Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
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1996-43: Investment and Union Certification

Bruce Fallick and Kevin Hassett

96-43: Investment and union certification

Bruce Fallick and Kevin Hassett

96-42: A guide to FRB/US: a macroeconomic model of the United States

Flint Brayton and Peter Tinsley

96-41: \"Forecasting the forecasts of others.\" Expectational heterogeneity and aggregate dynamics

Antulio Bomfim

1996-41: \"Forecasting the Forecasts of Others:\" Expectational Heterogeneity and Aggregate Dynamics

Antulio Bomfim

96-40: Motor vehicle stocks, scrappage, and sales

Darrel Cohen and Alan Greenspan

1996-40: Motor Vehicle Stocks, Scrappage, and Sales

Darrel Cohen and Alan Greenspan

1996-39: Long-Horizon Exchange Rate Predictability?

Jeremy Berkowitz and Lorenzo Giorgianni

96-39: Long-horizon exchange rate predictability?

Jeremy Berkowitz and Lorenzo Giorgianni

1996-38: What's Good for GM...? Using Auto Industry Stock Returns to Forecast Business Cycles and Test the Q-Theory of Investment

Greg Duffee and Stephen D. Prowse

96-38: What's good for GM...? Using auto industry stock returns to forecast business cycles and test the Q-theory of investment

Greg Duffee and Stephen D. Prowse

96-37: Generalized spectral estimation

Jeremy Berkowitz

1996-37: Generalized Spectral Estimation

Jeremy Berkowitz

96-36: Debt maturity and the use of interest rate derivatives by non-financial firms

George W. Fenn, Mitchell A. Post and Steven Sharpe

1996-35: Vehicle Ownership, Vehicle Acquisitions, and the Growth of Auto Leasing: Evidence from Consumer Surveys

Ana Aizcorbe and Martha Starr

96-35: Vehicle ownership, vehicle acquisitions and the growth of auto leasing: evidence from consumer surveys

Ana Aizcorbe and Martha Starr

1996-34: Initial Public Offerings in Hot and Cold Markets

Jean Helwege and J. Nellie Liang

96-34: Initial public offerings in hot and cold markets

Jean Helwege and J. Nellie Liang

96-33: The lead of output over inflation in sticky price models

Michael Kiley

1996-33: The Lead of Output over Inflation in Sticky Price Models

Michael Kiley

96-32: Taxation of labor income and the demand for risky assets

Douglas Elmendorf and Miles Kimball

1996-32: Taxation of Labor Income and the Demand for Risky Assets

Douglas Elmendorf and Miles Kimball

96-31: Tax exhaustion, firm investment, and leasing; a test of the Q model of investment

Michael P. O'Malley

1996-31: Tax Exhaustion, Firm Investment, and Leasing: A Test of the Q Model of Investment

Michael P. O'Malley

96-30: Is \"learning-by-exporting\" important? Micro-dynamic evidence from Colombia, Mexico and Morocco

Sofronis Clerides, Saul Lach and James Tybout

1996-30: Is \"Learning-by-Exporting\" Important? Micro-dynamic Evidence from Colombia, Mexico, and Morocco

Sofronis Clerides, Saul Lach and James Tybout

1996-29: Estimating the Price of Default Risk

Greg Duffee

96-29: Estimating the price of default risk

Greg Duffee

96-28: Minimum wage effects on employment and school enrollment: reply to Evans and Turner

David Neumark and William Wascher

1996-28: Minimum Wage Effects of Employment and School Enrollment: Reply to Evans and Turner

David Neumark and William Wascher

1996-27: The Effect of Interest-Rate Changes on Household Saving and Consumption: A Survey

Douglas Elmendorf

96-27: The effect of interest-rate changes on household saving and consumption: a survey

Douglas Elmendorf

96-26: A comparison of the household sector from the Flow of Funds Accounts and the Survey of Consumer Finances

Rochelle L. Antoniewicz

96-25: Does corporate lending by banks and finance companies differ? Evidence on specialization in private debt contracting

Mark Carey, Mitchell A. Post and Steven Sharpe

1996-24: The Opportunistic Approach to Disinflation

Athanasios Orphanides and David Wilcox

96-24: The opportunistic approach to disinflation

Athanasios Orphanides and David Wilcox

96-23: Endogenous price stickiness and business cycle persistence

Michael Kiley

1996-23: Endogenous Price Stickiness and Business Cycle Persistence

Michael Kiley

1996-22: Changes in REIT Liquidity 1990-94: Evidence from Intra-day Transactions

Vijay Bhasin, Rebel Cole and Joseph K. Kiely

96-22: Changes in REIT liquidity 1990-94: evidence from intra-day transactions

Vijay Bhasin, Rebel Cole and Joseph K. Kiely

1996-21: Compensation Incentives and Risk Taking Behavior: Evidence from Mutual Funds

Athanasios Orphanides

96-21: Compensation incentives and risk taking behavior: evidence from mutual funds

Athanasios Orphanides

1996-20: Treasury Yields and Corporate Bond Yield Spreads: An Empirical Analysis

Greg Duffee

96-20: Treasury yields and corporate bond yield spreads: an empirical analysis

Greg Duffee

96-19: Inflation, volatility and growth

Ruth A. Judson and Athanasios Orphanides

1996-19: Inflation, Volatility, and Growth

Ruth A. Judson and Athanasios Orphanides

1996-18: Household Saving and Portfolio Change: Evidence from the 1983-89 SCF Panel

Arthur B. Kennickell and Martha Starr

96-18: Household saving and portfolio change: evidence from the 1983-89 SCF panel

