Full text of Research Papers (Federal Reserve Bank of New York) : Risk Sharing within the United States : What Have Financial Markets and Fiscal Federalism Accomplished?, Research Paper 9808

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Figure 1 Percent Variance Reduction
Gross State Product to Pre-tax State Income *
100

Variance Reduction (%)

80

-------------------------------------

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60
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20

0

1

6

11

16

21

26

Horizon (years)

Figure 2 Percent Standard Deviation Reduction
Gross State Product to Pre-tax State Income *

Standard Deviation Reduction (%)

100

80

60
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0

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11

16

21

Horizon (years)
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transfers.

26

Figure 3 Welfare Gain from Risksharing *
GSP
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1

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Pre-tax State Income

0
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6

11

16

21

Horizon (years)
* The welfare gain represents the potential gain from risksharing for a representative
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equivalent welfare improvement. The shaded area represents the component of the
potential gain from risksharing with respect to GSP that is achieved through financial
markets.

26

Figure 4 Percent Variance Reduction
Pre-tax State Income to Disposable State Income *

Variance Reduction (%)

100
80

60
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Figure 5 Percent Standard Deviation Reduction
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26

Figure 7 Percent Variance Reduction
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80

60

40

20

0

1

6

11

16

21

26

Horizon (years)

Figure 8 Percent Standard Deviation Reduction
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