Staff Reports

from Federal Reserve Bank of New York
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190: Estimating probabilities of default

Til Schuermann and Samuel Hanson

189: Are bank holding companies a source of strength to their banking subsidiaries?

Adam B. Ashcraft

188: The linkage between regional economic indexes and tax bases: evidence from New York

Jason Bram, Andrew F. Haughwout, James Andrew Orr, Robert Rich and Rae Rosen

187: Inference, arbitrage, and asset price volatility

Tobias Adrian

186: How should suburbs help their central cities?

Andrew F. Haughwout and Robert P. Inman

185: A general approach to integrated risk management with skewed, fat-tailed risks

Joshua Rosenberg and Til Schuermann

184: Anomalous bidding in short-term Treasury bill auctions

Michael J. Fleming, Kenneth D. Garbade and Frank Keane

183: Financial-sector foreign direct investment and host countries: new and old lessons

Linda S. Goldberg

182: Benefits and spillovers of greater competition in Europe: a macroeconomic assessment

Tamim A Bayoumi, Douglas Laxton and Paolo A. Pesenti

181: Time-varying consumption correlation and the dynamics of the equity premium: evidence from the G-7 countries

Asani Sarkar and Lingjia Zhang

180: Globalization and the gains from variety

Christian Broda and David Weinstein

179: Who bears the cost of a change in the exchange rate? The case of imported beer

Rebecca Hellerstein

178: Trading risk and volatility in interest rate swap spreads

John Kambhu

177: Do stock price bubbles influence corporate investment?

Simon Gilchrist, Charles P. Himmelberg and Gur Huberman

176: Are banks really special? New evidence from the FDIC-induced failure of healthy banks

Adam B. Ashcraft

175: Cross-country differences in monetary policy execution and money market rates' volatility

Leonardo Bartolini and Alessandro Prati

174: What explains the stock market's reaction to Federal Reserve policy?

Ben S. Bernanke and Kenneth Neil Kuttner

173: Inflation inequality in the United States

Bart Hobijn and David Lagakos

172: Tariffs and the Great Depression revisited

Mario John Crucini and James Kahn

171: An investigation of the gains from commitment in monetary policy

Ernst Schaumburg and Andrea Tambalotti

170: Stock market reaction to financial statement certification by bank holding company CEOs

Beverly Hirtle

169: Cross-country technology adoption: making the theories face the facts

Diego Comin and Bart Hobijn

168: Using home maintenance and repairs to smooth variable earnings

Joseph Gyourko and Joseph Tracy

167: Evaluating the riskiness of initial public offerings: 1980-2000

Stavros Peristiani

166: The impact of CEO turnover on equity volatility

Matthew J. Clayton, Jay C. Hartzell and Joshua Rosenberg

165: The execution of monetary policy: a tale of two central banks

Leonardo Bartolini and Alessandro Prati

164: An empirical analysis of stock and bond market liquidity

Tarun Chordia, Asani Sarkar and Avanidhar Subrahmanyam

163: Forecasting in large macroeconomic panels using Bayesian Model Averaging

Gary Koop and Simon Potter

162: Nonparametric pricing of multivariate contingent claims

Joshua Rosenberg

161: Modeling uncertainty: predictive accuracy as a proxy for predictive confidence

Robert Rich and Joseph Tracy

160: Endogenous deposit dollarization

Christian Broda and Eduardo Levy Yeyati

159: Tracking the new economy: using growth theory to detect changes in trend productivity

James A. Kahn and Robert Rich

158: Fifteen minutes of fame? The market impact of internet stock picks

Peter Antunovich and Asani Sarkar

157: On both sides of the quality bias in price indexes

Bart Hobijn

156: Inventory dynamics and business cycles: what has changed?

Jonathan McCarthy and Egon Zakrajsek

155: The trade comovement problem in international macroeconomics

Ayhan Kose and Kei-Mu Yi

154: Diversification in banking: is noninterest income the answer?

Kevin Stiroh

153: Borrowers' financial constraints and the transmission of monetary policy: evidence from financial conglomerates

Adam B. Ashcraft and Murillo Campello

152: Self-validating optimum currency areas

Giancarlo Corsetti and Paolo A. Pesenti

151: Uncertainty, exchange rate regimes, and national price levels

Christian Broda

150: Stop-loss orders and price cascades in currency markets

Carol Osler

149: Exchange rate pass-through into import prices: a macro or micro phenomenon?

Jose Manuel Campa and Linda S. Goldberg

148: Terms of trade and exchange rate regimes in developing countries

Christian Broda

147: How valuable is exchange rate flexibility? Optimal monetary policy under sectoral shocks

Cédric Tille

146: On the distributional effects of exchange rate fluctuations

Cédric Tille

145: Are larger Treasury issues more liquid? Evidence from bill reopenings

Michael J. Fleming

144: Has monetary policy become less powerful?

Jean Boivin and Marc P. Giannoni

143: The role of bank advisors in mergers and acquisitions

Linda Allen, Julapa A. Jagtiani, Stavros Peristiani and Anthony Saunders

142: One reason countries pay their debts: renegotiation and international trade

Andrew Rose

141: Common determinants of bond and stock market liquidity: the impact of financial crises, monetary policy, and mutual fund flows

Tarun Chordia, Asani Sarkar and Avanidhar Subrahmanyam