Finance and Economics Discussion Series

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

2010-30: An alternative theory of the plant size distribution with an application to trade

Thomas Holmes and John Stevens

2010-29: Documentation of the Estimated, Dynamic, Optimization-based (EDO) model of the U.S. economy: 2010 version

Hess Chung, Michael Kiley and Jean-Philippe Laforte

2010-28: Industry evidence on the effects of government spending

Christopher Nekarda and Valerie Ramey

2010-27: Output gaps

Michael Kiley

2010-26: How has the monetary transmission mechanism evolved over time?

Jean Boivin, Michael Kiley and Frederic Mishkin

2010-25: Implications of behavioral research for the use and regulation of consumer credit products

Gregory E. Elliehausen

2010-24: The credit market consequences of job displacement

Benjamin Keys

2010-23: Credit where none is due? Authorized user account status and \"piggybacking credit\"

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

2010-22: Financial market shocks during the Great Depression

Alycia Chin and Missaka Warusawitharana

2010-21: Structural shocks and the comovements between output and interest rates

Elmar Mertens

2010-20: Financial statistics for the United States and the crisis: what did they get right, what did they miss, and how should they change?

Matthew J. Eichner, Donald L. Kohn and Michael Palumbo

2010-19: Tips from TIPS: the informational content of Treasury Inflation-Protected Security prices

Stefania D'Amico, Don H. Kim and Min Wei

2010-18: Using a projection method to analyze inflation bias in a micro-founded model

Gary Anderson, Jinill Kim and Tack Yun

2010-17: General-equilibrium effects of investment tax incentives

Rochelle Edge and Jeremy B. Rudd

2010-16: Commercial and residential land prices across the United States

Michael R. Mulhall, Joseph B. Nichols and Stephen Oliner

2010-15: Real-time model uncertainty in the United States: 'Robust' policies put to the test

Robert Tetlow

2010-14: Variance risk premia, asset predictability puzzles, and macroeconomic uncertainty

Hao Zhou

2010-13: A reliable and computationally efficient algorithm for imposing the saddle point property in dynamic models

Gary Anderson

2010-12: Mergers and sequential innovation: evidence from patent citations

Jessica C. Stahl

2010-11: Managing beliefs about monetary policy under discretion

Elmar Mertens

2010-10: Pricing counterparty risk at the trade level and CVA allocations

Michael Pykhtin and Dan Rosen

2010-09: Are spectral estimators useful for implementing long-run restrictions in SVARs?

Elmar Mertens

2010-08: Distance still matters: the information revolution in small business lending and the persistent role of location, 1993-2003

Kenneth Brevoort, John A. Holmes and John Wolken

2010-07: The mechanics of a graceful exit: interest on reserves and segmentation in the federal funds market

Morten Bech and Elizabeth Klee

2010-06: The finances of American households in the past three recessions: evidence from the Survey of Consumer Finances

Kevin B. Moore and Michael Palumbo

2010-05: Constant proportion debt obligations: a post-mortem analysis of rating models

Michael Gordy and Søren Willemann

2010-04: Income taxes, compensating differentials, and occupational choice: how taxes distort the wage-amenity decision

David Powell and Hui Shan

2010-03: The impact of low-skilled immigration on the youth labor market

Christopher Smith

2010-02: The rigidity of labor: processing savings and work decisions through Shannon's channels

Antonella Tutino

2010-01: Evolving macroeconomic perceptions and the term structure of interest rates

Athanasios Orphanides and Min Wei

2009-49: Monetary policy and the housing bubble

Jane K. Dokko, Brian Doyle, Skander Van den Heuvel, Michael Kiley, Jinill Kim, Shane Sherlund and Jae Sim

2009-48: A dynamic analysis of consolidation in the broadcast television industry

Jessica C. Stahl

2009-47: Information sharing and stock market participation: evidence from extended families

Geng Li

2009-46: Firm volatility and banks: evidence from U.S. banking deregulation

Ricardo Correa and Gustavo Suarez

2009-45: Household response to the 2008 tax rebates: survey evidence and aggregate implications

Claudia Sahm, Matthew Shapiro and Joel Slemrod

2009-44: Assessing the systemic risk of a heterogeneous portfolio of banks during the recent financial crisis

Xin Huang, Hao Zhou and Haibin Zhu

2009-43: Designing loan modifications to address the mortgage crisis and the making home affordable program

Lawrence R. Cordell, Karen E. Dynan, Andreas Lehnert, J. Nellie Liang and Eileen Mauskopf

2009-42: Reversing the trend: the recent expansion of the reverse mortgage market

Hui Shan

2009-41: Education's role in China's structural transformation

Soohyung Lee and Benjamin Malin

2009-40: Bayesian analysis of stochastic volatility models with Lévy jumps: application to risk analysis

Pawel J. Szerszen

2009-39: Credit card redlining revisited

Kenneth Brevoort

2009-38: Intergenerational aspects of health care

Louise Sheiner

2009-37: A framework for assessing the systemic risk of major financial institutions

Xin Huang, Hao Zhou and Haibin Zhu

2009-36: The evolution of a financial crisis: panic in the asset-backed commercial paper market

Daniel M. Covitz, J. Nellie Liang and Gustavo Suarez

2009-35: Vacancy posting, job separation and unemployment fluctuations

Régis Barnichon

2009-34: And banking for all?

Michael S. Barr, Jane K. Dokko and Benjamin Keys

2009-33: Determinants of the locations of payday lenders, pawnshops and check-cashing outlets

Robin A. Prager

2009-32: Improving real-time estimates of the output gap

Thomas Trimbur

2009-31: Do self-insurance and disability insurance prevent consumption loss on disability?

Steffan Ball and Hamish Low

2009-30: Does tax policy affect executive compensation? evidence from postwar tax reforms

Carola Frydman and Raven S. Molloy

2009-29: Does speculation affect spot price levels? the case of metals with and without futures markets

George M. Korniotis

2009-28: The role of the securitization process in the expansion of subprime credit

Taylor D. Nadauld and Shane Sherlund

2009-27: Confidence intervals for long-horizon predictive regressions via reverse regressions

Min Wei and Jonathan Wright

2009-26: What is the chance that the equity premium varies over time? evidence from predictive regressions

Jessica Wachter and Missaka Warusawitharana

2009-25: Whither the liquidity effect: the impact of Federal Reserve Open Market Operations in recent years

Ruth A. Judson and Elizabeth Klee

2009-24: Demand-driven job separation: reconciling search models with the ins and outs of unemployment

Régis Barnichon

2009-23: Interchange fees and payment card networks: economics, industry developments, and policy issues

Ron Borzekowski, Elizabeth K. Kiser, Mark D. Manuszak and Robin A. Prager

2009-22: A study of U.S. monetary policy implementation: demand for reserves on a period average basis

Ruth A. Judson and Elizabeth Klee

2009-21: Do constraints on market work hours change home production efforts?

Geng Li

2009-20: Should risky firms offer risk-free DB pensions?

David Love, Paul A. Smith and David Wilcox

2009-19: New evidence on 401(k) borrowing and household balance sheets

Geng Li and Paul A. Smith

2009-18: Fiscal amenities, school finance reform and the supply side of the Tiebout market

Byron F. Lutz