Showing 1 - 10 of 29
This study focuses on sweep programs in establishing conceptually appropriate and reliable measures of narrow money. We propose the aggregates M1RS = M1 + holdings of funds swept in retail sweep programs, and M1S = M1RS + holdings of funds swept in commercial demand deposit sweep programs. Based...
Persistent link: https://www.econbiz.de/10005746496
This paper focuses on the role of sweep programs in properly measuring money. We propose new monetary aggregates that adjust the conventional measures to account for the medium of exchange capability of funds in sweep programs. Using data on swept funds in retail and commercial demand deposit...
Persistent link: https://www.econbiz.de/10005196807
One might expect that rising US income inequality would reduce demand growth and create a drag on the economy because higher-income groups spend a smaller share of income. But during a quarter century of rising inequality, US growth and employment were reasonably strong, by historical standards,...
Persistent link: https://www.econbiz.de/10011141200
This paper addresses objections to immigration on the basis of their skill level—examining the historical results of United States immigration policy in an effort to support a move to unlimited H-1B visa issuance. Great care is taken to include up to date media coverage as immigration policy...
Persistent link: https://www.econbiz.de/10005556501
Persistent link: https://www.econbiz.de/10005429115
This study empirically investigates dynamic microfoundations for the conventional static money demand equation. An intertemporal substitution model with the addilog utility function yields a money demand relationship that closely approximates the double log specification. Results from previous...
Persistent link: https://www.econbiz.de/10005436177
This study examines the long-run relationship between US and Mexican prices. We use panel cointegration techniques that allow for heterogeneous relationships across goods to examine the existence of weak-form and strong-form Purchasing Power Parity (PPP) between the US and Mexico. We construct...
Persistent link: https://www.econbiz.de/10011117987
This paper investigates consumption behavior within an intertemporal optimization model of the representative household. Our dataset consists of deposits and withdrawals from individual household checking accounts that received paychecks by direct deposit. We construct samples of panel data for...
Persistent link: https://www.econbiz.de/10011065305
This paper investigates long-run Purchasing Power Parity (PPP) between the US and Mexico. We use a panel of disaggregated price data between the US and Mexico with a long time series to look at two types of aggregation bias. The first is examined in Imbs et al. -- which we refer to as estimator...
Persistent link: https://www.econbiz.de/10005066345
Persistent link: https://www.econbiz.de/10005021051