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Author: Mr.Rabah Arezki Publisher: International Monetary Fund ISBN: 146392724X Category : Business & Economics Languages : en Pages : 19
Book Description
This paper studies the spillover effects both within the bond markets for individual U.S. states and between the latter and the market for U.S. Treasury securities. We perform the Forbes and Rigobon (2002) spillover test using daily bond yield data over the period 2005 to 2011. Results are twofold. First, we find that between most markets for individual U.S. state bonds there are negative spillovers. In other words, an increase in borrowing costs in one U.S. state results in better borrowing conditions for other states. Second, we find no substantial spillover effect between shocks originating from state securities and from federal markets, except for a few large issuers. Using causality tests in the frequency domain, we find that the Treasury bond market directly causes changes in the markets for municipal bonds in both the short and long run. There is also some evidence of causality from the municipal to the Treasury bond market, but only of a long-run nature. Our results shed some light on the policy debate on the nature of spillover effects within fiscal unions.
Author: Mr.Rabah Arezki Publisher: International Monetary Fund ISBN: 146392724X Category : Business & Economics Languages : en Pages : 19
Book Description
This paper studies the spillover effects both within the bond markets for individual U.S. states and between the latter and the market for U.S. Treasury securities. We perform the Forbes and Rigobon (2002) spillover test using daily bond yield data over the period 2005 to 2011. Results are twofold. First, we find that between most markets for individual U.S. state bonds there are negative spillovers. In other words, an increase in borrowing costs in one U.S. state results in better borrowing conditions for other states. Second, we find no substantial spillover effect between shocks originating from state securities and from federal markets, except for a few large issuers. Using causality tests in the frequency domain, we find that the Treasury bond market directly causes changes in the markets for municipal bonds in both the short and long run. There is also some evidence of causality from the municipal to the Treasury bond market, but only of a long-run nature. Our results shed some light on the policy debate on the nature of spillover effects within fiscal unions.
Author: David Schleicher Publisher: Oxford University Press ISBN: 0197629156 Category : Languages : en Pages : 249
Book Description
An authoritative review of the long history of federal responses to state and local budget crises, from Alexander Hamilton through the COVID-19 pandemic, that reveals what is at stake when a state or city can't pay its debts and provides policy solutions to an intractable American problem. What should the federal government do if a state like Illinois or a city like Chicago can't pay its debts? From Alexander Hamilton's plan to assume state debts to Congress's efforts to respond to the COVID-19 pandemic, many of the most important political disputes in American history have involved federal government responses to state or local fiscal crises. In a Bad State provides the first comprehensive historical and theoretical analysis of how the federal government has addressed subnational debt crises. Tracing the long history of state and local borrowing, David Schleicher argues that federal officials want to achieve three things when a state or city nears default: prevent macroeconomic distress, encourage lending to states and cities to build infrastructure, and avoid creating incentives for reckless future state budgeting. But whether they demand state austerity, permit state defaults, or provide bailouts-and all have been tried-federal officials can only achieve two of these three goals, at best. Rather than imagining that there is a single easy federal solution, Schleicher suggests some ways the federal government could ameliorate the problem by conditioning federal aid on future state fiscal responsibility, spreading losses across governments and interests, and building resilience against crises into federal spending and tax policy. Authoritative and accessible, In a Bad State offers a guide to understanding the pressing fiscal problems that local, state, and federal officials face, and to the policy options they possess for responding to crises.
Author: International Monetary Fund. Western Hemisphere Dept. Publisher: International Monetary Fund ISBN: 1498396674 Category : Business & Economics Languages : en Pages : 113
Book Description
This Selected Issues paper on the United States of America examines the recent US labor force penetration rate (LFPR) dynamics. LFPR dynamics can be driven by structural factors and cyclical ones related to job prospects. With participation rates for older workers lower than for prime age workers, demographic models suggest that aging of the baby boom generation explains about 50 percent of the near 3p.p. LFPR decline during 2007–2013. State-level panel regression analysis is used to tie down the cyclical effect, which is estimated to account for about 30–40 percent of the decline. Significant remaining slack in the labor market points to an important role for macroeconomic and labor supply policies. This suggests a still important role for stimulative macroeconomic policies to help reach full employment. Macroeconomic policy should remain accommodative for a while given sizeable labor market slack. This slack goes beyond that signaled by the unemployment rate and takes account of the LFPR being below trend and many employees working part time ‘involuntarily’.
Author: Philip McCann Publisher: Oxford University Press, USA ISBN: 0199582009 Category : Business & Economics Languages : en Pages : 433
Book Description
The second edition of this accessible text provides an integrated framework of the study of urban and regional economics. It offers a concise and up-to-date introduction to the main foundational models, principles, and theories of the subject, and uses a range of international examples to illustrate ideas.
