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Federal Reserve Bank of Cleveland
(40 results)-
White Papers
Crime And The Labor Market: A Search Model With Optimal Contracts
October 1, 2007, 12:00am PDT
This paper extends the Pissarides (2000) model of the labor market to include crime and punishment 'a la Becker (1968). All workers, irrespective of their labor force status can commit crimes and...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Measuring Systemic Risk
March 1, 2010, 12:00am PST
The authors present a simple model of systemic risk and show how each financial institution's contribution to systemic risk can be measured and priced. An institution's contribution, denoted...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Liquidity And Asset Market Dynamics
October 1, 2010, 12:00am PDT
The authors study economies with an essential role for liquid assets in transactions. The model can generate multiple stationary equilibria, across which asset prices, market participation,...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Banking Relationships And Sell-side Research
June 1, 2011, 12:00am PDT
This paper examines disclosures by sell-side analysts when their institution has a lending relationship with the firms being covered. Lending-affiliated analysts' earnings forecasts are found to...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Do Financial Education Programs Work?
April 1, 2008, 12:00am PDT
In this paper, the authors provide a comprehensive critical analysis of research that has investigated the impact of financial education programs on consumer financial behavior. In light of the...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Workshop On Entrepreneurial Finance: A Summary
November 1, 2009, 12:00am PDT
In March of 2009, the Federal Reserve Bank of Cleveland and the Kauffman Foundation jointly hosted a workshop on entrepreneurial finance that brought together scholars in the field. The goal of...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Indexed Debt Contracts And The Financial Accelerator
August 1, 2011, 12:00am PDT
This paper addresses the positive and normative implications of indexing risky debt to observable aggregate conditions. These issues are pursued within the context of the celebrated financial...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
The Importance Of Financial Market Development On The Relationship Between Loan Guarantees For SMEs And Local Market Employment Rates
November 1, 2010, 12:00am PDT
The authors empirically examine whether a major government intervention in the small-firm credit market yields significantly better results in markets that are less financially developed. The...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Cleaning Up The Refuse From A Financial Crisis: The Case For A Resolution Management Corporation
September 1, 2010, 12:00am PDT
Systemic banking and financial crises invariably result in the transfer of a large volume of distressed financial assets into the hands of the government, which must later dispose of them. The...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Conducting Monetary Policy When Interest Rates Are Near Zero
October 1, 2009, 12:00am PDT
This paper explains the concerns that are associated with the combination of deflation, low economic activity, and zero nominal interest rates and describes how monetary policy might be conducted...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Is U.S. Federal Debt Too Large?
August 24, 2010, 12:00am PDT
U.S. federal debt has grown to levels that have not been seen since the aftermath of the Second World War. Many economists argue there is plenty to be worried about when it comes to what this...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Foreclosures In Ohio: Does Lender Type Matter?
December 1, 2007, 12:00am PST
The results suggest that the type of the financial institutions lending in a county is a factor that influences the foreclosure rates. Although the evidence is not consistently strong in every...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Entry, Exit, And Plant-Level Dynamics Over The Business Cycle
January 1, 2008, 12:00am PST
This paper analyzes the implications of plant-level dynamics over the business cycle. The authors first document the basic patterns of entry and exit of U.S. manufacturing plants, in terms of...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Counterfeiting As Private Money In Mechanism Design
November 1, 2007, 12:00am PDT
Since the beginning of time, every monetary economy has had to deal with the issue of counterfeit currency. In spite of this robust observation, to date there is no model that provides an...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Incomplete Markets And Households? Exposure To Interest Rate And Inflation Risk: Implications For The Monetary Policy Maker
October 1, 2007, 12:00am PDT
The present paper studies optimal monetary policy when the representative agent assumption is abandoned and financial wealth heterogeneity across households is introduced. Incomplete market makes...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
On The Cyclicality Of R&D: Disaggregated Evidence
June 1, 2007, 12:00am PDT
