Until 1935, Federal Reserve Banks from time to time purchased short-term securities directly from the United States Treasury to facilitate Treasury cash management operations. The authority to undertake such purchases provided a robust safety net that ensured Treasury could meet its obligations...

Remarks at the Chapter 9 and Alternatives for Distressed Municipalities and States Workshop, Federal Reserve Bank of New York, New York City.

This paper quantifies the effects of two short-run fiscal policies, a temporary tax cut and a temporary rebate transfer, that are intended to stimulate economic activity. A reduction in income taxation provides immediate incentives to work and save more, raising aggregate output and consumption....

This report, prepared by Deloitte Touche Tohmatsu transfer pricing specialists with the funding of the IDB, compares the transfer pricing regulations in the OECD guidelines, and in Argentina, Brazil, Mexico, the United States, and Venezuela.

This second presentation discusses: 1) A framework of incentives for risk management; 2) The identification of economic instruments for environmental and natural resource management; 3) Strategic actions to reduce the risk of disasters by means of environmental management economic instruments;...

This paper examines how the scale and composition of public debt can affect economies that implement a combination of “passive” monetary policy and “active” fiscal policy. This policy configuration is argued to be of both historical and contemporary interest in the cases of the U.S. and...

The main objective of the study is to assess the extent to which participatory budgeting (OP) is fostering the efficient and democratic allocation of resources and citizen involvement in the planning and management of their localities. The report draws upon extensive field research undertaken by...

This paper outlines some of the issues that affect small and medium sized enterprises (SMEs) in three areas: regulation, procurement, and dispute resolution. The work presented herein is part of the Bank's most recent efforts to develop new approaches and instruments to strengthen its role as a...

Schools are essential in forming human capital and in improving the long-term health of the economy. They are also heavily reliant on state and local funds, which were severely depleted during the Great Recession. To alleviate some of the strain on local budgets, the federal government passed...

This paper proposes a theory of the fiscal foundations of inflation based on imperfect knowledge and learning. The theory is similar in spirit to, but distinct from, unpleasant monetarist arithmetic and the fiscal theory of the price level. Because the assumption of imperfect knowledge breaks...