Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
Contact information at EDIRC.
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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

2013-37: The effects of the Federal Reserve's date-based forward guidance

Matthew Raskin

2013-36: Is the information technology revolution over?

David Byrne, Stephen Oliner and Daniel Sichel

2013-35: Duration risk versus local supply channel in Treasury yields: evidence from the Federal Reserve's asset purchase announcements

Michael E. Cahill, Stefania D'Amico, Canlin Li and John S. Sears

2013-34: The effectiveness of the non-standard policy measures during the financial crises: the experiences of the Federal Reserve and the European Central Bank

Seth B. Carpenter, Selva Demiralp and Jens Eisenschmidt

2013-33: A primer on farm mortgage debt relief programs during the 1930s

Jonathan Rose

2013-32: Analyzing Federal Reserve asset purchases: from whom does the Fed buy?

Seth B. Carpenter, Selva Demiralp, Jane E. Ihrig and Elizabeth Klee

2013-31: Credit-crunch dynamics with uninsured investment risk

Jonathan Goldberg

2013-30: Equity extraction and mortgage default

Steven Laufer

2013-29: The history of cyclical macroprudential policy in the United States

Douglas J. Elliott, Greg Feldberg and Andreas Lehnert

2013-28: Estate vs. capital gains taxation: an evaluation of prospective policies for taxing wealth at the time of death

Robert B. Avery, Daniel Grodzicki and Kevin B. Moore

2013-27: Declining migration within the US: the role of the labor market

Raven S. Molloy, Christopher Smith and Abigail Wozniak

2013-26: The long and the short of household formation

Andrew D. Paciorek

2013-25: The nature of countercyclical income risk

Fatih Guvenen, Serdar Ozkan and Jae Song

2013-24: The informational content of the embedded deflation option in TIPS

Olesya Grishchenko, Joel M. Vanden and Jianing Zhang

2013-23: Made poorer by choice: worker outcomes in Social Security v. private retirement accounts

Javed Ahmed, Brad Barber and Terrance Odean

2013-22: Early withdrawals from retirement accounts during the Great Recession

Robert Argento, Victoria L. Bryant and John Edward Sabelhaus

2013-21: Financial stability monitoring

Tobias Adrian, Daniel M. Covitz and J. Nellie Liang

2013-20: Taxation of human capital and wage inequality: a cross-country analysis

Fatih Guvenen, Burhanettin Kuruscu and Serdar Ozkan

2013-19: The ins and outs of forecasting unemployment: Using labor force flows to forecast the labor market

Régis Barnichon and Christopher Nekarda

2013-18: Uncertainty, risk, and incentives: theory and evidence

Zhiguo He, Si Li, Bin Wei and Jianfeng Yu

2013-17: Exchange rates, monetary policy statements, and uncovered interest parity: before and after the zero lower bound

Michael Kiley

2013-16: Monetary policy statements, Treasury yields, and private yields: before and after the zero lower bound

Michael Kiley

2013-15: The response of equity prices to movements in long-term interest rates associated with monetary policy statements: before and after the zero lower bound

Michael Kiley

2013-14: Expectations of functions of stochastic time with application to credit risk modeling

Ovidiu Costin, Michael Gordy, Min Huang and Pawel J. Szerszen

2013-13: Discovering the universe: measuring the role of finance companies in the U.S. economy

Lisa Chen, Kathleen W. Johnson and Arthur B. Kennickell

2013-12: Welfare costs of shifting trend inflation

Taisuke Nakata

2013-11: Lessons from the historical use of reserve requirements in the United States to promote bank liquidity

Mark Carlson

2013-10: From Wall Street to main street: the impact of the financial crisis on consumer credit supply

Skander Van den Heuvel, Rodney Ramcharan and Stephane Verani

2013-09: Uncertainty at the zero lower bound

Taisuke Nakata

2013-08: Stock prices, news, and economic fluctuations: comment

André Kurmann and Elmar Mertens

2013-07: A test for selection in matched administrative earnings data

Jesse Bricker and Gary V. Engelhardt

2013-06: Price and quality dispersion in an offshoring market: evidence from semiconductor production services

David Byrne, Brian Kovak and Ryan Michaels

2013-05: Government debt and macroeconomic activity: a predictive analysis for advanced economies

Deniz Baglan and Emre Yoldas

2013-04: Why the geographic variation in health care spending can't tell us much about the efficiency or quality of our health care system

Louise Sheiner

2013-03: Bank liquidity hoarding and the financial crisis: an empirical evaluation

Jose M. Berrospide

2013-02: Financing Constraints, Firm Dynamics, and International Trade

Till Gross and Stephane Verani

2013-01: The Federal Reserve's balance sheet and earnings: a primer and projections

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

2012-86: Real-time properties of the Federal Reserve's output gap

Rochelle Edge and Jeremy B. Rudd

2012-85: The Federal Reserve's large-scale asset purchase programs: rationale and effects

Stefania D'Amico, William B. English, David Lopez-Salido and Edward Nelson

2012-84: Estimates of the size and source of price declines due to nearby foreclosures: evidence from San Francisco

Elliot Anenberg and Edward Kung

2012-83: The Empirical Implications of the Interest-Rate Lower Bound

Christopher Gust, Edward Herbst, David Lopez-Salido and Matthew Smith

2012-82: Financial stress and economic dynamics: the transmission of crises

Kirstin Hubrich and Robert Tetlow

2012-81: The integrated macroeconomic accounts of the United States

Marco Cagetti, Elizabeth Ball Holmquist, Lisa Lynn, Susan Hume McIntosh and David Wasshausen

2012-80: Fiscal consolidation using the example of Germany

Tobias Cwik

2012-79: CEO successions and firm performance in the US financial industry

Antonio Falato and Dalida Kadyrzhanova

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