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Category Archives: Financial System

Budgetary and Economic Effects of Repealing Affordable Care Act

“CBO and the staff of the Joint Committee on Taxation estimate that, over the next decade, a repeal of the Affordable Care Act would probably increase budget deficits with or without considering the effects of macroeconomic feedback.”

Credit Ratings and Their Information Value

Kuvíková, Gabriela, Credit Ratings and Their Information Value: Evidence from the Recent Financial Crisis (June 1, 2015). CERGE-EI Working Paper Series No. 544. Available for download at SSRN: http://ssrn.com/abstract=2619423 “This paper examines the accuracy and timeliness of credit ratings in explaining the financial health of debt issuers over the recent financial crisis. Using annual financialContinue Reading

Intra-Family Cash Transfers in Older American Households

“This study [June 2015 EBRI Issue Brief #415] reports the frequency and extent of intra-family cash transfers: both transfers from older households to their children and grandchildren, and vice versa. It also shows how these transfers are correlated with income levels and compares the asset and income levels of households that make such transfers and thoseContinue Reading

Asymmetric Perceptions of the Economy

Kholodilin, Konstantin A. and Kolmer, Christian and Thomas, Tobias and Ulbricht, Dirk, Asymmetric Perceptions of the Economy: Media, Firms, Consumers, and Experts (June 1, 2015). DIW Berlin Discussion Paper No. 1490. Available for download at SSRN: http://ssrn.com/abstract=2619571 “This article sheds light on the interaction of media, economic actors, and economic experts. Based on a uniqueContinue Reading

IRS – Reduced Budgets, Collection Resources Have Resulted in Declines in Taxpayer Service

Treasury Inspector General for Tax Administration – Reduced Budgets and Collection Resources Have Resulted in Declines in Taxpayer Service, Case Closures, and Dollars Collected. May 8, 2015. Reference Number: 2015-30-035. “In FY 2014, revenue officers collected $222 million (7 percent) less than in FY 2011. In addition, they closed 34 percent fewer cases. This wasContinue Reading

China’s Economic Rise: History, Trends, Challenges, and Implications for US

CRS – China’s Economic Rise: History, Trends, Challenges, and Implications for the United States, updated June 14, 2015. Wayne M. Morrison, Specialist in Asian Trade and Finance. June 14, 2015. “Prior to the initiation of economic reforms and trade liberalization 35 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastlyContinue Reading

GAO Reports – Capitol Preservation Fund, Energy Savings Performance Contracts, Immigration Benefits System, Military Training, Nonproliferation, Senate Preservation Fund

Capitol Preservation Fund: Audit of Fiscal Years 2013 and 2014 Transactions, GAO-15-586R: Published: Jun 17, 2015. Publicly Released: Jun 17, 2015. Energy Savings Performance Contracts: Additional Actions Needed to Improve Federal Oversight, GAO-15-432: Published: Jun 17, 2015. Publicly Released: Jun 17, 2015. Immigration Benefits System: Better Informed Decision Making Needed on Transformation Program, GAO-15-415: Published:Continue Reading

Federal Reserve issues FOMC statement

Release Date: June 17, 2015: “Information received since the Federal Open Market Committee met in April suggests that economic activity has been expanding moderately after having changed little during the first quarter. The pace of job gains picked up while the unemployment rate remained steady. On balance, a range of labor market indicators suggests thatContinue Reading

Feds leveraging data from egov site

Via Government Executive: “It’s surprising how many agencies now use USASpending.gov to “access their own data,” said David Lebryk, the fiscal assistant Treasury secretary who on Monday delivered an upbeat assessment of governmentwide progress in implementing the 2014 Digital Accountability and Transparency Act. “We’re off to a great start on tough challenges, but outsiders don’tContinue Reading

GAO Reports – Army Combat Vehicles, Aviation Security, Defense Civilian Compensation, Disability Insurance, Federal Real Property, Prepositioned Stocks

Army Combat Vehicles: Industrial Base Study’s Approach Met Research Standards, GAO-15-548: Published: Jun 16, 2015. Publicly Released: Jun 16, 2015. Aviation Security: TSA Has Taken Steps to Improve Vetting of Airport Workers, GAO-15-704T: Published: Jun 16, 2015. Publicly Released: Jun 16, 2015. Defense Civilian Compensation: DOD and OPM Could Improve the Consistency of DOD’s EligibilityContinue Reading

Confidence in U.S. Institutions Still Below Historical Norms

Gallup: “Americans’ confidence in most major U.S. institutions remains below the historical average for each one. Only the military (72%) and small business (67%) — the highest-rated institutions in this year’s poll — are currently rated higher than their historical norms, based on the percentage expressing “a great deal” or “quite a lot” of confidenceContinue Reading

House Price Volatility and the Housing Ladder

Banks, James W. and Blundell, Richard W. and Oldfield, Zoé and Smith, James P., House Price Volatility and the Housing Ladder (June 2015). NBER Working Paper No. w21255. Available for download at SSRN: http://ssrn.com/abstract=2618643 “This paper investigates the effects of spatial housing price risk on housing choices over the first half of the life-cycle. HousingContinue Reading