Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
Contact information at EDIRC.
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2019-013: Test Questions, Economic Outcomes, and Inequality

Eric Nielsen

2019-012: Getting Smart About Phones: New Price Indexes and the Allocation of Spending Between Devices and Services Plans in Personal Consumption Expenditures

Ana Aizcorbe, David Byrne and Daniel Sichel

2019-011: Over-the-Counter Market Liquidity and Securities Lending

Nathan Foley-Fisher, Stefan Gissler and Stephane Verani

2019-010: Lifecycle Patterns of Saving and Wealth Accumulation

Laura Feiveson and John Edward Sabelhaus

2019-009: Monetary Policy Strategies for a Low-Rate Environment

Ben Bernanke, Michael Kiley and John Roberts

2019-008: Stress Testing Household Debt

Neil Bhutta, Jesse Bricker, Lisa Dettling, Jimmy Kelliher and Steven Laufer

2019-007: Trade Exposure and the Evolution of Inflation Dynamics

Simon Gilchrist and Egon Zakrajšek

2019-006: Robust Inference in First-Price Auctions: Experimental Findings as Identifying Restrictions

Serafin J. Grundl and Yu Zhu

2019-005r1: Banks as Regulated Traders

Antonio Falato, Diana A. Iercosan and Filip Zikes

2019-004: Karl Brunner and U.K. Monetary Debate

Edward Nelson

2019-003: Monetary Policy Options at the Effective Lower Bound: Assessing the Federal Reserve's Current Policy Toolkit

Hess Chung, Etienne Gagnon, Taisuke Nakata, Matthias Paustian, Bernd Schlusche, James Trevino, Diego Vilán and Wei Zheng

2019-002: Evaluating the Conditionality of Judgmental Forecasts

Travis Berge, Andrew C. Chang and Nitish R. Sinha

2019-001: The Monetary Base in Allan Meltzer's Analytical Framework

Edward Nelson

2018-089: Short Takes on Monetary Policy Strategy: An Introduction to Some Basic Concepts

James A. Clouse

2018-088: Can the US Interbank Market be Revived?

Kyungmin Kim, Antoine Martin and Ed Nosal

2018-087: The Impact of Post Stress Tests Capital on Bank Lending

William F. Bassett and Jose M. Berrospide

2018-086: The Optimal Inflation Rate with Discount Factor Heterogeneity

Antoine Lepetit

2018-085: The U.S. Syndicated Loan Market: Matching Data

Gregory J. Cohen, Melanie Friedrichs, Kamran Gupta, William Hayes, Seung Jung Lee, W. Blake Marsh, Nathan Mislang, Maya Shaton and Martin Sicilian

2018-084: Liquidity Regulation and Financial Intermediaries

Marco Macchiavelli and Luke Pettit

2018-083: A Promised Value Approach to Optimal Monetary Policy

Timothy S. Hills, Taisuke Nakata and Takeki Sunakawa

2018-082: Supervisory Stress Testing For CCPs: A Macro-Prudential, Two-Tier Approach

Edward L. Anderson, Fernando Cerezetti and Mark Manning

2018-081: Level Shifts in Beta, Spurious Abnormal Returns and the TARP Announcement

Andrew Phin, Todd Prono, Jonathan J. Reeves and Konark Saxena

2018-080: Are Millennials Different?

Christopher J. Kurz, Geng Li and Daniel J. Vine

2018-079: How do Capital Requirements Affect Loan Rates? Evidence from High Volatility Commercial Real Estate

David Glancy and Robert Kurtzman

2018-078: Emergency Collateral Upgrades

Mark Carlson and Marco Macchiavelli

2018-077: Rural Affordable Rental Housing: Quantifying Need, Reviewing Recent Federal Support, and Assessing the Use of Low Income Housing Tax Credits in Rural Areas

Andrew M. Dumont

2018-076: The Non-Bank Credit Cycle

Esti Kemp, Rene van Stralen, Alexandros Vardoulakis and Peter Wierts

2018-075: On the U.S. Firm and Establishment Size Distributions

Illenin Kondo, Logan Lewis and Andrea Stella

2018-074: Employment in the Great Recession: How Important Were Household Credit Supply Shocks?

Daniel Garcia

2018-073: Perceptions and Expectations of Inflation by U.S. Households

Sandor Axelrod, David E. Lebow and Ekaterina V. Peneva

2018-072: Forward Guidance with Bayesian Learning and Estimation

Christopher Gust, Edward Herbst and David Lopez-Salido

2018-071: Employment Effects of Unconventional Monetary Policy: Evidence from QE

Stephan Luck and Tom Zimmermann

2018-070: Reliably Computing Nonlinear Dynamic Stochastic Model Solutions: An Algorithm with Error Formulas

Gary Anderson

2018-069: The Effect of Common Ownership on Profits: Evidence From the U.S. Banking Industry

Jacob P. Gramlich and Serafin J. Grundl

2018-068: The Long and Short of It: Do Public and Private Firms Invest Differently?