This paper explores the link between short-run cycles and long-run growth by examining the cyclical properties of R&D at the disaggregated industry level. The relationship between R&D and output...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Liquidity In Asset Markets With Search Frictions
June 1, 2007, 12:00am PDT
The authors study how trading frictions in asset markets affect the distribution of asset holdings, asset prices, efficiency, and standard measures of liquidity. To this end, they analyze the...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Cross-Sectoral Variation In Firm-Level Idiosyncratic Risk
January 1, 2009, 12:00am PST
In this paper, the authors use data from the U.S. Census Bureau's Longitudinal Research Database in order to assess the extent of the cross-sectoral variation in firm-level idiosyncratic risk and...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
An Analysis Of Foreclosure Rate Differentials In Soft Markets
November 1, 2008, 12:00am PDT
A quantile regression model is used to identify the main neighborhood characteristics associated with high foreclosure rates in weak market neighborhoods, specifically for two counties in Ohio and...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
On The Threat Of Counterfeiting
November 1, 2008, 12:00am PDT
The authors study the counterfeiting of currency in a search-theoretic model of monetary exchange. In contrast to Nosal and Wallace (2007), they establish that counterfeiting does not pose a...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Historical Review Of "Umbrella Supervision" By The Board Of Governors Of The Federal Reserve System
October 1, 2008, 12:00am PDT
The paper reviews legislative history and supervisory practices related to bank holding companies with a view toward understanding what Congress meant by referring to the Board of Governors of the...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Positive And Normative Effects Of A Minimum Wage
February 1, 2008, 12:00am PST
The authors have analyzed the effects of a minimum wage in different versions of a search model of the labor market. They showed that a minimum wage can increase social welfare, labor force...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
The Long Run Effects Of Changes In Tax Progressivity
December 1, 2009, 12:00am PST
This paper compares the steady state outcomes of revenue-neutral changes to the progressivity of the tax schedule. Our economy features heterogeneous households who differ in their preferences and...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
A Multi-Sectoral Approach To The U.S. Great Depression
December 1, 2009, 12:00am PST
The authors document sectoral differences in changes in output, hours worked, prices, and nominal wages in the United States during the Great Depression. They explore whether contractionary...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Entry, Exit And The Determinants Of Market Structure
August 1, 2009, 12:00am PDT
Market structure is determined by the entry and exit decisions of individual producers. These decisions are driven by expectations of future profits which, in turn, depend on the nature of...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Deposit Market Competition, Costs Of Funding And Bank Risk
April 1, 2010, 12:00am PDT
In this paper, the authors revisit the long debate on the risk effects of bank competition and propose a new approach to the empirical estimation of the relation between deposit market competition...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
A Monetary Approach To Asset Liquidity
January 1, 2009, 12:00am PST
This paper offers a monetary theory of asset liquidity - one that emphasizes the role of assets in payment arrangements - and it explores the implications of the theory for the relationship...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Information And Liquidity: A Discussion
January 1, 2009, 12:00am PST
The author extends and discusses the model of asset liquidity by Lester, Postlewaite, and Wright (2007, 2008). The author considers a model with decentralized trades in which claims on a real and...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Caught Between Scylla And Charybdis? Regulating Bank Leverage When There Is Rent Seeking And Risk Shifting
December 1, 2010, 12:00am PST
Banks face two moral hazard problems: asset substitution by shareholders (e.g., making risky, negative net present value loans) and managerial rent seeking (e.g., investing in inefficient "Pet"...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Homeownership For The Long Run: An Analysis Of Homeowner Subsidies
February 1, 2011, 12:00am PST
There is clear evidence that many low-to-moderate-income homebuyers are wealth-constrained; therefore, a dollar spent in down-payment subsidies is more successful at creating new homebuyers than a...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Private-Activity Municipal Bonds: The Political Economy Of Volume Cap Allocation
September 1, 2010, 12:00am PDT
State governments allocate authority, under a federally imposed cap, to issue tax-exempt bonds that fund "Private activities" such as industrial expansion, student loans, and low-income housing....
