Finance and Economics Discussion Series

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

94-14: Avoiding runs in money market mutual funds: have regulatory reforms reduced the potential for a crash?

Sean Collins and Phillip R. Mack

94-13: Plant shutdowns, compositional effects, and procyclical labor productivity: the stylized facts for auto assembly plants

Ana Aizcorbe

94-12: The effects of general inflation and idiosyncratic cost shocks on within-commodity price dispersion: evidence from microdata

J. Joseph Beaulieu and Joe P. Mattey

94-11: A general method of deriving the efficiencies of banks from a profit function

Jalal Akhavein, P. A. V. B. Swamy and Stephen B. Taubman

94-10: Health insurance and precautionary saving

Martha Starr

94-9: The existence and impact of destabilizing positive feedback traders: evidence from the S&P 500 Index futures market

Laura E. Kodres

94-8: Taxation and intergenerational transfers with family size heterogeneity: do parents with more children prefer higher taxes?

Gregory Hess and Athanasios Orphanides

94-7: Downsizing and productivity growth: myth or reality?

Martin N. Baily, Eric Bartelsman and John Haltiwanger

94-6: Rents and quasi-rents in the wage structure: evidence from hostile takeovers

David Neumark and Steven Sharpe

94-5: Capital market imperfections and the incentive to lease

Hien H. Nguyen and Steven Sharpe

94-4: Debt maturity choice and risk-free assets: the \"clientele effect\" and the commercial paper market

Calvin Schnure

94-3: Judging instrument relevance in instrumental variables estimation

Alastair Hall, Glenn Rudebusch and David Wilcox

94-2: The relationship between capital and earnings in banking

Allen Berger

94-1: Productivity dynamics: U.S. manufacturing plants, 1972-1986

Eric Bartelsman and Phoebus J. Dhrymes

93-42: The empirical properties of a monetary aggregates that adds bond and stock funds to M2

Athanasios Orphanides, Brian K. Reid and David H. Small

93-41: Did risk-based capital allocate bank credit and cause a credit crunch in the U.S.?

Allen Berger and Gregory Udell

93-40: Selection in failed bank auction prices: an econometric model of FDIC resolutions

James A. Berkovec and J. Nellie Liang

93-39: Bank commercial lending and the influence of thrift competition

Timothy Hannan and J. Nellie Liang

93-38: An efficiency model of deposit pricing and rate rigidity

Wayne Passmore and Roger Sparks

93-37: When are thrifts closed? An agency-theoretic model

Rebel Cole

93-36: What goes up must come down? Asymmetries and persistence in bank deposit interest rates

Richard Rosen

93-35: Asymmetric-information and principal-agent problems as sources of value in FSLIC-assisted acquisitions of insolvent thrifts

Rebel Cole, Robert Eisenbeis and Joseph A. McKenzie

93-34: Thrift asset-class returns and the efficient diversification of thrift institution portfolios

Rebel Cole and Joseph A. McKenzie

93-33: High real interest rates in the aftermath of disinflation: actual or expected?

Graciela Kaminsky and Leonardo Leiderman

93-32: Techniques for estimating dynamic comovement with an application to common international output fluctuations

Sharon Kozicki

93-31: Some monetary policy implications of safety and soundness reforms

James A. Clouse

93-30: Do consumers pay for one-stop banking? Evidence from a non-standard revenue function

Allen Berger, David B. Humphrey and Lawrence B. Pulley

93-29: Some evidence on finite sample behavior of an instrumental variables estimator of the linear quadratic inventory model

Kenneth West and David Wilcox

93-28: Joint seasonal adjustment of economic time series

Eric Bartelsman and William P. Cleveland

93-27: The performance of S&P500 futures product margins under the span margining system

Paul Kupiec

93-26: Alternative tests of agency theories of callable corporate bonds

Leland Crabbe and Jean Helwege

93-25: Exchange rate episodes and the passthrough of exchange rates to import prices

P. A. V. B. Swamy and Stephan S. Thurman