Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
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2015-22: Liquidity Windfalls: The Consequences of Repo Rehypothecation

Sebastian Infante

2015-21: A Model of Endogenous Loan Quality and the Collapse of the Shadow Banking System

Francesco Ferrante

2015-20: Downside Variance Risk Premium

Bruno Feunou, Mohammad Jahan-Parvar and Cedric Okou

2015-19: Wealth, Pensions, Debt, and Savings: Considerations for a Panel Survey

Brian Bucks and Karen Pence

2015-18: Banking panics and deflation in dynamic general equilibrium

Francesca Carapella

2015-17: Crowding Out Effects of Refinancing on New Purchase Mortgages

Steven Sharpe and Shane Sherlund

2015-16: Have Distressed Neighborhoods Recovered? Evidence from the Neighborhood Stabilization Program

Alvaro Cortes, Jenny Schuetz and Jonathan Spader

2015-15: Consumers' Attitudes and Their Inflation Expectations

Michael Ehrmann, Damjan Pfajfar and Emiliano Santoro

2015-14: Institutions and return predictability in oil-exporting countries

Sirio Aramonte, Mohammad Jahan-Parvar and Justin Shugarman

2015-13: A Global Trade Model for the Euro Area

Antonello D'Agostino, Michele Modugno and Chiara Osbat

2015-12: Inflation Dynamics During the Financial Crisis

Simon Gilchrist, Raphael Schoenle, Jae Sim and Egon Zakrajšek

2015-11: Why Do We Need Both Liquidity Regulations and a Lender of Last Resort? A Perspective from Federal Reserve Lending during the 2007-09 U.S. Financial Crisis

Mark Carlson, Burcu Duygan-Bump and William R. Nelson

2015-10: Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations

Josh Frost, Lorie Logan, Antoine Martin, Patrick E. McCabe, Fabio M. Natalucci and Julie Remache

2015-9: The Evolution of Retirement Wealth

Sebastian Devlin-Foltz, Alice Henriques Volz and John Edward Sabelhaus

2015-8: Mode effects in mixed-mode economic surveys: Insights from a randomized experiment

Joanne Hsu and Brooke H. McFall

2015-7: The Real Effects of Credit Line Drawdowns

Jose M. Berrospide and Ralf R. Meisenzahl

2015-6: The Determinants of Subprime Mortgage Performance Following a Loan Modification

Matthew B. Gross and Maximilian Schmeiser

2015-5: The Macroeconomic Effects of the Federal Reserve's Unconventional Monetary Policies

Eric M. Engen, Thomas Laubach and David L. Reifschneider

2015-4: Which Way to Recovery? Housing Market Outcomes and the Neighborhood Stabilization Program

Jennifer Lewis Buell, Kimberly Burnett, Larry Buron, Alvaro Cortes, Michael DiDomenico, Anna Jefferson, Christian Redfearn, Jenny Schuetz, Jonathan Spader and Stephen Whitlow

2015-3: Tradability of Output, Business Cycles, and Asset Prices

Mary Tian

2015-2: Bayesian Estimation of Time-Changed Default Intensity Models

Michael Gordy and Pawel J. Szerszen

2015-1: Loan Sales and Bank Liquidity Risk Management: Evidence from a U.S. Credit Register

Rustom M. Irani and Ralf R. Meisenzahl

2014-114: Efficient Monte Carlo Counterparty Credit Risk Pricing and Measurement

Samim Ghamami and Bo Zhang

2014-113: Where Are All the New Banks? The Role of Regulatory Burden in New Charter Creation

Robert M. Adams and Jacob P. Gramlich

2014-112: Modeling Money Market Spreads: What Do We Learn about Refinancing Risk?

Vincent Brousseau, Kleopatra Nikolaou and Huw Pill

2014-111: The Impact of the Small Business Lending Fund on Community Bank Lending to Small Businesses

Dean F. Amel and Traci L. Mach

2014-110: Central banks as lender of last resort: experiences during the 2007-2010 crisis and lessons for the future

Dietrich Domanski, Richhild Moessner and William R. Nelson

2014-109: Assessing the Change in Labor Market Conditions

Hess Chung, Bruce Fallick, Christopher Nekarda and David Ratner

2014-108: In Search of a Risk-free Asset

Vladimir Yankov

2014-107: Fiscal Multipliers at the Zero Lower Bound: The Role of Policy Inertia

Timothy S. Hills and Taisuke Nakata

2014-106: Are Concerns About Leveraged ETFs Overblown?