Author: International Monetary Fund. Research Dept. Publisher: International Monetary Fund ISBN: 1475502184 Category : Business & Economics Languages : en Pages : 18
Book Description
The research summaries in the March 2012 issue of the IMF Research Bulletin are "Foreign Direct Investment and the Crisis: Is This Time Different?" (by Yuko Kinoshita) and "Food Prices and Inflation" (by James P. Walsh). The Q&A covers seven questions on "Unemployment through the Prism of the Great Recession" (by Prakash Loungani). This issue also launches a new feature "Conversations with Visiting Scholars" with an interview with Tom Sargent, winner of the 2011 Nobel Prize in Economic Sciences. Also included in this issue are details on visiting scholars at the IMF, a listing of recently published IMF Working Papers, and information on the next issue of "IMF Economic Review."
Author: Destin Jenkins Publisher: University of Chicago Press ISBN: 022672168X Category : History Languages : en Pages : 318
Book Description
Indebtedness, like inequality, has become a ubiquitous condition in the United States. Yet few have probed American cities’ dependence on municipal debt or how the terms of municipal finance structure racial privileges, entrench spatial neglect, elide democratic input, and distribute wealth and power. In this passionate and deeply researched book, Destin Jenkins shows in vivid detail how, beyond the borrowing decisions of American cities and beneath their quotidian infrastructure, there lurks a world of politics and finance that is rarely seen, let alone understood. Focusing on San Francisco, The Bonds of Inequality offers a singular view of the postwar city, one where the dynamics that drove its creation encompassed not only local politicians but also banks, credit rating firms, insurance companies, and the national municipal bond market. Moving between the local and the national, The Bonds of Inequality uncovers how racial inequalities in San Francisco were intrinsically tied to municipal finance arrangements and how these arrangements were central in determining the distribution of resources in the city. By homing in on financing and its imperatives, Jenkins boldly rewrites the history of modern American cities, revealing the hidden strings that bind debt and power, race and inequity, democracy and capitalism.
Author: Vahap Tecim Publisher: CRC Press ISBN: 1000784630 Category : Technology & Engineering Languages : en Pages : 269
Book Description
The concept of a "smart city" is used widely in general; however, it is hard to explain because of the complexity and multidimensionality of this notion. However, the essential qualification for being a smart city is to achieve "sustainable social, environmental, and economic development" and boost the living standards of society based on Information and Communication Technology (ICT) and Artificial intelligence (AI). AI in smart cities has become an important aspect for cities that face great challenges to make smart decisions for social well-being, particularly cybersecurity and corporate sustainability. In this context, we aim to contribute literature with a value-added approach where various AI applications of smart cities are discussed from a different perspective. First, we start by discussing the conceptual design, modeling, and determination of components for the sustainability of a smart city structure. Since smart cities operate on spatial-based data, it is important to design, operate, and manage smart city elements using Geographical Information Systems (GIS) technologies. Second, we define the structure, type, unit, and functionality of the layers to be placed on the GIS to achieve best practices based on Industry 4.0 components. Transportation is one of the key indicators of smart cities, so it is critical to make transportation in smart cities accessible for different disabled groups by using AI technologies. Third, we demonstrate what kinds of technologies should be used for which disabled groups in different transportation vehicles with specific examples. Finally, we create a discussion platform for processes and sub-processes such as waste management, emergency management, risk management, and data management for establishing smart cities including the financial and ethical aspects.
Author: Mr.Lars E. O. Svensson Publisher: International Monetary Fund ISBN: 1451853750 Category : Business & Economics Languages : en Pages : 76
Book Description
The use of forward interest rates as a monetary policy indicator is demonstrated, using Sweden 1992-1994 as an example. The forward rates are interpreted as indicating market expectations of the time-path of future interest rates, future inflation rates, and future currency depreciation rates. They separate market expectations for the short-, medium-, and long-term more easily than the standard yield curve. Forward rates are estimated with an extended and more flexible version of Nelson and Siegel’s functional form.
Author: Lee E. Ohanian Publisher: Hoover Press ISBN: 0817915362 Category : Political Science Languages : en Pages : 263
Book Description
This book examines the reasons for the unprecedented weak recovery following the recent US recession and explores the possibility that government economic policy is the problem. Drawing on empirical research that looks at issues from policy uncertainty to increased regulation, the volume offers a broad-based assessment of how government policies are slowing economic growth and provides a framework for understanding how those policies should change to restore prosperity in America.
Author: Mr.Rabah Arezki
Author: Mr.Rabah Arezki
Author: David Schleicher
Author: International Monetary Fund. Western Hemisphere Dept.
Author: Philip McCann
Author: International Monetary Fund. Research Dept.
Author: Destin Jenkins
Author: Vahap Tecim
Author: Mr.Lars E. O. Svensson
Author: Muddassar Sarfraz
Author: Lee E. Ohanian