Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
Contact information at EDIRC.
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2004-65: Measuring capital and technology: an expanded framework

Carol Corrado, Charles R. Hulten and Daniel Sichel

2004-64: Reading the minds of investors: an empirical term structure model for policy analysis

James A. Clouse

2004-63: Housing, consumption, and credit constraints

Andreas Lehnert

2004-62: Monetary policy and inflation dynamics

John Roberts

2004-61: The liquidity effect in the federal funds market: evidence from daily open market operations

Seth B. Carpenter and Selva Demiralp

2004-60: Debt maturity, risk, and asymmetric information

Allen Berger, Marco Espinosa-Vega, W Frame and Nathan H. Miller

2004-59: Workweek flexibility and hours variation

Andrew Figura

2004-58: Diverging measures of capacity utilization: an explanation

Norman J. Morin and John Stevens

2004-57: Quantitative monetary easing and risk in financial asset markets

Takeshi Kimura and David H. Small

2004-56: Dynamic estimation of volatility risk premia and investor risk aversion from option-implied and realized volatilities

Tim Bollerslev, Michael S. Gibson and Hao Zhou

2004-55: A consistent accounting of U.S. productivity growth

Eric Bartelsman and J. Joseph Beaulieu

2004-54: Integrated macroeconomic accounts for the United States: draft SNA-USA

Rochelle L. Antoniewicz, Susan Hume McIntosh, Charles Ian Mead, Karin Moses, Brent Moulton, Michael Palumbo, Genevieve R. Solomon and Albert M. Teplin

2004-53: Market discipline in banking reconsidered: the roles of funding manager decisions and deposit insurance reform

Daniel M. Covitz, Diana Hancock and Myron L. Kwast

2004-52: Macroeconomic volatility, predictability and uncertainty in the Great Moderation: evidence from the survey of professional forecasters

Sean D. Campbell

2004-51: Consumer sentiment, the economy, and the news media

Mark Doms and Norman J. Morin

2004-50: The long-run relationship between house prices and rents

Joshua H. Gallin

2004-49: Estimating capacity utilization from survey data

Norman J. Morin and John Stevens

2004-48: Monetary policy alternatives at the zero bound: an empirical assessment

Ben Bernanke, Vincent Reinhart and Brian P. Sack

2004-47: Convenience or necessity? understanding the recent rise in credit card debt

Kathleen W. Johnson

2004-46: Competition, product differentiation and quality provision: an empirical equilibrium analysis of bank branching decisions

Andrew M. Cohen and Michael Mazzeo

2004-45: Expectation traps in a New Keynesian open economy model

David Arseneau

2004-44: Monetary policy and the information content of the yield spread

Michael Feroli

2004-43: Is moderate-to-high inflation inherently unstable?

Michael Kiley

2004-42: Do liquidity constraints matter for new entrepreneurs?

Kevin B. Moore

2004-41: Limited network connections and the distribution of wages

Kenneth Arrow and Ron Borzekowski

2004-40: The scope of monetary policy actions authorized under the Federal Reserve Act

James A. Clouse and David H. Small

2004-39: Integrating expenditure and income data: what to do with the statistical discrepancy?

Eric Bartelsman and J. Joseph Beaulieu

2004-38: Multimarket bank pricing: an empirical investigation of deposit interest rates

Timothy Hannan and Robin A. Prager

2004-37: The price and quantity of residential land in the United States

Morris Davis and Jonathan Heathcote

2004-36: Understanding the risk of synthetic CDOs

Michael S. Gibson

2004-35: Transparency and monetary policy: what does the academic literature tell policymakers?

