Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
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2000-30: A real options approach to housing investment

Chris Downing and Nancy Wallace

2000-29: Corporate share repurchases in the 1990s: what role do stock options play?

Scott Weisbenner

2000-28: Robust monetary policy with misspecified models: does model uncertainty always call for attenuated policy?

Robert Tetlow and Peter von zur Muehlen

2000-27: Has compensation become more flexible?

San Cannon, Bruce Fallick, Michael Lettau and Raven E. Saks

2000-26: Household portfolios in the United States

Carol C. Bertaut and Martha Starr

2000-25: Improving grid-based methods for estimating value at risk of fixed-income portfolios

Michael S. Gibson and Matthew Pritsker

2000-24: Microeconomic inventory adjustment: evidence from U.S. firm-level data

Jonathan McCarthy and Egon Zakrajšek

2000-23: Assessing the productivity of public capital with a locational equilibrium model

Jeremy B. Rudd

2000-22: Purchasing power parity: three stakes through the heart of the unit root null

Matthew Higgins and Egon Zakrajšek

2000-21: Does multinationality matter? Evidence of value destruction in U.S. multinational corporations

Reid W. Click and Paul Harrison

2000-20: The resurgence of growth in the late 1990s: is information technology the story?

Stephen Oliner and Daniel Sichel

2000-19: Understanding productivity: lessons from longitudinal microdata

Eric Bartelsman and Mark Doms

2000-18: Dimensions of credit risk and their relationship to economic capital requirements

Mark Carey

2000-17: Do firms share their success with workers? The response of wages to product market conditions

Marcello Estevão and Stacey Tevlin

2000-16: Heterogeneous forecasts and aggregate dynamics

Antulio Bomfim

2000-15: Anatomy of a fair-lending exam: the uses and limitations of statistics

Paul S. Calem and Stanley D. Longhofer

2000-14: Making news: financial market effects of Federal Reserve disclosure practices

Antulio Bomfim and Vincent Reinhart

2000-13: Activist stabilization policy and inflation: the Taylor rule in the 1970s

Athanasios Orphanides

2000-12: The growth of consumer credit and the household debt service burden

Dean M. Maki

2000-11: Explaining the investment boom of the 1990s

Stacey Tevlin and Karl Whelan

2000-10: The timing of debt issuance and rating migration: theory and evidence

Daniel M. Covitz and Paul Harrison

2000-09: Generational aspects of Medicare

David Cutler and Louise Sheiner

2000-08: The effects of weather on retail sales

Martha Starr

2000-07: On identification of continuous time stochastic processes

Jeremy Berkowitz

2000-06: Computers, obsolescence, and productivity

Karl Whelan

2000-05: Stock prices and fundamentals in a production economy

Michael Kiley

2000-04: Globalization of financial institutions: evidence from cross-border banking performance

Allen Berger, Robert DeYoung, Hesna Genay and Gregory Udell

2000-03: Should America save for its old age? Population aging, national saving, and fiscal policy

Douglas Elmendorf and Louise Sheiner

2000-02: Real wage dynamics and the Phillips curve

Karl Whelan

2000-01: Inflation targeting and target instability

Robert Tetlow

1999-68: Credit constraints, consumer leasing and the automobile replacement decision

Kathleen W. Johnson

1999-67: Efficient monetary policy design near price stability

Athanasios Orphanides and Volker Wieland

1999-66: Temporary employment and the natural rate of unemployment

Maria Ward Otoo

1999-65: Are oil shocks inflationary? Asymmetric and nonlinear specifications versus changes in regime

Mark A. Hooker

1999-64: The automatic fiscal stabilizers: quietly doing their thing

Darrel Cohen and Glenn Follette

1999-63: Is corporate governance ineffective in emerging markets?

Michael S. Gibson

1999-62: Nonparametric estimation of multifactor continuous time interest rate models

Chris Downing

1999-61: Do pension plans with participant investment choice teach households to hold more equity?

Scott Weisbenner

1999-60: Consumer sentiment and the stock market

Maria Ward Otoo

1999-59: Share repurchases and employee stock options and their implications for S&P 500 share retirements and expected returns

J. Nellie Liang and Steven Sharpe

1999-58: The evolution of the demand for temporary help supply employment in the United States

Marcello Estevão and Saul Lach

1999-57: Measuring temporary labor outsourcing in U.S. manufacturing

Marcello Estevão and Saul Lach

1999-56: Is hysteresis important for U.S. unemployment?

Norman J. Morin and John Roberts

1999-55: Tests for non-linear dynamics in systems of non-stationary economic time series: the case of short-term US interest rates

Barry Jones and Travis Nesmith

1999-54: Measurement error in general equilibrium: the aggregate effects of noisy economic indicators

Antulio Bomfim

1999-53: The causes of business cycles and the cyclicality of real wages

Charles Fleischman

1999-52: Measuring the cyclicality of real wages: how important is aggregation across industries?

Eric Swanson

1999-51: Optimal control of large, forward-looking models efficient solutions and two examples

Frederico Finan and Robert Tetlow

1999-50: Do noisy data exacerbate cyclical volatility?

Antulio Bomfim

1999-49: What's happened to the Phillips curve?

