Finance and Economics Discussion Series

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

2009-17: Household borrowing after personal bankruptcy

Song Han and Geng Li

2009-16: Reset price inflation and the impact of monetary policy shocks

Mark Bils, Pete Klenow and Benjamin Malin

2009-15: Inflation expectations, uncertainty, the Phillips Curve, and monetary policy

Michael Kiley

2009-14: Household welfare, precautionary saving, and social insurance under multiple sources of risk

Ivan Vidangos

2009-13: Ponds and streams: wealth and income in the U.S., 1989 to 2007

Arthur B. Kennickell

2009-12: Heterogeneous car buyers: a stylized fact

Ana Aizcorbe, Benjamin Bridgman and Jeremy J. Nalewaik

2009-11: Salience and taxation: theory and evidence

Raj Chetty, Kory Kroft and W. Looney

2009-10: A comparison of forecast performance between Federal Reserve staff forecasts, simple reduced-form models, and a DSGE model

Rochelle Edge, Michael Kiley and Jean-Philippe Laforte

2009-09: Fluctuations in individual labor income: a panel VAR analysis

Ivan Vidangos

2009-08: Modeling earnings dynamics

Joseph Altonji, Anthony Smith and Ivan Vidangos

2009-07: Factor intensity and price rigidity: evidence and theory

Ekaterina V. Peneva

2009-06: The economics of the mutual fund trading scandal

Patrick E. McCabe

2009-05: State and local finances and the macroeconomy: the high-employment budget and fiscal impetus

Glenn Follette, Andrea L. Kusko and Byron F. Lutz

2009-04: The Shimer puzzle and the identification of productivity shocks

Régis Barnichon

2009-03: Regression discontinuity estimates of the effects of the GSE act of 1992

Neil Bhutta

2009-02: Firms' relative sensitivity to aggregate shocks and the dynamics of gross job flows

Eugénio Pinto

2009-01: Distress in the financial sector and economic activity

Mark Carlson, Thomas King and Kurt Lewis

2008-64: Stock market participation, portfolio choice and pensions over the life-cycle

Steffan Ball

2008-63: The past, present, and future of subprime mortgages

Shane Sherlund

2008-62: The rigidity of choice: Lifecycle savings with information-processing limits

Antonella Tutino

2008-61: Giving credit where credit is due? the Community Reinvestment Act and mortgage lending in lower-income neighborhoods

Neil Bhutta

2008-60: The evolving relationship between community banks and small businesses: evidence from the Surveys of Small Business Finances

Robin A. Prager and John Wolken

2008-59: The rise in mortgage defaults

Christopher Mayer, Karen Pence and Shane Sherlund

2008-58: Imperfect information and monetary models: multiple shocks and their consequences

Leon Berkelmans

2008-57: School desegregation, school choice and changes in residential location patterns by race

Nathaniel Baum-Snow and Byron F. Lutz

2008-56: Uncertainty and disagreement in economic forecasting

Stefania D'Amico and Athanasios Orphanides

2008-55: Specification analysis of structural credit risk models

Jingzhi Huang and Hao Zhou

2008-54: Does credit supply affect small-firm finance?

Tara N. Rice and Philip E. Strahan

2008-53: The effect of capital gains taxation on home sales: evidence from the Taxpayer Relief Act of 1997

Hui Shan

2008-52: Research and development, profits and firm value: a structural estimation

Missaka Warusawitharana

2008-51: Property taxes and elderly labor supply

Hui Shan

2008-50: Property taxes and elderly mobility

Hui Shan

2008-49: Do behavioral biases adversely affect the macro-economy?

George M. Korniotis and Alok Kumar

2008-48: The connection between house price appreciation and property tax revenues

Byron F. Lutz

2008-47: Productivity, aggregate demand and unemployment fluctuations

Régis Barnichon

2008-46: The incentives of mortgage servicers: myths and realities

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

2008-45: The use of alternative employment arrangements by small businesses: evidence from the 2003 Survey of Small Business Finances

John A. Holmes and Traci L. Mach

2008-44: Lowering the anchor: how the Bank of England's inflation-targeting policies have shaped inflation expectations and perceptions of inflation risk

Meredith Beechey

2008-43: Distress in the financial sector and economic activity

Mark Carlson, Thomas King and Kurt Lewis

2008-42: Borrowing from yourself: 401(k) loans and household balance sheets

Geng Li and Paul A. Smith

2008-41: The causes and consequences of economic restructuring: evidence from the early 21st century

Andrew Figura and William Wascher

2008-40: Effects of liquidity on the nondefault component of corporate yield spreads: evidence from intraday transactions data

Song Han and Hao Zhou

2008-39: The high-frequency impact of news on long-term yields and forward rates: Is it real?

