Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
Contact information at EDIRC.
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2019-086: Disentangling the Effects of the 2018-2019 Tariffs on a Globally Connected U.S. Manufacturing Sector: Aaron Flaaen and Justin Pierce
2019-085: How Well Does Economic Uncertainty Forecast Economic Activity?: John Rogers and Jiawen Xu
2019-084: The Propagation of Demand Shocks Through Housing Markets: Elliot Anenberg and Daniel R. Ringo
2019-083: Collateralized Debt Networks with Lender Default: Jin-Wook Chang
2019-082: Strategic Liquidity Mismatch and Financial Sector Stability: André Silva
2019-081: Does Intergenerational Mobility Increase Corporate Profits?: James F. Albertus and Michael Smolyansky
2019-080: Local Ties in Spatial Equilibrium: Mike Zabek
2019-079: Intermediary Segmentation in the Commercial Real Estate Market: David Glancy, John Krainer, Robert Kurtzman and Joseph B. Nichols
2019-078: Learning and Misperception: Implications for Price-Level Targeting: Martin Bodenstein, James Hebden and Fabian Winkler
2019-077: Effective Lower Bound Risk: Timothy S. Hills, Taisuke Nakata and Sebastian Schmidt
2019-076: The Global Equilibrium Real Interest Rate: Concepts, Estimates, and Challenges: Michael Kiley
2019-075: In Search of Lost Time Aggregation: Edmund Crawley
2019-074: A Coherent Framework for Predicting Emerging Market Credit Spreads with Support Vector Regression: Gary Anderson and Alena Audzeyeva
2019-073: Tractable Rare Disaster Probability and Options-Pricing: Robert Barro and Gordon Liao
2019-072: Okun Revisited: Who Benefits Most from a Strong Economy: Stephanie Aaronson, Mary Daly, William Wascher and David Wilcox
2019-071: The Welfare Costs of Misaligned Incentives: Energy Inefficiency and the Principal-Agent Problem: Joshua Blonz
2019-070: Bottom-up Leading Macroeconomic Indicators: An Application to Non-Financial Corporate Defaults using Machine Learning: Tyler Pike, Horacio Sapriza and Tom Zimmermann
2019-069: Trends in Household Portfolio Composition: Jesse Bricker, Kevin B. Moore and Jeffrey Thompson
2019-068: What are the Price Effects of Trade? Evidence from the U.S. and Implications for Quantitative Trade Models: Xavier Jaravel and Erick Sager
2019-067: Sellin’ in the Rain: Adaptation to Weather and Climate in the Retail Sector: Brigitte Roth Tran
2019-066: Policy Uncertainty and Bank Mortgage Credit: Gazi Kara and Youngsuk Yook
2019-065: Improving the Accuracy of Economic Measurement with Multiple Data Sources: The Case of Payroll Employment Data: Tomaz Cajner, Leland Crane, Ryan Decker, Adrian Hamins-Puertolas and Christopher J. Kurz
2019-064: Monetary Policy and Bank Equity Values in a Time of Low and Negative Interest Rates: Miguel Ampudia and Skander Van den Heuvel
2019-063: Exporters of Services: A Look at U.S. Exporters Outside of the Manufacturing Sector: Maria D. Tito
2019-062: Parental Proximity and Earnings After Job Displacements: Patrick Coate, Pawel Krolikowski and Mike Zabek
2019-061: CECL and the Credit Cycle: Bert Loudis and Ben Ranish
2019-060: A Simple Model of Voluntary Reserve Targets with Tolerance Bands: Garth Baughman and Francesca Carapella
2019-059: Variance Disparity and Market Frictions: Yang-Ho Park
2019-058: Transparency and Collateral: The Design of CCPs' Loss Allocation Rules: Gaetano Antinolfi, Francesca Carapella and Francesco Carli
2019-057: From Transactions Data to Economic Statistics: Constructing Real-time, High-frequency, Geographic Measures of Consumer Spending: Aditya Aladangady, Shifrah Aron-Dine, Wendy E. Dunn, Laura Feiveson, Paul Lengermann and Claudia Sahm
2019-056: Regulating Financial Networks Under Uncertainty: Carlos Ramírez
2019-055: Measuring the Liquidity Profile of Mutual Funds: Sirio Aramonte, Chiara Scotti and Ilknur Zer
2019-054: Pricing Poseidon: Extreme Weather Uncertainty and Firm Return Dynamics: Mathias S. Kruttli, Brigitte Roth Tran and Sumudu Watugala
