Quarterly Report of the Building Project for the Motor Vehicle Division

Pursuant to Section 1 of House File 466 of the 81st General Assembly, the Iowa Department of Transportation is required to make quarterly reports to the Legislative Council regarding the progress of the building project for the Motor Vehicle Division. During the quarter ending June 30, 2007, the project was delayed by two weeks. The Motor Vehicle Division moved into the new Ankeny facility on June 22 and was operational Monday, June 25. The driver's license stations reopened as scheduled Tuesday, June 26, at the Ankeny facility as well as the Oliver Plaza renewal location.

A-1A Supplemental Security Income Program, May 2007

A-1A Supplemental Security Income Program, May 2007

Report of recommendations to the Public Employment Relations Board for the year ending, June 30, 2006

Audit report on the Public Employment Relations Board for the year ended June 30, 2006

A-1A Supplemental Security Income Program, June 2007

A-1A Supplemental Security Income Program, June 2007

A-1a Supplemental Security Income Program, July 2007

A-1a - SUPPLEMENTAL SECURITY INCOME PROGRAM - July 2007

A-1a Supplemental Security Income Program, August 2007

A-1a - SUPPLEMENTAL SECURITY INCOME PROGRAM - August 2007

The effects of employment uncertainty and wealth shocks on the labor supply and claiming behavior of older American workers

Unemployment rates in developed countries have recently reached levels not seenin a generation, and workers of all ages are facing increasing probabilities of losingtheir jobs and considerable losses in accumulated assets. These events likely increasethe reliance that most older workers will have on public social insurance programs,exactly at a time that public finances are suffering from a large drop in contributions.Our paper explicitly accounts for employment uncertainty and unexpectedwealth shocks, something that has been relatively overlooked in the literature, butthat has grown in importance in recent years. Using administrative and householdlevel data we empirically characterize a life-cycle model of retirement and claimingdecisions in terms of the employment, wage, health, and mortality uncertainty facedby individuals. Our benchmark model explains with great accuracy the strikinglyhigh proportion of individuals who claim benefits exactly at the Early RetirementAge, while still explaining the increased claiming hazard at the Normal RetirementAge. We also discuss some policy experiments and their interplay with employmentuncertainty. Additionally, we analyze the effects of negative wealth shocks on thelabor supply and claiming decisions of older Americans. Our results can explainwhy early claiming has remained very high in the last years even as the early retirementpenalties have increased substantially compared with previous periods, andwhy labor force participation has remained quite high for older workers even in themidst of the worse employment crisis in decades.

Notes for a new guide to Keynes (I): Wages, aggregate demand, and employment

I revisit the General Theory's discussion of the role of wages inemployment determination through the lens of the New Keynesianmodel. The analysis points to the key role played by the monetarypolicy rule in shaping the link between wages and employment, andin determining the welfare impact of enhanced wage flexibility. I showthat the latter is not always welfare improving.

A-1A Supplemental Security Income Program, September 2007

A-1A - SUPPLEMENTAL SECURITY INCOME PROGRAM - 09-07

Market versus limit orders in an imperfectly competitive security

This paper analyzes the choice between limit and market orders in animperfectly competitive noisy rational expectations economy. There is a uniqueinsider, who takes into account the effect their trading has on prices. If theinsider behaves as a price taker, she will choose market orders if her privateinformation is very precise and she will choose limit orders otherwise. On thecontrary, if the insider recognizes and exploits her ability to affect themarket price, her optimal choice is to place limit orders whatever the precisionof her private information.