Staff Reports

from Federal Reserve Bank of New York
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105: Rating risks: risk and uncertainty in an opaque industry

Donald P. Morgan

104: Public infrastructure investments, productivity and welfare in fixed geographic areas

Andrew F. Haughwout

103: Excess volatility of exchange rates with unobservable fundamentals

Leonardo Bartolini and Lorenzo Giorgianni

102: Finite horizons, political economy, and growth

James A Kahn and Jong-Soo Lim

101: Microeconomic inventory adjustment: evidence from U.S. firm-level data

Jonathan McCarthy and Egon Zakrajsek

100: Towards new open economy macroeconometrics

Fabio Ghironi

99: Monetary policy surprises and interest rates: evidence from the Fed funds futures markets

Kenneth Neil Kuttner

98: Compositional dynamics and the performance of the U.S. banking industry

Kevin Stiroh

97: What do we really know about trends in outpatient medical expenditures for children, 1977-1987?

Carol Rapaport and Christopher A. Trenholm

96: Can vertical specialization explain the growth of world trade?

Kei-Mu Yi

95: Bond market discipline of banks: is the market tough enough?

Donald P. Morgan and Kevin Stiroh

94: Can world real interest rates explain business cycles in a small open economy?

William Blankenau, Ayhan Kose and Kei-Mu Yi

93: Resurrecting the (C)CAPM: a cross-sectional test when risk premia are time-varying

Martin Lettau and Sydney C. Ludvigson

92: What inventory behavior tells us about business cycles

Mark Joseph Bils and James A Kahn

91: Borders and business cycles

Todd Clark and Eric van Wincoop

90: Borrower risk and the price and nonprice terms of bank loans

Philip E. Strahan

89: Assessing the impact of short-sale constraints on the gains from international diversification

Zhenyu Wang, Asani Sarkar and Kai Li

88: Does talk matter after all? Inflation targeting and central bank behavior

Kenneth Neil Kuttner and Adam S. Posen

87: Nonlinear time series modelling: an introduction

Simon Potter

86: Settlement risk under gross and net settlement

Charles Milton Kahn, James Joseph McAndrews and William Roberds

85: Payment intermediation and the origins of banking

James Joseph McAndrews and William Roberds

84: A general equilibrium analysis of check float

James Joseph McAndrews and William Roberds

83: What was behind the M2 breakdown?

Cara S. Lown, Stavros Peristiani and Kenneth J. Robinson

82: Heat waves, meteor showers, and trading volume: an analysis of volatility spillovers in the U.S. Treasury market

Michael J. Fleming and Jose A. Lopez

81: International trade and factor mobility: an empirical investigation

Linda S. Goldberg and Michael W. Klein

80: Purchasing power parity: three stakes through the heart of the unit root null

Matthew Higgins and Egon Zakrajsek

79: Explaining inequality the world round: cohort size, Kuznets curves, and openness

Matthew Higgins and Jeffrey Gale Williamson

78: Are there "bank effects" in borrowers' costs of funds? Evidence from a matched sample of borrowers and banks

Robert Glenn Hubbard, Kenneth Neil Kuttner and Darius N. Palia

77: Consumption, aggregate wealth and expected stock returns

Sydney C. Ludvigson and Martin Lettau

76: The term structure of announcement effects

Michael J. Fleming and Eli M. Remolona

75: Sunk costs, contestability, and the latent contract market

Chris Stefanadis

74: Importing equality? The effects of increased competition on the gender wage gap

Sandra E. Black and Elizabeth Brainerd

73: Liquidity in U.S. fixed income markets: a comparison of the bid-ask spread in corporate, government and municipal bond markets

Sugato Chakravarty and Asani Sarkar

72: The nature and growth of vertical specialization in world trade

David L. Hummels, Jun Ishii and Kei-Mu Yi

71: Structural estimates of the U.S. sacrifice ratio

Stephen Cecchetti and Robert Rich

70: Determinants of current risk premiums

John A. Carlson and C. L. Osler

69: Bank loan sales: a new look at the motivations for secondary market activity

Rebecca S. Demsetz

68: Looking beyond the CEO: executive compensation at banks

Rebecca S. Demsetz and Marc R. Saidenberg

67: The role of consumption substitutability in the international transmission of shocks

Cédric Tille

66: Fluctuations in confidence and asymmetric business cycles

Simon Potter

65: Nonlinear impulse response functions

Simon Potter

64: U.S. wages in general equilibrium: the effects of prices, technology and factor supplies, 1963-1991

James Harrigan and Rita A. Balaban

63: Exchange rates and local labor markets

Linda S. Goldberg and Joseph Tracy

62: Banks' payments-driven revenues

Lawrence J. Radecki

61: Nonlinear risk

Marcelle Chauvet and Simon Potter

60: Do investors mistake a good company for a good investment?

Peter Antunovich and David S. Laster

59: Are apparent findings of nonlinearity due to structural instability in economic time series?

Gary Koop and Simon Potter

58: Competitive devaluations: a welfare-based approach

Giancarlo Corsetti, Paolo A. Pesenti, Nouriel Roubini and Cédric Tille

57: What was the market's view of U.K. monetary policy? Estimating inflation risk and expected inflation with indexed bonds

Eli M. Remolona, Michael R. Wickens and Frank F. Gong

56: Employment versus wage adjustment and the U.S. dollar

Jose Manuel Campa and Linda S. Goldberg