Flint Brayton, John Roberts and John Williams

1999-48: Monetary policy, parameter uncertainty and optimal learning

Volker Wieland

1999-47: Option prices with uncertain fundamentals theory and evidence on the dynamics of implied volatilities

Alexander David and Pietro Veronesi

1999-46: Minimum wage careers?

William J. Carrington and Bruce Fallick

1999-45: Errors in the measurement of the output gap and the design of monetary policy

Frederico Finan, Athanasios Orphanides, Richard D. Porter, David L. Reifschneider and Robert Tetlow

1999-44: Three lessons for monetary policy in a low inflation era

David L. Reifschneider and John Williams

1999-43: Oil and the macroeconomy revisited

Mark A. Hooker

1999-42: Optimal discretion

Yvan Lengwiler and Athanasios Orphanides

1999-41: The dynamics of market entry: the effects of mergers and acquisitions on do novo entry and small business lending in the banking industry

Allen Berger, Seth D. Bonime, Lawrence G. Goldberg and Lawrence White

1999-40: Conglomeration versus strategic focus: evidence from the insurance industry

Allen Berger, John Cummins, Mary Weiss and Hongmin Zi

1999-39: Interest-rate smoothing and optimal monetary policy: a review of recent empirical evidence

Brian P. Sack and Volker Wieland

1999-38: The reliability of output gap estimates in real time

Athanasios Orphanides and Simon van Norden

1999-37: Monitoring, moral hazard, and market power: a model of bank lending

Daniel M. Covitz and Erik Heitfield

1999-36: Computers and growth with costs of adjustment: will the future look like the past?

Michael Kiley

1999-35: Finance and growth: theory and new evidence

Paul Harrison, Oren Sussman and Joseph Zeira

1999-34: The banking industry and the safety net subsidy

Andreas Lehnert and Wayne Passmore

1999-33: Pricing systemic crises: monetary and fiscal policy when savers are uncertain

Andreas Lehnert and Wayne Passmore

1999-32: Recent trends in compensation practices

David E. Lebow, Louise Sheiner, Lawrence Slifman and Martha Starr

1999-31: Downward nominal wage rigidity: evidence from the employment cost index

David E. Lebow, Raven E. Saks and Beth Anne Wilson

1999-30: Intra-household allocation and the mental health of children: structural estimation analysis

Morris Davis and E. Michael Foster

1999-29: A coherent framework for stress-testing

Jeremy Berkowitz

1999-28: Why are bank profits so persistent: the roles of product market competition, informational opacity, and regional/macroeconomic shocks

Allen Berger, Seth D. Bonime, Daniel M. Covitz and Diana Hancock

1999-27: Investment behavior, observable expectations, and internal funds

Jason Cummins, Kevin Hassett and Stephen Oliner

1999-26: An analysis of government spending in the frequency domain

Darrel Cohen

1999-25: Competition, small business financing, and discrimination: evidence from a new survey

Ken Cavalluzzo, Linda Cavalluzzo and John Wolken

1999-24: Consumption smoothing among working-class American families before social insurance

John James, Michael Palumbo and Mark Thomas

1999-23: Corporate payout policy and managerial stock incentives

George W. Fenn and J. Nellie Liang

1999-22: Wage rigidity: a look inside the firm

Beth Anne Wilson

1999-21: Tax incentives, material inputs, and the supply curve for capital equipment

Karl Whelan

1999-20: Demographics and medical care spending: standard and non-standard effects

David Cutler and Louise Sheiner

1999-19: Health care costs, wages, and aging

Louise Sheiner

1999-18: The geography of Medicare

David Cutler and Louise Sheiner

1999-17: The measurement of consumer expectations using survey data

Martha Starr

1999-16: Net migration and state labor market dynamics

Joshua H. Gallin

1999-15: Unemployment risk and precautionary wealth: evidence from households' balance sheets

Christopher Carroll, Karen E. Dynan and Spencer Krane

1999-14: Short rate expectations, term premiums, and central bank use of derivatives to reduce policy uncertainty

Peter Tinsley

1999-13: What explains the dramatic changes in cost and profit performance of the U.S. banking industry?

Allen Berger and Loretta Mester

1999-12: Simple rules for monetary policy

John Williams

1999-11: Evaluating the forecasts of risk models

Jeremy Berkowitz

1999-10: Simplicity versus optimality the choice of monetary policy rules when agents must learn

Robert Tetlow and Peter von zur Muehlen

1999-09: Asymmetric information in the labor market: new evidence on layoffs, recalls, and unemployment

Núria Rodriguez-Planas

1999-08: The aggregate change in shares and the level of stock prices

William R. Nelson

1999-07: Why does the change in shares predict stock returns?

William R. Nelson

1999-06: Evidence of excess returns on firms that issue or repurchase equity

William R. Nelson

1999-05: Workers' knowledge of their pension coverage: a reevaluation

Martha Starr and Annika E. Sunden

1999-04: On the finite-sample accuracy of nonparametric resampling algorithms for economic time series

Jeremy Berkowitz, Ionel Birgean and Lutz Kilian

1999-03: Models of sectoral reallocation

Eric Swanson

1999-02: Stock prices, expected returns, and inflation

Steven Sharpe

1999-01: Partial adjustment and staggered price setting

Michael Kiley

1998-52: Asset pooling, credit rationing, and growth

Andreas Lehnert

1998-51: Bank risk rating of business loans

William B. English and William R. Nelson