Finance and Economics Discussion Series

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

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

Ruth A. Judson

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

Ruth A. Judson

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

Paul S. Calem and Rafael Rob

1996-12: 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

96-9: Bubbles as payoffs at infinity

Christian Gilles and Stephen LeRoy

1996-09: Bubbles as Payoffs at Infinity

Christian Gilles and Stephen LeRoy

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

Francis Diebold and Russell L. Lamb

96-8: 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

1996-03: Stock Market Fluctuations and the Term Structure

Chunsheng Zhou

96-3: Stock market fluctuations and the term structure

Chunsheng Zhou

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

Marcello Estevão

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

Marcello Estevão

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

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

96-1: 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

95-32: Are U.S. investment and capital stocks at optimal levels?

Darrel Cohen, Kevin Hassett and James E. Kennedy

95-31: Taxes, capital gains realizations, and revenues: a critical review and some new results

Randall P. Mariger

95-30: The limits to \"growing an economy.\"

John Williams

95-29: Determinants of U.S. commercial bank performance: regulatory and econometric issues

James Barth, Ray Chou, John S. Jahera and P. A. V. B. Swamy

95-28: Credit rating enhancement norms and ratings-based bank capital and deposit insurance premium

Sankarshan Acharya

95-27: The role of principal agent-conflicts in the 1980s thrift crisis

Rebel Cole and Robert Eisenbeis

95-26: Noise traders, excess volatility, and a securities transactions tax

Paul Kupiec

95-25: Branch banking and the geography of bank pricing

Paul S. Calem and Leonard Nakamura

95-24: Techniques for verifying the accuracy of risk measurement models

Paul Kupiec

95-23: The role of capital in financial institutions

Allen Berger, Richard J. Herring and Giorgio Szego

95-22: The coexistence of multiple distribution systems for financial services: the case of property-liability insurance

Allen Berger, John Cummins and Mary Weiss

95-21: Universal banking and the future of small business lending

Allen Berger and Gregory Udell

95-20: Bank capitalization, regulation, and the credit crunch: a critical review of the research findings

Steven Sharpe

95-19: Asset pricing in an incomplete market with a locally risky discount factor

Sankarshan Acharya and Dilip B. Madan

95-18: Charter value, minimum bank capital requirement and deposit insurance pricing in equilibrium

Sankarshan Acharya

95-17: Comparing four models of aggregate fluctuations due to self-fulfilling expectations

Stephanie Schmitt-Grohe

95-16: Debtholders' option to walk out of a bankruptcy process, degree of diversification and multi-tier capital structure

Sankarshan Acharya

95-15: Efficient resolution of moral hazard under no arbitrage: risk premium, volatility and leverage

Sankarshan Acharya

95-14: A review of the recent empirical literature on displaced workers

Bruce Fallick

95-13: Putting the squeeze on a market for lemons: government-sponsored mortgage securitization

Wayne Passmore and Roger Sparks

95-12: Factor utilization and margins for adjusting output: evidence from manufacturing plants

Joe P. Mattey and Steven Strongin

95-11: The use of bank trading risk models for regulatory capital purposes

Paul Kupiec and James M. O'Brien

95-10: On the concavity of the consumption function

Christopher Carroll and Miles Kimball

95-9: Trade in ideas: patenting and productivity in the OECD

Jonathan Eaton and Samuel Kortum

95-8: Financial intermediation and monetary policy in a general equilibrium banking model

Pamela Labadie

95-7: Minimum wage effects on school and work transitions of teenagers

David Neumark and William Wascher

95-6: The international transmission of economic fluctuations: effects of U. S. business cycles on the Canadian economy

Stephanie Schmitt-Grohe

95-5: Households' deposit insurance coverage: evidence and analysis of potential reforms

Arthur B. Kennickell, Myron L. Kwast and Martha Starr

95-4: Unionization and acquisitions

Bruce Fallick and Kevin Hassett

95-3: Public policy toward pensions: why defined-contribution pensions dominate government-insured defined-benefit pensions

Randall P. Mariger

95-2: Research and productivity growth: theory and evidence from patent data

Samuel Kortum

95-1: Fitting the term structure of interest rates with smoothing splines

Mark Fisher, Douglas Nychka and David Zervos

94-36: The efficiency cost of market power in the banking industry: a test of the \"quiet life\" and related hypotheses

Allen Berger and Timothy Hannan

94-35: International patenting and technology diffusion

Jonathan Eaton and Samuel Kortum

94-34: The predictive failure of the Baba, Hendry and Starr model of the demand for M1 in the United States

Gregory Hess, Christopher Jones and Richard D. Porter

94-33: An RBC model with growth: the role of human capital

Tor Einarsson and Milton Marquis

94-32: Optimal disinflation paths when growth is endogenous

Tor Einarsson and Milton Marquis

94-31: Making the Cobb-Douglas functional form an efficient nonparametric estimator through localization

Douglas A. McManus

94-30: Measuring scale and scope economies in banking using the localized translog functional form

Douglas A. McManus

94-29: Thrift stock returns and balance sheet interest rate sensitivity

Stephen A. Lumpkin and James M. O'Brien

94-28: Idiosyncratic variation of Treasury bill yields

Greg Duffee

94-27: On measuring credit risks of derivative instruments

Greg Duffee

94-26: The efficiency of bank branches

Allen Berger, John H. Leusner and John J. Mingo

94-25: Optimal reform postponement

Athanasios Orphanides

94-24: Leverage as a state variable for employment, inventory accumulation, and fixed investment

Charles Calomiris, Athanasios Orphanides and Steven Sharpe

94-23: Bank scale economies, mergers, concentration, and efficiency: the U.S. experience

Allen Berger and David B. Humphrey

94-22: Is there a pecking order? Evidence from a panel of IPO firms

Jean Helwege and J. Nellie Liang

94-21: Partial market value accounting, bank capital, volatility, and bank risk

Mark Carey

94-20: The information content of bank examinations

Allen Berger and Sally M. Davies

94-19: Optimal bank portfolios and the credit crunch

Wayne Passmore and Steven Sharpe

94-18: The financial accelerator and the flight to quality

Ben Bernanke, Mark Gertler and Simon Gilchrist

94-17: An overview of the secondary market for U.S. Treasury securities in London and Tokyo

Brian Madigan and Jeff Stehm

94-16: How long do junk bonds spend in default?

Jean Helwege

94-15: Estimating the interest rate sensitivity of liquid retail deposit values

James M. O'Brien, Athanasios Orphanides and David H. Small