Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
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2012-78: Optimal CEO incentives and industry dynamics

Antonio Falato and Dalida Kadyrzhanova

2012-77: Credit spreads as predictors of real-time economic activity: a Bayesian Model-Averaging approach

Jon Faust, Simon Gilchrist, Jonathan Wright and Egon Zakrajšek

2012-76: Do rising top income shares affect the incomes or earnings of low and middle-income families?

Elias Leight and Jeffrey Thompson

2012-75: Reconciling micro and macro estimates of the Frisch labor supply elasticity

William Peterman

2012-74: Dollar funding and the lending behavior of global banks

Victoria Ivashina, David Scharfstein and Jeremy Stein

2012-73: Job-to-job flows and the consequences of job separations

Bruce Fallick, John Haltiwanger and Erika McEntarfer

2012-72: Practical tools for policy analysis in DSGE models with missing channels

Dario Caldara, Richard Harrison and Anna Lipinska

2012-71: On the (in)effectiveness of fiscal devaluations in a monetary union

Anna Lipinska and Leopold von Thadden

2012-70: Optimal capital taxation with idiosyncratic investment risk

Vasia Panousi and Catarina Reis

2012-69: The properties of income risk in privately held businesses

Jason DeBacker, Bradley Heim, Vasia Panousi, Shanthi Ramnath and Ivan Vidangos

2012-68: Financing Constraints, Firm Dynamics, and International Trade

Till Gross and Stephane Verani

2012-67: Financial intermediation, investment dynamics and business cycle fluctuations

Andrea Ajello

2012-66: The Federal Reserve's balance sheet and overnight interest rates

Jaime R. Marquez, Ari Morse and Bernd Schlusche

2012-65: Equity trading and the allocation of market data revenue

Cecilia R. Caglio and Stewart Mayhew

2012-64: The effect of self-reported transitory income shocks on household spending

Samuel Ackerman and John Edward Sabelhaus

2012-63: Profitability and the lifecycle of firms

Missaka Warusawitharana

2012-62: The anatomy of a credit crisis: the boom and bust in farm land prices in the United States in the 1920s

Raghuram Rajan and Rodney Ramcharan

2012-61: Constituencies and legislation: the fight over the McFadden Act of 1927

Raghuram Rajan and Rodney Ramcharan

2012-60: The impact of house prices on consumer credit: evidence from an internet bank

Christopher Crowe and Rodney Ramcharan

2012-59: Supervisor ratings and the contraction of bank lending to small businesses

Elizabeth K. Kiser, Robin A. Prager and Jason R. Scott

2012-58: Effective tax rates and measures of business size

Kevin B. Moore

2012-57: Expectations about the Federal Reserve's balance sheet and the term structure of interest rates

Jane E. Ihrig, Elizabeth Klee, Canlin Li, Brett Schulte and Min Wei

2012-56: The Federal Reserve's balance sheet: a primer and projections

Alexander H. Boote, Seth B. Carpenter, Jane E. Ihrig, Elizabeth Klee and Daniel W. Quinn

2012-55: Estimating changes in supervisory standards and their economic effects

William F. Bassett, Seung Jung Lee and Thomas W. Spiller

2012-54: The aggregate demand effects of short- and long-term interest rates

Michael Kiley

2012-53: Bank capital ratios and the structure of nonfinancial industries

Seung Jung Lee and Viktors Stebunovs

2012-52: Spending within limits: Evidence from municipal fiscal restraints

Leah Brooks, Yosh Halberstam and Justin Phillips

2012-51: Consolidation and merger activity in the United States banking industry from 2000 through 2010

Robert M. Adams

2012-50: The impact of tax exclusive and inclusive prices on demand

Naomi Feldman and Bradley Ruffle

2012-49: Can macro variables used in stress testing forecast the performance of banks?

