Finance and Economics Discussion Series

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

2007-65: Bank core deposits and the mitigation of monetary policy

Lamont K. Black, Diana Hancock and Wayne Passmore

2007-64: Two pitfalls of linearization methods

Jinill Kim and Sunghyun Kim

2007-63: Explaining a productive decade

Stephen Oliner, Daniel Sichel and Kevin Stiroh

2007-62: Risk and concentration in payment and securities settlement systems

David Mills and Travis Nesmith

2007-61: The evolution of household income volatility

Karen E. Dynan, Douglas Elmendorf and Daniel Sichel

2007-60: Gauging the uncertainty of the economic outlook from historical forecasting errors

David L. Reifschneider and Peter Tulip

2007-59: Hyperbolic discounting and uniform savings floors

Benjamin Malin

2007-58: Imperfect monitoring and the discounting of inside money

David Mills

2007-57: Financial market perceptions of recession risk

Thomas King, Andrew Levin and Roberto Perli

2007-56: Welfare-maximizing monetary policy under parameter uncertainty

Rochelle Edge, Thomas Laubach and John Williams

2007-55: Implied interest rate skew, term premiums, and the \"conundrum\"

J. Benson Durham

2007-54: Reserve requirement systems in OECD countries

Yueh-Yun C. O'Brien

2007-53: Documentation of the Research and Statistics Division’s estimated DSGE model of the U.S. economy: 2006 version

Rochelle Edge, Michael Kiley and Jean-Philippe Laforte

2007-52: Do high debt payments hinder household consumption smoothing?

Kathleen W. Johnson and Geng Li

2007-51: The effects of past entry, market consolidation, and expansion by incumbents on the probability of entry

Robert M. Adams and Dean F. Amel

2007-50: Choice of mortgage contracts: evidence from the Survey of Consumer Finances

Brahima Coulibaly and Geng Li

2007-49: Operational problems and aggregate uncertainty in the federal funds market

Elizabeth Klee

2007-48: Habit persistence, non-separability between consumption and leisure, or rule-of thumb consumers: which accounts for the predictability of consumption growth?

Michael Kiley

2007-47: Credit derivatives and risk management

Michael S. Gibson

2007-46: Cracking the conundrum

David Backus and Jonathan Wright

2007-45: Does health affect portfolio choice?

David Love and Paul A. Smith

2007-44: Will monetary policy become more of a science?

Frederic Mishkin

2007-43: Combining forecasts from nested models

Todd Clark and Michael McCracken

2007-42: Averaging forecasts from VARs with uncertain instabilities

Todd Clark and Michael McCracken

2007-41: Forecasting with small macroeconomic VARs in the presence of instabilities

Todd Clark and Michael McCracken

2007-40: Housing and the monetary transmission mechanism

Frederic Mishkin