Details about Steven Sharpe

Homepage:	http://www.federalreserve.gov/research/staff/sharpestevea.htm
Workplace:	Federal Reserve Board (Board of Governors of the Federal Reserve System), (more information at EDIRC)

Access statistics for papers by Steven Sharpe.

Last updated 2024-08-12. Update your information in the RePEc Author Service.

Short-id: psh65

---

Jump to Journal Articles

Working Papers

2024

1. Predicting Analysts’ S&P 500 Earnings Forecast Errors and Stock Market Returns using Macroeconomic Data and Nowcasts
   Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.)

2023

2. The Swaps Strike Back: Evaluating Expectations of One-Year Inflation
   Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (3)

2022

3. (Don't Fear) The Yield Curve, Reprise
   FEDS Notes, Board of Governors of the Federal Reserve System (U.S.)

2020

4. Macroeconomic News and Stock Prices Over the FOMC Cycle
   FEDS Notes, Board of Governors of the Federal Reserve System (U.S.) View citations (2)
5. The Corporate Bond Market Crises and the Government Response
   FEDS Notes, Board of Governors of the Federal Reserve System (U.S.) View citations (2)
6. The Power of Narratives in Economic Forecasts
   Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (2)

2018

7. (Don't Fear) The Yield Curve
   FEDS Notes, Board of Governors of the Federal Reserve System (U.S.)
8. The Near-Term Forward Yield Spread as a Leading Indicator: A Less Distorted Mirror
   Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (4)
   See also Journal Article The Near-Term Forward Yield Spread as a Leading Indicator: A Less Distorted Mirror, Financial Analysts Journal, Taylor & Francis Journals (2019) View citations (2) (2019)

2017

9. What's the Story? A New Perspective on the Value of Economic Forecasts
   Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (2)

2015

10. Crowding Out Effects of Refinancing on New Purchase Mortgages
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.)
    See also Journal Article Crowding Out Effects of Refinancing on New Purchase Mortgages, Review of Industrial Organization, Springer (2016) View citations (21) (2016)

2013

11. Do CFOs Think Investment is Sensitive to Interest Rules?
    FEDS Notes, Board of Governors of the Federal Reserve System (U.S.)
12. The insensitivity of investment to interest rates: Evidence from a survey of CFOs
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (2)

2012

13. From the horse’s mouth: how do investor expectations of risk and return vary with economic conditions?
    Working Paper Series, Federal Reserve Bank of Chicago View citations (3)

2008

14. Expectations of risk and return among household investors: Are their Sharpe ratios countercyclical?
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (9)
    See also Journal Article Expectations of risk and return among household investors: Are their Sharpe ratios countercyclical?, Proceedings, Federal Reserve Bank of San Francisco (2009) View citations (6) (2009)
15. Footnotes Aren't Enough: The Impact of Pension Accounting on Stock Values
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
    Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2008) View citations (6)
    See also Journal Article Footnotes aren't enough: the impact of pension accounting on stock values*, Journal of Pension Economics and Finance, Cambridge University Press (2008) View citations (16) (2008)

2007

16. Anchoring bias in consensus forecasts and its effect on market prices
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (5)
    See also Journal Article Anchoring Bias in Consensus Forecasts and Its Effect on Market Prices, Journal of Financial and Quantitative Analysis, Cambridge University Press (2009) View citations (90) (2009)

2006

17. How did the 2003 dividend tax cut affect stock prices?
    Working Paper Series, Federal Reserve Bank of Chicago View citations (5)
    Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2005) View citations (3)
    See also Journal Article How Did the 2003 Dividend Tax Cut Affect Stock Prices?, Financial Management, Financial Management Association International (2008) View citations (22) (2008)

2005

18. Do nonfinancial firms use interest rate derivatives to hedge?
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (1)
19. From the horse's mouth: gauging conditional expected stock returns from investor surveys
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.)
    See also Journal Article From the horse’s mouth: gauging conditional expected stock returns from investor surveys, Proceedings, Board of Governors of the Federal Reserve System (U.S.) (2005) View citations (1) (2005)
20. How did the 2003 dividend tax cut affect stock prices and corporate payout policy?
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.)

