Finance and Economics Discussion Series

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

1998-50: Monetary policy evaluation with noisy information

Athanasios Orphanides

1998-49: Unemployment risk, precautionary saving, and durable goods purchase decisions

Wendy E. Dunn

1998-48: A rational expectations model of financial contagion

Laura E. Kodres and Matthew Pritsker

1998-47: A comparative anatomy of credit risk models

Michael Gordy

1998-46: The consolidation of the financial services industry: causes, consequences, and implications for the future

Allen Berger, Rebecca Demsetz and Philip E. Strahan

1998-45: Robustness of simple monetary policy rules under model uncertainty

Andrew Levin, Volker Wieland and John Williams

1998-44: Investment, capacity, and output: a putty-clay approach

Simon Gilchrist and John Williams

1998-43: Inflation expectations and the transmission of monetary policy

John Roberts

1998-42: Bubbles or noise? Reconciling the results of broad-dividend variance-bounds tests

Garrett TeSelle

1998-41: Currency ratios and U.S. underground economic activity

Richard D. Porter and Gretchen Weinbach

1998-40: Consumption and asset prices and recursive preferences

Mark Fisher and Christian Gilles

1998-39: Adjustment costs of investment in general equilibrium: analytic results

Jinill Kim

1998-38: Indeterminacy and investment adjustment costs

Jinill Kim

1998-37: Rational error correction

Peter Tinsley

1998-36: Certainty equivalence and the non-vertical long run Phillips-curve

Yvan Lengwiler

1998-35: Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero

Athanasios Orphanides and Volker Wieland

1998-34: Uncertainty, learning, and gradual monetary policy

Brian P. Sack

1998-33: Dealer polling in the presence of possibly noisy reporting

Jeremy Berkowitz

1998-32: Comparing market and supervisory assessments of bank performance: who knows what when?

Allen Berger, Sally M. Davies and Mark Flannery

1998-31: Interbank payments and the daily federal funds rate

Craig H. Furfine

1998-30: Putty-clay and investment: a business cycle analysis

Simon Gilchrist and John Williams

1998-29: Monetary policy and multiple equilibria

Jess Benhabib, Stephanie Schmitt-Grohe and Martín Uribe

1998-28: The multiple unit auction with variable supply

Yvan Lengwiler

1998-27: Monetary policy under neoclassical and New-Keynesian Phillips Curves, with an application to price level and inflation targeting

Michael Kiley

1998-26: P* revisited: money-based inflation forecasts with a changing equilibrium velocity

Athanasios Orphanides and Richard D. Porter

1998-25: Is mortgage lending by savings associations special?

Elizabeth Laderman and Wayne Passmore

1998-24: The effect of stock prices on the demand for money market mutual funds

James P. Dow and Douglas Elmendorf

1998-23: Equilibrium price with institutional investors and with naive traders

Dominique Dupont

1998-22: Monetary policy and uncertainty about the natural unemployment rate

Volker Wieland

1998-21: Nominal wage rigidity and real wage cyclicality

Marcello Estevão and Beth Anne Wilson

1998-20: Stock market wealth and consumer spending

Martha Starr

1998-19: Endogenous business cycles and the dynamics of output, hours, and consumption

Stephanie Schmitt-Grohe

1998-18: A generalization of generalized beta distributions

Michael Gordy

1998-17: Does the Fed act gradually? a VAR analysis

Brian P. Sack

1998-16: Part-time work and industry growth

Bruce Fallick

1998-15: The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle

Allen Berger and Gregory Udell

1998-14: Divestiture as an antitrust remedy in bank mergers

Jim Burke

1998-13: Who holds cash? and why?

Calvin Schnure

1998-12: The effects of social security privatization on household saving: evidence from the Chilean experience

Julia Lynn Coronado

1998-11: The auctions of Swiss government bonds: should the Treasury price discriminate or not?

Daniel Heller and Yvan Lengwiler

1998-10: Deposit insurance, bank incentives, and the design of regulatory policy

Paul Kupiec and James M. O'Brien

1998-09: Government debt

Douglas Elmendorf and N. Gregory Mankiw

1998-08: A discrete model of discriminatory price auctions - an alternative to Menezes-Monteiro

Hans Haller and Yvan Lengwiler

1998-07: Bankruptcy exemptions and the market for mortgage loans

Jeremy Berkowitz and Richard Hines