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Liquidity Creation Without A Lender Of Last Resort: Clearing House Loan Certificates In The Banking Panic Of 1907
July 1, 2010, 12:00am PDT
The authors employ a new data set comprised of disaggregate figures on clearing house loan certificate issues in New York City to document how the dominant national banks were crucial providers of...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Systemic Risk Analysis Using Forward-Looking Distance-To-Default Series
April 1, 2010, 12:00am PDT
Based on contingent claims theory, this paper develops a method to monitor systemic risk in the European banking system. Aggregated Distance-to-Default series are generated using option prices...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Assessing The Evidence On Neighborhood Effects From Moving To Opportunity
September 1, 2011, 12:00am PDT
This paper presents a new perspective on results from the Moving To Opportunity (MTO) housing mobility program. Building on recent developments in the program evaluation literature, this paper...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Tests Of Equal Forecast Accuracy For Overlapping Models
September 1, 2011, 12:00am PDT
This paper examines the asymptotic and finite-sample properties of tests of equal forecast accuracy when the models being compared are overlapping in the sense of Vuong (1989). Two models are...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Public Policy In Support Of Small Business: The American Experience
August 1, 2011, 12:00am PDT
Information problems in small enterprise credit markets can result in a market equilibrium characterized by credit rationing. These information problems are potentially more severe during sharp...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Bayesian VARs: Specification Choices And Forecast Accuracy
May 1, 2011, 12:00am PDT
In this paper, the authors examine how the forecasting performance of Bayesian VARs is affected by a number of specification choices. In the baseline case, they use a Normal-Inverted Wishart prior...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Inflation Expectations, Real Rates, And Risk Premia: Evidence From Inflation Swaps
March 1, 2011, 12:00am PST
This paper develops a model of the term structures of nominal and real interest rates driven by state variables representing the short-term real interest rate, expected inflation, inflation's...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
The Demand For Income Tax Progressivity In The Growth Model
February 1, 2011, 12:00am PST
This paper examines the degree of income tax progressivity chosen through a simple majority vote in a model with savings. Households have permanent differences with respect to their labor...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Disadvantaged Business Enterprise Goals In Government Procurement Contracting: An Analysis Of Bidding Behavior And Costs
January 1, 2011, 12:00am PST
Programs that encourage the participation of Disadvantaged Business Enterprises (DBE) as subcontractors have been a part of government procurement auctions for over three decades. In this paper,...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Disadvantaged Business Enterprise Goals In Government Procurement Contracting: An Analysis Of Bidding Behavior And Costs
January 1, 2011, 12:00am PST
Programs that encourage the participation of Disadvantaged Business Enterprises (DBE) as subcontractors have been a part of government procurement auctions for over three decades. In this paper,...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
The Demand For Income Tax Progressivity In The Growth Model
February 1, 2011, 12:00am PST
This paper examines the degree of income tax progressivity chosen through a simple majority vote in a model with savings. Households have permanent differences with respect to their labor...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Inflation Expectations, Real Rates, And Risk Premia: Evidence From Inflation Swaps
March 1, 2011, 12:00am PST
This paper develops a model of the term structures of nominal and real interest rates driven by state variables representing the short-term real interest rate, expected inflation, inflation's...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Bayesian VARs: Specification Choices And Forecast Accuracy
May 1, 2011, 12:00am PDT
In this paper, the authors examine how the forecasting performance of Bayesian VARs is affected by a number of specification choices. In the baseline case, they use a Normal-Inverted Wishart prior...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Public Policy In Support Of Small Business: The American Experience
August 1, 2011, 12:00am PDT
Information problems in small enterprise credit markets can result in a market equilibrium characterized by credit rationing. These information problems are potentially more severe during sharp...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Tests Of Equal Forecast Accuracy For Overlapping Models
September 1, 2011, 12:00am PDT
This paper examines the asymptotic and finite-sample properties of tests of equal forecast accuracy when the models being compared are overlapping in the sense of Vuong (1989). Two models are...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Assessing The Evidence On Neighborhood Effects From Moving To Opportunity
September 1, 2011, 12:00am PDT
This paper presents a new perspective on results from the Moving To Opportunity (MTO) housing mobility program. Building on recent developments in the program evaluation literature, this paper...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Systemic Risk Analysis Using Forward-Looking Distance-To-Default Series
April 1, 2010, 12:00am PDT
Based on contingent claims theory, this paper develops a method to monitor systemic risk in the European banking system. Aggregated Distance-to-Default series are generated using option prices...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Liquidity Creation Without A Lender Of Last Resort: Clearing House Loan Certificates In The Banking Panic Of 1907
July 1, 2010, 12:00am PDT
The authors employ a new data set comprised of disaggregate figures on clearing house loan certificate issues in New York City to document how the dominant national banks were crucial providers of...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Private-Activity Municipal Bonds: The Political Economy Of Volume Cap Allocation
September 1, 2010, 12:00am PDT
State governments allocate authority, under a federally imposed cap, to issue tax-exempt bonds that fund "Private activities" such as industrial expansion, student loans, and low-income housing....
