Reforming the Defined-Benefit Pension System (2006)
Brookings Papers on Economic Activity - 2006, 1
A Quantitative Exploration of the Opportunistic Approach to Disinflation (1997)
Athanasios Orphanides, David H. Small, Volker Wiel, David W. Wilcox
A number of observers have advocated recently that the Federal Reserve take an "opportunistic " approach to the conduct of monetary policy. A hallmark of this approach is that the...
A Quantitative Exploration of the Opportunistic Approach to Disinflation (1997)
Athanasios Orphanides, David H. Small, Volker Wiel, David W. Wilcox
A number of observers have advocated recently that the Federal Reserve take an �opportunistic" approach to the conduct of monetary policy. A hallmark of this approach is that the central...
The Opportunistic Approach to Disinflation (1996)
Athanasios Orphanides, David W. Wilcox
This paper explores the theoretical foundations of a new approach to monetary policy. Proponents of this approach hold that when inflation is moderate but still above the long-run objective, the Fed...
Budget deficits, consumption spending, and the Ricardian equivalence hypothesis / (1987)
Typescript (photocopy).
A reorganization proposal for zoning and building code administration in Missoula, Montana / (1980)
Typescript.
STATISTICS UNDER THE SPOTLIGHT: IMPROVING THE CONSUMER PRICE INDEX
William A. Barnett, Katharine G. Abraham, Robert J. Gordon, Jack E. Triplett, David W. Wilcox, Kirk M. Wolter
The position taken by William Barnett in this panel discussion is that federal government agencies, including the Bureau of Labor Statistics, view researchers as being among those who comprise the...
Monetary Policy and Credit Conditions: Evidence From the Composition of External Finance
Anil K Kashyap, Jeremy C. Stein, David W. Wilcox
In this paper we use the relative movements in bank loans and commercial paper to provide evidence on the existence of a loan supply channel of monetary policy transmission. A first necessary...
Reforming the Defined-Benefit Pension System
Defined-benefit pensions typically expose workers to a form of financial risk that they are ill positioned to bear and unable to hedge. If workers understand that risk, they will offer employers a...
Interactions between the Seasonal and Business Cycles in Production and Inventories.
Cecchetti, Stephen G, Kashyap, Anil K, Wilcox, David W
This paper shows that, in several U.S. manufacturing industries, the seasonal variability of production and inventories varied with the state of the business cycle. The authors present a simple model...
Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance.
Kashyap, Anil K, Stein, Jeremy C, Wilcox, David W
In this paper, the authors use the relative moments in bank loans and commercial paper to provide evidence on the existe nce of a loan-supply channel of monetary-policy transmission. The author s...
The Construction of U.S. Consumption Data: Some Facts and Their Implications for Empirical Work.
This paper investigates the sources and methods used to construct the aggregate data on consumer spending in the United States, searching especially for imperfections that may have implications for...
Policy Watch: The Introduction of Indexed Government Debt in the United States.
This article describes the early phases of the development of the market for indexed government debt in the United States. The first such bonds were issued in 1997--one set with a maturity of ten...
Production and inventory control at the General Motors Corporation during the 1920s and 1930s
Anil K. Kashyap, David W. Wilcox
General Motors Corporation ; Production (Economic theory)
Monetary policy and credit conditions: evidence from the composition of external finance
Anil K. Kashyap, Jeremy C. Stein, David W. Wilcox
Monetary policy ; Credit
Does consumer sentiment affect household spending? If so why?
Christopher D. Carroll, Jeffrey C. Fuhrer, David W. Wilcox
Consumer behavior ; Consumption (Economics)
Kenneth D. West, David W. Wilcox
Econometric models
Judging instrument relevance in instrumental variables estimation
Alastair R. Hall, Glenn D. Rudebusch, David W. Wilcox
Econometrics
The opportunistic approach to disinflation
Athanasios Orphanides, David W. Wilcox
This paper explores the theoretical foundations of a new approach to monetary policy. Proponents of this approach hold that when inflation is moderate but still above the long-run objective, the Fed...
A quantitative exploration of the opportunistic approach to disinflation
Athanasios Orphanides, David H. Small, Volker Wieland, David W. Wilcox
A number of observers have advocated recently that the Federal Reserve take an ``opportunistic'' approach to the conduct of monetary policy. A hallmark of this approach is that the central bank...
Judging Instrument Relevance in Instrumental Variables Estimation.
Hall, Alastair R, Rudebusch, Glenn D, Wilcox, David W
Recent research has emphasized the poor finite-sample performance of the instrumental variables estimator when the instruments are weakly correlated with the regressors. The authors show how the...
The Sustainability of Government Deficits: Implications of the Present-Value Borrowing Constraint.
This paper introduces a new methodology for evaluating the sustainability of fiscal policy. The new methodology is distinguished from most existing tests in two important respects: first, it allows...
Econometric models and the monetary policy process
Reifschneider, David L., Stockton, David J., Wilcox, David W.
The Opportunistic Approach to Disinflation.
Orphanides, Athanasios, Wilcox, David W
This paper explores the theoretical foundations of a new approach to monetary policy. Proponents of this approach hold that, when inflation is moderate but still above the long-run objective, the...
