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As the US House of Representatives rapidly approaches the planned August recess when they return to their home districts to reconnect with their constituents and campaign for their votes, they [...]

December 13, 2021 RIN 1210-AC03 Docket EBSA-2021-0013 CFR 29 CFR 2550 Document Citation 86 FR 57272 Document Number 2021-22263 By electronic submission: https://www.federalregister.gov/documents/2021/10/14/2021-22263/prudence-and-loyalty-in-selecting-plan-investments-and-exercising-shareholder-rights The Employee Benefits Security Administration of the [...]

Updated February 13, 2023 Paper money has officially been part of United States currency since the Continental Congress authorized a $2 note in June 1776. These first notes were designed [...]

April 13, 2020 What Is Commercial Paper and Why Is It Important? As COVID-19 spread rapidly in the United States, fears of its economic effects led to strains in the [...]

January 23, 2020 Paper money has officially been part of United States currency since the Continental Congress authorized a $2 note in June 1776. These first notes were designed as [...]

June 26, 2020 As COVID-19 continues to spread, many public health authorities are turning to contact tracing--measures to identify, notify, and monitor infected individuals' contacts--to track potential COVID-19 exposure. Along [...]

China and North Korea has been helping to make Japan's case about what Tokyo sees as the need to strengthen its defense efforts because of growing regional insecurity. [ILLUSTRATION OMITTED] [...]

Executive Summary Much has changed in media and communications technologies over the past fifty years. Today we face the dual problems of an increasing gap in access to these technologies [...]

EXECUTIVE SUMMARY E-paper technology is a revolutionary display technology that is facilitating the development of next generation electronic displays. This technology emulates the appearance of ink on regular paper and [...]

