Finance and Economics Discussion Series

from Board of Governors of the Federal Reserve System (U.S.)
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2005-27: External habit and the cyclicality of expected stock returns

Thomas Tallarini and Harold H. Zhang

2005-26: From the horse's mouth: gauging conditional expected stock returns from investor surveys

Gene Amromin and Steven Sharpe

2005-25: Prices, production, and inventories over the automotive model year

Adam Matthew Copeland, Wendy Dunn and George Hall

2005-24: Gestation lags for capital, cash flows, and Tobin's Q

Jonathan N. Millar

2005-23: Raising the bar for models of turnover

Erwan Quintin and John Stevens

2005-22: Growing old together: firm survival and employee turnover

Erwan Quintin and John Stevens

2005-21: A review of backtesting and backtesting procedures

Sean D. Campbell

2005-20: Branch banking, bank competition, and financial stability

Mark Carlson and Kris James Mitchener

2005-19: Temporary partial expensing in a general-equilibrium model

Rochelle Edge and Jeremy B. Rudd

2005-18: Yesterday's bad times are today's good old times: retail price changes in the 1890s were smaller, less frequent, and more permanent

Alan Kackmeister

2005-17: Are firms or workers behind the shift away from DB pension plan?

Stephanie Aaronson and Julia Coronado

2005-16: The effects of local banking market structure on the banking-lending channel of monetary policy

Robert M. Adams and Dean F. Amel

2005-15: The effects of competition from large, multimarket firms on the performance of small, single-market firms: evidence from the banking industry

Allen N. Berger, Astrid A. Dick, Lawrence G. Goldberg and Lawrence J. White

2005-14: Tracking the source of the decline in GDP volatility: an analysis of the automobile industry

Valerie Ann Ramey and Daniel J. Vine

2005-13: Housing, house prices, and the equity premium puzzle

Morris Davis and Robert F. Martin

2005-12: A nonlinear look at trend MFP growth and the business cycle: result from a hybrid Kalman/Markov switching model

Mark W. French

2005-11: Job-hopping in Silicon Valley: some evidence concerning the micro-foundations of a high technology cluster

Bruce Fallick, Charles Fleischman and James B. Rebitzer

2005-10: An empirical analysis of bond recovery rates: exploring a structural view of default

Daniel Covitz and Song Han

2005-09: Density selection and combination under model ambiguity: an application to stock returns

Stefania D'Amico

2005-08: Does trading frequency affect subordinated debt spreads?

Christopher Bianchi, Diana Hancock and Laura Kawano

2005-07: GSEs, mortgage rates, and secondary market activities

Andreas Lehnert, Wayne Passmore and Shane M. Sherlund

2005-06: The effect of housing government-sponsored enterprises on mortgage rates

Wayne Passmore, Shane M. Sherlund and Gillian Burgess

2005-05: The GSE implicit subsidy and the value of government ambiguity

Wayne Passmore

2005-04: Econometric tests of asset price bubbles: taking stock

Refet S. Gürkaynak

2005-03: Who competes with whom? the case of depository institutions

Robert M. Adams, Kenneth P. Brevoort and Elizabeth K. Kiser

2005-02: The reform of October 1979: how it happened and why

David E. Lindsey, Athanasios Orphanides and Robert H. Rasche

2005-01: Precautionary savings motives and tax efficiency of household portfolios: an empirical analysis

Gene Amromin

2004-70: The magnitude and cyclical behavior of financial market frictions

Andrew Theo Levin, Fabio M. Natalucci and Egon Zakrajsek

2004-69: Alternative estimates of the presidential premium

Sean D. Campbell and Canlin Li

2004-68: The reliability of inflation forecasts based on output gap estimates in real time

Athanasios Orphanides and Simon van Norden

2004-67: Learning dynamics with private and public signals

Adam Matthew Copeland

2004-66: Do actions speak louder than words? the response of asset prices to monetary policy actions and statements

Refet S. Gürkaynak, Brian Sack and Eric Thomas Swanson

2004-65: Measuring capital and technology: an expanded framework

Carol Corrado, Charles Hulten and Daniel Sichel

2004-64: Reading the minds of investors: an empirical term structure model for policy analysis

Jim Clouse

2004-63: Housing, consumption, and credit constraints

Andreas Lehnert

2004-62: Monetary policy and inflation dynamics

John M. Roberts

2004-61: The liquidity effect in the federal funds market: evidence from daily open market operations

Seth Carpenter and Selva Demiralp

2004-60: Debt maturity, risk, and asymmetric information

Allen N. Berger, Marco Espinosa-Vega, W. Scott Frame and Nathan H. Miller

2004-59: Workweek flexibility and hours variation

Andrew Figura

2004-58: Diverging measures of capacity utilization: an explanation

Norman Morin and John Stevens

2004-57: Quantitative monetary easing and risk in financial asset markets

Takeshi Kimura and David Small

2004-56: Dynamic estimation of volatility risk premia and investor risk aversion from option-implied and realized volatilities

Tim Bollerslev, Michael Gibson and Hao Zhou

2004-55: A consistent accounting of U.S. productivity growth

Eric J. Bartelsman and J. Joseph Beaulieu

2004-54: Integrated macroeconomic accounts for the United States: draft SNA-USA

Rochelle Antoniewicz, Susan Hume McIntosh, Charles Ian Mead, Karin Moses, Brent R. Moulton, Michael Palumbo, Genevieve Solomon and Albert M. Teplin

2004-53: Market discipline in banking reconsidered: the roles of funding manager decisions and deposit insurance reform

Daniel M. Covitz, Diana Hancock and Myron L. Kwast

2004-52: Macroeconomic volatility, predictability and uncertainty in the Great Moderation: evidence from the survey of professional forecasters

Sean D. Campbell

2004-51: Consumer sentiment, the economy, and the news media

Mark E. Doms and Norman Morin

2004-50: The long-run relationship between house prices and rents

Joshua Gallin

2004-49: Estimating capacity utilization from survey data

Norman Morin and John Stevens

2004-48: Monetary policy alternatives at the zero bound: an empirical assessment

Ben S. Bernanke, Vincent Raymond Reinhart and Brian P. Sack