Federal Reserve Bank of St Louis Review最新文献_第9页

The Aggregate and Relative Economic Effects of Government Financed Health Care 政府资助医疗保健的总体经济效应和相对经济效应

IF 1.7 4区经济学

Federal Reserve Bank of St Louis Review Pub Date : 2017-10-16 DOI: 10.20955/wp.2017.027

Bill Dupor, Guerrero Rodrigo

{"title":"The Aggregate and Relative Economic Effects of Government Financed Health Care","authors":"Bill Dupor, Guerrero Rodrigo","doi":"10.20955/wp.2017.027","DOIUrl":"https://doi.org/10.20955/wp.2017.027","url":null,"abstract":"Government-financed health care (GFHC) expenditures, through Medicare and Medicaid, have grown from roughly zero to over 7.6 percent of national personal income over the past 50 years. Recently, some analysts (e.g., the Council of Economics Advisers (2014)) have argued that an expansion of GFHC (in particular Medicaid) has large positive employment effects. Using quarterly data for 1978:Q2-2016:Q4, this paper estimates the impact of GFHC spending on prime-age employment using an instrumental variables strategy that exploits exogenous variation in Medicare spending. Our IV estimate of the multiplier suggests that an increase in GFHC spending equal to 1 percent of income over a two year horizon causes the employment-population ratio to increase by 58 basis points. This implies a job-creation cost of $84,900 per job year. Medicare spending changes by themselves yield a similar estimate of the employment multiplier (0.65). We then explore the dynamic employment response accumulated up to a four-year horizon and estimate a job-creation cost in the range of $406,000 to $467,000 per job-year. In other words, we find that an exogenous GFHC expansion has a moderate positive employment response in the short run and a muted cumulative response in the long run. We also show that the so-called relative (or local) multiplier approach based on the state-level panel provides similar estimates to those based on aggregate data. Although the employment effects using aggregate data are estimated imprecisely, they are considerably sharper when estimated using state-level data.","PeriodicalId":51713,"journal":{"name":"Federal Reserve Bank of St Louis Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2017-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77689366","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Managing Macroeconomic Fluctuations with Flexible Exchange Rate Targeting 以灵活的汇率目标制管理宏观经济波动

IF 1.7 4区经济学

Federal Reserve Bank of St Louis Review Pub Date : 2017-10-01 DOI: 10.20955/wp.2017.028

Jonas Heipertz, I. Mihov, Ana Maria Santacreu

引用次数: 12

Markup Cyclicality: A Tale of Two Models 涨价周期:两个模型的故事

IF 1.7 4区经济学

Federal Reserve Bank of St Louis Review Pub Date : 2017-09-21 DOI: 10.20955/wp.2017.034

Sungki Hong

{"title":"Markup Cyclicality: A Tale of Two Models","authors":"Sungki Hong","doi":"10.20955/wp.2017.034","DOIUrl":"https://doi.org/10.20955/wp.2017.034","url":null,"abstract":"Many models in the business cycle literature generate counter-cyclical price markups. This paper examines if the prominent models in the literature are consistent with the empirical findings of micro-level markup behavior in Hong (2016). In particular, I test the markup behavior of the following two models: (i) an oligopolistic competition model, and (ii) a New Keynesian model with heterogeneous price stickiness. First, I explore the Atkeson and Burstein (2008) model of oligopolistic competition, in which markups are an increasing function of firm market shares. Coupled with an exogenous uncertainty shock as in Bloom (2009), i.e. a second-moment shock to firm productivities in recessions, this model results in a countercyclical average markup, as in the data. However, in contrast with the data, this model predicts that smaller firms reduce their markups. Second, I calibrate both Calvo and menu cost models of price stickiness to match the empirical heterogeneity in price durations across small and large firms, as in Goldberg and Hellerstein (2011). I find that both models can match the average counter-cyclicality of markups in response to monetary shocks. Furthermore, since small firms adjust prices less frequently, they exhibit greater markup counter-cyclicality, consistent with the empirical patterns. Quantitatively, however, only the menu cost model, through its selection effect, can match the extent of the empirical heterogeneity in markup cyclicality. In addition, both sticky price models imply pro-cyclical markup behavior in response to productivity shocks.","PeriodicalId":51713,"journal":{"name":"Federal Reserve Bank of St Louis Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2017-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80032207","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7

