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In 2001, many households received rebate checks as advanced payments of the benefit of the new, 10 percent federal income tax bracket. A survey conducted at the time the rebates were mailed finds that few households said that the rebate led them mostly to increase spending. A follow-up survey in 2002, as well as a similar survey conducted after the attacks(More)
Immergluck for helpful comments. The views expressed here are the authors' and not necessarily those of the Federal Reserve Banks of Atlanta or Boston or the Federal Reserve System. Any remaining errors are the authors' responsibility. Federal Reserve Bank of Atlanta working papers, including revised versions, are available on the Atlanta Fed's Web site at(More)
NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the(More)
The 2000-05 housing market boom in the U.S. has caused sharp increases in residential property taxes. Housing-rich but income-poor elderly homeowners often complain about rising tax burdens, and anecdotal evidence suggests that some move to reduce their tax burden. There has been little systematic analysis, however, of the link between property tax levels(More)
We thank staffs of the Board of Governors of the Federal Reserve and of the Federal Reserve Bank of New York, participants at the Federal Reserve System applied microeconomics conference, the Federal Deposit Insurance Corporation Annual Bank Research Conference and seminar participants at Villanova University for valuable comments. The views presented in(More)
This product is part of the RAND Labor and Population working paper series. RAND working papers are intended to share researchers' latest findings and to solicit informal peer review. They have been approved for circulation by RAND Labor and Population but have not been formally edited or peer reviewed. Unless otherwise indicated, working papers can be(More)
The Taxpayer Relief Act of 1997 (TRA97) significantly changed the tax treatment of housing capital gains in the United States. Before 1997, homeowners were subject to capital gains taxation when they sold their houses unless they purchased replacement homes of equal or greater value. Since 1997, homeowners can exclude capital gains of $500,000 (or $250,000(More)
and conference participants for helpful comments and discussions. We would like to extend a very special thanks to Michelle Meyer of Bank of America Merrill Lynch who tirelessly worked to ensure that we were on top of data and policy developments in the housing market. West thanks the National Science Foundation for financial support. While the economy(More)
The extent to which consumers respond to marginal prices for medical care is important for policy. Using recent data and a new censored quantile instrumental variable (CQIV) estimator, I estimate the price elasticity of expenditure on medical care. The CQIV estimator allows the estimates to vary across the skewed expenditure distribution, it allows for(More)
NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the(More)
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