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Some Historical Reflections on the Governance of the Federal Reserve

by Michael D. Bordo
Thursday, June 18, 2015

Working Group on Economic Policy: WP15107 - This paper examines the historical record on Federal Reserve governance and especially the relationship between the Reserve banks and the Board from the early years of the Federal Reserve to the recent crisis. From the record I consider some lessons for the current debate over reform of the Federal Reserve. It was prepared for the May 21, 2015 Hoover Institution conference, “Central Bank Governance and Oversight Reform: A Policy Conference.”

The Leader/Talent Matrix: An Empirical Perspective on Organizational Culture

by Timothy Kane
Tuesday, June 2, 2015

The United States military has a peculiar management dilemma: there is a strong consensus about the need – highlighted by numerous recent Secretaries of Defense – to reform personnel policies but uncertainty about how to proceed. In order to make private sector experiences and academic insights more relevant, this study presents a new, forty-element assessment of organizational leadership culture and talent management practices.

Transparency And The Bank Of England’s Monetary Policy Committee

by Kevin M. Warsh
Wednesday, December 17, 2014

Transparency is the watchword for monetary policy, and greater openness the hallmark of the modern central bank. Before it was fashionable, the Bank of England (Bank) was an early pioneer in the pursuit of transparency. In 1993, the institution became the first among its peers to publish an inflation report. The Bank renewed its transparency efforts after it was granted operational independence from Her Majesty’s Government in 1997. The newly created Monetary Policy Committee (MPC) was determined to build a strong public constituency in support of its price stability mandate.

Central Bank Governance and Oversight Reform: A Policy Conference

by Kevin M. Warshvia Analysis
Thursday, May 21, 2015

Monetary policy is conducted by individuals acting by legislative remit in an institutional setting. Great attention is paid to the individuals atop the largest central banks. Central bankers today are decidedly recognizable public figures. Some might even be called famous. Their newfound status, however, would make them thoroughly unrecognizable to their predecessors.

Firm Investment And The Term Structure Of Uncertainty

by Ian J. Wrightvia Working Group on Economic Policy
Monday, May 4, 2015

Working Group on Economic Policy: WP15104 - Why has firm activity been slow to recover from the Great Recession? This paper presents theoretical and empirical evidence suggesting long-term uncertainty may be one reason. Specifically, it identifies the current level of uncertainty and expectations of future uncertainty -- that is, the entire term structure of uncertainty -- are negatively correlated with firm investment rates.

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An Empirical Examination of Patent Hold-Up

by Alexander Galetovic, Stephen Haber, Ross Levinevia IP2 Working Paper Series
Monday, March 30, 2015

IP² Working Paper No. 15010 - A large literature asserts that standard essential patents (SEPs) allow their owners to “hold up” innovation by charging fees that exceed their incremental contribution to a final product.

Measuring Job-Finding Rates and Matching Efficiency with Heterogeneous Jobseekers

by Robert E. Hall, Sam Schulhofer-Wohlvia Working Group on Economic Policy
Friday, February 13, 2015

Working Group on Economic Policy: WP15103 - Matching efficiency is the productivity of the process for matching jobseekers to available jobs. Job-finding is the output; vacant jobs and active jobseekers are the inputs.

How Teachers' Unions Affect Education Production

by Caroline M. Hoxbyvia Quarterly Journal of Economics
Thursday, August 1, 1996

This study helps to explain why measured school inputs appear to have little effect on student outcomes, particularly for cohorts educated since 1960.  Teachers' unionization can explain how public schools simultaneously can have more generous inputs and worse student performance.

The Effects of Class Size on Student Achievement: New Evidence from Population Variation

by Caroline M. Hoxbyvia Quarterly Journal of Economics
Wednesday, November 1, 2000

I identify the effects of class size on student achievement using longitudinal variation in the population associated with each grade in 649 elementary schools.  I use variation in class size driven by idiosyncratic variation in the population.

Does Competition Among Public Schools Benefit Students and Taxpayers?

by Caroline M. Hoxbyvia American Economic Review
Tuesday, December 5, 2000

Tiebout choice among districts is the most powerful marketforce in American public education.  Naive estimates of its effects are biased by endogenous district formation.  I derive instruments from the natural boundaries in a metropolitan area.