Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
Contact information at EDIRC.
Bibliographic data for series maintained by Ryan Wolfslayer ; Keisha Fournillier ().

Access Statistics for this working paper series.
Is something missing from the series or not right? See the RePEc data check for the archive and series.

211: Bank efficiency derived from a profit function

Allen Berger, Diana Hancock and David B. Humphrey

210: A dynamic model of entry and performance in the U.S. banking industry

Dean F. Amel and J. Nellie Liang

209: The continuing weakness in the M2

Joshua N. Feinman and Richard D. Porter

208: A causal relationship between stock returns and volume

Rochelle L. Antoniewicz

207: Determinants of savings and loan failure rates: estimates of a time- varying proportional hazard function

Jean Helwege

206: Effects of risk on the demand for oil inventories

Mark W. French

205: Near-rationality and strategic complementarity in a macroeconomic model: policy effects, persistence and multipliers

Antulio Bomfim and Francis Diebold

204: An analysis of the implementation of prompt corrective action

David S. Jones and Kathleen Kuester King

203: Megamergers in banking and the use of cost efficiency as an antitrust defense

Allen Berger and David B. Humphrey

202: Value of latent information: alternative event study methods

Sankarshan Acharya

201: Diversification and risk in banking: evidence from ex post returns

Patrick H. McAllister and Douglas A. McManus

200: Yields and tax rates on corporate, municipal and industrial bonds: testing market integration and the Miller hypothesis with micro-data

Leland Crabbe and Christopher M. Turner

199: The effect of SEC amendments to rule 2A-7 on the commercial paper market

Leland Crabbe and Mitchell A. Post

198: Circumstances on which different criteria of estimation can be applied to estimate policy effects

J. S. Mehta, Rao N. Singamesetti and P. A. V. B. Swamy

197: Hostile takeovers and expropriation of extramarginal wages: a test

David Neumark and Steven Sharpe

196: Dividend-price ratios and expected inflation: is there more to the story than the proxy effect?

Paul Kupiec

195: Labor hoarding when unemployment is a worker discipline device

Athanasios Orphanides

194: The timing of stabilizations

Athanasios Orphanides

193: The uncertain unit root in real GNP

Glenn Rudebusch

192: Trading volume and return reversals

Greg Duffee

191: Reexamining the relationship between stock returns and stock return volatility

Greg Duffee

190: Theory and evidence on reform of the Treasury's auction procedures

Vincent Reinhart

189: A market evaluation of the risk-based capital standards for the U.S. financial system

Lawrence R. Cordell and Kathleen Kuester King

188: 'Distribution free' estimates of efficiency of the U.S. banking industry and tests of the standard distributional assumptions

Allen Berger

187: Market power and the pricing of mortgage securitization

John L. Goodman and Wayne Passmore

186: Floating ceilings on deposit interest rates

Patrick H. McAllister

185: The effect of a rating change on commercial paper outstandings

Leland Crabbe and Mitchell A. Post

184: Estimates of the effect of FAS 106 on corporate earnings

Carrie Cristea, H. Fred Mittelstaedt and Mark J. Warshawsky

183: Consumer switching costs, market structure and prices: the theory and its application in the bank deposit market

Steven Sharpe

182: Factors contributing to rapid growth in national expenditures on health care

Mark J. Warshawsky

181: Securitization, risk, and the liquidity problem in banking

Allen Berger and Gregory Udell

180: Debt buybacks signal sovereign countries' creditworthiness: theory and tests

Sankarshan Acharya

179: Maximizing the market value of a firm to choose dynamic policies for managerial hiring, compensation, firing and tenuring

Sankarshan Acharya

178: Efficient resolution of moral hazard via capital market: monitoring banks

Sankarshan Acharya

177: Value of double leverage, bank holding companies and capital regulation

Sankarshan Acharya

176: The profit-concentration relationship in banking

Allen Berger

175: Can retail depositories fund mortgages profitably?

Wayne Passmore

174: The structure of corporate ownership in Japan

Stephen D. Prowse

173: Accounting for prediction variance in event studies

Sally M. Davies

172: Debt and employment volatility over the business cycle

Steven Sharpe

171: Debt maturity and the back-to-the-wall theory of corporate finance

George W. Fenn and Steven Sharpe

170: Projections of health care expenditures as a share of GNP: actuarial and economic approaches

Mark J. Warshawsky

169: The functional relationship between prices and market concentration: the case of the banking industry

Timothy Hannan

168: Does consumer sentiment affect household spending? If so why?