Luca Guerrieri and Michelle Welch

2012-48: Information frictions and housing market dynamics

Elliot Anenberg

2012-47: The minimum balance at risk: a proposal to mitigate the systemic risks posed by money market funds

Marco Cipriani, Michael Holscher, Antoine Martin and Patrick E. McCabe

2012-46: Monetary policy and long-term real rates

Samuel Hanson and Jeremy Stein

2012-45: Signal extraction for nonstationary multivariate time series with illustrations for trend inflation

Tucker McElroy and Thomas Trimbur

2012-44: Flow and stock effects of large-scale asset purchases: evidence on the importance of local supply

Stefania D'Amico and Thomas King

2012-43: What should core inflation exclude?

Alan Detmeister

2012-42: Do creditor rights increase employment risk? evidence from debt covenants

Antonio Falato and J. Nellie Liang

2012-41: Learning from experience in the stock market

Anton Nakov

2012-40: The other, other half: changes in the finances of the least wealthy 50 percent, 2007-2009

Arthur B. Kennickell

2012-39: CEO pay and the market for CEOs

Antonio Falato, Dan Li and Todd T. Milbourn

2012-38: Fiscal rules, what does the American experience tell us?

Glenn Follette and Byron F. Lutz

2012-37: Term structure modelling with supply factors and the Federal Reserve's Large Scale Asset Purchase programs

Canlin Li and Min Wei

2012-36: Is the Consumer Expenditure Survey representative by income?

Stephen Ash, Thesia Garner, John S. Greenlees, Steven W. Henderson, David Johnson, John Edward Sabelhaus and David Swanson

2012-35: Using the \"Chandrasekhar Recursions\" for likelihood evaluation of DSGE models

Edward Herbst

2012-34: Time-to plan lags for commercial construction projects

Jonathan N. Millar, Stephen Oliner and Daniel Sichel

2012-33: The influence of Fannie and Freddie on mortgage loan terms

Alex Kaufman

2012-32: A Dynamic Factor Model of the Yield Curve as a Predictor of the Economy

Marcelle Chauvet and Zeynep Senyuz

2012-31: The prolonged resolution of troubled real estate lenders during the 1930s

Jonathan Rose

2012-30: The response of capital goods shipments to demand over the business cycle

Jeremy J. Nalewaik and Eugénio Pinto

2012-29: The correlation between money and output in the United Kingdom: resolution of a puzzle

Edward Nelson

2012-28: An extensive look at taxes: how does endogenous retirement affect optimal taxation?

William Peterman

2012-27: Credit line use and availability in the financial crisis: the importance of hedging

Jose M. Berrospide, Ralf R. Meisenzahl and Briana D. Sullivan

2012-26: Interest rate risk and bank equity valuations

William B. English, Skander Van den Heuvel and Egon Zakrajšek

2012-25: The Government-Sponsored Enterprises and the mortgage crisis: the role of the affordable housing goals

Valentin Bolotnyy

2012-24: Changes in bank lending standards and the macroeconomy

William F. Bassett, Mary Beth Chosak, John Driscoll and Egon Zakrajšek

2012-23: International policy spillovers at the zero lower bound

Alex Haberis and Anna Lipinska

2012-22: The Federal Reserve's portfolio and its effects on mortgage markets

Diana Hancock and Wayne Passmore

2012-21: Arbitrage, liquidity and exit: the repo and federal funds markets before, during, and emerging from the financial crisis

Morten Bech, Elizabeth Klee and Viktors Stebunovs

2012-20: The analytics of SVARs: a unified framework to measure fiscal multipliers

Dario Caldara and Christophe Kamps

2012-19: How does Social Security claiming respond to incentives? considering husbands' and wives' benefits separately

Alice Henriques Volz

2012-18: Gamblers as personal finance activists

Geng Li

2012-17: Are all trade policies created equal? empirical evidence for nonequivalent market power effects of tariffs and quotas

Bruce Blonigen, Benjamin Liebman, Justin Pierce and Wesley Wilson

2012-16: Concording U.S. Harmonized System categories over time

Justin Pierce and Peter Schott

2012-15: A concordance between ten-digit U.S. Harmonized System codes and SIC/NAICS product classes and industries

Justin Pierce and Peter Schott

2012-14: Mortgage debt and household deleveraging: accounting for the decline in mortgage debt using consumer credit record data

Neil Bhutta

2012-13: The relationship between information asymmetry and dividend policy

Cindy M. Vojtech

2012-12: On the distribution of a discrete sample path of a square-root diffusion

Michael Gordy

2012-11: Evaluating DSGE model forecasts of comovements

Edward Herbst and Frank Schorfheide

2012-10: Examining the impact of credit access on small firm survivability

Traci L. Mach and John D. Wolken

2012-09: What does financial volatility tell us about macroeconomic fluctuations?

