Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
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2003-33: Firm specific human capital vs. job matching: a new test

Erwan Quintin and John Stevens

2003-32: Itô conditional moment generator and the estimation of short rate processes

Hao Zhou

2003-31: Does bank lending affect output? evidence from the U.S. states

John Driscoll

2003-30: Sticky prices, coordination and enforcement

John Driscoll and Harumi Ito

2003-29: Inflation persistence and relative contracting

John Driscoll and Steinar Holden

2003-28: Tunnels and reserves in monetary policy implementation

William C. Whitesell

2003-27: Declining required reserves, funds rate volatility, and open market operations

Selva Demiralp and Dennis Farley

2003-26: Inventory dynamics and business cycles: what has changed?

Jonathan McCarthy and Egon Zakrajšek

2003-25: What did the credit market expect of Argentina default? Evidence from default swap data

Frank X. Zhang

2003-24: A rolling tide: changes in the distribution of wealth in the U.S., 1989-2001

Arthur B. Kennickell

2003-23: Minimum wages, labor market institutions, and youth employment: a cross-national analysis

David Neumark and William Wascher

2003-22: The recall and new job search of laid-off workers: a bivariate proportional hazard model with unobserved heterogeneity

Bruce Fallick and Keunkwan Ryu

2003-21: Regime-shifts, risk premiums in the term structure, and the business cycle

Ravi Bansal, George Tauchen and Hao Zhou

2003-20: Wealth effects and the consumption of leisure: retirement decisions during the stock market boom of the 1900s

Julia Lynn Coronado and Maria G. Perozek

2003-19: Estimates of the term premium on near-dated federal funds futures contracts

J. Benson Durham

2003-18: The effects of war risk on U.S. financial markets

Roberto Rigobon and Brian P. Sack

2003-17: The long-run relationship between house prices and income: evidence from local housing markets

Joshua H. Gallin

2003-16: Foreclosing on opportunity: state laws and mortgage credit

Karen Pence

2003-15: Monetary policy and the yield curve

Antulio Bomfim

2003-14: Market structure and quality: an application to the banking industry

Astrid A. Dick

2003-13: Spillovers across U.S. financial markets

Roberto Rigobon and Brian P. Sack

2003-12: New evidence on the interest rate effects of budget deficits and debt

Thomas Laubach

2003-11: Robust monetary policy rules with unknown natural rates

Athanasios Orphanides and John Williams

2003-10: Does monetary policy affect stock prices and Treasury yields? An error correction and simultaneous equation approach

J. Benson Durham

2003-09: Counterparty credit risk in interest rate swaps during times of market stress

Antulio Bomfim

2003-08: The welfare effects of incentive schemes

Adam Copeland and Cyril Monnet

2003-07: A monetary policy rule based on nominal and inflation-indexed Treasury yields

Brian P. Sack

2003-06: The impact of credit unions on the rates offered for retail deposits by banks and thrift institutions

Timothy Hannan

2003-05: The stability of dummy variable price measures obtained from hedonic regressions

Ana Aizcorbe

2003-04: Initial public offerings in hot and cold markets

Jean Helwege and J. Nellie Liang

2003-03: Money demand and equity markets

Seth B. Carpenter and Joe Lange

2003-02: The institutional memory hypothesis and the procyclicality of bank lending behavior

Allen Berger and Gregory Udell

2003-01: How should unemployment benefits respond to the business cycle?

Michael Kiley

2002-60: What's happened at divested bank offices? An empirical analysis of antitrust divestitures in bank mergers

Steven J. Pilloff

2002-59: State capital taxes and the location of investment: empirical lessons from theoretical models of tax competition

Brian Knight

2002-58: Demand estimation and consumer welfare in the banking industry

Astrid A. Dick

2002-57: Scale economies, scope economies, and technical change in Federal Reserve payment processing

Robert M. Adams, Paul Bauer and Robin Sickles

2002-56: Extracting the expected path of monetary policy from futures rates

Brian P. Sack

2002-55: A risk-factor model foundation for ratings-based bank capital rules

Michael Gordy

2002-54: Capital structure and firm performance: a new approach to testing agency theory and an application to the banking industry

Allen Berger and Emilia Bonaccorsi di Patti

2002-53: A note on the cointegration of consumption, income, and wealth

Jeremy B. Rudd and Karl Whelan

2002-52: Market power in outputs and inputs: an empirical application to banking

Robert M. Adams, Lars-Hendrik Roller and Robin Sickles

2002-51: Taxation and the Taylor principle

Rochelle Edge and Jeremy B. Rudd

2002-50: The economic effects of technological progress: evidence from the banking industry

Allen Berger

2002-49: The geographic scope of retail deposit markets

Erik Heitfield and Robin A. Prager

2002-48: The S&P 500 effect: not such good news in the long run

Daniel Cooper and Geoffrey Woglom

2002-47: Consolidation and efficiency in the financial sector: a review of the international evidence

Dean F. Amel, Colleen Barnes, Fabio Panetta and Carmelo Salleo

2002-46: Market discipline in banking reconsidered: the roles of deposit insurance reform, funding manager decisions and bond market liquidity

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

2002-45: Insolvency or liquidity squeeze? Explaining very short-term corporate yield spreads

Daniel M. Covitz and Chris Downing

2002-44: Household switching behavior at depository institutions: evidence from survey data