Ivan T. Ivanov and Stephen L. Lenkey

2014-105: Conservatism and Liquidity Traps

Taisuke Nakata and Sebastian Schmidt

2014-104: Bitcoin: Technical Background and Data Analysis

Anton Badev and Matthew Chen

2014-103: Habit, Production, and the Cross-Section of Stock Returns

Andrew Chen

2014-102: The Demand for Short-Term, Safe Assets and Financial Stability: Some Evidence and Implications for Central Bank Policies

Mark Carlson, Burcu Duygan-Bump, Fabio M. Natalucci, William R. Nelson, Juan Ochoa, Jerome Stein and Skander Van den Heuvel

2014-101: Tax Policy Endogeneity: Evidence from R&D Tax Credits

Andrew C. Chang

2014-100: Jumps in Bond Yields at Known Times

Don H. Kim and Jonathan Wright

2014-99: Limited Deposit Insurance Coverage and Bank Competition

Oz Shy, Rune Stenbacka and Vladimir Yankov

2014-98: Homeowner Balance Sheets and Monetary Policy

Aditya Aladangady

2014-97: Identifying the Stance of Monetary Policy at the Zero Lower Bound: A Markov-switching Estimation Exploiting Monetary-Fiscal Policy Interdependence

Manuel González-Astudillo

2014-96: It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) plans

Veronika K. Pool, Clemens Sialm and Irina Stefanescu

2014-95: Dealer Networks

Dan Li and Norman Schurhoff

2014-94: The Importance of Updating: Evidence from a Brazilian Nowcasting Model

Daniela Bragoli, Luca Metelli and Michele Modugno

2014-93: Pricing decisions in an experimental dynamic stochastic general equilibrium economy

Charles Noussair, Damjan Pfajfar and Janos Zsiros

2014-92: Financing Constraints and Unemployment: Evidence from the Great Recession

Burcu Duygan-Bump, Alexey Leykov and Judit Montoriol-Garriga

2014-91: The ins and outs of mortgage debt during the housing boom and bust

Neil Bhutta

2014-90: Does education loan debt influence household financial distress? An assessment using the 2007-09 SCF Panel

Jesse Bricker and Jeffrey Thompson

2014-89: Inflation Experience and Inflation Expectations: Dispersion and Disagreement Within Demographic Groups

Benjamin K. Johannsen

2014-88: Diffusion of Containerization

Gisela Rua

2014-87: Macroeconomic Policy Games

Martin Bodenstein, Luca Guerrieri and Joe LaBriola

2014-86: An Empirical Analysis of Futures Margin Changes: Determinants and Policy Implications

Nicole Abruzzo and Yang-Ho Park

2014-85: Bank Liquidity and Capital Regulation in General Equilibrium

Francisco Covas and John Driscoll

2014-84: Financial Frictions, Financial Shocks, and Aggregate Volatility

Cristina Fuentes-Albero

2014-83: The Federal Reserve's Tools for Policy Normalization in a Preferred Habitat Model of Financial Markets

Han Chen, James A. Clouse, Jane E. Ihrig and Elizabeth Klee

2014-82: Auto Sales and Credit Supply

Kathleen W. Johnson, Karen Pence and Daniel J. Vine

2014-81: Why Are Wal-Mart and Target Next-Door Neighbors?

Jenny Schuetz

2014-80: Returning to the Nest: Debt and Parental Co-residence Among Young Adults

Lisa Dettling and Joanne Hsu

2014-79: Reconstruction Multipliers

Francesco Porcelli and Riccardo Trezzi

2014-78: An Industrial Organization Approach to International Portfolio Diversification: Evidence from the U.S. Mutual Fund Families

Chaehee Shin

2014-77: Bank Profitability and Debit Card Interchange Regulation: Bank Responses to the Durbin Amendment

Benjamin S. Kay, Mark D. Manuszak and Cindy M. Vojtech

2014-76: Signaling Status: The Impact of Relative Income on Household Consumption and Financial Decisions

Jesse Bricker, Jacob Krimmel and Rodney Ramcharan

2014-75: Robust Dynamic Optimal Taxation and Environmental Externalities

Xin Li, Borghan Nezami Narajabad and Ted Loch Temzelides

2014-74: Survey Incentives, Survey Effort, and Survey Costs

Jesse Bricker

2014-73: Long-Term Vacancy in the United States

Raven S. Molloy

2014-72: Why Do Innovative Firms Hold So Much Cash? Evidence from Changes in State R&D Tax Credits