Marcelle Chauvet, Zeynep Senyuz and Emre Yoldas

2012-08: Misallocation and financial market frictions: some direct evidence from the dispersion in borrowing costs

Simon Gilchrist, Jae Sim and Egon Zakrajšek

2012-07: Habit formation heterogeneity: Implications for aggregate asset pricing

Eduard Dubin, Olesya Grishchenko and Vasily Kartashov

2012-06: Inflation risk premium: evidence from the TIPS market

Olesya Grishchenko and Jingzhi Huang

2012-05: Quantifying the role of federal and state taxes in mitigating wage inequality

Daniel Cooper, Byron F. Lutz and Michael Palumbo

2012-04: Computing DSGE models with recursive preferences and stochastic volatility

Dario Caldara, Jesus Fernandez-Villaverde, Juan F Rubio-Ramirez and Wen Yao

2012-03: The effect of endogenous human capital accumulation on optimal taxation

William Peterman

2012-02: Using policy intervention to identify financial stress

Mark Carlson, Kurt Lewis and William R. Nelson

2012-01: Supply constraints and housing market dynamics

Andrew D. Paciorek

2011-60: Rising inequality: transitory or permanent? New evidence from a U.S. panel of household income 1987-2006

Jason DeBacker, Bradley Heim, Vasia Panousi and Ivan Vidangos

2011-59: A review of Allan Meltzer's \"A History of the Federal Reserve, Volume 2\"

Edward Nelson

2011-58: The information content of the embedded deflation pption in TIPS

Olesya Grishchenko, Joel M. Vanden and Jianing Zhang

2011-57: Commodity index trading and hedging costs

Celso Brunetti and David Reiffen

2011-56: The usefulness of core PCE inflation measures

Alan Detmeister

2011-55: Determining the motives for a positive optimal tax on capital

William Peterman

2011-54: Investment, idiosyncratic risk, and ownership

Vasia Panousi and Dimitris Papanikolaou

2011-53: Aging and strategic learning: the impact of spousal incentives on financial literacy

Joanne Hsu

2011-52: Stock return predictability and variance risk premia: statistical inference and international evidence

Tim Bollerslev, James Marrone, Lai Xu and Hao Zhou

2011-51: Tossed and turned: wealth dynamics of U.S. households 2007-2009

Arthur B. Kennickell

2011-50: Distributional dynamics under smoothly state-dependent pricing

James Costain and Anton Nakov

2011-49: Liquidity risk and hedge fund ownership

Charles Cao and Lubomir Petrasek

2011-48: Optimal monetary policy with state-dependent pricing

Anton Nakov and Carlos Thomas

2011-47: An empirical investigation of consumption-based asset pricing models with stochastic habit formation

Qiang Dai and Olesya Grishchenko

2011-46: From many series, one cycle: improved estimates of the business cycle from a multivariate unobserved components model

Charles Fleischman and John Roberts

2011-45: Risk, uncertainty, and expected returns

Turan G. Bali and Hao Zhou

2011-44: Two practical algorithms for solving rational expectations models

Flint Brayton

2011-43: How do joint supervisors examine financial institutions? the case of state banks

Marcelo Rezende

2011-42: Measuring the level and uncertainty of trend inflation

Elmar Mertens

2011-41: Polarization, immigration, education: What's behind the dramatic decline in youth employment?

Christopher Smith

2011-40: Plant-level responses to antidumping duties: evidence from U.S. manufacturers

Justin Pierce

2011-39: Belief dispersion among household investors and stock trading volume

Dan Li and Geng Li