Finance and Economics Discussion Series

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

2014-04: The Surprisingly Swift Decline of U.S. Manufacturing Employment

Justin Pierce and Peter Schott

2014-03: Monetary Policy and Real Borrowing Costs at the Zero Lower Bound

Simon Gilchrist, David Lopez-Salido and Egon Zakrajšek

2014-2: The insensitivity of investment to interest rates: Evidence from a survey of CFOs

Steven Sharpe and Gustavo Suarez

2014-01: A Robust Capital Asset Pricing Model

Doriana Ruffino

2013-88: Declining Labor Force Attachment and Downward Trends in Unemployment and Participation

Régis Barnichon and Andrew Figura

2013-87: Systemic Risk, International Regulation, and the Limits of Coordination

Gazi Kara

2013-86: Unemployment Insurance Experience Rating and Labor Market Dynamics

David Ratner

2013-85: Learning, Rare Disasters, and Asset Prices

Yang Lu and Michael Siemer

2013-84: Are Banks' Internal Risk Parameters Consistent? Evidence from Syndicated Loans

Simon Firestone and Marcelo Rezende

2013-83: Repo collateral fire sales: the effects of exemption from automatic stay

Sebastian Infante

2013-82: Cost shifting and the freezing of corporate pension plans

Joshua Rauh, Irina Stefanescu and Stephen Zeldes

2013-81: Payday loans and consumer financial health

Neil Bhutta

2013-80: Sticky deposit rates

John Driscoll and Ruth A. Judson

2013-79: Are homeowners in denial about their house values? comparing owner perceptions with transaction-based indexes

Alice Henriques Volz

2013-78: Equity market misvaluation, financing, and investment

Missaka Warusawitharana and Toni Whited

2013-77: Aggregate supply in the United States: recent developments and implications for the conduct of monetary policy

David L. Reifschneider, William Wascher and David Wilcox

2013-76: The Federal Reserve's framework for monetary policy - recent changes and new questions

William B. English, David Lopez-Salido and Robert Tetlow

2013-75: Who works for startups? The relation between firm age, employee age, and growth

Paige P. Ouimet and Rebecca Zarutskie

2013-74: Trend inflation in advanced economies

Christine Garnier, Elmar Mertens and Edward Nelson

2013-73: Sectoral allocation, risk efficiency and the Great Moderation

Manjola Tase

2013-72: Yield curve impacts of forward guidance and maturity extension programs

Jeff W. Huther and Jason Seligman

2013-71: Volatility, labor heterogeneity and asset prices

Juan Ochoa

2013-70: Effects of monetary policy shocks across time and across sectors

Ekaterina V. Peneva

2013-69: Learning from the test: raising selective college enrollment by providing information

Sarena Goodman

2013-68: Going public abroad

Cecilia R. Caglio, Kathleen Hanley and Jennifer Marietta-Westberg

2013-67: Rising intangible capital, shrinking debt capacity, and the US corporate savings glut

Antonio Falato, Dalida Kadyrzhanova and Jae Sim

2013-66: Taxpayer confusion over predictable tax liability changes: evidence from the Child Tax Credit

Naomi Feldman, Peter Katuscak and Laura Kawano

2013-65: Broadband in the labor market: The impact of residential high speed internet on married women's labor force participation

Lisa Dettling

2013-64: Policy uncertainty, irreversibility, and cross-border flows of capital

Brandon Julio and Youngsuk Yook

2013-63: Computing arbitrage-free yields in multi-factor Gaussian shadow-rate term structure models

Marcel A. Priebsch

2013-62: Payday lending regulation

Alex Kaufman

2013-61: What does financial volatility tell us about macroeconomic fluctuations?

Marcelle Chauvet, Zeynep Senyuz and Emre Yoldas

2013-60: Endogenous sources of volatility in housing markets: the joint buyer-seller problem

Elliot Anenberg and Patrick Bayer

2013-59: Cost of borrowing shocks and fiscal adjustment

Oliver de Groot, Fédéric Holm-Hadulla and Nadine Leiner-Killinger

2013-58: Monetary-fiscal policy interactions: interdependent policy rule coefficients

Manuel González-Astudillo

2013-57: The dynamics of labor market polarization

Christopher Smith

2013-56: The impact of the Federal Reserve's Large-Scale Asset Purchase programs on corporate credit risk

Simon Gilchrist and Egon Zakrajšek

2013-55: Stress-testing U.S. bank holding companies: a dynamic panel quantile regression approach

Francisco Covas, Ben Rump and Egon Zakrajšek

2013-54: Volatility of volatility and tail risk premiums

Yang-Ho Park

2013-53: Household mobility over the Great Recession: evidence from the U.S. 2007-09 Survey of Consumer Finances panel

Jesse Bricker and Brian Bucks

2013-52: The cross-market spillover of economic shocks through multi-market banks

Jose M. Berrospide, Lamont K. Black and William R. Keeton

2013-51: Inequality and poverty in the United States: the aftermath of the Great Recession

Timothy Smeeding and Jeffrey Thompson

2013-50: Shadow banking and the funding of the nonfinancial sector

Joshua H. Gallin

2013-49: The effect of state and local sales taxes on employment at state borders

Shawn Rohlin and Jeffrey Thompson

2013-48: Are leveraged and inverse ETFs the new portfolio insurers?

Tugkan Tuzun

2013-47: Credit-crunch dynamics with uninsured investment risk

Jonathan Goldberg

2013-46: Analysis of wealth using micro and macro data: a comparison of the Survey of Consumer Finances and Flow of Funds Accounts

Alice Henriques Volz and Joanne Hsu

2013-45: Dementia risk and financial decision making by older households: the impact of information

Joanne Hsu and Robert Willis

2013-44: Importing, exporting and firm-level employment volatility

Christopher J. Kurz and Mine Senses

2013-43: Sequential Monte Carlo sampling for DSGE models

Edward Herbst and Frank Schorfheide

2013-42: Economic volatility and financial markets: the case of mortgage-backed securities

Gaetano Antinolfi and Celso Brunetti

2013-41: Monetary policy and financial stability risks: an example

James A. Clouse

2013-40: Optimal fiscal and monetary policy with occasionally binding zero bound constraints

Taisuke Nakata

2013-39: Assessing and combining financial conditions indexes

Sirio Aramonte, Samuel Rosen and John W. Schindler

2013-38: Antidumping duties and plant-level restructuring

Justin Pierce