Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
Contact information at EDIRC.
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2017-099: How Does the Fed Adjust its Securities Holdings and Who is Affected?

Jane E. Ihrig, Lawrence Mize and Gretchen Weinbach

2017-098: On Targeting Frameworks and Optimal Monetary Policy

Martin Bodenstein and Junzhu Zhao

2017-097: Optimal Bank Regulation in the Presence of Credit and Run Risk

Anil Kashyap, Dimitrios Tsomocos and Alexandros Vardoulakis

2017-096: Reaffirming the Influence of Milton Friedman on U.K. Economic Policy

Edward Nelson

2017-095: Regular Variation of Popular GARCH Processes Allowing for Distributional Asymmetry

Todd Prono

2017-094: Why Rent When You Can Buy?

Cyril Monnet and Borghan Nezami Narajabad

2017-093: Did QE Lead Banks to Relax Their Lending Standards? Evidence from the Federal Reserve's LSAPs

Robert J. Kurtzman, Stephan Luck and Tom Zimmermann

2017-092: How Have Banks Been Managing the Composition of High-Quality Liquid Assets?

Jane E. Ihrig, Edward Kim, Ashish Kumbhat, Cindy M. Vojtech and Gretchen Weinbach

2017-091: Employment, Wages and Optimal Monetary Policy

Martin Bodenstein and Junzhu Zhao

2017-090: Improving the 30-Year Fixed-Rate Mortgage

Wayne Passmore and Alexander H. von Hafften

2017-089: Whose Child Is This? Shifting of Dependents Among EITC Claimants Within the Same Household

Jeff Larrimore, Jacob Mortenson and David Splinter

2017-088: The Timing of Mass Layoff Episodes: Evidence from U.S. Microdata

Alison E. Weingarden

2017-087: Forward-looking and Incentive-compatible Operational Risk Capital Framework

Marco Migueis

2017-086: The Effect of Interest Rates on Home Buying: Evidence from a Discontinuity in Mortgage Insurance Premiums

Neil Bhutta and Daniel R. Ringo

2017-085: Oil Price Pass-Through into Core Inflation

Cristina Conflitti and Matteo Luciani

2017-084: Why Are Banks Not Recapitalized During Crises?

Matteo Crosignani

2017-083: Managing Counterparty Risk in OTC Markets

Celso Brunetti, Agostino Capponi and Christoph Frei

2017-082: Identifying Contagion in a Banking Network

Alan Morrison, Michalis Vasios, Mungo Wilson and Filip Zikes

2017-081: FinTech and Financial Innovation: Drivers and Depth

John W. Schindler

2017-080: Monetary Policy in a Low Interest Rate World

Michael Kiley and John Roberts

2017-079: The Effect of Bank Supervision on Risk Taking: Evidence from a Natural Experiment

John Kandrac and Bernd Schlusche

2017-078: Firm Leverage, Labor Market Size, and Employee Pay

Timothy E. Dore and Rebecca Zarutskie

2017-077: Exporting and Frictions in Input Markets: Evidence from Chinese Data

Maria D. Tito and Ruoying Wang

2017-076: Misallocation Costs of Digging Deeper into the Central Bank Toolkit

Robert J. Kurtzman and David Zeke

2017-075: The Federal Reserve's Portfolio and its Effect on Interest Rates

Jeff W. Huther, Jane E. Ihrig and Elizabeth Klee

2017-074: The Impact of Price Controls in Two-sided Markets: Evidence from US Debit Card Interchange Fee Regulation

Mark D. Manuszak and Krzysztof Wozniak

2017-073: How Effective is Monetary Policy at the Zero Lower Bound? Identification Through Industry Heterogeneity

Arsenios Skaperdas

2017-072: The Credit Card Act and Consumer Finance Company Lending

Gregory E. Elliehausen and Simona Hannon

2017-071: Racial Gaps in Labor Market Outcomes in the Last Four Decades and over the Business Cycle

Tomaz Cajner, Tyler Radler, David Ratner and Ivan Vidangos

2017-070: Nonlinearities in the Phillips Curve for the United States: Evidence Using Metropolitan Data

Nathan R. Babb and Alan Detmeister

2017-069: Investment Commonality across Insurance Companies: Fire Sale Risk and Corporate Yield Spreads

Vikram Nanda, Wei Wu and Xing Zhou

2017-068: How Large were the Effects of Emergency and Extended Benefits on Unemployment during the Great Recession and its Aftermath?