Arthur B. Kennickell and Martha Starr

96-17: Around and around: the expectations hypothesis

Mark Fisher and Christian Gilles

1996-17: Around and Around: The Expectations Hypothesis

Mark Fisher and Christian Gilles

96-16: Inflation and financial sector size

William B. English

1996-16: Inflation and Financial Sector Size

William B. English

96-15: Commercial banks and real estate lending: the Texas experience

Rebel Cole, Robert Eisenbeis and Paul M. Horvitz

1996-15: Commercial Banks and Real Estate Lending: The Texas Experience

Rebel Cole, Robert Eisenbeis and Paul M. Horvitz

1996-14: Solving an Empirical Puzzle in the Capital Asset Pricing Model

Jalal Akhavein, John H. Leusner and P. A. V. B. Swamy

96-14: Solving an empirical puzzle in the capital asset pricing model

Jalal Akhavein, John H. Leusner and P. A. V. B. Swamy

1996-13: Do Low Human Capital Coefficients Make Sense? A Puzzle and Some Answers

Ruth A. Judson

96-13: Do low human capital coefficients make sense? A puzzle and some answers

Ruth A. Judson

1996-12: The Impact of Capital-Based Regulation on Bank Risk-Taking: A Dynamic Model

Paul S. Calem and Rafael Rob

96-12: The impact of capital-based regulation on bank risk-taking: a dynamic model

Paul S. Calem and Rafael Rob

96-11: Regulatory competition and the efficiency of alternative derivative product margining systems

Paul Kupiec and Patricia A. White

96-10: Labor productivity: structural change and cyclical dynamics

Martin N. Baily, Eric Bartelsman and John Haltiwanger

1996-09: Bubbles as Payoffs at Infinity

Christian Gilles and Stephen LeRoy

96-9: Bubbles as payoffs at infinity

Christian Gilles and Stephen LeRoy

96-8: Why are estimates of agricultural supply response so variable?

Francis Diebold and Russell L. Lamb

1996-08: Why Are Estimates of Agricultural Supply Response so Variable?

Francis Diebold and Russell L. Lamb

96-7: A minor redefinition of M2

Sean Collins and William C. Whitesell

1996-07: A Minor Redefinition of M2

Sean Collins and William C. Whitesell

96-6: The effect of changes in ownership structure on performance: evidence from the thrift industry

Rebel Cole and Hamid Mehran

1996-06: The Effect of Changes in Ownership Structure on Performance: Evidence from the Thrift Industry

Rebel Cole and Hamid Mehran

96-5: Learning by doing and the value of optimal experimentation

Volker Wieland

96-4: Forecasting long- and short-horizon stock returns in a unified framework

Chunsheng Zhou

1996-04: Forecasting Long- and Short-Horizon Stock Returns in a Unified Framework

Chunsheng Zhou

96-3: Stock market fluctuations and the term structure

Chunsheng Zhou

1996-03: Stock Market Fluctuations and the Term Structure

Chunsheng Zhou

1996-02: Measurement Error and Time Aggregation: A Closer Look at Estimates of Output-Labor Elasticities

Marcello Estevão

96-2: Measurement error and time aggregation: a closer look at estimates of output-labor elasticities

Marcello Estevão

96-1: Saving and financial planning: some findings from a focus group

Arthur B. Kennickell, Martha Starr and Annika E. Sunden

1996-01: Saving and Financial Planning: Some Findings from a Focus Group

Arthur B. Kennickell, Martha Starr and Annika E. Sunden

95-53: Reconciling the evidence on employment effects of minimum wages: a review of our research findings

David Neumark and William Wascher

95-52: Will bank proprietary mutual funds survive? Assessing their viability via scope and scale estimates

Sean Collins and Phillip R. Mack

95-51: Recent developments in bank capital regulation of market risks

Paul Kupiec and James M. O'Brien

95-50: On the credit risk of OTC derivative users

Vijay Bhasin

95-49: International trade and the accumulation of human capital

Ann Owen

95-48: The role of profits in wage determination: evidence from US manufacturing

Marcello Estevão and Stacey Tevlin

95-47: R&D, investment and industry dynamics

Saul Lach and Rafael Rob

95-46: Product innovation and the business cycle

Boyan Jovanovic and Saul Lach

95-45: Inflation, nominal wage rigidity, and the efficiency of labor markets

David E. Lebow, David J. Stockton and William Wascher

95-44: Balanced-budget rules, distortionary taxes, and aggregate instability

Stephanie Schmitt-Grohe and Martín Uribe

95-43: The cyclical sensitivity of seasonality in U.S. employment

Spencer Krane and William Wascher

95-42: Saving and growth with habit formation

Christopher Carroll, Jody Overland and David Weil

95-41: Saving and permanent income: evidence from the 1992 SCF

Arthur B. Kennickell

95-40: The equilibrium Fed funds rate and the indicator properties of term- structure spreads

Antulio Bomfim

95-39: Too much of a good thing? The economics of investment in R&D

Charles Jones and John Williams

95-38: Controlling information premia by repackaging asset backed securities

Alexander David

95-37: An analysis of time-series estimates of capacity utilization

James E. Kennedy

95-36: A pre-commitment approach to capital requirements for market risk

Paul Kupiec and James M. O'Brien

95-35: Engines of growth: domestic and foreign sources of innovation

Jonathan Eaton and Samuel Kortum

95-34: Labor supply and the Tax Reform Act of 1986: evidence from panel data

Randall P. Mariger

95-33: The comovement of output and labor productivity in aggregate data for auto assembly plants

Ana Aizcorbe and Sharon Kozicki