In 2021, Congress passed and President Biden signed a major, but temporary, reform to the Child Tax Credit (CTC). Among other reforms to the credit, the American Rescue Plan Act (ARPA) made it available to non-workers on the same basis as workers. Attempts to make this reform permanent foundered, in part, due to opposition from policymakers who worried that the new credit would lead workers to withdraw from the labor force and otherwise discourage work. These concerns drew strength from a working paper by a team of economists at the University of Chicago, published that fall, that predicted that making the ARPA CTC permanent would lead nearly 1.5 million parents to leave employment, most of them lower-income single mothers. (Corinth et al., 2021/22) Critics of the paper have focused on the assumptions its authors made about the sensitivity of single mothers' employment decisions to changes in work incentives. Debate has revolved around the magnitude of a labor supply elasticity specifying the percentage change in employment for a given percentage change in the return to work. Supporters of the ARPA CTC have charged that the elasticity assumed by Corinth et al. for low-income single mothers, 0.75, is too large and stands in contrast to the available evidence. No critic has been more dogged than Jacob Bastian, who, in a series of working papers has used multiple research strategies to arrive at the conclusion that the true elasticity for low-income single mothers is around 0.40. If true, the implication is that several hundred thousand fewer low-income single mothers than predicted by Corinth et al. would leave employment, and therefore child poverty would fall by more than Corinth et al. estimated. This paper critiques four distinct Bastian critiques of Corinth et al. (Bastian 2022, 2023, 2024, and forthcoming) I find selective citation of the literature, unjustified assumptions, mismeasured concepts, and, most importantly, analytic errors. Strikingly, while Bastian concludes in each case that the Corinth et al. elasticity of 0.75 is much too high, after correcting his problems, all four of the papers reinforce the Corinth et al. elasticity. At the time of this writing, the evidence we have is entirely consistent with Corinth et al.'s assumption about the sensitivity of single mothers' work decisions to work incentives. I estimate that their paper implies that about 650,000 low-income single mothers would leave employment if the ARPA CTC were made permanent. That does not include other single mothers, single fathers, and married parents that would leave employment. Policymakers must beware of the unintended consequences of reforms to the CTC. In fall of 2021, near the climax of the debate over President Biden's Build Back Better agenda and its expanded child tax credit (CTC) proposal, Kevin Corinth, Bruce Meyer, Matthew Stadnicki, and Derek Wu released a working paper arguing that the expanded CTC would cause nearly 1.5 million parents to exit the workforce (Corinth et al., 2021, revised 2022). The paper proved highly influential and contributed to the defeat of Build Back Better. As the debate over an expanded CTC has continued since that fall, economist Jacob Bastian has emerged as the biggest critic of the Corinth et al. paper. In no fewer than four distinct papers, Bastian has argued that the Corinth et al. study is flawed because it assumes that parents' employment decisions are too sensitive to changes in the pay-off to working. But a careful review of the methods in each paper reveals that after correcting a number of computational errors and faulty assumptions, all four papers reinforce the conclusions of Corinth et al. The CTC expansion that inspired this empirical debate was a temporary policy change in 2021 that made the same CTC available for all but upper-income families, regardless of whether they incurred any income tax liability or had earnings. Since this reform removed features of the CTC that encouraged work--including an earnings requirement and a phase-in that, up to a point, increased the size of the credit as a parent received more earnings--the expected result would be that some parents would choose to work less or not to work at all. There are two reasons for this prediction. First, as parents receive more income, they 'spend' some of it on additional leisure. If you can earn the same amount by working fewer hours, you might decide to hold constant your income and work less. Second, the payoff to working more--or working at all--changes when the work-promoting features of the CTC are removed, and so some people will choose to work less or not at all. It is the increased incentive to not work at all due to the lower payoff to working that has been the focus of the debate--the so-called 'substitution effect on the extensive margin.' At the heart of the matter is a deceptively simple equation. When a policy changes that affects work decisions, it alters the 'return to work'--the payoff to working instead of not working. If workers are sensitive enough to changes in the return to work, they may choose to leave the workforce. Estimating the size of this group involves multiplying three numbers together: the average across workers of the percentage change in their returns to work, the percentage change in employment for a given percentage change in the return to work (the labor supply 'elasticity'), and the number of workers in the group. The first and third numbers may be estimated directly from data. The elasticity is also based on empirical analyses of data, but typically, researchers assume an elasticity based on their read of the labor economics literature. Bastian's work has suffered from issues with all three components of the equation. In this paper, I focus on the estimates for EITC-eligible single mothers. I do so for three reasons. First, they constitute a large fraction of the population that might be affected by the expansion of the CTC in question. Second, comparing the methods in the Corinth et al. paper and Bastian's papers is more feasible for this group given what the authors provide for methodological detail and evidence. Third, no one has yet determined a satisfactory way to model the effects of a CTC expansion on married parents, given that they make work decisions jointly., Paper One: 'How Would a Permanent 2021 Child Tax Credit Expansion Affect Poverty and Employment?' Forthcoming, National Tax Journal. Previous drafts include earlier versions with that title from 2022 and [...]

Following Manzan (2021), this paper examines how professional forecasters revise their fixed-event uncertainty (variance) forecasts and tests the Bayesian learning prediction that variance forecasts should decrease as the horizon shortens. We show that Manzan's (2021) use of first moment "efficiency" tests are not applicable to study revisions of variance forecasts. Instead, we employ monotonicity tests developed by Patton and Timmermann (2012) in the first application of these tests to second moments of survey expectations. We find strong evidence that the variance forecasts are consistent with the Bayesian learning prediction of declining monotonicity. Keywords: Variance forecasts, survey expectations, Bayesian learning, August 13, 2024 I. Introduction The study of expectations and the process underlying their formation remains a topic of considerable interest and importance. The recently published Handbook of Economic Expectations [...]

This comment paper discusses the fiscal implications of the rulemaking proposed by the Department of the Treasury Internal Revenue Service for implementation of the Clean Electricity Production Credit and the [...]

