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Daily Archives: March 7, 2015

Business Cycle Fluctuations and the Distribution of Consumption

De Giorgi, Giacomo and Gambetti, Luca, Business Cycle Fluctuations and the Distribution of Consumption (March 1, 2015). FRB of New York Staff Report No. 716. Available for download at SSRN: http://ssrn.com/abstract=2574395

This paper sheds new light on the interactions between business cycles and the consumption distribution. We use Consumer Expenditure Survey data and a factor model to characterize the cyclical dynamics of the consumption distribution. We first establish that our approach is able to closely match business cycle fluctuations of consumption from the National Account. We then study the responses of the consumption distribution to total factor productivity shocks and economic policy uncertainty shocks. Importantly, we find that the responses of the right tail of the consumption distribution, mostly comprising more highly educated individuals, to shocks that drive cyclical fluctuations are larger and quicker than in other parts of the distribution. We note that the cost of business cycle fluctuations is larger than that found using aggregate consumption and that the shocks we analyze reduce consumption inequality on impact.”

 

A UK Exit from the EU: The End of the United Kingdom or a New Constitutional Dawn?

Douglas-Scott, Sionaidh, A UK Exit from the EU: The End of the United Kingdom or a New Constitutional Dawn? (March 5, 2015). Cambridge Journal of International and Comparative Law, 2015; Oxford Legal Studies Research Paper. Available for download at SSRN: http://ssrn.com/abstract=2574405 “Only recently, in September 2014, the UK survived one of the most serious threats… Continue Reading

Report – The Demolition of Workers’ Comp

The Demolition of Workers’ Comp Over the past decade, states have slashed workers’ compensation benefits, denying injured workers help when they need it most and shifting the costs of workplace accidents to taxpayers. by Michael Grabell, ProPublica, and Howard Berkes, NPR March 4, 2015. “Over the past decade, state after state has been dismantling America’s workers’ comp… Continue Reading

Unclassified Version of March 6, 2015 Message to the Workforce from CIA Director John Brennan

Unclassified Version of March 6, 2015 Message to the Workforce from CIA Director John Brennan: Our Agency’s Blueprint for the Future, March 6, 2015 “Colleagues, Last September I asked an outstanding group of officers from across the Agency to examine our organization—particularly its people, processes, and structure—and to provide a report on how to ensure… Continue Reading

Using Open Data to Protect the Food Supply

GovLab – A Roundtable with the U.S. Department of Agriculture, January 2015. “Roundtable Insights and Recommendations – The discussions covered seven key areas where USDA can further develop its open data strategy and increase both USDA and its data users’ ability to leverage data to improve food resilience. These areas for improvement mirror the findings… Continue Reading