To shed light on the influence of interpersonal fairness on tax compliance, the California Franchise Tax Board conducted a field experiment to examine how efficiency of Interactive Voice Response (hereafter IVR) systems affects tax collection. We find that taxpayers calling the temporary phone...

Prior to the 2007-2008 financial crisis, excess reserves in the U.S. banking system were scarce. After the financial crisis and up until early 2018, excess reserves were abundant. In this article, the authors document, analyze, and explain the differences in the performance of the federal funds...

This article describes the Federal Reserve’s monetary policy operating framework prior to the expansion of the Fed’s balance sheet during the financial crisis. To implement the Fed’s mandate of promoting price stability consistent with full employment, the Federal Open Market Committee...

This paper describes the Federal Reserve's framework for implementing monetary policy prior to the expansion of the Fed's balance sheet during the financial crisis. The pre-crisis framework was a reserve-scarcity regime in which banks demanded reserves in order to meet minimum reserve...

In a recent article in this Review, Charles Goetz and James Buchanan (G-B) assert that "...the standard description of misallocation in the presence of external production diseconomies is misleading..." because these externalities produce a "...combination of exchange-inefficiency with...

The COVID-19 debate in the United States has become more contentious in late April and early May 2020. On one side are voices arguing there is no end in sight for the risks associated with COVID-19 and that lockdown and stay at home policies need to persist. A divergence of opinion regarding...

This paper describes the Federal Reserve's framework for implementing monetary policy prior to the expansion of the Fed's balance sheet during the financial crisis. The pre-crisis framework was a reserve-scarcity regime in which banks demanded reserves in order to meet minimum reserve...