Reforming the Defined-Benefit Pension System
Defined-benefit pensions typically expose workers to a form of financial risk that they are ill positioned to bear and unable to hedge. If workers understand that risk, they will offer employers a...
Reforming the Defined-Benefit Pension System
Defined-benefit pensions typically expose workers to a form of financial risk that they are ill positioned to bear and unable to hedge. If workers understand that risk, they will offer employers a...
Production and Inventory Control at the General Motors Corporation during the 1920's and 1930's.
Kashyap, Anil K, Wilcox, David W
This paper analyzes dynamics of production and inventories at the General Motors Corporation during the 1920s and 1930s. The authors begin by examining anecdotal evidence on the nature of the...
A Comparison of Alternative Instrumental Variables Estimators of a Dynamic Linear Model.
West, Kenneth D, Wilcox, David W
Using a dynamic linear equation that has a conditionally homoskedastic moving average disturbance, the authors compare two parameterizations of a commonly used instrumental variables estimator...
A Comparison of Alternative Instrumental Variables Estimators of Dynamic Linear Model
Kenneth D. West, David W. Wilcox
Using a dynamic linear equation that has a conditionally homoskedastic moving average disturbance, we compare two parameterizations of a commonly used instrumental variables estimator (Hansen (1982))...
Production and inventory control at the General Motors Corporation during the 1920s and 1930s
Anil K. Kashyap, David W. Wilcox
General Motors Corporation ; Automobile industry and trade
Interactions between the seasonal and business cycles in production and inventories
Stephen G. Cecchetti, Anil K. Kashyap, David W. Wilcox
This paper shows that in several U.S. manufacturing industries, the seasonal variability of production and inventories varies with the state of the business cycle. We present a simple model which...
Alternative strategies for aggregating prices in the CPI
Matthew D. Shapiro, David W. Wilcox
Consumer price indexes ; Prices
Household spending and saving: measurement, trends, and analysis
Consumer behavior ; Consumption (Economics) ; Saving and investment
Income tax refunds and the timing of consumption expenditure
Consumption (Economics) ; Income tax
RATS code for Does Consumer Sentiment Forecast Household Spending? If So, Why?
Christopher D. Carroll, Jeffery C. Fuhrer, David W. Wilcox
Programs to accompany the article
Employee Decisions with Respect to 401(k) Plans: Evidence From Individual-Level Data
Andrea L. Kusko, James M. Poterba, David W. Wilcox
401(k) plans have been the most rapidly growing type of employer- provided pension plan during the last decade. This paper utilizes employee-level data from the 401(k) plan at a medium-sized U.S....
Do Firms Smooth the Seasonal in Production in a Boom? Theory and Evidence
Stephen G. Cecchetti, Anil K Kashyap, David W. Wilcox
Using disaggregated production data we show that the size of seasonal cycles changes significantly over the course of the business cycle. In particular, during periods of high economy-wide activity,...
Mismeasurement in the Consumer Price Index: An Evaluation
Matthew D. Shapiro, David W. Wilcox
A number of analysts have claimed recently that the consumer price index overstates the annual increase in the cost of living. This paper develops a framework for studying measurement problems in the...
Quality Improvement in Health Care: A Framework for Price and Output Measurement
Irving Shapiro, Matthew D. Shapiro, David W. Wilcox
The durability of health care treatment, the substantial technical change in health care treatment, and the prevalence of third-party payment interact to create substantial difficulty in measuring...
Alternative Strategies for Aggregating Prices in the CPI
Matthew D. Shapiro, David W. Wilcox
The Consumer Price Index does not take into account the fact that consumers alter the composition of their purchases in response to changes in relative prices. This substitution effect will cause the...
Fiscal Policy and Social Security Policy During the 1990s
Douglas W. Elmendorf, Jeffrey B. Liebman, David W. Wilcox
This paper reviews the course of fiscal policy and Social Security policy during the 1990s. The 1990s witnessed two fundamental changes in U.S. fiscal policy: a dramatic improvement in the current...
Kenneth D. West, David W. Wilcox
We evaluate some aspects of the finite sample distribution of an instrumental variables estimator of a first order condition of the Holt et al. (1960) linear quadratic inventory model. We find that...
A Comparison of Alternative Instruments Variables Estimators of a Dynamic Linear Model
Kenneth D. West, David W. Wilcox
Using a dynamic linear equation that has a conditionally homoskedastic moving average disturbance, we compare two parameterizations of a commonly used instrumental variables estimator (Hansen (1982))...
Generating Non-Standard Multivariate Distributions with an Application to Mismeasurement in the CPI
Matthew D. Shapiro, David W. Wilcox
This paper shows how to generate the joint distribution of correlated random variables with specified marginal distributions. For cases where the marginal distributions are either normal or...
Social Security Benefits, Consumption Expenditure, and the Life Cycle Hypothesis.
This paper examines the impact of changes in social security benefits on aggregate consumption expenditure. Under the null hypothesis, there should be no contemporaneous effect at the monthly...
Interactions between the seasonal and business cycles in production and inventories
Stephen G. Cecchetti, Anil K. Kashyap, David W. Wilcox
This paper shows that in several U.S. manufacturing industries, the seasonal variability of production and inventories varies with the state of the business cycle. We present a simple model which...
Municipal finance ; Municipal bonds