Staff Reports

from Federal Reserve Bank of New York
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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

240: Risks in U.S. bank international exposures

Nicola Cetorelli and Linda S. Goldberg

239: Illiquidity in the interbank payment system following wide-scale disruptions

Morten L. Bech and Rod Garratt

238: Turbulent firms, turbulent wages?

Diego Comin, Erica Lynn Groshen and Bess Rubin

237: Could capital gains smooth a current account rebalancing?

Michele Cavallo and Cédric Tille

236: A review of core inflation and an evaluation of its measures

Robert Rich and Charles Steindel

235: Optimal monetary and fiscal policy under discretion in the New Keynesian model: a technical appendix to "Great Expectations and the End of the Depression"

Gauti B. Eggertsson

234: Great expectations and the end of the depression

Gauti B. Eggertsson

233: The return to retail and the performance of U.S. banks

Beverly Hirtle and Kevin Stiroh

232: One-sided test for an unknown breakpoint: theory, computation, and application to monetary theory

Arturo Estrella and Anthony P. Rodrigues

231: Establishing credibility: evolving perceptions of the European Central Bank

Linda S. Goldberg and Michael W. Klein

230: Does the time inconsistency problem make flexible exchange rates look worse than you think?

Roc Armenter and Martin Bodenstein

229: Can U.S. monetary policy fall (again) into an expectation trap?

Roc Armenter and Martin Bodenstein

228: Time-varying pass-through from import prices to consumer prices: evidence from an event study with real-time data

Marlene Amstad and Andreas Fischer

227: Money market integration

Leonardo Bartolini, Spence Hilton and Alessandro Prati

226: Financial integration and the wealth effect of exchange rate fluctuations

Cédric Tille

225: Optimality of the Friedman rule in an overlapping generations model with spatial separation

Joseph Haslag and Antoine Martin

224: The Tobin effect and the Friedman rule

Joydeep Bhattacharya, Joseph Haslag and Antoine Martin

223: Why is the U.S. Treasury contemplating becoming a lender of last resort for Treasury securities?

Kenneth D. Garbade and John E. Kambhu

222: Trade invoicing in the accession countries: are they suited to the Euro?

Linda S. Goldberg

221: Barriers to network-specific innovation

Antoine Martin and Michael J. Orlando

220: Too big to fail after all these years

Donald P. Morgan and Kevin Stiroh

219: Exchange rate pass-through to import prices in the Euro area

Jose Manuel Campa, Linda S. Goldberg and Jose M. Gonzalez-Minguez

218: Assessing high house prices: bubbles, fundamentals, and misperceptions

Charles Himmelberg, Christopher Mayer and Todd Sinai

217: Reconciling Bagehot with the Fed's response to September 11

Antoine Martin

216: Arbitrage pricing theory

Gur Huberman and Zhenyu Wang

215: How and why do small firms manage interest rate risk? Evidence from commercial loans

James Vickery

214: The cost of business cycles for unskilled workers

Toshihiko Mukoyama and Aysegul Sahin

213: Selection bias, demographic effects, and ability effects in common value auction experiments

Marco Casari, John C. Ham and John Kagel

212: Propensity score matching, a distance-based measure of migration, and the wage growth of young men

John C. Ham, Xianghong Li and Patricia B. Reagan

211: The impact of network size on bank branch performance

Beverly Hirtle

210: Banks, markets, and efficiency

Falko Fecht and Antoine Martin

209: The simple geometry of transmission and stabilization in closed and open economies

Giancarlo Corsetti and Paolo A. Pesenti

208: Who is afraid of the Friedman rule?

Joydeep Bhattacharya, Joseph Haslag, Antoine Martin and Rajesh Singh

207: The joint dynamics of liquidity, returns, and volatility across small and large firms

Tarun Chordia, Asani Sarkar and Avanidhar Subrahmanyam

206: Shock identification of macroeconomic forecasts based on daily panels

Marlene Amstad and Andreas Fischer

205: The politics of central bank independence: a theory of pandering and learning in government

Gauti B. Eggertsson and Eric Le Borgne

204: Do expected future marginal costs drive inflation dynamics?

Argia Sbordone

203: A search for a structural Phillips curve

Timothy Cogley and Argia Sbordone

202: Reexamining the consumption-wealth relationship: the role of model uncertainty

Gary Koop, Simon Potter and Rodney Strachan

201: Productivity spillovers, terms of trade, and the "home market effect"

Giancarlo Corsetti, Philippe Martin and Paolo A. Pesenti

200: Vehicle currency use in international trade

Linda S. Goldberg and Cédric Tille

199: Central bank transparency under model uncertainty

Stefano Eusepi

198: Comparing forecast-based and backward-looking Taylor rules: a "global" analysis

Stefano Eusepi

197: Prior elicitation in multiple change-point models

Gary Koop and Simon Potter

196: Forecasting and estimating multiple change-point models with an unknown number of change points

Gary Koop and Simon Potter