Government regulators often establish maximum prices for regulated services. This paper explains the proper economic principles for establishing such constraints. The principles imply a range - an upper limit and a lower limit--that constrain the regulator's discretion. Principles emerging from common law and from economic research align, indicating that, at a minimum, suppliers should have the opportunity to recover the costs created by production and by regulations, as well as costs previously incurred that the regulation makes unrecoverable from the marketplace. Costs created by the regulation include forward-looking production costs for the service in question and for other impacted services, and changes in revenue from other services. Stand-alone costs, incremental costs, and customer willingness to pay serve as bounds in the case where customer options are restricted to subsets of services provided by the firm in question. When customers can seek service from providers that supply services not offered by the regulated firm, and that exhibit economies of joint production, the upper bound on regulated prices is lower than stand-alone costs and the bound is higher than incremental costs. Cases discussed include railroads, utilities, broadband, and housing. Keywords: prices, cross-subsidy, regulation, competition JEL codes: K23, L51, L86, L92, 1. Introduction Governments impose maximum prices on businesses in numerous situations. Some local governments in the U.S. impose rent controls, ostensibly to facilitate affordability for apartments and other forms of [...]

The COVID-19 pandemic led to unprecedented levels of federal aid transfers to state governments. Did this funding increase benefit state incumbents electorally? Identifying the effect of revenue windfalls on economic voting is challenging because whatever conditions led to the influx of cash might also benefit or harm incumbent politicians for a variety of other reasons. We develop an instrument that allows us to predict allocations to states based on variation in congressional representation. We find that incumbents in state-wide races in 2020, 2021, and 2022 performed significantly better in states that received more relief funding due to their over-representation in Congress. These results are robust across specifications and after adjusting for a variety of economic and political controls. We consistently find that the pandemic-period electoral advantage of incumbent politicians in states receiving more aid substantially exceeds the more modest advantage these politicians enjoyed during pre-pandemic elections. This paper contributes to our understanding of economic voting and the incumbency advantage during times of crisis as well as the downstream electoral consequences of both the COVID-19 pandemic and of unequal political representation at the federal level., 1 Introduction In response to the COVID-19 pandemic, the U.S. federal government transferred nearly $1 trillion in aid to state and local governments--the largest influx of federal money in response [...]

Turkey's leading industrial conglomerates and businessmen, known for their close relations to President Recep Tayyip Erdogan, appear in the Panama Paper offshore leaks database released on May 9 by the [...]

Addresses of 34 firms from Serbia appear in Panama Paper offshore leaks database released on May 9 by the International Consortium of Investigative Journalists (ICIJ). Business and political ties with [...]

The May 9 publication of the database of the so-called Panama Papers covering 320,000 offshore companies shows their inclusion of 11,516 companies and 6285 individuals and legal entities associated with [...]

Albanian institutions have launched investigations into information about the involvement of two local companies in a money laundering scandal revealed in the Panama Papers. The speaker of the Albanian parliament, [...]

Russian President Vladimir Putin has batted off corruption charges emerging from the Panama Papers leak, dismissing the emerging offshore business scandal as an 'informational product' aimed at destabilising Russia from [...]

The leaked Panama Papers have revealed details about the offshore dealings of former dictator Slobodan Milosevic's associates, that could shed light onto thefts of state money in the 1990s. Milosevic [...]

Green Carbon Renewables has emerged as the leading Slovak name included in the 'Panama Papers' scandal exposing offshore networks. Of the 115 Slovak businesses and figures identified in the leak, [...]

Commercial paper (CP) is sold mostly to institutional investors rather than to companies or individuals. Insurance companies and pension funds are major investors in short-term paper from banks and companies [...]

The market in commercial paper is limited. Major universal banks can arrange commercial paper (CP) issues. Tax consequences. Interest earned is taxable as regular corporate [...]

Borrowers with sufficient standing can raise short-term financing by using commercial paper (CP -- also known as one-name paper, promissory notes or note-issuance facilities). Where CP is endorsed by a [...]

Investors tend to buy commercial paper (CP) with maturities ranging from seven to 180 days, with 30-90 days the most common period, and to hold the paper until maturity. CP [...]

Swiss commercial paper is not available. There is, however, a market for Euro-commercial paper denominated in Swiss francs issued by top-rated companies. Buyers are usually Swiss-franc-denominated money-market funds or domestic [...]

