Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
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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

2014-36: Hedge fund holdings and stock market efficiency

Charles Cao, Bing Liang, Andrew Lo and Lubomir Petrasek

2014-35: Are Household Investors Noise Traders: Evidence from Belief Dispersion and Stock Trading Volume

Dan Li and Geng Li

2014-34: Model Risk of Risk Models

Jon Danielsson, Kevin James, Marcela Valenzuela and Ilknur Zer

2014-33: Machines vs. Machines: High Frequency Trading and Hard Information

Yesol Huh

2014-32: Fertility Choice in a Life Cycle Model with Idiosyncratic Uninsurable Earnings Risk

Kamila Sommer

2014-31: The Risk Channel of Monetary Policy

Oliver DeGroot

2014-30: Gates, Fees, and Preemptive Runs

Marco Cipriani, Antoine Martin, Patrick E. McCabe and Bruno Parigi

2014-29: Policy Paradoxes in the New Keynesian Model

Michael Kiley

2014-28: An Evaluation of the Inflationary Pressure Associated with Short- and Long-term Unemployment

Michael Kiley

2014-27: Missing Variation in the Great Moderation: Lack of Signal Error and OLS Regression

Jeremy J. Nalewaik

2014-26: Community Bank Performance: How Important are Managers?

Dean F. Amel and Robin A. Prager

2014-25: Small Sample Properties of Bayesian Estimators of Labor Income Processes

Taisuke Nakata and Christopher Tonetti

2014-24: Tips from TIPS: the informational content of Treasury Inflation-Protected Security prices

Stefania D'Amico, Don H. Kim and Min Wei

2014-23: Competition in lending and credit ratings

Javed Ahmed

2014-22: Demand for M2 at the Zero Lower Bound: The Recent U.S. Experience

Ruth A. Judson, Bernd Schlusche and Vivian Wong

2014-21: An Evaluation of Bank VaR Measures for Market Risk During and Before the Financial Crisis

James M. O'Brien and Pawel J. Szerszen

2014-20: The Effects of Bank Charter Switching on Supervisory Ratings

Marcelo Rezende

2014-19: National Bank Examinations and Operations in the Early 1890s

Charles Calomiris and Mark Carlson

2014-18: Small Price Responses to Large Demand Shocks

Etienne Gagnon and David Lopez-Salido

2014-17: Finance and Productivity Growth: Firm-level Evidence

Oliver Levine and Missaka Warusawitharana

2014-16: Using Data on Seller Behavior to Forecast Short-run House Price Changes

Elliot Anenberg and Steven Laufer

2014-15: Banks as Patient Fixed Income Investors

Samuel Hanson, Andrei Shleifer, Jeremy Stein and Robert Vishny

2014-14: The Interplay Between Student Loans and Credit Card Debt: Implications for Default in the Great Recession

Felicia Ionescu and Marius Ionescu

2014-13: How Well Did Social Security Mitigate the Effects of the Great Recession?

William B. Peterman and Kamila Sommer

2014-12: How the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates

Diana Hancock and Wayne Passmore

2014-11: The Interest Rate Elasticity of Mortgage Demand: Evidence From Bunching at the Conforming Loan Limit

Anthony DeFusco and Andrew D. Paciorek

2014-10: Peer-to-peer lending to small businesses

Courtney M. Carter, Traci L. Mach and Cailin Slattery

2014-09: Human Capital and Unemployment Dynamics: Why More Educated Workers Enjoy Greater Employment Stability

Isabel Cairo and Tomaz Cajner

2014-08: Corporate Governance and Risk Management at Unprotected Banks: National Banks in the 1890s

Charles Calomiris and Mark Carlson

2014-07: Term Structure Modeling with Supply Factors and the Federal Reserve's Large Scale Asset Purchase Programs

Canlin Li and Min Wei

2014-06: The Credit Crunch and Fall in Employment during the Great Recession

Samuel Haltenhof, Seung Jung Lee and Viktors Stebunovs

2014-05: Idiosyncratic Investment Risk and Business Cycles

Jonathan Goldberg