Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
Contact information at EDIRC.
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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

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

Jeffery D. Amato and Thomas Laubach

2002-5: 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

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

Song Han

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

Song Han

2002-01: Inflation and the Size of Government

Song Han and Casey Mulligan

2002-1: Inflation and the size of government

Song Han and Casey Mulligan

2001-63: The effect of market size structure on competition: the case of small business lending

Allen Berger, Richard Rosen and Gregory Udell

2001-62: Monetary policy rules, macroeconomic stability and inflation: a view from the trenches

Athanasios Orphanides

2001-61: Measurement error in the consumer price index: where do we stand?

David E. Lebow and Jeremy B. Rudd

2001-60: Risk-based capital requirements for mortgage loans

Paul S. Calem and Michael LaCour-Little

2001-59: Linear data transformations used in economics

Darrel Cohen

2001-58: Implications of habit formation for optimal monetary policy

Jeffery D. Amato and Thomas Laubach

2001-57: Who benefits from a bull market? an analysis of employee stock option grants and stock prices

J. Nellie Liang and Scott Weisbenner

2001-56: Measuring the natural rate of interest

Thomas Laubach and John Williams

2001-55: Monetary policy in a changing world: rising role of expectations and the anticipation effect

Selva Demiralp

2001-54: Data uncertainty and the role of money as an information variable for monetary policy

Günter Coenen, Andrew Levin and Volker Wieland

2001-53: Measuring equilibrium real interest rates: what can we learn from yields on indexed bonds?

Antulio Bomfim

2001-52: Do provisional estimates of output miss economic turning points?

Karen E. Dynan and Douglas Elmendorf

2001-51: Are branch banks better survivors? Evidence from the Depression era

Mark Carlson

2001-50: Understanding credit derivatives and their potential to synthesize riskless assets

Antulio Bomfim

2001-49: Estimating stochastic volatility diffusion using conditional moments of integrated volatility

Tim Bollerslev and Hao Zhou

2001-48: Capital requirements, business loans, and business cycles: an empirical analysis of the standardized approach in the new Basel Capital Accord

Seth B. Carpenter, William C. Whitesell and Egon Zakrajšek

2001-47: Sacrifice ratios and monetary policy credibility: do smaller budget deficits, inflation-indexed debt, and inflation targets lower disinflation costs?

J. Benson Durham

2001-46: Term structure of interest rates with regime shifts

Ravi Bansal and Hao Zhou

2001-45: Imperfect credibility and inflation persistence

Christopher Erceg and Andrew Levin

2001-44: Estimating changes in trend growth of total factor productivity: Kalman and H-P filters versus a Markov-switching framework

Mark W. French

2001-43: The competitive implications of multimarket bank branching

Timothy Hannan and Robin A. Prager

2001-42: The effect of monetary policy on monthly and quarterly stock market returns: cross-country evidence and sensitivity analyses

J. Benson Durham

2001-41: An analytical approach to the welfare cost of business cycles and the benefit from activist monetary policy

Michael Kiley

2001-40: Optimal investment with fixed refinancing costs

Jason Cummins and Ingmar Nyman

2001-39: The performance of forecast-based monetary policy rules under model uncertainty

Andrew Levin, Volker Wieland and John Williams

2001-38: To surcharge or not to surcharge: an empirical investigation of ATM pricing

Timothy Hannan, Elizabeth K. Kiser, James McAndrews and Robin A. Prager

2001-37: Understanding the role of recovery in default risk models: empirical comparisons and implied recovery rates

Gurdip Bakshi, Dilip B. Madan and Frank X. Zhang

2001-36: Small business credit availability and relationship lending: the importance of bank organizational structure

Allen Berger and Gregory Udell

2001-35: The effects of dynamic changes in bank competition on the supply of small business credit

Allen Berger, Lawrence G. Goldberg and Lawrence White

2001-34: The ability of banks to lend to informationally opaque small businesses

Allen Berger, Leora Klapper and Gregory Udell

2001-33: Systemic risk and financial consolidation: are they related?

Gianni De Nicolo and Myron L. Kwast

2001-32: Reexamining stock valuation and inflation: the implications of analysts' earnings forecasts

Steven Sharpe

2001-31: How accurate are Value-at-Risk models at commercial banks?

Jeremy Berkowitz and James M. O'Brien

2001-30: New tests of the New-Keynesian Phillips curve

Jeremy B. Rudd and Karl Whelan

2001-29: Production synergies, technology adoption, unemployment, and wages

Gwen Eudey and Miguel Molico

2001-28: Jump-diffusion term structure and Ito conditional moment generator

Hao Zhou

2001-27: The hidden dangers of historical simulation

Matthew Pritsker

2001-26: GSEs, mortgage rates, and the long-run effects of mortgage securitization

Jamie Ingpen, Wayne Passmore and Roger Sparks

2001-25: Employment persistence

Charles Fleischman and Joshua H. Gallin

2001-24: Anticipations of monetary policy in financial markets

Joe Lange, Brian P. Sack and William C. Whitesell

2001-23: Does stock market wealth matter for consumption?

Karen E. Dynan and Dean M. Maki

2001-22: Using subordinated debt to monitor bank holding companies: is it feasible?

Diana Hancock and Myron L. Kwast

2001-21: Disentangling the wealth effect: a cohort analysis of household saving in the 1990s

Dean M. Maki and Michael G. Palumbo

2001-20: The production-side approach to estimating embodied technological change

Plutarchos Sakellaris and Daniel Wilson

2001-19: Looking ahead: young men, wage growth, and labor market participation

Stephanie Aaronson

2001-18: The importance of employer-to-employer flows in the U.S. labor market

Bruce Fallick and Charles Fleischman

2001-17: Incorporating event risk into value-at-risk

Michael S. Gibson

2001-16: Market definition in banking: recent evidence

Dean F. Amel and Martha Starr

2001-15: Investigating the sources of default risk: lessons from empirically evaluating credit risk models

Gurdip Bakshi, Dilip B. Madan and Frank X. Zhang

2001-14: Measuring the reaction of monetary policy to the stock market

Roberto Rigobon and Brian P. Sack

2001-13: How well does the New Keynesian sticky-price model fit the data?

John Roberts

2001-12: The effect of past and future economic fundamentals on spending and pricing behavior in the FRB/US macroeconomic model

Peter von zur Muehlen

2001-11: Optimal portfolio allocation in a world without Treasury securities

Antulio Bomfim

2001-10: The Pavlovian response of term rates to Fed announcements

Selva Demiralp and Oscar Jorda

2001-09: A primer on the economics and time series econometrics of wealth effects

Morris Davis and Michael Palumbo