Meredith Beechey and Jonathan Wright

2008-38: Estimating the common trend rate of inflation for consumer prices and consumer prices excluding food and energy prices

Michael Kiley

2008-37: Temporal risk aversion and asset prices

Skander Van den Heuvel

2008-36: Insider rates vs. outsider rates in lending

Lamont K. Black

2008-35: Banking market definition: evidence from the Survey of Consumer Finances

Dean F. Amel, Arthur B. Kennickell and Kevin B. Moore

2008-34: Does distance matter in banking?

Kenneth Brevoort and John Wolken

2008-33: Monetary policy in a forward-looking input-output economy

Brad E. Strum

2008-32: Consumer switching costs and firm pricing: evidence from bank pricing of deposit accounts

Timothy Hannan

2008-31: Zero bound, option-implied PDFs, and term structure models

Don H. Kim

2008-30: Tips from TIPS: the informational content of Treasury Inflation-Protected Security prices

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

2008-29: Subprime mortgages: what, where, and to whom?

Christopher J. Mayer and Karen Pence

2008-28: Market conditions and hedge fund survival

Mark Carlson and Jason Steinman

2008-27: Lifecycle dynamics of income uncertainty and consumption

James Feigenbaum and Geng Li

2008-26: Starting small and ending big -- the effect of monetary incentives on response rates in the 2003 Survey of Small Business Finances: an observational experiment

Lieu N. Hazelwood, Traci L. Mach and John Wolken

2008-25: Term premiums and inflation uncertainty: empirical evidence from an international panel dataset

Jonathan Wright

2008-24: The effect of taxation on lifecycle labor supply: results from a quasi-experiment

Jane K. Dokko

2008-23: Are long-run inflation expectations anchored more firmly in the Euro area than in the United States?

Meredith Beechey, Benjamin K. Johannsen and Andrew Levin

2008-22: The two-period rational inattention model: accelerations and analyses

Kurt Lewis

2008-21: Nested simulation in portfolio risk measurement

Michael Gordy and Sandeep Juneja

2008-20: A new look at the wealth adequacy of older U.S. households

David Love, Lucy C. McNair and Paul A. Smith

2008-19: Happiness maintenance and asset prices

Antonio Falato

2008-18: Exchange rates, optimal debt composition, and hedging in small open economies

Jose M. Berrospide

2008-17: Expectations of risk and return among household investors: Are their Sharpe ratios countercyclical?

Gene Amromin and Steven Sharpe

2008-16: Corporate hedging, investment and value

Jose M. Berrospide, Amiyatosh Purnanandam and Uday Rajan

2008-15: Lack of signal error (LoSE) and implications for OLS regression: measurement error for macro data

Jeremy J. Nalewaik

2008-14: Firm dynamics with infrequent adjustment and learning

Eugénio Pinto

2008-13: The trajectory of wealth in retirement

David Love, Michael Palumbo and Paul A. Smith

2008-12: The effect of satellite entry on product quality for cable television

Chenghuan Sean Chu

2008-11: Paying to save: tax withholding and asset allocation among low- and moderate-income taxpayers

Michael S. Barr and Jane K. Dokko

2008-10: Does the NEA crowd out private charitable contributions to the arts?

Jane K. Dokko

2008-09: The human capital that matters: expected returns and the income of affluent households

Sean D. Campbell and George M. Korniotis

2008-08: The \"growing pains\" of TIPS issuance

Jennifer E. Roush

2008-07: Alternatives for distressed banks and the panics of the Great Depression

Mark Carlson

2008-06: Challenges in macro-finance modeling

Don H. Kim

2008-05: The TIPS yield curve and inflation compensation

Refet Gürkaynak, Brian P. Sack and Jonathan Wright

2008-04: Footnotes aren’t enough: the impact of pension accounting on stock values

Julia Lynn Coronado, Olivia Mitchell, S. Blake Nesbitt and Steven Sharpe

2008-03: Monetary policy actions and long-run inflation expectations

Michael Kiley

2008-02: Recent trends in the number and size of bank branches: an examination of likely determinants

Timothy Hannan and Gerald Hanweck

2008-01: The jumbo-conforming spread: a semiparametric approach

Shane Sherlund

2007-68: Continuous time extraction of a nonstationary signal with illustrations in continuous low-pass and band-pass filtering

Tucker McElroy and Thomas Trimbur

2007-67: Nominal mortgage contracts and the effects of inflation on portfolio allocation

Joseph B. Nichols

2007-66: Stability of risk preference

Claudia Sahm