2004

21. How Does the Market Interpret Analysts' Long-Term Growth Forecasts?
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.)
    Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2002) View citations (3)

2003

22. Did pension plan accounting contribute to a stock market bubble?
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (35)
    See also Journal Article Did Pension Plan Accounting Contribute to a Stock Market Bubble?, Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution (2003) View citations (35) (2003)
23. Getting bad news out early: does it really help stock prices?
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (2)

2001

24. Reexamining stock valuation and inflation: the implications of analysts' earnings forecasts
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (8)
    See also Journal Article Reexamining Stock Valuation and Inflation: The Implications Of Analysts' Earnings Forecasts, The Review of Economics and Statistics, MIT Press (2002) View citations (81) (2002)

1999

25. Share repurchases and employee stock options and their implications for S&P 500 share retirements and expected returns
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (18)
26. Stock prices, expected returns, and inflation
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (17)

1997

27. Bank asset opaqueness: some comments
    Proceedings, Federal Reserve Bank of Chicago

1996

28. Debt maturity and the use of interest rate derivatives by non-financial firms
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (4)
29. Does corporate lending by banks and finance companies differ? Evidence on specialization in private debt contracting
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (42)
30. Does lending by banks and finance companies differ?
    Proceedings, Federal Reserve Bank of Chicago View citations (5)

1995

31. Bank capitalization, regulation, and the credit crunch: a critical review of the research findings
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (37)

1994

32. Capital market imperfections and the incentive to lease
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (1)
    See also Journal Article Capital market imperfections and the incentive to lease, Journal of Financial Economics, Elsevier (1995) View citations (75) (1995)
33. Leverage as a State Variable for Employment, Inventory Accumulation, andFixed Investment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
    Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (1994) View citations (21)
34. Optimal bank portfolios and the credit crunch
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (11)
35. Rents and quasi-rents in the wage structure: evidence from hostile takeovers
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (1)

1993

36. Financial market imperfections, firm leverage and the cyclicality of employment
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (1)
    See also Journal Article Financial Market Imperfections, Firm Leverage, and the Cyclicality of Employment, American Economic Review, American Economic Association (1994) View citations (204) (1994)

1992

37. Consumer switching costs, market structure and prices: the theory and its application in the bank deposit market
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (11)
38. Hostile Takeovers and Expropriation of Extramarginal Wages: A Test
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
    Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (1992) View citations (3)

1991

39. Debt and employment volatility over the business cycle
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.)
40. Debt maturity and the back-to-the-wall theory of corporate finance
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.)

1990

41. Animal spirits, margin requirements, and stock price volatility
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (2)
    Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (1989)
    See also Journal Article Animal Spirits, Margin Requirements, and Stock Price Volatility, Journal of Finance, American Finance Association (1991) View citations (20) (1991)
42. Switching costs, market concentration, and prices: the theory and its empirical implications in the bank deposit market
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (5)

1989

43. A theory of credit rationing and the maturity structure of debt
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.)
    Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (1988) View citations (1)
44. Asymmetric information, bank lending, and implicit contracts: a stylized model of customer relationships
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (4)
    See also Journal Article Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationships, Journal of Finance, American Finance Association (1990) View citations (1205) (1990)
45. Market structure and the nature of price rigidity: evidence from the market for consumer deposits
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (25)
    See also Journal Article Market Structure and the Nature of Price Rigidity: Evidence from the Market for Consumer Deposits, The Quarterly Journal of Economics, President and Fellows of Harvard College (1992) View citations (338) (1992)

1988

46. Post-deregulation deposit rate pricing: the multivariate dynamics
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (2)

1987

47. Asymmetric information, bank lending, and implicit contracts: a stylized model of continuing relationships
    Special Studies Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (3)
48. Price rigidity in imperfectly competitive markets: a survey of theoretical approaches
    Special Studies Papers, Board of Governors of the Federal Reserve System (U.S.)

1986

49. Experience goods, customer loyalty, and sticky prices in a dynamic market
    Special Studies Papers, Board of Governors of the Federal Reserve System (U.S.)

Journal Articles

2023

1. Andrew W. Lo and Stephen R. Foerster: In Pursuit of the Perfect Portfolio
   Business Economics, 2023, 58, (2), 108-111
2. The power of narrative sentiment in economic forecasts
   International Journal of Forecasting, 2023, 39, (3), 1097-1121 View citations (5)

2021

3. Why Isn’t Business Investment More Sensitive to Interest Rates? Evidence from Surveys
   Management Science, 2021, 67, (2), 720-741 View citations (6)

2019

4. The Near-Term Forward Yield Spread as a Leading Indicator: A Less Distorted Mirror
   Financial Analysts Journal, 2019, 75, (4), 37-49 View citations (2)
   See also Working Paper The Near-Term Forward Yield Spread as a Leading Indicator: A Less Distorted Mirror, Finance and Economics Discussion Series (2018) View citations (4) (2018)