2019-053: Expectations-Driven Liquidity Traps: Implications for Monetary and Fiscal Policy: Taisuke Nakata and Sebastian Schmidt
2019-052: Shock Transmission through Cross-Border Bank Lending: Credit and Real Effects: Galina Hale, Tumer Kapan and Camelia Minoiu
2019-051: When do low-frequency measures really measure transaction costs?: Mohammad Jahan-Parvar and Filip Zikes
2019-050: The Effects of Bank Capital Buffers on Bank Lending and Firm Activity: What Can We Learn from Five Years of Stress-Test Results?: Jose M. Berrospide and Rochelle Edge
2019-049: Accounting for Innovations in Consumer Digital Services: IT still matters: David Byrne and Carol Corrado
2019-048: Reach for Yield by U.S. Public Pension Funds: Kenechukwu Anadu, James Bohn, Lina Lu, Matthew Pritsker and Andrei Zlate
2019-047: Leveraged Bank Loan versus High Yield Bond Mutual Funds: Ayelen Banegas and Jessica Goldenring
2019-046: The Impact of Credit Risk Mispricing on Mortgage Lending during the Subprime Boom: James Kahn and Benjamin S. Kay
2019-045: How does the interaction of macroprudential and monetary policies affect cross-border bank lending?: Elod Takats and Judit Temesvary
2019-044: Mixed Signals: Investment Distortions with Adverse Selection: Matthew Darst and Ehraz Refayet
2019-043: A Unified Measure of Fed Monetary Policy Shocks: Chunya Bu, John Rogers and Wenbin Wu
2019-042: Inflation and Deflationary Biases in Inflation Expectations: Michael Lamla, Damjan Pfajfar and Lea Rendell
2019-041: The costs and benefits of liquidity regulations: Lessons from an idle monetary policy tool: Christopher Curfman and John Kandrac
2019-040: Bond Risk Premiums at the Zero Lower Bound: Martin M. Andreasen, Kasper Joergensen and Andrew Meldrum
2019-039: The Role of U.S. Monetary Policy in Global Banking Crises: C. Bora Durdu, Alex Martin and Ilknur Zer
2019-038: Benchmarking Operational Risk Stress Testing Models: Filippo Curti, Marco Migueis and Rob T. Stewart
2019-037: Credible Forward Guidance: Taisuke Nakata and Takeki Sunakawa
2019-036: Optimal Inflation Target with Expectations-Driven Liquidity Traps: Philip Coyle and Taisuke Nakata
2019-035: Measuring Labor-Force Participation and the Incidence and Duration of Unemployment: Hie Joo Ahn and James Hamilton
2019-034: Business Dynamics in the National Establishment Time Series (NETS)/Leland Crane, Ryan Decker: Leland Crane and Ryan Decker
2019-033: A Generalized Approach to Indeterminacy in Linear Rational Expectations Models: Francesco Bianchi and Giovanni Nicolo
2019-032: Some International Evidence for Keynesian Economics Without the Phillips Curve: Roger Farmer and Giovanni Nicolo
2019-031: Understanding Bank and Nonbank Credit Cycles: A Structural Exploration: C. Bora Durdu and Molin Zhong
2019-030: When Simplicity Offers a Benefit, Not a Cost: Closed-Form Estimation of the GARCH(1,1) Model that Enhances the Efficiency of Quasi-Maximum Likelihood: Todd Prono
2019-029: Second Home Buyers and the Housing Boom and Bust: Daniel Garcia
2019-028: Likelihood Evaluation of Models with Occasionally Binding Constraints: Pablo Cuba-Borda, Luca Guerrieri, Matteo Iacoviello and Molin Zhong
2019-027: The Marginal Effect of Government Mortgage Guarantees on Homeownership: Serafin J. Grundl and You Suk Kim
2019-026: Assessing Macroeconomic Tail Risk: Francesca Loria, Christian Matthes and Donghai Zhang
2019-025: Information in Yield Spread Trades: Yang-Ho Park
2019-024: Uncertainty Shocks, Monetary Policy and Long-Term Interest Rates: Gianni Amisano and Oreste Tristani
2019-023: How Does the Strength of Monetary Policy Transmission Depend on Real Economic Activity?: Horacio Sapriza and Judit Temesvary
2019-022: Marketplace Lending and Consumer Credit Outcomes: Evidence from Prosper: Timothy E. Dore and Traci L. Mach
2019-021: Do Greasy Wheels Curb Inequality?: Cynthia Doniger
2019-020: Duration Dependence, Monetary Policy Asymmetries, and the Business Cycle: Travis Berge and Damjan Pfajfar
2019-019: New Financial Stability Governance Structures and Central Banks: Rochelle Edge and J. Nellie Liang