Liquidity Premiums on Government Debt and the Fiscal Theory of the Price Level 政府债务的流动性溢价与价格水平的财政理论

IF 1.7 4区经济学

Federal Reserve Bank of St Louis Review Pub Date : 2017-03-29 DOI: 10.20955/wp.2017.008

Aleksander Berentsen, Christopher J. Waller

引用次数: 14

Nominal GDP Targeting with Heterogeneous Labor Supply 劳动力供给异质性下的名义GDP目标

IF 1.7 4区经济学

Federal Reserve Bank of St Louis Review Pub Date : 2017-02-17 DOI: 10.20955/wp.2017.016

J. Bullard, Aarti Singh

引用次数: 11

Implementing the Modified Golden Rule? Optimal Ramsey Capital Taxation with Incomplete Markets Revisited 实施修改后的黄金法则?再论不完全市场下的最优拉姆齐资本税

IF 1.7 4区经济学

Federal Reserve Bank of St Louis Review Pub Date : 2017-02-13 DOI: 10.20955/wp.2017.003

Yunmin Chen, YiLi Chien, C.C. Yang

引用次数: 17

Do Family Structure Differences Explain Trends in Wealth Differentials? 家庭结构差异能解释财富差异的趋势吗?

IF 1.7 4区经济学

Federal Reserve Bank of St Louis Review Pub Date : 2017-01-01 DOI: 10.20955/r.2017.85-101

R. Lerman

引用次数: 4

Of Cities and Slums 城市与贫民窟

IF 1.7 4区经济学

Federal Reserve Bank of St Louis Review Pub Date : 2016-10-01 DOI: 10.20955/wp.2016.022

P. Ferreira, A. Monge-Naranjo, Luciene Torres de Mello Pereira

引用次数: 12

Sales of Distressed Residential Property: What Have We Learned from Recent Research? 不良住宅物业的销售:我们从最近的研究中学到了什么?

IF 1.7 4区经济学

Federal Reserve Bank of St Louis Review Pub Date : 2016-07-01 DOI: 10.20955/r.2016.159-188

Jeffrey P. Cohen, Cletus C. Coughlin, Vincent Yao

{"title":"Sales of Distressed Residential Property: What Have We Learned from Recent Research?","authors":"Jeffrey P. Cohen, Cletus C. Coughlin, Vincent Yao","doi":"10.20955/r.2016.159-188","DOIUrl":"https://doi.org/10.20955/r.2016.159-188","url":null,"abstract":"During the housing bust many homeowners found themselves “underwater”—the amount they owed on their mortgages exceeded the value of the associated property—and they either could not or possibly chose not to stay current on their mortgage payments. As a consequence, sales of so-called distressed properties, often after a foreclosure, became commonplace. This spurred numerous research papers on various related issues. The authors’ review summarizes the research findings on three topics: the impact of changes in housing prices on foreclosures; the impact of foreclosure on the sales price of the foreclosed house; and the impact of foreclosure on the sales prices of nearby houses. Not surprisingly, declining housing prices are associated with increasing foreclosure rates; however, various other factors, such as a job loss or expected housing prices, can also play an important role. This review highlights various theoretical and econometric issues that have raised doubts about the accuracy of estimated price impacts of foreclosures and led to numerous refinements of the subsequent empirical analysis. Estimates of the own foreclosure discount generally range from near zero to 28 percent, with most estimates greater than 12 percent. Estimates of the discount resulting from spillover effects of nearby foreclosed houses are generally less than 2 percent and diminish rapidly with distance.","PeriodicalId":51713,"journal":{"name":"Federal Reserve Bank of St Louis Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2016-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88208649","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 15

Estimating Border Effects: The Impact of Spatial Aggregation 估算边界效应:空间聚集的影响

IF 1.7 4区经济学

Federal Reserve Bank of St Louis Review Pub Date : 2016-04-01 DOI: 10.20955/wp.2016.006

Cletus C. Coughlin, D. Novy

引用次数: 39