Finance and Economics Discussion Series

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

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