2019-018: Does Price Regulation Affect Competition? Evidence from Credit Card Solicitations: Yiwei Dou, Geng Li and Joshua Ronen
2019-017: Introducing the Distributional Financial Accounts of the United States: Michael M. Batty, Jesse Bricker, Joseph Briggs, Alice Henriques Volz, Elizabeth Ball Holmquist, Susan Hume McIntosh, Kevin B. Moore, Eric Nielsen, Sarah Reber, Molly Shatto, Kamila Sommer and Tom Sweeney
2019-016: The Limits of p-Hacking: A Thought Experiment: Andrew Chen
2019-015: Who Values Access to College?: Kartik Athreya, Felicia Ionescu, Urvi Neelakantan and Ivan Vidangos
2019-014: Inferring Term Rates from SOFR Futures Prices: Erik Heitfield and Yang-Ho Park
2019-013: Test Questions, Economic Outcomes, and Inequality: Eric Nielsen
2019-012: Getting Smart About Phones: New Price Indexes and the Allocation of Spending Between Devices and Services Plans in Personal Consumption Expenditures: Ana Aizcorbe, David Byrne and Daniel Sichel
2019-011: Over-the-Counter Market Liquidity and Securities Lending: Nathan Foley-Fisher, Stefan Gissler and Stephane Verani
2019-010: Lifecycle Patterns of Saving and Wealth Accumulation: Laura Feiveson and John Edward Sabelhaus
2019-009: Monetary Policy Strategies for a Low-Rate Environment: Ben Bernanke, Michael Kiley and John Roberts
2019-008: Stress Testing Household Debt: Neil Bhutta, Jesse Bricker, Lisa Dettling, Jimmy Kelliher and Steven Laufer
2019-007: Trade Exposure and the Evolution of Inflation Dynamics: Simon Gilchrist and Egon Zakrajšek
2019-006: Robust Inference in First-Price Auctions: Experimental Findings as Identifying Restrictions: Serafin J. Grundl and Yu Zhu
2019-005r1: Banks as Regulated Traders: Antonio Falato, Diana A. Iercosan and Filip Zikes
2019-004: Karl Brunner and U.K. Monetary Debate: Edward Nelson
2019-003: Monetary Policy Options at the Effective Lower Bound: Assessing the Federal Reserve's Current Policy Toolkit: Hess Chung, Etienne Gagnon, Taisuke Nakata, Matthias Paustian, Bernd Schlusche, James Trevino, Diego Vilán and Wei Zheng
2019-002: Evaluating the Conditionality of Judgmental Forecasts: Travis Berge, Andrew C. Chang and Nitish R. Sinha
2019-001: The Monetary Base in Allan Meltzer's Analytical Framework: Edward Nelson
2018-089: Short Takes on Monetary Policy Strategy: An Introduction to Some Basic Concepts: James A. Clouse
2018-088: Can the US Interbank Market be Revived?: Kyungmin Kim, Antoine Martin and Ed Nosal
2018-087: The Impact of Post Stress Tests Capital on Bank Lending: William F. Bassett and Jose M. Berrospide
2018-086: The Optimal Inflation Rate with Discount Factor Heterogeneity: Antoine Lepetit
2018-085: The U.S. Syndicated Loan Market: Matching Data: Gregory J. Cohen, Melanie Friedrichs, Kamran Gupta, William Hayes, Seung Jung Lee, W. Blake Marsh, Nathan Mislang, Maya Shaton and Martin Sicilian
2018-084: Liquidity Regulation and Financial Intermediaries: Marco Macchiavelli and Luke Pettit
2018-083: A Promised Value Approach to Optimal Monetary Policy: Timothy S. Hills, Taisuke Nakata and Takeki Sunakawa
2018-082: Supervisory Stress Testing For CCPs: A Macro-Prudential, Two-Tier Approach: Edward L. Anderson, Fernando Cerezetti and Mark Manning
2018-081: Level Shifts in Beta, Spurious Abnormal Returns and the TARP Announcement: Andrew Phin, Todd Prono, Jonathan J. Reeves and Konark Saxena
2018-080: Are Millennials Different?: Christopher J. Kurz, Geng Li and Daniel J. Vine
2018-079: How do Capital Requirements Affect Loan Rates? Evidence from High Volatility Commercial Real Estate: David Glancy and Robert Kurtzman
2018-078: Emergency Collateral Upgrades: Mark Carlson and Marco Macchiavelli
2018-077: Rural Affordable Rental Housing: Quantifying Need, Reviewing Recent Federal Support, and Assessing the Use of Low Income Housing Tax Credits in Rural Areas: Andrew M. Dumont
2018-076: The Non-Bank Credit Cycle: Esti Kemp, Rene van Stralen, Alexandros Vardoulakis and Peter Wierts

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