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Research Notes–January 2008


Featuring research published in December 2007

Macroeconomics

Assessing the Welfare Impact of the 2001 Tax Reform on Dual-Earner Families
Working Paper 2007-27
Using a household labor supply model, the authors find that high-education families and families with multiple children experienced the largest welfare gains from the 2001 tax reforms.

Optimal Simple and Implementable Monetary and Fiscal Rules
Working Paper 2007-24
Examining the welfare consequences of alternative monetary and fiscal policy rules, the authors find that optimal monetary policy features an aggressive response to inflation but a muted response to output.

Dollar Depreciates in November
The average monthly value for the trade-weighted dollar index of 15 major currencies tracked by the Federal Reserve Bank of Atlanta decreased 1.6 percent in November from the previous month.

Finance

Equilibrium Mortgage Choice and Housing Tenure Decisions with Refinancing
Working Paper 2007-25
Mortgage loan products that allow low down payments or an increasing repayment schedule can temporarily increase participation of young and lower-income households, but not without potential future costs.

Optimal Fiscal Feedback on Debt in an Economy with Nominal Rigidities
Working Paper 2007-26
The authors examine the extent to which different degrees of fiscal feedback influence the ability of monetary policy to stabilize output and inflation.