Antonio Falato and Jae Sim

2014-71: Solving asset pricing models with stochastic volatility

Oliver de Groot

2014-70: Tying loan interest rates to borrowers' CDS spreads

Ivan T. Ivanov, Joao Santos and Thu Vo

2014-69: Uncertainty, Financial Frictions, and Investment Dynamics

Simon Gilchrist, Jae Sim and Egon Zakrajšek

2014-68: State Mandated Financial Education and the Credit Behavior of Young Adults

Alexandra Brown, J. Michael Collins, Maximilian Schmeiser and Carly Urban

2014-67: Financial Fire Sales: Evidence from Bank Failures

Raghuram Rajan and Rodney Ramcharan

2014-66: Default Risk and Private Student Loans: Implications for Higher Education Policies

Felicia Ionescu and Nicole Simpson

2014-65: The Effects of Unemployment Benefits on Unemployment and Labor Force Participation: Evidence from 35 Years of Benefits Extensions

Régis Barnichon and Andrew Figura

2014-64: Labor Force Participation: Recent Developments and Future Prospects

Stephanie Aaronson, Tomaz Cajner, Bruce Fallick, Felix Galbis-Reig, Christopher Smith and William Wascher

2014-63: Financial Condition and Product Market Cooperation

Matthew Gustafson, Ivan T. Ivanov and John Ritter

2014-62: What Drives the Cross-Section of Credit Spreads?: A Variance Decomposition Approach

Yoshio Nozawa

2014-61: Do Creditor Rights Increase Employment Risk? Evidence from Loan Covenants

Antonio Falato and J. Nellie Liang

2014-60: The scarcity value of Treasury collateral: Repo market effects of security-specific supply and demand factors

Stefania D'Amico, Roger Fan and Yuriy Kitsul

2014-59: Precautionary Volatility and Asset Prices

Andrew Chen

2014-58: A Tale of Two Option Markets: Pricing Kernels and Volatility Risk

Zhaogang Song and Dacheng Xiu

2014-57: Unspanned macroeconomic factors in the yield curve

Laura Coroneo, Domenico Giannone and Michele Modugno

2014-56: Firm Entry and Employment Dynamics in the Great Recession

Michael Siemer

2014-55: Business to Business Credit to Small Firms

Traci L. Mach

2014-54: Stochastic Intensity Models of Wrong Way Risk: Wrong Way CVA Need Not Exceed Independent CVA

Samim Ghamami and Lisa R. Goldberg

2014-53: Limited Deposit Insurance Coverage and Bank Competition

Oz Shy, Rune Stenbacka and Vladimir Yankov

2014-52: Low Frequency Effects of Macroeconomic News on Government Bond Yields

Carlo Altavilla, Domenico Giannone and Michele Modugno

2014-51: Non-linearity in the Inflation-Growth Relationship in Developing Economies: Evidence from a Semiparametric Panel Model

Deniz Baglan and Emre Yoldas

2014-50: Reputation and Liquidity Traps

Taisuke Nakata

2014-49: Assessing Targeted Macroprudential Financial Regulation: The Case of the 2006 Commercial Real Estate Guidance for Banks

William F. Bassett and W. Blake Marsh

2014-48: QE Auctions of Treasury Bonds

Zhaogang Song and Haoxiang Zhu

2014-47: OccBin: A Toolkit for Solving Dynamic Models With Occasionally Binding Constraints Easily

Luca Guerrieri and Matteo Iacoviello

2014-46: Flights to Safety

Lieven Baele, Geert Bekaert, Koen Inghelbrecht and Min Wei

2014-45: Relative Liquidity and Future Volatility

Piotr Fryzlewicz, Thorsten Rheinlander, Marcela Valenzuela and Ilknur Zer

2014-44: Navigating Constraints: The Evolution of Federal Reserve Monetary Policy, 1935-59

Mark Carlson and David Wheelock

2014-43: Behavioral Economics and Macroeconomic Models

John Driscoll and Steinar Holden

2014-42: The Welfare Costs of Skill-Mismatch Employment

David Arseneau and Brendan Epstein

2014-41: Bank Failure, Relationship Lending, and Local Economic Performance

John Kandrac

2014-40: When are the Effects of Fiscal Policy Uncertainty Large?

Benjamin K. Johannsen

2014-39: Monetary Policy and Real Borrowing Costs at the Zero Lower Bound

Simon Gilchrist, David Lopez-Salido and Egon Zakrajšek

2014-38: Assessing the Effects of the Zero-Interest-Rate Policy through the Lens of a Regime-Switching DSGE Model

Han Chen

2014-37: Debt Deflation Effects of Monetary Policy

Li Lin, Dimitrios Tsomocos and Alexandros Vardoulakis