This paper empirically and theoretically analyzes the effect of debt reductions that reduce long-term but not short-term obligations. Isolating the effect of future…
What is the microelasticity of mortgage demand to interest rates? Despite the importance of this parameter for models of monetary policy efficacy, little is known about the…
W07-9: The goal of planning is to anticipate and to guide. Anticipating is a best guess based upon an understanding of the past. Guiding is making a set of choices about…