including in response to commodity price shocks. We find that oil price more...



The Valuation Effects of Geographic Diversification: Evidence from U.S. Banks

Author/Editor: Martin Goetz, Luc Laeven, Ross Levine.

Release Date: February, 2012

Price: $18.00

This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuations. Using two novel identification strategies more...



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