作者：Bauer, Michael D.; Pflueger, Carolin E.; Sunderam, Adi
作者单位：Federal Reserve System - USA; Centre for Economic Policy Research - UK; University of Chicago; National Bureau of Economic Research; Harvard University
摘要：We estimate perceptions about the Federal Reserve's monetary policy rule from panel data on professional forecasts of interest rates and macroeconomic conditions. The perceived dependence of the federal funds rate on economic conditions varies substantially over time, in particular over the monetary policy cycle. Forecasters update their perceptions about the Fed's policy rule in response to monetary policy actions, measured by high-frequency interest rate surprises, suggesting that they have ...
作者：Kapon, Samuel; Del Carpio, Lucia; Chassang, Sylvain
作者单位：University of California System; University of California Berkeley; INSEAD Business School; Princeton University
摘要：Tax collection with limited enforcement capacity may be consistent with both high- and low-delinquency regimes: high delinquency reduces the effectiveness of threats, thereby reinforcing high delinquency. We explore the practical challenges of unraveling the high-delinquency equilibrium using a mechanism design insight known as divide-and-conquer. Our preferred mechanism takes the form of prioritized iterative enforcement (PIE). Taxpayers are ranked using the ratio of expected collection to ca...
