Staff Reports

from Federal Reserve Bank of New York
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290: Has the credit derivatives swap market lowered the cost of corporate debt?

Adam B. Ashcraft and Joao Santos

289: Extracting business cycle fluctuations: what do time series filters really do?

Arturo Estrella

288: Generalized canonical regression

Arturo Estrella

287: A framework for identifying the sources of local currency price stability with an empirical application

Pinelopi K. Goldberg and Rebecca Hellerstein

286: Inflation persistence: alternative interpretations and policy implications

Argia Sbordone

285: A flexible approach to parametric inference in nonlinear time series models

Gary Koop and Simon Potter

284: Reserve levels and intraday federal funds rate behavior

Spence Hilton and Warren B. Hrung

283: Why are Switzerland's foreign assets so low? The growing financial exposure of a small open economy

Nicolas Stoffels and Cédric Tille

282: Liquidity-saving mechanisms

Antoine Martin and James Joseph McAndrews

281: Why does overnight liquidity cost more than intraday liquidity?

Joydeep Bhattacharya, Joseph Haslag and Antoine Martin

280: International capital flows

Cédric Tille and Eric van Wincoop

279: The Bankruptcy Abuse Prevention and Consumer Protection Act: means-testing or mean spirited?

Adam B. Ashcraft, Astrid A. Dick and Donald P. Morgan

278: Monetary policy under sudden stops

Vasco Cúrdia

277: A retrospective look at the U.S. productivity growth resurgence

Dale W. Jorgenson, Mun Sing Ho and Kevin Stiroh

276: Credit derivatives and bank credit supply

Beverly Hirtle

275: How wages change: micro evidence from the international wage flexibility project

William T. Dickens, Lorenz Goette, Erica Lynn Groshen, Steinar Holden, Julian Messina, Mark E. Schweitzer, Jarkko Turunen and Melanie E. Ward

274: Commitment and equilibrium bank runs

Huberto M. Ennis and Todd Keister

273: Defining and detecting predatory lending

Donald P. Morgan

272: Personal bankruptcy and credit market competition

Astrid Dick and Andreas Lehnert

271: Borrowing without debt? Understanding the U.S. international investment position

Matthew Higgins, Thomas Klitgaard and Cédric Tille

270: Trend inflation and inflation persistence in the New Keynesian Phillips Curve

Timothy Cogley and Argia Sbordone

269: Disagreement and learning in a dynamic contracting model

Tobias Adrian and Mark M. Westerfield

268: Would protectionism defuse global imbalances and spur economic activity?: a scenario analysis

Hamid Faruqee, Douglas Laxton, Dirk Muir and Paolo A. Pesenti

267: Deflationary shocks and monetary rules: an open-economy scenario analysis

Douglas Laxton, Papa N'Diaye and Paolo A. Pesenti

266: Y2K options and the liquidity premium in Treasury bond markets

Suresh Sundaresan and Zhenyu Wang

265: Empirical evaluation of asset pricing models: arbitrage and pricing errors over contingent claims

Zhenyu Wang and Xiaoyan Zhang

264: Was the New Deal contractionary?

Gauti B. Eggertsson

263: Payment networks in a search model of money

Antoine Martin, Michael J. Orlando and David R. Skeie

262: Price discovery in the foreign currency futures and spot market

Joshua Rosenberg and Leah G. Traub

261: Pass-through of exchange rates to consumption prices: what has changed and why

Jose Manuel Campa and Linda S. Goldberg

260: Technology diffusion within central banking: the case of real-time gross settlement

Morten L. Bech and Bart Hobijn

259: Congestion and cascades in payment systems

Walter E. Beyeler, Robert J. Glass, Morten L. Bech and Kimmo Soramäki

258: Endogenous productivity and development accounting

Roc Armenter and Amartya Lahiri

257: On the market discipline of informationally opaque firms: evidence from bank borrowers in the federal funds market

Adam B. Ashcraft and Hoyt Bleakley

256: U.S. wage and price dynamics: a limited information approach

Argia Sbordone

255: The internationalization of the dollar and trade balance adjustment

Linda S. Goldberg and Cédric Tille

254: Stock returns and volatility: pricing the short-run and long-run components of market risk

Tobias Adrian and Joshua Rosenberg

253: The relationship between expected inflation, disagreement, and uncertainty: evidence from matched point and density forecasts

Robert Rich and Joseph Tracy

252: Visible and hidden risk factors for banks

Til Schuermann and Kevin Stiroh

251: Arm's-length transactions as a source of incomplete cross-border transmission: the case of autos

Rebecca Hellerstein and Sofia Villas-Boas

250: A decomposition of the sources of incomplete cross-border transmission

Rebecca Hellerstein

249: Expectations and contagion in self-fulfilling currency attacks

Todd Keister

248: Three decades of financial sector risk

Joel F. Houston and Kevin Stiroh

247: Distribution margins, imported inputs, and the sensitivity of the CPI to exchange rates

Jose Manuel Campa and Linda S. Goldberg

246: Two-sided markets and intertemporal trade clustering: insights into trading motives

Asani Sarkar and Robert A. Schwartz

245: Volatility accounting: a production perspective on increased economic stability

Kevin Stiroh

244: Does the market discipline banks? New evidence from the regulatory capital mix

Adam B. Ashcraft

243: The topology of interbank payment flows

Kimmo Soramäki, Morten L. Bech, Jeffrey Bernard Arnold, Robert J. Glass and Walter Beyeler

242: Banking with nominal deposits and inside money

David R. Skeie

241: Fiscal multipliers and policy coordination

Gauti B. Eggertsson