Christopher Carroll, Jeffrey Fuhrer and David Wilcox

167: More on the international similarity of interindustry wage differentials: evidence from the Federal Republic of Germany and the U.S

Jean Helwege and Joachim Wagner

166: Noise traders, excess volatility, and securities transaction tax

Paul Kupiec

165: Stock market volatility in OECD countries: recent trends, consequences for the real economy, and proposals for reform

Paul Kupiec

164: Prudential margin policy in a futures-style settlement system

George W. Fenn and Paul Kupiec

163: Empirical relationships between the total industrial production index and its diffusion indexes

James E. Kennedy

162: Corporate medium-term notes

Leland Crabbe

161: Cyclical patterns in the variance of economic activity

Mark W. French and Daniel Sichel

160: Changes in the cost of equity capital for bank holding companies and the effects on raising capital

James A. Berkovec and J. Nellie Liang

159: The term structure of interest rates over the business cycle

Pamela Labadie

158: The effects of closure policies on bank risk-taking

Sally M. Davies and Douglas A. McManus

157: The Globex trading system

Patricia A. White

156: The impact of liabilities for retiree health benefits on share prices

H. Fred Mittelstaedt and Mark J. Warshawsky

155: Callable corporate bonds: a vanishing breed

Leland Crabbe

154: Monetary policy and credit conditions: evidence from the composition of external finance

Anil Kashyap, Jeremy Stein and David Wilcox

153: Sourcing externalities

Eric Bartelsman, Ricardo Caballero and Richard Lyons

152: A new test for mean reversion in stock prices

Greg Duffee

151: Measurement and efficiency issues in commercial banking

Allen Berger and David B. Humphrey

150: Market-based deposit insurance premiums: an evaluation

Kathleen A. Kuester and James M. O'Brien

149: The characteristics of home mortgage debt, 1970-89: trends and implications

Jack Goodman, Yana Hudson and Scott Yermish

148: Prediction techniques for Box-Cox regression models

Sean Collins

147: Inferring market power from time-series data: the case of the banking firm

Timothy Hannan and J. Nellie Liang

146: Equity underwriting risk

J. Nellie Liang and James M. O'Brien

145: Financial accounting for pensions: measures of funding status

Mark J. Warshawsky

144: Some problems with identification in parametric models

J. S. Mehta, P. A. V. B. Swamy and Peter von zur Muehlen

143: A test of the theory of optimal taxation for the United States: 1870-1989

Gregory Hess

142: Are tax rates too volatile? An application of volatility tests to United States tax rates: 1870-1989

Gregory Hess

141: Are higher levels of inflation less predictable? A state-dependent conditional heteroskedasticity approach

Allan Brunner and Gregory Hess

140: Conditional asymmetries in real GNP: a semi-nonparametric approach

Allan Brunner

139: Trends and random walks in macroeconomic time series: a re-examination

Glenn Rudebusch

138: Switching costs, market concentration, and prices: the theory and its empirical implications in the bank deposit market

Steven Sharpe

137: Interest rate spreads, credit constraints and investment fluctuations: an empirical investigation

Mark Gertler, Robert Hubbard and Anil Kashyap

136: Evidence on q and investment for Japanese firms

Takeo Hoshi and Anil Kashyap

135: Production and inventory control at the General Motors Corporation during the 1920s and 1930s

Anil Kashyap and David Wilcox

134: The role of banks in reducing financial distress in Japan

Takeo Hoshi, Anil Kashyap and David Scharfstein

133: A securities transactions tax: beyond the rhetoric, what can we really say?

Greg Duffee, Paul Kupiec and Patricia A. White

132: Efficient computation of stochastic coefficients models

I-Lok Chang, Charles Hallahan and P. A. V. B. Swamy

131: Financial liberalization and international trends in stock, corporate bond and foreign exchange market volatilities

Paul Kupiec

130: Who invented local power analysis?

Douglas A. McManus

129: Effects of using dependent and independent differences in tests of random walk models against regression models

M. W. Leslie Chandrakantha, J. S. Mehta and P. A. V. B. Swamy

128: Is it possible to find an econometric law that works well in explanation and prediction? The case of Australian money demand

P. A. V. B. Swamy and George Tavlas

127: Animal spirits, margin requirements, and stock price volatility

Paul Kupiec and Steven Sharpe

126: Here's looking at you: modelling and policy use of auction price expectations

Flint Brayton, William Kan, Peter Tinsley and Peter von zur Muehlen

125: Asset prices and the conduct of monetary policy: proceedings of the Monetary Affairs Workshop

Richard D. Porter

124: Internal net worth and the investment process: an application to U.S. agriculture

Robert Hubbard and Anil Kashyap

123: Demographics and household savings

Arthur B. Kennickell

122: R&D spending and manufacturing productivity: an empirical analysis

Eric Bartelsman

121: Federally sponsored R&D and productivity growth

Eric Bartelsman

120: Optimal interest rate rules with information from money and auction markets

Peter von zur Muehlen

119: On the power of Dickey-Fuller tests against fractional alternatives

Francis Diebold and Glenn Rudebusch

118: Predicting inflation with commodity prices

Peter von zur Muehlen

117: Sticky inflation and interest rate rules with auction prices

Peter von zur Muehlen

116: Differences in the measurement of wealth, wealth inequality, and wealth composition obtained from alternative U.S. wealth surveys

F. Juster and Kathleen A. Kuester

115: The importance of market psychology in the determination of stock market volatility

Greg Duffee

114: Debt, liquidity constraints, and corporate investment: evidence from panel data

Toni Whited

113: U.S. corporate leverage: developments in 1987 and 1988

Ben Bernanke, John Campbell and Toni Whited

112: Sticky prices: new evidence from retail catalogs

Anil Kashyap