2016

5. Crowding Out Effects of Refinancing on New Purchase Mortgages
   Review of Industrial Organization, 2016, 48, (2), 209-239 View citations (21)
   Also in Review of Industrial Organization, 2016, 48, (2), 209-239 (2016) View citations (21)
   See also Working Paper Crowding Out Effects of Refinancing on New Purchase Mortgages, Finance and Economics Discussion Series (2015) (2015)

2014

6. From the Horse's Mouth: Economic Conditions and Investor Expectations of Risk and Return
   Management Science, 2014, 60, (4), 845-866 View citations (45)

2009

7. Anchoring Bias in Consensus Forecasts and Its Effect on Market Prices
   Journal of Financial and Quantitative Analysis, 2009, 44, (2), 369-390 View citations (90)
   See also Working Paper Anchoring bias in consensus forecasts and its effect on market prices, Finance and Economics Discussion Series (2007) View citations (5) (2007)
8. Expectations of risk and return among household investors: Are their Sharpe ratios countercyclical?
   Proceedings, 2009, (Jan) View citations (6)
   See also Working Paper Expectations of risk and return among household investors: Are their Sharpe ratios countercyclical?, Finance and Economics Discussion Series (2008) View citations (9) (2008)

2008

9. Footnotes aren't enough: the impact of pension accounting on stock values*
   Journal of Pension Economics and Finance, 2008, 7, (3), 257-276 View citations (16)
   See also Working Paper Footnotes Aren't Enough: The Impact of Pension Accounting on Stock Values, NBER Working Papers (2008) View citations (8) (2008)
10. How Did the 2003 Dividend Tax Cut Affect Stock Prices?
    Financial Management, 2008, 37, (4), 625-646 View citations (22)
    See also Working Paper How did the 2003 dividend tax cut affect stock prices?, Working Paper Series (2006) View citations (5) (2006)

2005

11. From the horse’s mouth: gauging conditional expected stock returns from investor surveys
    Proceedings, 2005 View citations (1)
    See also Working Paper From the horse's mouth: gauging conditional expected stock returns from investor surveys, Finance and Economics Discussion Series (2005) (2005)

2003

12. Did Pension Plan Accounting Contribute to a Stock Market Bubble?
    Brookings Papers on Economic Activity, 2003, 34, (1), 323-371 View citations (35)
    See also Working Paper Did pension plan accounting contribute to a stock market bubble?, Finance and Economics Discussion Series (2003) View citations (35) (2003)

2002

13. Reexamining Stock Valuation and Inflation: The Implications Of Analysts' Earnings Forecasts
    The Review of Economics and Statistics, 2002, 84, (4), 632-648 View citations (81)
    See also Working Paper Reexamining stock valuation and inflation: the implications of analysts' earnings forecasts, Finance and Economics Discussion Series (2001) View citations (8) (2001)

1995

14. Capital market imperfections and the incentive to lease
    Journal of Financial Economics, 1995, 39, (2-3), 271-294 View citations (75)
    See also Working Paper Capital market imperfections and the incentive to lease, Finance and Economics Discussion Series (1994) View citations (1) (1994)

1994

15. Financial Market Imperfections, Firm Leverage, and the Cyclicality of Employment
    American Economic Review, 1994, 84, (4), 1060-74 View citations (204)
    See also Working Paper Financial market imperfections, firm leverage and the cyclicality of employment, Finance and Economics Discussion Series (1993) View citations (1) (1993)

1992

16. Market Structure and the Nature of Price Rigidity: Evidence from the Market for Consumer Deposits
    The Quarterly Journal of Economics, 1992, 107, (2), 657-680 View citations (338)
    See also Working Paper Market structure and the nature of price rigidity: evidence from the market for consumer deposits, Finance and Economics Discussion Series (1989) View citations (25) (1989)

1991

17. Animal Spirits, Margin Requirements, and Stock Price Volatility
    Journal of Finance, 1991, 46, (2), 717-31 View citations (20)
    See also Working Paper Animal spirits, margin requirements, and stock price volatility, Finance and Economics Discussion Series (1990) View citations (2) (1990)
18. Credit rationing, concessionary lending, and debt maturity
    Journal of Banking & Finance, 1991, 15, (3), 581-604 View citations (37)

1990

19. Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationships
    Journal of Finance, 1990, 45, (4), 1069-87 View citations (1205)
    See also Working Paper Asymmetric information, bank lending, and implicit contracts: a stylized model of customer relationships, Finance and Economics Discussion Series (1989) View citations (4) (1989)
20. Post-deregulation Bank-Deposit-Rate Pricing: The Multivariate Dynamics
    Journal of Business & Economic Statistics, 1990, 8, (3), 281-91 View citations (37)