Jesse Edgerton, Naomi Feldman, Laura Kawano, Elena Patel, Nirupama Rao and Michael Stevens

2018-067: Unemployment Risk

Michael Kiley

2018-066: The Differential Impact of Bank Size on Systemic Risk

Amy Lorenc and Jeffery Y. Zhang

2018-065: Price Pressure and Price Discovery in the Term Structure of Interest Rates

Scott Mixon and Tugkan Tuzun

2018-064: Measuring Aggregate Housing Wealth: New Insights from an Automated Valuation Model

Joshua H. Gallin, Raven S. Molloy, Eric Nielsen, Paul A. Smith and Kamila Sommer

2018-063: Bank Holdings and Systemic Risk

Celso Brunetti, Jeffrey Harris and Shawn Mankad

2018-062: The Role of Expectations in Changed Inflation Dynamics

Damjan Pfajfar and John Roberts

2018-061: Information and Liquidity of OTC Securities: Evidence from Public Registration of Rule 144A Bonds

Song Han, Alan G. Huang, Madhu Kalimipalli and Ke Wang

2018-060r1: The Shift from Active to Passive Investing: Potential Risks to Financial Stability?

Kenechukwu Anadu, Mathias S. Kruttli, Patrick E. McCabe and Emilio Osambela

2018-059: Some Implications of Uncertainty and Misperception for Monetary Policy

Christopher Erceg, James Hebden, Michael Kiley, David Lopez-Salido and Robert Tetlow

2018-058: Oil, Equities, and the Zero Lower Bound

Deepa Datta, Benjamin K. Johannsen, Hannah Kwon and Robert Vigfusson

2018-057: Hidden Baggage: Behavioral Responses to Changes in Airline Ticket Tax Disclosure

Sebastien Bradley and Naomi Feldman

2018-056: A Shadow Rate or a Quadratic Policy Rule? The Best Way to Enforce the Zero Lower Bound in the United States

Martin M. Andreasen and Andrew Meldrum

2018-055: The Near-Term Forward Yield Spread as a Leading Indicator: A Less Distorted Mirror

Eric Engstrom and Steven Sharpe

2018-054: Financial Frictions, Financial Shocks, and Aggregate Volatility

Cristina Fuentes-Albero

2018-053: Tapping into Financial Synergies: Alleviating Financial Constraints Through Acquisitions

Rohan Williamson and Jie Yang

2018-052: Preventing Controversial Catastrophes

Steven D. Baker, Burton Hollifield and Emilio Osambela

2018-051: From Taylor's Rule to Bernanke's Temporary Price Level Targeting

James Hebden and David Lopez-Salido

2018-050: Speed Limit Policy and Liquidity Traps

Taisuke Nakata, Sebastian Schmidt and Paul Yoo

2018-049: Attenuating the Forward Guidance Puzzle: Implications for Optimal Monetary Policy

Taisuke Nakata, Ryota Ogaki, Sebastian Schmidt and Paul Yoo

2018-048: Income Inequality, Financial Crises, and Monetary Policy

Isabel Cairo and Jae Sim

2018-047: Half-full or Half-empty? Financial Institutions, CDS Use, and Corporate Credit Risk

Cecilia R. Caglio, Matthew Darst and Eric Parolin

2018-046: Self-confirming Price Dispersion in Monetary Economies

Garth Baughman and Stanislav Rabinovich

2018-045: The Local Impact of Containerization

Leah Brooks, Nicolas Gendron-Carrier and Gisela Rua

2018-044: A Nowcasting Model for the Growth Rate of Real GDP of Ecuador: Implementing a Time-Varying Intercept

Daniel Baquero and Manuel González-Astudillo

2018-043: Financial Heterogeneity and Monetary Union

Simon Gilchrist, Raphael Schoenle, Jae Sim and Egon Zakrajšek

2018-042: The Money View Versus the Credit View

Sarah Baker, David Lopez-Salido and Edward Nelson

2018-041: Nothing is Certain Except Death and Taxes: The Lack of Policy Uncertainty from Expiring \"Temporary\" Taxes

Andrew C. Chang

2018-040: An Output Gap Measure for the Euro Area: Exploiting Country-Level and Cross-Sectional Data Heterogeneity

Manuel González-Astudillo

2018-039: The Rise of Shadow Banking: Evidence from Capital Regulation

Rustom M. Irani, Rajkamal Iyer, Ralf R. Meisenzahl and Jose-Luis Peydro

2018-038: What Macroeconomic Conditions Lead Financial Crises?