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Homeownership For The Long Run: An Analysis Of Homeowner Subsidies
February 1, 2011, 12:00am PST
There is clear evidence that many low-to-moderate-income homebuyers are wealth-constrained; therefore, a dollar spent in down-payment subsidies is more successful at creating new homebuyers than a...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Caught Between Scylla And Charybdis? Regulating Bank Leverage When There Is Rent Seeking And Risk Shifting
December 1, 2010, 12:00am PST
Banks face two moral hazard problems: asset substitution by shareholders (e.g., making risky, negative net present value loans) and managerial rent seeking (e.g., investing in inefficient "Pet"...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Information And Liquidity: A Discussion
January 1, 2009, 12:00am PST
The author extends and discusses the model of asset liquidity by Lester, Postlewaite, and Wright (2007, 2008). The author considers a model with decentralized trades in which claims on a real and...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
A Monetary Approach To Asset Liquidity
January 1, 2009, 12:00am PST
This paper offers a monetary theory of asset liquidity - one that emphasizes the role of assets in payment arrangements - and it explores the implications of the theory for the relationship...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Deposit Market Competition, Costs Of Funding And Bank Risk
April 1, 2010, 12:00am PDT
In this paper, the authors revisit the long debate on the risk effects of bank competition and propose a new approach to the empirical estimation of the relation between deposit market competition...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Entry, Exit And The Determinants Of Market Structure
August 1, 2009, 12:00am PDT
Market structure is determined by the entry and exit decisions of individual producers. These decisions are driven by expectations of future profits which, in turn, depend on the nature of...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
A Multi-Sectoral Approach To The U.S. Great Depression
December 1, 2009, 12:00am PST
The authors document sectoral differences in changes in output, hours worked, prices, and nominal wages in the United States during the Great Depression. They explore whether contractionary...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
The Long Run Effects Of Changes In Tax Progressivity
December 1, 2009, 12:00am PST
This paper compares the steady state outcomes of revenue-neutral changes to the progressivity of the tax schedule. Our economy features heterogeneous households who differ in their preferences and...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Positive And Normative Effects Of A Minimum Wage
February 1, 2008, 12:00am PST
The authors have analyzed the effects of a minimum wage in different versions of a search model of the labor market. They showed that a minimum wage can increase social welfare, labor force...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Historical Review Of "Umbrella Supervision" By The Board Of Governors Of The Federal Reserve System
October 1, 2008, 12:00am PDT
The paper reviews legislative history and supervisory practices related to bank holding companies with a view toward understanding what Congress meant by referring to the Board of Governors of the...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
On The Threat Of Counterfeiting
November 1, 2008, 12:00am PDT
The authors study the counterfeiting of currency in a search-theoretic model of monetary exchange. In contrast to Nosal and Wallace (2007), they establish that counterfeiting does not pose a...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
An Analysis Of Foreclosure Rate Differentials In Soft Markets
November 1, 2008, 12:00am PDT
A quantile regression model is used to identify the main neighborhood characteristics associated with high foreclosure rates in weak market neighborhoods, specifically for two counties in Ohio and...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Cross-Sectoral Variation In Firm-Level Idiosyncratic Risk
January 1, 2009, 12:00am PST
In this paper, the authors use data from the U.S. Census Bureau's Longitudinal Research Database in order to assess the extent of the cross-sectoral variation in firm-level idiosyncratic risk and...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Liquidity In Asset Markets With Search Frictions
June 1, 2007, 12:00am PDT
The authors study how trading frictions in asset markets affect the distribution of asset holdings, asset prices, efficiency, and standard measures of liquidity. To this end, they analyze the...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
On The Cyclicality Of R&D: Disaggregated Evidence
June 1, 2007, 12:00am PDT
This paper explores the link between short-run cycles and long-run growth by examining the cyclical properties of R&D at the disaggregated industry level. The relationship between R&D and output...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Incomplete Markets And Households? Exposure To Interest Rate And Inflation Risk: Implications For The Monetary Policy Maker
October 1, 2007, 12:00am PDT
The present paper studies optimal monetary policy when the representative agent assumption is abandoned and financial wealth heterogeneity across households is introduced. Incomplete market makes...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Counterfeiting As Private Money In Mechanism Design
November 1, 2007, 12:00am PDT
Since the beginning of time, every monetary economy has had to deal with the issue of counterfeit currency. In spite of this robust observation, to date there is no model that provides an...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Entry, Exit, And Plant-Level Dynamics Over The Business Cycle
January 1, 2008, 12:00am PST
This paper analyzes the implications of plant-level dynamics over the business cycle. The authors first document the basic patterns of entry and exit of U.S. manufacturing plants, in terms of...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Foreclosures In Ohio: Does Lender Type Matter?