The minimum investment in treasury notes (billets de tresorerie -- BTs), the equivalent of commercial paper in the US, is [euro]150,000. The yield on the paper of medium-sized companies tends [...]

The primary market for commercial paper (CP) is liquid, and even sizeable issues have been placed without a problem. Commercial paper issuance declined by 5.9%, to Zl 12.95bn, in 2008, [...]

Corporate investors shy away from commercial paper (CP), although it pays higher yields than government and bank paper, because of the thin market and the greater risk involved. The CNBV [...]

Commercial paper (CP) has existed since 1980 in Mexico. In 2008, Ps32bn was issued in CP, up from Ps10bn in 2007, according to the CNBV. The market for commercial-paper (CP) [...]

There was a small market for commercial paper (CP) in the early 1990s, but companies were subsequently unable to compete with the high real returns offered on government paper. No [...]

Paper and Pulp Producer Profiles Anhui Dongfang Paper Industry Co., Ltd. 101#, Siyeshan Road, Wuhu city Anhui, 241009 P.R.China Phone: 0553-5801199 Fax: 0553-5801830 chxn@990.net http://363.jy.js.cn/dfzy/ Anhui Dongfang Paper Industry Co., [...]

Industry Structure The industry structure of paper and paperboard industry had changed a lot in the past ten years. As for the paper corporations with the annual sale value of [...]

Papers and Pulps Markets Outlook Overview The paper and pulp industry of China is one of the most important industries, and the development of paper and pulp industry will further [...]

The market in commercial paper is limited. Major universal banks can arrange commercial paper (CP) issues. Tax consequences. Interest earned is taxable as regular corporate [...]

Swiss commercial paper is not available. There is, however, a market for Euro-commercial paper denominated in Swiss francs issued by top-rated companies. Buyers are usually Swiss-franc-denominated money-market funds or domestic [...]

Borrowers with sufficient standing can raise short-term financing by using commercial paper (CP -- also known as one-name paper, promissory notes or note-issuance facilities). Where CP is endorsed by a [...]

Investors tend to buy commercial paper (CP) with maturities ranging from seven to 180 days, with 30-90 days the most common period, and to hold the paper until maturity. CP [...]

The minimum investment in treasury notes (billets de tresorerie -- BTs), the equivalent of commercial paper in the US, is [euro]150,000. The yield on the paper of medium-sized companies tends [...]

The primary market for commercial paper (CP) is liquid, and even sizeable issues have been placed without a problem. Commercial paper issuance expanded by 6.8%, to Zl 13.76bn in 2007. [...]

Corporate investors shy away from commercial paper (CP), although it pays higher yields than government and bank paper, because of the thin market and the greater risk involved. The government [...]

Overview In the recent years, with the development of economy in China, the demand for paper and pulp had increased a lot. And with the fast development of packaging industry, [...]

There is a deep market for commercial paper (CP), with more than 150 users, representing both government and non-government entities. However, the largest issuers of CP are conduits -- special-purpose [...]

The lack of a secondary market for commercial paper (CP) has limited its development in the Czech Republic. Investor interest (both foreign and domestic) in CP is high -- since [...]

Domestic firms' unfamiliarity with commercial paper (CP) has hampered the market's development. Specific regulations have been slow to evolve. However, some brokerages are prepared to trade CP on the secondary [...]

The commercial paper (CP) market remains small, although some growth has been evident in recent years. It has lacked support because bank lending margins remain sufficiently narrow as to be [...]

Interest rates on commercial paper (CP) are generally around 8 basis points above the rate on T-bills of the same maturity. CP deals may be arranged on a company-to-company basis, [...]

Only highly rated companies or well-known Swedish names tap the commercial paper (CP) market. During the first nine months of 2009, foreign companies issued about Skr18bn worth of CP, compared [...]

Resolution 173 of the National Securities Commission (Comision Nacional de Valores -- CNV), released in April 1991, authorised locally incorporated firms and co-operatives to issue commercial paper (CP). These instruments [...]

Most of the commercial paper (CP) issued by domestic companies is placed overseas or held in the portfolio of the underwriting bank. Some institutional investors have historically bought short-term corporate [...]