Working Papers

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13-20: Subsidizing price discovery

Braz Camargo, Kyungmin (Teddy) Kim and Benjamin Lester

13-19: Estimating dynamic equilibrium models with stochastic volatility

Jesús Fernández-Villaverde, Pablo Guerrón-Quintana and Juan F. Rubio-Ramírez

13-18: Dynamics of investment, debt, and default

Grey Gordon and Pablo Guerrón-Quintana

13-17: Competition in bank-provided payment services

Wilko Bolt and David Humphrey

13-16: Improving GDP measurement: a measurement-error perspective

S. Boragan Aruoba, Francis X. Diebold, Jeremy Nalewaik, Frank Schorfheide and Dongho Song

13-15: The cost of delay

Larry Cordell, Liang Geng, Laurie Goodman and Lidan Yang

13-14: Market run-ups, market freezes, inventories, and leverage

Philip Bond and Yaron Leitner

13-13: Who said large banks don’t experience scale economies? Evidence from a risk-return-driven cost function

Joseph P. Hughes and Loretta J. Mester

13-12: Modeling the credit card revolution: the role of debt collection and informal bankruptcy

Lukasz A. Drozd and Ricardo Serrano-Padial

13-11: Local deficits and local jobs: can U.S. statess stabilize their own economies?

Gerald Carlino and Robert Inman

13-10: Risk, economic growth and the value of U.S. corporations

Luigi Bocola and Nils Gornemann

13-09: Worker flows and job flows: a quantitative investigation

Shigeru Fujita and Makoto Nakajima

13-08: Understanding and measuring risks in Agency CMOs

Nicholas Arcidiacono, Larry Cordell, Andrew Davidson and Alex Levin

13-07: Competing with asking prices

Benjamin R. Lester, Ludo Visschers and Ronald P. Wolthoff

13-06: Dichotomy between macroprudential policy and monetary policy on credit and inflation

Hyunduk Suh

13-05: Interest rates and prices in an inventory model of money with credit

Michael Dotsey and Pablo Guerron-Quintana

13-04: On the timing of monetary policy reform

Roc Armenter

13-03: Does junior inherit? Refinancing and the blocking power of second mortgages

Philip Bond, Ronel Elul, Sharon Garyn-Tal and David K. Musto

13-02: Durable financial regulation: monitoring financial instruments as a counterpart to regulating financial institutions

Leonard Nakamura

13-01: Regional resilience

Jeffrey Lin

12-30: Business cycle implications of internal consumption habit for new Keynesian models

Takashi Kano and James M. Nason

12-29: Should defaults be forgotten? Evidence from legally mandated removal

marieke Bos and Leonard Nakamura

12-28: Macroprudential policy: its effects and relationship to monetary policy

Hyunduk Suh

12-27: Sequential Monte Carlo sampling for DSGE models

Edward Herbst and Frank Schorfheide

12-26: Estimating a dynamic equilibrium model of firm location choices in an urban economy

Jeffrey Brinkman, Daniele Coen-Pirani and Holger Sieg

12-25: A tractable circular city model with an application to the effects of development constraints on land rents

Satyajit Chatterjee and Burcu Eyigungor

12-24: Business cycles and financial crises: the roles of credit supply and demand shocks

James M. Nason and Ellis W. Tallman

12-23: A narrative analysis of post-World War II changes in federal aid

Gerald Carlino and Robert Inman

12-22: The agglomeration of R&D labs

Gerald A. Carlino, Robert M. Hunt, Jake K. Carr and Tony E. Smith

12-21: Monetary policy with heterogeneous agents

Nils Gornemann, Keith Kuester and Makoto Nakajima

12-20: Do falling iceberg costs explain recent U.S. export growth?

George Alessandria and Horag Choi

12-19: On the inherent instability of private money

Daniel R. Sanches

12-18: Credit risk analysis of credit card portfolios under economic stress conditions

Piu Banerjee and José J. Canals-Cerdá

12-17: Building the Innovation Union: Lessons from the 2008 Financial Crisis

Alice O. Nakamura, Leonard I. Nakamura and Masao Nakamura

12-16: Trade wedges, inventories, and international business cycles

George Alessandria, Joseph P. Kaboski and Virgiliu Midrigan

12-15: Insuring student loans against the financial risk of failing to complete college

Satyajit Chatterjee and Felicia A Ionescu

12-14: Debt dilution and seniority in a model of defaultable sovereign debt

Satyajit Chatterjee and Burcu Eyigungor

12-13: A primer on market discipline and governance of financial institutions for those in a state of shocked disbelief

Joseph P. Hughes and Loretta J. Mester

12-12: Getting rid of paper: savings from Check 21

David B. Humphrey and Robert M. Hunt

12-11: Private liquidity and banking regulation

Cyril Monnet and Daniel R. Sanches

12-10: Nonlinear adventures at the zero lower bound

Jesus Fernandez-Villaverde, Grey Gordon, Pablo A. Guerron and Juan F Rubio-Ramirez

12-9: Forecast bias in two dimensions

Dean Croushore

12-8: Market run-ups, market freezes, inventories, and leverage

Philip Bond and Yaron Leitner

12-7: The private premium in public bonds

Anna Kovner and Chenyang Wei

12-6: Financial globalization, inequality, and the raising of public debt

Marina Azzimonti, Eva de Francisco and Vincenzo Quadrini

12-5: Home production and Social Security reform

Michael Dotsey, Wenli Li and Fang Yang

12-4: Bayesian estimation of DSGE models

Pablo A. Guerron and James M. Nason

12-3: Common and idiosyncratic disturbances in developed small open economies

Pablo A. Guerron

12-2: Exogenous vs. endogenous separation

Shigeru Fujita and Garey Ramey

12-1: The macroeconomics of firms' savings

Roc Armenter and Viktoria V. Hnatkovska