Finance and Economics Discussion Series

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

2018-075: On the U.S. Firm and Establishment Size Distributions

Illenin Kondo, Logan Lewis and Andrea Stella

2018-074: Employment in the Great Recession: How Important Were Household Credit Supply Shocks?

Daniel Garcia

2018-073: Perceptions and Expectations of Inflation by U.S. Households

Sandor Axelrod, David E. Lebow and Ekaterina V. Peneva

2018-072: Forward Guidance with Bayesian Learning and Estimation

Christopher Gust, Edward Herbst and David Lopez-Salido

2018-071: Employment Effects of Unconventional Monetary Policy: Evidence from QE

Stephan Luck and Tom Zimmermann

2018-070: Reliably Computing Nonlinear Dynamic Stochastic Model Solutions: An Algorithm with Error Formulas

Gary Anderson

2018-069: The Effect of Common Ownership on Profits: Evidence From the U.S. Banking Industry

Jacob P. Gramlich and Serafin J. Grundl

2018-068: The Long and Short of It: Do Public and Private Firms Invest Differently?

Jesse Edgerton, Naomi Feldman, Laura Kawano, Elena Patel, Nirupama Rao and Michael Stevens

2018-067: Unemployment Risk

Michael Kiley

2018-066: The Differential Impact of Bank Size on Systemic Risk

Amy Lorenc and Jeffery Y. Zhang

2018-065: Price Pressure and Price Discovery in the Term Structure of Interest Rates

Scott Mixon and Tugkan Tuzun

2018-064: Measuring Aggregate Housing Wealth: New Insights from an Automated Valuation Model

Joshua H. Gallin, Raven S. Molloy, Eric Nielsen, Paul A. Smith and Kamila Sommer

2018-063: Bank Holdings and Systemic Risk

Celso Brunetti, Jeffrey Harris and Shawn Mankad

2018-062: The Role of Expectations in Changed Inflation Dynamics

Damjan Pfajfar and John Roberts

2018-061: Information and Liquidity of OTC Securities: Evidence from Public Registration of Rule 144A Bonds

Song Han, Alan G. Huang, Madhu Kalimipalli and Ke Wang

2018-060r1: The Shift from Active to Passive Investing: Potential Risks to Financial Stability?

Kenechukwu Anadu, Mathias S. Kruttli, Patrick E. McCabe and Emilio Osambela

2018-059: Some Implications of Uncertainty and Misperception for Monetary Policy

Christopher Erceg, James Hebden, Michael Kiley, David Lopez-Salido and Robert Tetlow

2018-058: Oil, Equities, and the Zero Lower Bound

Deepa Datta, Benjamin K. Johannsen, Hannah Kwon and Robert Vigfusson

2018-057: Hidden Baggage: Behavioral Responses to Changes in Airline Ticket Tax Disclosure

Sebastien Bradley and Naomi Feldman

2018-056: A Shadow Rate or a Quadratic Policy Rule? The Best Way to Enforce the Zero Lower Bound in the United States

Martin M. Andreasen and Andrew Meldrum

2018-055: The Near-Term Forward Yield Spread as a Leading Indicator: A Less Distorted Mirror

Eric Engstrom and Steven Sharpe

2018-054: Financial Frictions, Financial Shocks, and Aggregate Volatility

Cristina Fuentes-Albero

2018-053: Tapping into Financial Synergies: Alleviating Financial Constraints Through Acquisitions

Rohan Williamson and Jie Yang

2018-052: Preventing Controversial Catastrophes

Steven D. Baker, Burton Hollifield and Emilio Osambela

2018-051: From Taylor's Rule to Bernanke's Temporary Price Level Targeting

James Hebden and David Lopez-Salido

2018-050: Speed Limit Policy and Liquidity Traps

Taisuke Nakata, Sebastian Schmidt and Paul Yoo

2018-049: Attenuating the Forward Guidance Puzzle: Implications for Optimal Monetary Policy

Taisuke Nakata, Ryota Ogaki, Sebastian Schmidt and Paul Yoo

2018-048: Income Inequality, Financial Crises, and Monetary Policy

Isabel Cairo and Jae Sim

2018-047: Half-full or Half-empty? Financial Institutions, CDS Use, and Corporate Credit Risk

Cecilia R. Caglio, Matthew Darst and Eric Parolin

2018-046: Self-confirming Price Dispersion in Monetary Economies

Garth Baughman and Stanislav Rabinovich

2018-045: The Local Impact of Containerization

Leah Brooks, Nicolas Gendron-Carrier and Gisela Rua

2018-044: A Nowcasting Model for the Growth Rate of Real GDP of Ecuador: Implementing a Time-Varying Intercept

Daniel Baquero and Manuel González-Astudillo

2018-043: Financial Heterogeneity and Monetary Union

Simon Gilchrist, Raphael Schoenle, Jae Sim and Egon Zakrajšek