Working Papers - Federal Reserve Bank of Atlanta - FRB Atlanta Several series of papers presenting the scholarly research of Atlanta Fed staff economists and visiting scholars. Community Affairs discussion papers address topical issues in community development. http://www.frbatlanta.org/rss/ en-us http://www.frbatlanta.org/ Atlanta Fed Logo http://www.frbatlanta.org/~/media/Images/assets/image_gallery/frba_logo_rss http://www.frbatlanta.org/rss/ Monetary Policy Implementation with an Ample Supply of Reserves https://www.frbatlanta.org:443/research/publications/wp/2020/01/17/monetary-policy-implementation-with-ample-supply-of-reserves?item=92B1B124-29B6-4048-B632-353F649733FD 92B1B124-29B6-4048-B632-353F649733FD Fri, 17 Jan 2020 10:43:00 EST Before the 2007–09 financial crisis, excess reserves in the banking system were tiny. After the crisis, they became huge. Recently, they have been falling. The authors address the question of whether there is a best level of reserves. Bundling Time and Goods: Implications for Hours Dispersion https://www.frbatlanta.org:443/research/publications/wp/2020/01/15/bundling-time-and-goods-implications-for-hours-dispersion?item=2D9B1DBF-106A-40DB-9672-AE247259BF7E 2D9B1DBF-106A-40DB-9672-AE247259BF7E Wed, 15 Jan 2020 09:00:00 EST The authors document large cross-sectional dispersion in hours worked. Using a model in which households combine market inputs and time to produce nonmarket activities, they show that the substitutability between market inputs and time within and across activities is key to accounting for this fact. Digital Adoption, Automation, and Labor Markets in Developing and Emerging Economies https://www.frbatlanta.org:443/research/publications/wp/2019/12/26/digital-adoption-automation-labor-markets-in-developing-emerging-economies?item=F6D0282C-DEE7-41BA-884F-EC04472AA94D F6D0282C-DEE7-41BA-884F-EC04472AA94D Thu, 26 Dec 2019 13:21:00 EST The authors document a strong negative link between self-employment and digital adoption by firms in emerging and developing economies. Changes in firms' barriers to entry, which are directly linked to the cost of technology adoption, are key to explaining the data. High-Skilled Services and Development in China https://www.frbatlanta.org:443/research/publications/wp/2019/11/19/high-skilled-services-and-development-in-china?item=D219E669-7E1A-4D42-BFB7-494020F7379D D219E669-7E1A-4D42-BFB7-494020F7379D Tue, 19 Nov 2019 23:30:00 EST The authors document that the high-skill-intensive services sector is underdeveloped in China. Using a model of structural change, they show that this underdevelopment is mostly the result of entry barriers. If they were removed, the high-skill-intensive services sector and gross domestic product would increase considerably. Foreclosure Externalities and Vacant Property Registration Ordinances https://www.frbatlanta.org:443/research/publications/wp/2019/11/19/foreclosure-externalities-and-vacant-property-registration-ordinances?item=E1B99880-EB0E-4A1C-B3A7-FAEEB7E985EF E1B99880-EB0E-4A1C-B3A7-FAEEB7E985EF Tue, 19 Nov 2019 07:30:00 EST During the foreclosure crisis, local governments across the United States widely adopted vacant property registration ordinances (VRPOs) to mitigate negative externalities from foreclosed properties. The authors find evidence that the enactment of VPROs in Florida significantly ameliorated negative foreclosure price spillovers. Consumer Use of Multiple Payment Methods https://www.frbatlanta.org:443/research/publications/wp/2019/10/07/consumer-use-of-multiple-payment-methods?item=9A31C37C-4F6D-4018-8A69-43AB051D9FBE 9A31C37C-4F6D-4018-8A69-43AB051D9FBE Mon, 07 Oct 2019 07:30:00 EST The author applies concentration measures to investigate the degree to which buyers choose to diversify their use of payment methods among cash, credit cards, and debit cards for in-person purchases. The author also investigates which buyers use only one payment instrument. Leverage over the Firm Life Cycle, Firm Growth, and Aggregate Fluctuations https://www.frbatlanta.org:443/research/publications/wp/2019/09/10/leverage-over-the-firm-life-cycle-firm-growth-and-aggregate-fluctuations?item=2BAA3AAC-DA04-48B4-AEEB-42173632C1A6 2BAA3AAC-DA04-48B4-AEEB-42173632C1A6 Mon, 09 Sep 2019 10:59:00 EST Atlanta Fed research looks at the leverage of U.S. firms over their life cycles, finding that firm age and size are related to leverage for private firms but not for public firms. Synergizing Ventures https://www.frbatlanta.org:443/research/publications/wp/2019/09/10/synergizing-ventures?item=9C1F9F6F-EE7E-4B38-B0EB-5911C18A1364 9C1F9F6F-EE7E-4B38-B0EB-5911C18A1364 Mon, 09 Sep 2019 10:52:00 EST The authors show empirically that venture capitalists (VCs) disproportionately back promising young startups and nurture them into superstar firms. A macroeconomic model highlights these synergies between VCs and startups in explaining the significant impact of VC on aggregate growth. Driven from Work: Graduated Driver License Programs and Teen Labor Market Outcomes https://www.frbatlanta.org:443/research/publications/wp/2019/07/25/driven-from-work-graduated -driver-license-programs-and-teen-labor-market -outcomes?item=15AF251F-40D0-4273-BAA0-9F4F72F39B16 15AF251F-40D0-4273-BAA0-9F4F72F39B16 Thu, 25 Jul 2019 07:00:00 EST In response to a high incidence of motor vehicle accidents among teens, states have adopted policies that broadly mandate restrictions on novice teen drivers. The authors explore the unintended consequences of these restrictions on the labor/leisure tradeoff of teens. Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry https://www.frbatlanta.org:443/research/publications/wp/2019/07/08/common-ownership-does-not-have-anti-competitive-effects-in-airline-industry?item=87AD07F8-43CB-4969-8353-236CD4CF391A 87AD07F8-43CB-4969-8353-236CD4CF391A Mon, 08 Jul 2019 06:00:00 EST Institutional investors often own equity in firms competing in the same product market, and these owners may have an incentive to take actions leading to anti-competitive pricing. The authors use data on airline ticket prices to test whether common owners induce anti-competitive pricing behavior.