Finance and Economics Discussion Series

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

2011-38: Credit availability and the collapse of the banking sector in the 1930s

Mark Carlson and Jonathan Rose

2011-37: The unreliability of credit-to-GDP ratio gaps in real-time: Implications for countercyclical capital buffers

Rochelle Edge and Ralf R. Meisenzahl

2011-36: The subprime crisis: Is government housing policy to blame?

Robert B. Avery and Kenneth Brevoort

2011-35: Examining the impact of credit access on small firm survivability

Traci L. Mach and John Wolken

2011-34: Capital ratios and bank lending: a matched bank approach

Mark Carlson, Hui Shan and Missaka Warusawitharana

2011-33: Have cyclical movements in the unemployment rate become more persistent?

Andrew Figura

2011-32: The post-foreclosure experience of U.S. households

Raven S. Molloy and Hui Shan

2011-31: Legal entity identifier: what else do you need to know?

Mark Montoya, Linda F. Powell and Elena Shuvalov

2011-30: Internal migration in the United States

Raven S. Molloy, Christopher Smith and Abigail Wozniak

2011-29: Credit supply to personal bankruptcy filers: evidence from credit card mailings

Song Han, Benjamin Keys and Geng Li

2011-28: Financial capital and the macroeconomy: policy considerations

Michael Kiley and Jae Sim

2011-27: Financial capital and the macroeconomy: a quantitative framework

Michael Kiley and Jae Sim

2011-26: Friedman's monetary economics in practice

Edward Nelson

2011-25: Household income uncertainties over three decades

James Feigenbaum and Geng Li

2011-24: Forecasting recessions using stall speeds

Jeremy J. Nalewaik

2011-23: The first line of defense: the discount window during the early stages of the financial crisis

Elizabeth Klee

2011-22: Volatility, money market rates, and the transmission of monetary policy

Seth B. Carpenter and Selva Demiralp

2011-21: Are adjustable-rate mortgage borrowers borrowing constrained?

Kathleen W. Johnson and Geng Li

2011-20: Investment, accounting, and the salience of the corporate income tax

Jesse Edgerton

2011-19: Dynamic factor value-at-risk for large, heteroskedastic portfolios

Sirio Aramonte, Marius Rodriguez and Jason Wu

2011-18: Cointegration test with stationary covariates and the CDS-bond basis during the financial crisis

Aaron L. Game and Jason Wu

2011-17: Surveying the aftermath of the storm: changes in family finances from 2007 to 2009

Jesse Bricker, Brian Bucks, Arthur B. Kennickell, Traci L. Mach and Kevin B. Moore

2011-16: Securitization markets and central banking: an evaluation of the term asset-backed securities loan facility

Sean D. Campbell, Daniel M. Covitz, William R. Nelson and Karen Pence

2011-15: Agency problems in public firms: evidence from corporate jets in leveraged buyouts

Jesse Edgerton

2011-14: The expected real return to equity

Missaka Warusawitharana

2011-13: Preferences for banking and payment services among low- and moderate-income households

Michael S. Barr, Jane K. Dokko and Eleanor M. Feit

2011-12: Litigation risk, strategic disclosure and the underpricing of initial public offerings

Kathleen Hanley and Gerard Hoberg

2011-11: How useful are estimated DSGE model forecasts?

Rochelle Edge and Refet Gürkaynak

2011-10: What drives matching efficiency? a tale of composition and dispersion

Régis Barnichon and Andrew Figura

2011-09: Liquidity problems and early payment default among subprime mortgages

Nathan Anderson and Jane K. Dokko

2011-08: Systemic risk contributions

Xin Huang, Hao Zhou and Haibin Zhu

2011-07: Creating a linchpin for financial data: toward a universal legal entity identifier

John A. Bottega and Linda F. Powell

2011-06: Are household surveys like tax forms: evidence from income underreporting of the self-employed

Erik Hurst, Geng Li and Benjamin Pugsley

2011-05: Differences across originators in CMBS loan underwriting

Lamont K. Black, Chenghuan Sean Chu, Andrew M. Cohen and Joseph B. Nichols

2011-04: Verifying the state of financing constraints: evidence from U.S. business credit contracts

Ralf R. Meisenzahl

2011-03: Estimating machinery supply elasticities using output price booms

Jesse Edgerton

2011-02: Credit default swap spreads and variance risk premia

Hao Wang, Hao Zhou and Yi Zhou

2011-01: Did the Federal Reserve's MBS purchase program lower mortgage rates?

