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This file contains hidden or bidirectional Unicode text that may be interpreted or compiled differently than what appears below. To review, open the file in an editor that reveals hidden Unicode characters. Learn more about bidirectional Unicode charactersOriginal file line number Diff line number Diff line change @@ -20,23 +20,23 @@ <dc:subject>Fed in Print</dc:subject> <items> <rdf:Seq> <rdf:li rdf:resource="http://www.fedinprint.org/items/fedgfn/2018-08-20.html" /> <rdf:li rdf:resource="http://www.fedinprint.org/items/fedgif/1237.html" /> </rdf:Seq> </items> </channel> <item rdf:about="http://www.fedinprint.org/items/fedgfn/2018-08-20.html"> <title>The Branch Puzzle : Why Are there Still Bank Branches?</title> <link>http://www.fedinprint.org/items/fedgfn/2018-08-20.html</link> <description>We provide evidence that the persistence of the large number of local bank branches across the country may be due to the fact that both depositors and small businesses continue to value local bank branches.</description> <dc:creator>Elliot Anenberg & Andrew C. Chang & Serafin J. Grundl & Kevin B. Moore & Richard Windle </dc:creator> <dc:subject></dc:subject> </item> <item rdf:about="http://www.fedinprint.org/items/fedgif/1237.html"> <title>The Heterogeneous Effects of Government Spending : It’s All About Taxes</title> <link>http://www.fedinprint.org/items/fedgif/1237.html</link> <description>This paper investigates how government spending multipliers depend on the distribution of taxes across households. We exploit historical variations in the financing of spending in the U.S. since 1913 to show that multipliers are positive only when financed with more progressive taxes, and zero otherwise. We rationalize this finding within a heterogeneous-household model with indivisible labor supply. The model results in a lower labor responsiveness to tax changes for higher-income earners. In turn, spending financed with more progressive taxes induces a smaller crowding-out, and thus larger multipliers. Finally, we provide evidence in support of the model’s cross-sectional implications.</description> <dc:creator>Axelle Ferrière & Gaston Navarro </dc:creator> <dc:subject></dc:subject> </item> </rdf:RDF> -
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This file contains hidden or bidirectional Unicode text that may be interpreted or compiled differently than what appears below. To review, open the file in an editor that reveals hidden Unicode characters. Learn more about bidirectional Unicode charactersOriginal file line number Diff line number Diff line change @@ -0,0 +1,42 @@ <?xml version="1.0" encoding="UTF-8"?> <rdf:RDF xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns="http://purl.org/rss/1.0/" xmlns:admin="http://webns.net/mvcb/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:syn="http://purl.org/rss/1.0/modules/syndication/" xmlns:taxo="http://purl.org/rss/1.0/modules/taxonomy/" > <channel rdf:about="http://www.fedinprint.org/"> <title>Federal Reserve System publications</title> <link>http://www.fedinprint.org/</link> <description>Economic research and commentary from the Federal Reserve System</description> <dc:language>en-us</dc:language> <dc:date></dc:date> <dc:publisher>webmaster@research.stlouisfed.org</dc:publisher> <dc:subject>Fed in Print</dc:subject> <items> <rdf:Seq> <rdf:li rdf:resource="http://www.fedinprint.org/items/fedawp/2018-09.html" /> <rdf:li rdf:resource="http://www.fedinprint.org/items/fedreq/00056.html" /> </rdf:Seq> </items> </channel> <item rdf:about="http://www.fedinprint.org/items/fedawp/2018-09.html"> <title>Decentralization and Overborrowing in a Fiscal Federation</title> <link>http://www.fedinprint.org/items/fedawp/2018-09.html</link> <description>We build an infinite horizon equilibrium model of fiscal federation, where anticipation of transfers from the central government creates incentives for local governments to overborrow. Absent commitment, the central government over-transfers, which distorts the central-local distribution of resources. Applying the model to fiscal decentralization, we find when decentralization widens local governments’ fiscal gap, borrowings by both local and central governments rise. Quantitatively, fiscal decentralization accounts for from 19 percent to 40 percent of changes in general government debt in Spain during 1988–2006. A macroprudential tax on local borrowing that implements Pareto optimal allocation would reduce debt by 27 percent and raise welfare by 3.75 percent.</description> <dc:creator>Si Guo & Yun Pei & Zoe Xie </dc:creator> <dc:subject>Debt;Diversity;Fiscal policy;</dc:subject> </item> <item rdf:about="http://www.fedinprint.org/items/fedreq/00056.html"> <title>Cyclical Properties of Bank Margins: Small versus Large Banks</title> <link>http://www.fedinprint.org/items/fedreq/00056.html</link> <description>We study cyclical properties of the net interest margin (NIM) in the US banking sector in the aggregate as well as separately for small and large banks. In the aggregate and among large banks, NIM is countercyclical. Among small banks, however, NIM is procyclical. Further, we find that this result is driven by differences in the cyclical dynamics of small and large banks' funding costs rather than asset yields.</description> <dc:creator>Borys Grochulski & Daniel Schwam & Yuzhe Zhang </dc:creator> <dc:subject>Banks and banking;</dc:subject> </item> </rdf:RDF>