Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
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2005-27: External habit and the cyclicality of expected stock returns

Thomas Tallarini and Harold Zhang

2005-26: From the horse's mouth: gauging conditional expected stock returns from investor surveys

Gene Amromin and Steven Sharpe

2005-25: Prices, production, and inventories over the automotive model year

Adam Copeland, Wendy E. Dunn and George Hall

2005-24: Gestation lags for capital, cash flows, and Tobin's Q

Jonathan N. Millar

2005-23: Raising the bar for models of turnover

Erwan Quintin and John Stevens

2005-22: Growing old together: firm survival and employee turnover

Erwan Quintin and John Stevens

2005-21: A review of backtesting and backtesting procedures

Sean D. Campbell

2005-20: Branch banking, bank competition, and financial stability

Mark Carlson and Kris James Mitchener

2005-19: Temporary partial expensing in a general-equilibrium model

Rochelle Edge and Jeremy B. Rudd

2005-18: Yesterday's bad times are today's good old times: retail price changes in the 1890s were smaller, less frequent, and more permanent

Alan Kackmeister

2005-17: Are firms or workers behind the shift away from DB pension plan?

Stephanie Aaronson and Julia Lynn Coronado

2005-16: The effects of local banking market structure on the banking-lending channel of monetary policy

Robert M. Adams and Dean F. Amel

2005-15: The effects of competition from large, multimarket firms on the performance of small, single-market firms: evidence from the banking industry

Allen Berger, Astrid A. Dick, Lawrence G. Goldberg and Lawrence White

2005-14: Tracking the source of the decline in GDP volatility: an analysis of the automobile industry

Valerie Ramey and Daniel J. Vine

2005-13: Housing, house prices, and the equity premium puzzle

Morris Davis and Robert Martin

2005-12: A nonlinear look at trend MFP growth and the business cycle: result from a hybrid Kalman/Markov switching model

Mark W. French

2005-11: Job-hopping in Silicon Valley: some evidence concerning the micro-foundations of a high technology cluster

Bruce Fallick, Charles Fleischman and James Rebitzer

2005-10: An empirical analysis of bond recovery rates: exploring a structural view of default

Daniel M. Covitz and Song Han

2005-09: Density selection and combination under model ambiguity: an application to stock returns

Stefania D'Amico

2005-08: Does trading frequency affect subordinated debt spreads?

Christopher Bianchi, Diana Hancock and Laura Kawano

2005-07: GSEs, mortgage rates, and secondary market activities

Andreas Lehnert, Wayne Passmore and Shane Sherlund

2005-06: The effect of housing government-sponsored enterprises on mortgage rates

Gillian Burgess, Wayne Passmore and Shane Sherlund

2005-05: The GSE implicit subsidy and the value of government ambiguity

Wayne Passmore

2005-04: Econometric tests of asset price bubbles: taking stock

Refet Gürkaynak

2005-03: Who competes with whom? the case of depository institutions

Robert M. Adams, Kenneth Brevoort and Elizabeth K. Kiser

2005-02: The reform of October 1979: how it happened and why

David E. Lindsey, Athanasios Orphanides and Robert Rasche

2005-01: Precautionary savings motives and tax efficiency of household portfolios: an empirical analysis

Gene Amromin

2004-70: The magnitude and cyclical behavior of financial market frictions

Andrew Levin, Fabio M. Natalucci and Egon Zakrajšek

2004-69: Alternative estimates of the presidential premium

Sean D. Campbell and Canlin Li

2004-68: The reliability of inflation forecasts based on output gap estimates in real time

Athanasios Orphanides and Simon van Norden

2004-67: Learning dynamics with private and public signals

Adam Copeland

2004-66: Do actions speak louder than words? the response of asset prices to monetary policy actions and statements

Refet Gürkaynak, Brian P. Sack and Eric Swanson

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