Finance and Economics Discussion Series

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

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