Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
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2015-50: High-Dimensional Copula-Based Distributions with Mixed Frequency Data

Dong Hwan Oh and Andrew Patton

2015-49: Heterogeneity in Economic Shocks and Household Spending

Sebastian Devlin-Foltz and John Edward Sabelhaus

2015-48: Monetary Policy, Hot Housing Markets and Leverage

Christoph T. Ungerer

2015-47: Monetary Policy 101: A Primer on the Fed's Changing Approach to Policy Implementation

Jane E. Ihrig, Ellen Meade and Gretchen Weinbach

2015-46: Is the Intrinsic Value of Macroeconomic News Announcements Related to their Asset Price Impact?

Thomas Gilbert, Chiara Scotti, Georg Strasser and Clara Vega

2015-45: Inflation Expectations and Monetary Policy Design: Evidence from the Laboratory

Damjan Pfajfar and Blaž Žakelj

2015-44: Macroeconomic Effects of Banking Sector Losses across Structural Models

Francisco Covas, John Driscoll, Luca Guerrieri, Matteo Iacoviello, Mohammad Jahan-Parvar, Michael Kiley, Albert Queraltó and Jae Sim

2015-43: Slow capital, fast prices: Shocks to funding liquidity and stock price reversals

Stefan Gissler

2015-42: The Passthrough of Labor Costs to Price Inflation

Ekaterina V. Peneva and Jeremy B. Rudd

2015-41: The Income-Achievement Gap and Adult Outcome Inequality

Eric Nielsen

2015-40: Achievement Gap Estimates and Deviations from Cardinal Comparability

Eric Nielsen

2015-39: Small Businesses and Small Business Finance during the Financial Crisis and the Great Recession: New Evidence From the Survey of Consumer Finances

Arthur B. Kennickell, Myron L. Kwast and Jonathan Pogach

2015-38: Optimal Government Spending at the Zero Lower Bound: A Non-Ricardian Analysis

Taisuke Nakata

2015-37: Balance-Sheet Households and Fiscal Stimulus: Lessons from the Payroll Tax Cut and Its Expiration

Claudia Sahm, Matthew Shapiro and Joel Slemrod

2015-36: Dividend Taxes and Stock Volatility

Erin E. Syron Ferris

2015-35: Are Survey Expectations Theory-Consistent? The Role of Central Bank Communication and News

Lena Dräger, Michael Lamla and Damjan Pfajfar

2015-34: On Default and Uniqueness of Monetary Equilibria

Li Lin, Dimitrios Tsomocos and Alexandros Vardoulakis

2015-33: Ambiguity in Securitization Markets

Alyssa G. Anderson

2015-32: Self-fulfilling Runs: Evidence from the U.S. Life Insurance Industry

Nathan Foley-Fisher, Borghan Nezami Narajabad and Stephane Verani

2015-31: Secondary Market Liquidity and the Optimal Capital Structure

David Arseneau, David E. Rappoport and Alexandros Vardoulakis

2015-30: Measuring Income and Wealth at the Top Using Administrative and Survey Data

Jesse Bricker, Alice Henriques Volz, Jacob Krimmel and John Edward Sabelhaus

2015-29: Inflation Expectations and Recovery from the Depression in 1933: Evidence from the Narrative Record

Andrew Jalil and Gisela Rua

2015-28: Credit-Market Sentiment and the Business Cycle

David Lopez-Salido, Jeremy Stein and Egon Zakrajšek

2015-27: An agency problem in the MBS market and the solicited refinancing channel of large-scale asset purchases

John Kandrac and Bernd Schlusche

2015-26: Derivatives Pricing under Bilateral Counterparty Risk

Samim Ghamami

2015-25: The Effect of Shocks to College Revenues on For-Profit Enrollment: Spillover from the Public Sector

Sarena Goodman and Alice Henriques Volz

2015-24: Are the Borrowing Costs of Large Financial Firms Unusual?

Javed Ahmed, Christopher Anderson and Rebecca Zarutskie

2015-23: Wage Dispersion with Heterogeneous Wage Contracts

Cynthia Doniger

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