Andrew Figura and David Ratner

2017-067: Consumer Mistakes and Advertising: The Case of Mortgage Refinancing

Serafin J. Grundl and You Suk Kim

2017-066: Measuring International Uncertainty: The Case of Korea

Dong Jin Lee, Minchul Shin, Boyuan Zhang and Molin Zhong

2017-065: A Price-Differentiation Model of the Interbank Market and Its Application to a Financial Crisis

Kyungmin Kim

2017-064: Is the Rent Too High? Aggregate Implications of Local Land-Use Regulation

Devin Bunten

2017-063: Macroeconomic Implications of Oil Price Fluctuations: A Regime-Switching Framework for the Euro Area

Fédéric Holm-Hadulla and Kirstin Hubrich

2017-062: Comparing Cross-Country Estimates of Lorenz Curves Using a Dirichlet Distribution Across Estimators and Datasets

Andrew C. Chang, Phillip Li and Shawn M. Martin

2017-061: Fiscal Policy and Aggregate Demand in the U.S. Before, During and Following the Great Recession

David B. Cashin, Jamie Lenney, Byron F. Lutz and William Peterman

2017-060: Money-Financed Fiscal Programs: A Cautionary Tale

William B. English, Christopher Erceg and David Lopez-Salido

2017-059: Measuring the Natural Rate of Interest: A Note on Transitory Shocks

Kurt Lewis and Francisco Vazquez-Grande

2017-058: Macro Risks and the Term Structure of Interest Rates

Geert Bekaert, Eric Engstrom and Andrey Ermolov

2017-057: A Model of Endogenous Debt Maturity with Heterogeneous Beliefs

Matthew Darst and Ehraz Refayet

2017-056: Safe Collateral, Arm's-Length Credit: Evidence from the Commercial Real Estate Mortgage Market

Lamont K. Black, John Krainer and Joseph B. Nichols

2017-055: The Role of Transfer Prices in Profit-Shifting by U.S. Multinational Firms: Evidence from the 2004 Homeland Investment Act

Aaron Flaaen

2017-054: Bank Fees, Aftermarkets, and Consumer Behavior

Robert M. Adams

2017-053: Capital Taxation with Heterogeneous Discounting and Collateralized Borrowing

Nina Biljanovska and Alexandros Vardoulakis

2017-052: Take it to the Limit: The Debt Ceiling and Treasury Yields

David B. Cashin, Erin E. Syron Ferris, Elizabeth Klee and Cailey Stevens

2017-051: GDP Trend-cycle Decompositions Using State-level Data

Manuel González-Astudillo

2017-050: The Decline in Asset Return Predictability and Macroeconomic Volatility

Alex Hsu, Francisco Palomino and Charles Qian

2017-049: Borrowers in Search of Feedback: Evidence from Consumer Credit Markets

Inessa Liskovich and Maya Shaton

2017-048: Pipeline Risk in Leveraged Loan Syndication

Max Bruche, Frederic Malherbe and Ralf R. Meisenzahl

2017-047: The Cyclical Behavior of Unemployment and Wages under Information Frictions

Camilo Morales-Jimenez

2017-046: Understanding Survey Based Inflation Expectations

Travis Berge

2017-045: Measuring Transaction Costs in the Absence of Timestamps

Filip Zikes

2017-044: Hysteresis via Endogenous Rigidity in Wages and Participation

Cynthia Doniger and David Lopez-Salido

2017-043: The Display of Information and Household Investment Behavior

Maya Shaton

2017-042: Divest, Disregard, or Double Down?