Michael Kiley

2018-037: Efficient Mismatch

David Arseneau and Brendan Epstein

2018-036: Density Forecasts in Panel Data Models: A Semiparametric Bayesian Perspective

Laura Liu

2018-035: Can More Housing Supply Solve the Affordability Crisis? Evidence from a Neighborhood Choice Model

Elliot Anenberg and Edward Kung

2018-034: The Nature of Household Labor Income Risk

Seth Pruitt and Nick Turner

2018-033: Publication Bias and the Cross-Section of Stock Returns

Andrew Chen and Tom Zimmermann

2018-032: Voluntary Reserve Targets

Garth Baughman and Francesca Carapella

2018-031: The Origins of Aggregate Fluctuations in a Credit Network Economy

Levent Altinoglu

2018-030: How Much Does Health Insurance Cost? Comparison of Premiums in Administrative and Survey Data

Jeff Larrimore and David Splinter

2018-029: Reconsidering the Consequences of Worker Displacements: Firm versus Worker Perspective

Aaron Flaaen, Matthew Shapiro and Isaac Sorkin

2018-028: Optimal Public Debt with Life Cycle Motives

William Peterman and Erick Sager

2018-027: The Regulatory and Monetary Policy Nexus in the Repo Market

Sriya Anbil and Zeynep Senyuz

2018-026: The Fed's Asymmetric Forecast Errors

Andrew C. Chang

2018-025: A Day Late and a Dollar Short: Liquidity and Household Formation among Student Borrowers

Sarena Goodman, Adam Isen and Constantine Yannelis

2018-024: How Much has Wealth Concentration Grown in the United States? A Re-Examination of Data from 2001-2013

Jesse Bricker, Peter Hansen and Alice Henriques Volz

2018-023: New Perspectives on the Decline of U.S. Manufacturing Employment

Teresa Fort, Justin Pierce and Peter Schott

2018-022: Collateral Runs

Sebastian Infante and Alexandros Vardoulakis

2018-021: Spectral Backtests of Forecast Distributions with Application to Risk Management

Michael Gordy and Alexander J. McNeil

2018-020: The Impact of the Current Expected Credit Loss Standard (CECL) on the Timing and Comparability of Reserves

Sarah Chae, Robert F. Sarama, Cindy M. Vojtech and James Z. Wang

2018-019: “Unconventional” Monetary Policy as Conventional Monetary Policy: A Perspective from the U.S. in the 1920s

Mark Carlson and Burcu Duygan-Bump

2018-018: Liquidity Requirements, Free-Riding, and the Implications for Financial Stability Evidence from the Early 1900s

Mark Carlson and Matthew Jaremski

2018-017: Transparency and Collateral: Central versus Bilateral Clearing

Gaetano Antinolfi, Francesca Carapella and Francesco Carli

2018-016: Liquidity Crises in the Mortgage Market

You Suk Kim, Steven Laufer, Karen Pence, Richard Stanton and Nancy Wallace

2018-015: Early-Stage Business Formation: An Analysis of Applications for Employer Identification Numbers

Kimberly Bayard, Emin Dinlersoz, Timothy Dunne, John Haltiwanger, Javier Miranda and John Stevens

2018-014: US Monetary Policy and International Bond Markets

Simon Gilchrist, Vivian Yue and Egon Zakrajšek

2018-013: Seven Fallacies Concerning Milton Friedman's \"The Role of Monetary Policy\"

Edward Nelson

2018-012r1: Household's Balance Sheets and the Effect of Fiscal Policy

Javier Andrés, José Boscá, Javier Ferri and Cristina Fuentes-Albero

2018-011: Claim Dilution in the Municipal Debt Market

Ivan T. Ivanov and Tom Zimmermann

2018-010: Top Income Concentration and Volatility

Jesse Bricker, Michael Parisi and Jeffrey Thompson

2018-009: Financing Affordable and Sustainable Homeownership with Fixed-COFI Mortgages

Wayne Passmore and Alexander H. von Hafften

2018-008: A Global Lending Channel Unplugged? Does U.S. Monetary Policy Affect Cross-border and Affiliate Lending by Global U.S. Banks?

Steven Ongena, Ann Owen and Judit Temesvary

2018-007: Changing Business Dynamism and Productivity: Shocks vs. Responsiveness

Ryan Decker, John Haltiwanger, Ron Jarmin and Javier Miranda

2018-006: Bank Market Power and the Risk Channel of Monetary Policy

Elena Afanasyeva and Jochen Güntner

2018-005: Using Payroll Processor Microdata to Measure Aggregate Labor Market Activity

Tomaz Cajner, Leland Crane, Ryan Decker, Adrian Hamins-Puertolas, Christopher J. Kurz and Tyler Radler

2018-004: Quantitative Easing and the “New Normal” in Monetary Policy

Michael Kiley

2018-003: Entrepreneurship and State Taxation

E Curtis and Ryan Decker