March/April 2013

In This Edition

  • Intertemporal Discounting and Policy Selection

    The choice of the intertemporal discount rate affects the measurement of the tax burden of different age cohorts. Small changes in the discount rate affect not only the magnitude of the measured changes, but also the ranking of policies using that metric.

  • Price-Level Targeting and Stabilization Policy

    The authors construct a dynamic stochastic general equilibrium model to study optimal monetary stabilization policy. Prices are fully flexible and money is essential for trade.

  • The Future of Community Banks: Lessons from Banks That Thrived During the Recent Financial Crisis

    The authors study the distinguishing features of community banks that maintained the highest supervisory ratings during the recent financial crisis (2006 to 2011). They identify balance sheet and income statement ratios that separate these thriving banks from other community banks and supplement that analysis with detailed interview evidence from a sample of thriving banks.



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