Elizabeth K. Kiser

2002-43: The dark side of competitive pressure

Jason Cummins and Ingmar Nyman

2002-42: Measuring the cost impact of hospital information systems: 1987-1994

Ron Borzekowski

2002-41: Health care finance and the early adoption of hospital information systems

Ron Borzekowski

2002-40: Market-based measures of monetary policy expectations

Refet Gürkaynak, Brian P. Sack and Eric Swanson

2002-39: Trading activity and price volatility in the municipal bond market

Chris Downing and Frank X. Zhang

2002-38: On the relationships between real consumption, income and wealth

Michael Palumbo, Jeremy B. Rudd and Karl Whelan

2002-37: The role of semiconductor inputs in IT hardware price decline: computers vs. communications

Ana Aizcorbe, Kenneth Flamm and Anjum Khurshid

2002-36: Investor behavior and the purchase of company stock in 401(k) plans - the importance of plan design

J. Nellie Liang and Scott Weisbenner

2002-35: Small business loan turndowns, personal wealth and discrimination

Ken Cavalluzzo and John Wolken

2002-34: The extreme bounds of the cross-section of expected stock returns

J. Benson Durham

2002-33: Nature or nurture: why do 401(k) participants save differently than other workers?

Karen Pence

2002-32: Treasury inflation-indexed debt: a review of the U.S. experience

Robert Elsasser and Brian P. Sack

2002-31: Technological progress and the geographic expansion of the banking industry

Allen Berger and Robert DeYoung

2002-30: Does the labor share of income drive inflation?

Jeremy B. Rudd and Karl Whelan

2002-29: Information technology and productivity: where are we now and where are we going?

Stephen Oliner and Daniel Sichel

2002-28: What drives the persistent competitiveness of small banks?

William F. Bassett and Thomas F. Brady

2002-27: Imperfect knowledge, inflation expectations, and monetary policy

Athanasios Orphanides and John Williams

2002-26: Credit scoring and the availability, price, and risk of small business credit

Allen Berger, W Frame and Nathan H. Miller

2002-25: To what extent will the banking industry be globalized? a study of bank nationality and reach in 20 European nations

Allen Berger, Qinglei Dai, Steven Ongena and David C. Smith

2002-24: Interpreting the significance of lagged interest rate in estimated monetary policy rules

William B. English, William R. Nelson and Brian P. Sack

2002-23: The home market and the pattern of trade: round three

Thomas Holmes and John Stevens

2002-22: Increasing returns and optimal oscillating labor supply

Bill Dupor and Andreas Lehnert

2002-21: The rise in lifetime earnings inequality among men

Stephanie Aaronson

2002-20: Why are semiconductor prices falling so fast? Industry estimates and implications for productivity measurement

Ana Aizcorbe

2002-19: Does the Community Reinvestment Act (CRA) cause banks to provide a subsidy to some mortgage borrowers?

Glenn B. Canner, Elizabeth Laderman, Andreas Lehnert and Wayne Passmore

2002-18: Firm, owner, and financing characteristics: differences between female- and male-owned small businesses

Alicia M. Robb and John Wolken

2002-17: Geographic concentration and establishment size: analysis in an alternative economic geography model

Thomas Holmes and John Stevens

2002-16: Is reallocation related to the cycle? A look at permanent and temporary job flows

Andrew Figura

2002-15: Estimated variance of seasonally adjusted series

William P. Cleveland

2002-14: Consumption, debt and portfolio choice: testing the effect of bankruptcy law

Andreas Lehnert and Dean M. Maki

2002-13: Price measures for semiconductor devices

Ana Aizcorbe

2002-12: The cyclical behavior of short-term and long-term job flows

Andrew Figura

2002-11: Causes of bank suspensions in the panic of 1893

Mark Carlson

2002-10: Investment-specific technical change in the US (1947-2000): measurement and macroeconomics consequences

Jason Cummins and Giovanni Violante

2002-09: Avoiding Nash Inflation: Bayesian and Robust Responses to Model Uncertainty

Robert Tetlow and Peter von zur Muehlen

2002-9: Avoiding Nash inflation: Bayesian and robust responses to model uncertainty

Robert Tetlow and Peter von zur Muehlen

2002-8: Monetary policy rules and the Great Inflation

Athanasios Orphanides

2002-7: How does the market interpret analysts' long-term growth forecasts?

Steven Sharpe

2002-07: How Does the Market Interpret Analysts' Long-Term Growth Forecasts?

Steven Sharpe

2002-6: 401(k)s and household saving: new evidence from the Survey of Consumer Finances

Karen Pence

2002-5: Rule-of-thumb behaviour and monetary policy

Jeffery D. Amato and Thomas Laubach

2002-05: Rule-of-Thumb Behaviour and Monetary Policy

Jeffery D. Amato and Thomas Laubach

2002-04: The Impact of Monetary Policy on Asset Prices

Roberto Rigobon and Brian P. Sack

2002-4: The impact of monetary policy on asset prices

Roberto Rigobon and Brian P. Sack

2002-3: Growth effects of progressive taxes

Wenli Li and Pierre Daniel Sarte

2002-03: Growth Effects of Progressive Taxation

Wenli Li and Pierre Daniel Sarte

2002-2: On the economics of discrimination in credit markets

Song Han

2002-02: On the Economics of Discrimination in Credit Markets

Song Han

2002-1: Inflation and the size of government

Song Han and Casey Mulligan

2002-01: Inflation and the Size of Government

Song Han and Casey Mulligan