Diana Hancock and Wayne Passmore

2010-60: The contribution of the minimum wage to U.S. wage inequality over three decades: a reassessment

David Autor, Alan Manning and Christopher Smith

2010-59: Foreclosure's wake: the credit experiences of individuals following foreclosure

Kenneth Brevoort and Cheryl R. Cooper

2010-58: Does credit scoring produce a disparate impact?

Robert B. Avery, Kenneth Brevoort and Glenn B. Canner

2010-57: Money and inflation: some critical issues

Bennett McCallum and Edward Nelson

2010-56: Capital taxation with entrepreneurial risk

Vasia Panousi

2010-55: Inflation persistence, backward-looking firms, and monetary policy in an input-output economy

Brad E. Strum

2010-54: Financial integration, entrepreneurial risk and global dynamics

George-Marios Angeletos and Vasia Panousi

2010-53: Mortgage contract choice in subprime mortgage markets

Gregory E. Elliehausen and Min Hwang

2010-52: Flow and stock effects of large-scale Treasury purchases

Stefania D'Amico and Thomas King

2010-51: The cross section of money market fund risks and financial crises

Patrick E. McCabe

2010-50: The fragility of discretionary liquidity provision - lessons from the collapse of the auction rate securities market

Song Han and Dan Li

2010-49: The housing crisis and state and local government tax revenue: five channels

Byron F. Lutz, Raven S. Molloy and Hui Shan

2010-48: What drives movements in the unemployment rate? a decomposition of the Beveridge curve

Régis Barnichon and Andrew Figura

2010-47: Capturing the evolution of dealer credit terms related to securities financing and OTC derivatives: some initial results from the new Senior Credit Officer Opinion Survey on Dealer Financing Terms

Matthew J. Eichner and Fabio M. Natalucci

2010-46: An analysis of government guarantees and the functioning of asset-backed securities markets

Diana Hancock and Wayne Passmore

2010-45: The information content of high-frequency data for estimating equity return models and forecasting risk

Dobrislav Dobrev and Pawel J. Szerszen

2010-44: The effects of bank capital on lending: what do we know, and what does it mean?

Jose M. Berrospide and Rochelle Edge

2010-43: Fiscal policy in the United States: automatic stabilizers, discretionary fiscal policy actions, and the economy

Glenn Follette and Byron F. Lutz

2010-42: A semiparametric characterization of income uncertainty over the life cycle

James Feigenbaum and Geng Li

2010-41: Money, reserves, and the transmission of monetary policy: does the money multiplier exist?

Seth B. Carpenter and Selva Demiralp

2010-40: Check in the mail or more in the paycheck: does the effectiveness of fiscal stimulus depend on how it is delivered?

Claudia Sahm, Matthew Shapiro and Joel Slemrod

2010-39: The bank lending channel of monetary policy and its effect on mortgage lending

Lamont K. Black, Diana Hancock and Wayne Passmore

2010-38: Exports, borders, distance, and plant size

Thomas Holmes and John Stevens

2010-37: Granularity adjustment for mark-to-market credit risk models

Michael Gordy and James Marrone

2010-36: The effect of gasoline prices on household location

Raven S. Molloy and Hui Shan

2010-35: The depth of negative equity and mortgage default decisions

Neil Bhutta, Jane K. Dokko and Hui Shan

2010-34: Effects of the 2003 dividend tax cut: evidence from real estate investment trusts

Jesse Edgerton

2010-33: The role of specific subjects in education production functions: evidence from morning classes in Chicago public high schools

Jesse Bricker, Kalena E. Cortes and Chris Rohlfs

2010-32: Consumption responses to permanent and transitory shocks to house appreciation

Juan Contreras and Joseph B. Nichols

2010-31: Measuring the return on spending on the Medicare HMO program

Anne E. Hall