Seth B. Carpenter

2004-34: Employer-to-employer flows in the U.S. labor market: the complete picture of gross worker flows

Bruce Fallick and Charles Fleischman

2004-33: To leave or not to leave: the distribution of bequest motives

Wojciech Kopczuk and Joseph Lupton

2004-32: The decline in household saving and the wealth effect

F. Juster, Joseph Lupton, James Smith and Frank Stafford

2004-31: How fast do personal computers depreciate? concepts and new estimates

Mark Doms, Wendy E. Dunn, Stephen Oliner and Daniel Sichel

2004-30: Technology, capital spending, and capacity utilization

Cynthia Bansak, Norman J. Morin and Martha Starr

2004-29: Overnight interbank loan markets

Selva Demiralp, Brian Preslopsky and William C. Whitesell

2004-28: Fresh start or head start? The effect of filing for personal bankruptcy on the labor supply

Song Han and Wenli Li

2004-27: Loan commitments and private firms

Sumit Agarwal, Souphala Chomsisengphet and John Driscoll

2004-26: Cross-border diversification in bank asset portfolios

Claudia Buch, John Driscoll and Charlotte Ostergaard

2004-25: Optimal inflation in an open economy with imperfect competition

David Arseneau

2004-24: Commercial lending and distance: evidence from Community Reinvestment Act data

Kenneth Brevoort and Timothy Hannan

2004-23: 401(k) matching contributions in company stock: costs and benefits for firms and workers

Jeffrey Brown, J. Nellie Liang and Scott Weisbenner

2004-22: The geography of stock market participation: the influence of communities and local firms

Jeffrey Brown, Zoran Ivković, Paul A. Smith and Scott Weisbenner

2004-21: Learning and shifts in long-run productivity growth

Rochelle Edge, Thomas Laubach and John Williams

2004-20: Uncertainty and investment: an empirical investigation using data on analysts' profits forecasts

Stephen R. Bond and Jason Cummins

2004-19: What does the yield on subordinated bank debt measure?

Urs Birchler and Diana Hancock

2004-18: The term structure of commercial paper rates

Chris Downing and Stephen Oliner

2004-17: A new approach to the valuation of intangible capital

Jason Cummins

2004-16: What explains the stock market's reaction to Federal Reserve policy?

Ben Bernanke and Kenneth Kuttner

2004-15: Medicaid's nursing home coverage and asset transfers

William F. Bassett

2004-14: The effects of technology on the age distribution of health spending: a cross-country perspective

Louise Sheiner

2004-13: Will the proposed application of Basel II in the United States encourage increased bank merger activity? evidence from past merger activity

Timothy Hannan and Steven J. Pilloff

2004-12: Potential competitive effects of Basel II on banks in SME credit markets in the United States

Allen Berger

2004-11: Housing and the business cycle

Morris Davis and Jonathan Heathcote

2004-10: Identifying price discrimination when product menus are endogenous

Andrew M. Cohen

2004-09: Testing for adverse selection and moral hazard in consumer loan markets

Wendy Edelberg

2004-08: Valuation, investment and the pure profit share

Pierre Lafourcade

2004-07: Modeling the whole firm: the effect of multiple inputs and financial intermediation on bank deposit rates

Elizabeth K. Kiser

2004-06: Federal Reserve transparency and financial market forecasts of short-term interest rates

Eric Swanson

2004-05: The effects of the 1986 and 1993 tax reforms on self-employment

Kevin B. Moore

2004-04: Market structure and competition among retail depository institutions

Andrew M. Cohen and Michael Mazzeo

2004-03: Measuring the effects of monetary policy: a factor-augmented vector autoregressive (FAVAR) approach

Ben Bernanke, Jean Boivin and Piotr Eliasz

2004-02: Market structure and market definition: the case of small market banks and thrifts

Andrew M. Cohen

2004-01: Monetary policy in deflation: the liquidity trap in history and practice

Athanasios Orphanides

2003-68: Testing conflicts of interest at bond rating agencies with market anticipation: evidence that reputation incentives dominate

Daniel M. Covitz and Paul Harrison

2003-67: Optimal monetary policy in a micro-founded model with parameter uncertainty

