Working Papers

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2009-056: Outside versus inside bonds: a Modigliani-Miller type result for liquidity constrained economies

Aleksander Berentsen and Christopher J. Waller

2009-055: Common fluctuations in OECD budget balances

Christopher J. Neely and David E. Rapach

2009-054: Are U.S. banks too large?

David C. Wheelock and Paul Wilson

2009-053: Biofuel subsidies: an open-economy analysis

Subhayu Bandyopadhyay, Sumon Bhaumik and Howard J. Wall

2009-052: The effects of recessions across demographic groups

Kristie M. Engemann and Howard J. Wall

2009-051: In-sample tests of predictive ability: a new approach

Todd Clark and Michael W. McCracken

2009-050: Nested forecast model comparisons: a new approach to testing equal accuracy

Todd Clark and Michael W. McCracken

2009-049: Taylor-type rules and permanent shifts in productivity growth

William Thomas Gavin, Benjamin D. Keen and Michael R. Pakko

2009-048: The local effects of monetary policy

Neville Francis, Michael T. Owyang and Tatevik Sekhposyan

2009-047: Indirect taxation and the welfare effects of altruism on the optimal fiscal policy

Carlos Garriga and Fernando Sánchez-Losada

2009-046: Money and capital as competing media of exchange in a news economy

David Andolfatto and Fernando M. Martin

2009-045: Saving and growth under borrowing constraints explaining the "high saving rate" puzzle

Yi Wen

2009-044: Essential interest-bearing money

David Andolfatto

2009-043: The role of location in evaluating racial wage disparity

Dan Black, Natalia A. Kolesnikova, Seth G. Sanders and Lowell J. Taylor

2009-042: What happened to the US stock market? Accounting for the last 50 years

Michele Boldrin and Adrian Peralta-Alva

2009-041: Cross-border lobbying in preferential trading agreements: implications for external tariffs

Subhayu Bandyopadhyay, Sajal Lahiri and Howard J. Wall

2009-040: Sources of exchange rate fluctuations: are they real or nominal?

Luciana Juvenal

2009-039: Incidence of an outsourcing tax on intermediate inputs

Subhayu Bandyopadhyay

2009-038: How did we get to inflation targeting and where do we go now? a perspective from the U.S. experience

Daniel Thornton

2009-037: The identification of the response of interest rates to monetary policy actions using market-based measures of monetary policy shocks

Daniel Thornton

2009-036: Problems in the numerical simulation of models with heterogeneous agents and economic distortions

Adrian Peralta-Alva and Manuel S. Santos

2009-035: Dynamic taxation, private information and money

Christopher J. Waller

2009-034: Random matching and money in the neoclassical growth model: some analytical results

Christopher J. Waller

2009-033: Price level targeting and stabilization policy

Aleksander Berentsen and Christopher J. Waller

2009-032: Optimal stabilization policy with endogenous firm entry

Aleksander Berentsen and Christopher J. Waller

2009-031: Money and capital: a quantitative analysis

S. Boragan Aruoba, Christopher J. Waller and Randall Wright

2009-030: Does money matter in inflation forecasting?

Jane M. Binner, Peter Tino, Jonathan Tepper, Richard G. Anderson, Barry Jones and Graham Kendall

2009-029: Speculative bubbles and financial crisis

Pengfei Wang and Yi Wen

2009-028: Capital misallocation and aggregate factor productivity

Costas Azariadis and Leo Kaas

2009-027: Casino revenue and the Illinois smoking ban

Thomas Garrett and Michael Pakko

2009-026: An analytical approach to buffer-stock saving

Yi Wen

2009-025: Dynamics in systematic liquidity

Bjorn Hagstromer, Richard G. Anderson, Jane M. Binner and Birger Nilsson

2009-024: When does heterogeneity matter?

Yi Wen

2009-023: Does democracy reduce terrorism in developing nations?

Subhayu Bandyopadhyay and Javed Younas

2009-022: Financial development and economic volatility: a unified explanation

Pengfei Wang and Yi Wen

2009-021: Foreign aid as counterterrorism policy

Subhayu Bandyopadhyay, Todd Sandler and Javed Younas

2009-020: A simple model of trading and pricing risky assets under ambiguity: any lessons for policy-makers?

Massimo Guidolin and Francesca Rinaldi

2009-019: Liquidity and welfare in a heterogeneous-agent economy

Yi Wen

2009-018: Numerical simulation of nonoptimal dynamic equilibrium models

Zhigang Feng, Jianjun Miao, Adrian Peralta-Alva and Manuel S. Santos

2009-017: Milton Friedman and U.K. economic policy: 1938-1979

Edward Nelson

2009-016: Toxic exposure in America: estimating fetal and infant health outcomes

Nikhil Agarwal, Chanont Banternghansa and Linda T.M. Bui

2009-015: The great inflation in the United States and the United Kingdom: reconciling policy decisions and data outcomes

Riccardo DiCecio and Edward Nelson

2009-014: Journal rankings in economics: handle with care

Howard J. Wall

2009-013: The propagation of regional recessions

James D. Hamilton and Michael T. Owyang

2009-012: Euro membership as a U.K. monetary policy option: results from a structural model

Riccardo DiCecio and Edward Nelson

2009-011: U.S. commercial bank lending through 2008:Q4: new evidence from gross credit flows

Silvio Contessi and Johanna L. Francis

2009-010: Inventory accelerator in general equilibrium

Pengfei Wang and Yi Wen

2009-009: Revisiting the predictability of bond risk premia

Daniel Thornton and Giorgio Valente

2009-008: Robust, dynamic nonparametric benchmarking: the evolution of cost-productivity and efficiency among U.S. credit unions

David Wheelock and Paul Wilson

2009-007: Is housing the business cycle? evidence from U.S. cities

Andra C. Ghent and Michael T. Owyang