December 1, 2007, 12:00am PST
The results suggest that the type of the financial institutions lending in a county is a factor that influences the foreclosure rates. Although the evidence is not consistently strong in every...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Is U.S. Federal Debt Too Large?
August 24, 2010, 12:00am PDT
U.S. federal debt has grown to levels that have not been seen since the aftermath of the Second World War. Many economists argue there is plenty to be worried about when it comes to what this...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Conducting Monetary Policy When Interest Rates Are Near Zero
October 1, 2009, 12:00am PDT
This paper explains the concerns that are associated with the combination of deflation, low economic activity, and zero nominal interest rates and describes how monetary policy might be conducted...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Cleaning Up The Refuse From A Financial Crisis: The Case For A Resolution Management Corporation
September 1, 2010, 12:00am PDT
Systemic banking and financial crises invariably result in the transfer of a large volume of distressed financial assets into the hands of the government, which must later dispose of them. The...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
The Importance Of Financial Market Development On The Relationship Between Loan Guarantees For SMEs And Local Market Employment Rates
November 1, 2010, 12:00am PDT
The authors empirically examine whether a major government intervention in the small-firm credit market yields significantly better results in markets that are less financially developed. The...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Indexed Debt Contracts And The Financial Accelerator
August 1, 2011, 12:00am PDT
This paper addresses the positive and normative implications of indexing risky debt to observable aggregate conditions. These issues are pursued within the context of the celebrated financial...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Workshop On Entrepreneurial Finance: A Summary
November 1, 2009, 12:00am PDT
In March of 2009, the Federal Reserve Bank of Cleveland and the Kauffman Foundation jointly hosted a workshop on entrepreneurial finance that brought together scholars in the field. The goal of...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Do Financial Education Programs Work?
April 1, 2008, 12:00am PDT
In this paper, the authors provide a comprehensive critical analysis of research that has investigated the impact of financial education programs on consumer financial behavior. In light of the...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Banking Relationships And Sell-side Research
June 1, 2011, 12:00am PDT
This paper examines disclosures by sell-side analysts when their institution has a lending relationship with the firms being covered. Lending-affiliated analysts' earnings forecasts are found to...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Liquidity And Asset Market Dynamics
October 1, 2010, 12:00am PDT
The authors study economies with an essential role for liquid assets in transactions. The model can generate multiple stationary equilibria, across which asset prices, market participation,...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Measuring Systemic Risk
March 1, 2010, 12:00am PST
The authors present a simple model of systemic risk and show how each financial institution's contribution to systemic risk can be measured and priced. An institution's contribution, denoted...
Provided by Federal Reserve Bank of Cleveland
-
White Papers
Crime And The Labor Market: A Search Model With Optimal Contracts
October 1, 2007, 12:00am PDT
This paper extends the Pissarides (2000) model of the labor market to include crime and punishment 'a la Becker (1968). All workers, irrespective of their labor force status can commit crimes and...
Provided by Federal Reserve Bank of Cleveland
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