Takeshi Kimura and Takushi Kurozumi

2003-66: A utility-based welfare criterion in a model with endogenous capital accumulation

Rochelle Edge

2003-65: The responses of wages and prices to technology shocks

Rochelle Edge, Thomas Laubach and John Williams

2003-64: The GSE implicit subsidy and value of government ambiguity

Wayne Passmore

2003-63: Cash balance pension plan conversions and the new economy

Phillip C. Copeland and Julia Lynn Coronado

2003-62: Risk-based pricing of interest rates in household loan markets

Wendy Edelberg

2003-61: Calculating and using second order accurate solutions of discrete time dynamic equilibrium models

Jinill Kim, Sunghyun Kim, Ernst Schaumburg and Christopher Sims

2003-60: Asset prices and rents in a GE model with imperfect competition

Pierre Lafourcade

2003-59: Forecasting exogenous fiscal variables in the United States

Darrel Cohen and Glenn Follette

2003-58: Getting bad news out early: does it really help stock prices?

Chris Downing and Steven Sharpe

2003-57: What if welfare had no work requirements? the age of youngest child exemption and the rise in employment of single mothers

Jonathan Pingle

2003-56: The effect of restructuring on unemployment

Andrew Figura

2003-55: Central bank talk: does it matter and why?

Donald L. Kohn and Brian P. Sack

2003-54: Capital flows among the G-7 nations: a demographic perspective

Michael Feroli

2003-53: Bank risk ratings and the pricing of agricultural loans

Peter J. Barry and Nicholas A. Walraven

2003-52: Estimating the worldwide volume of counterfeit U.S. currency: data and extrapolation

Ruth A. Judson and Richard D. Porter

2003-51: Welfare effects of tax policy in open economies: stabilization and cooperation

Jinill Kim and Sunghyun Kim

2003-50: The excess sensitivity of long-term interest rates: evidence and implications for macroeconomic models

Refet Gürkaynak, Brian P. Sack and Eric Swanson

2003-49: Does mortgage hedging amplify movements in long-term interest rates?

Roberto Perli and Brian P. Sack

2003-48: Modeling aggregate investment: a fundamentalist approach

John Roberts

2003-47: Further evidence on the link between finance and growth: an international analysis of community banking and economic performance

Allen Berger, Iftekhar Hasan and Leora Klapper

2003-46: Can rational expectations sticky-price models explain inflation dynamics?

Jeremy B. Rudd and Karl Whelan

2003-45: Interest rates as options: assessing the markets' view of the liquidity trap

Antulio Bomfim

2003-44: The replacement demand for motor vehicles: evidence from the Survey of Consumer Finances

Ana Aizcorbe, James T Hickman and Martha Starr

2003-43: Inflation targets, credibility, and persistence in a simple sticky-price framework

Jeremy B. Rudd and Karl Whelan

2003-42: An empirical test of a two-factor mortgage valuation model: how much do house prices matter?

Chris Downing, Richard Stanton and Nancy Wallace

2003-41: Inflation scares and forecast-based monetary policy

Athanasios Orphanides and John Williams

2003-40: Volatility puzzles: a unified framework for gauging return-volatility regressions

Tim Bollerslev and Hao Zhou

2003-39: Economic and regulatory capital allocation for revolving retail exposures

William I. Nayda and Roberto Perli

2003-38: Did pension plan accounting contribute to a stock market bubble?

Julia Lynn Coronado and Steven Sharpe

2003-37: Do banks strategically time public bond issuance because of the accompanying disclosure, due diligence, and investor scrutiny?

Daniel M. Covitz and Paul Harrison

2003-36: Historical monetary policy analysis and the Taylor rule

Athanasios Orphanides

2003-35: Nationwide branching and its impact on market structure, quality and bank performance

Astrid A. Dick

2003-34: Coordination, fair treatment and inflation persistence

John Driscoll and Steinar Holden