Brigitte Roth Tran

2017-041: Private Money Creation with Safe Assets and Term Premia

Sebastian Infante

2017-040: Employment Dynamics in a Signaling Model with Workers' Incentives

Alison E. Weingarden

2017-039: Commodity Prices and Labour Market Dynamics in Small Open Economies

Martin Bodenstein, Gunes Kamber and Christoph Thoenissen

2017-038: The Effect of Central Bank Liquidity Injections on Bank Credit Supply

Luisa Carpinelli and Matteo Crosignani

2017-037: Monetary Policy and the Predictability of Nominal Exchange Rates

Martin Eichenbaum, Benjamin K. Johannsen and Sergio Rebelo

2017-036r1: Reputation and Investor Activism: A Structural Approach

Travis L. Johnson and Nathan Swem

2017-035: The Household Expenditure Response to a Consumption Tax Rate Increase

David B. Cashin

2017-034: An Empirical Economic Assessment of the Costs and Benefits of Bank Capital in the US

Simon Firestone, Amy Lorenc and Ben Ranish

2017-033: Private and Public Liquidity Provision in Over-the-Counter Markets

David Arseneau, David E. Rappoport and Alexandros Vardoulakis

2017-032: On Intergenerational Immobility: Evidence that Adult Credit Health Reflects the Childhood Environment

Sarena Goodman, Alice Henriques Volz and Alvaro Mezza

2017-031: Are Central Cities Poor and Non-White?

Arturo Gonzalez, Jeff Larrimore, Ellen A. Merry, Barbara J. Robles and Jenny Schuetz

2017-030r1: How Would US Banks Fare in a Negative Interest Rate Environment?

David Arseneau

2017-029: Estimating the Competitive Effects of Common Ownership

Jacob P. Gramlich and Serafin J. Grundl

2017-028: The Skewness of the Price Change Distribution: A New Touchstone for Sticky Price Models

Shaowen Luo and Daniel Villar Vallenas

2017-027: Looking Inside the Magic 8 Ball: An Analysis of Sales Forecasts using Italian Firm-Level Data

Maria D. Tito

2017-026: The Transmission of Monetary Policy through Bank Lending: The Floating Rate Channel

Filippo Ippolito, Ali Ozdagli and Ander Pérez-Orive

2017-025: Precautionary On-the-Job Search over the Business Cycle

Hie Joo Ahn and Ling Shao

2017-024: A Likelihood-Based Comparison of Macro Asset Pricing Models

Andrew Chen, Rebecca Wasyk and Fabian Winkler

2017-023: Information in Financial Markets: Who Gets It First?

Nathan Swem

2017-022: Going Entrepreneurial? IPOs and New Firm Creation

Tania Babina, Paige P. Ouimet and Rebecca Zarutskie

2017-021: Are Basel's Capital Surcharges for Global Systemically Important Banks Too Small?

Wayne Passmore and Alexander H. von Hafften

2017-020: Gauging the Uncertainty of the Economic Outlook Using Historical Forecasting Errors: The Federal Reserve's Approach

David L. Reifschneider and Peter Tulip

2017-019: Declining Dynamism, Allocative Efficiency, and the Productivity Slowdown

Ryan Decker, John Haltiwanger, Ron Jarmin and Javier Miranda

2017-018: Macroeconomic Forecasting in Times of Crises

Pablo Guerron and Molin Zhong

2017-017: Lining Up: Survey and Administrative Data Estimates of Wealth Concentration

Arthur B. Kennickell

2017-016: ICT Asset Prices: Marshaling Evidence into New Measures

David Byrne and Carol Corrado

2017-015: ICT Services and their Prices: What do they tell us about Productivity and Technology?

David Byrne and Carol Corrado

2017-014: Firm Networks and Asset Returns

Carlos Ramírez

2017-013: To Build or to Buy? The Role of Local Information in Credit Market Development

Teng Wang

2017-012: Does Knowledge Protection Benefit Shareholders? Evidence from Stock Market Reaction and Firm Investment in Knowledge Assets

Buhui Qiu and Teng Wang

2017-011: The (Unintended?) Consequences of the Largest Liquidity Injection Ever

Matteo Crosignani, Miguel Faria-e-Castro and Luís Fonseca

2017-010: Minimum Wages and Consumer Credit: Impacts on Access to Credit and Traditional and High-Cost Borrowing

Lisa Dettling and Joanne Hsu

2017-009: Capital Misallocation and Secular Stagnation

Andrea Caggese and Ander Pérez-Orive

2017-008: Credit Scores, Social Capital, and Stock Market Participation

Jesse Bricker and Geng Li

2017-007: Managing Stigma during a Financial Crisis

Sriya Anbil

2017-006: Heaping at Round Numbers on Financial Questions: The Role of Satisficing

Michael Gideon, Brooke Helppie-McFall and Joanne Hsu

2017-005: How Fast are Semiconductor Prices Falling?

David Byrne, Stephen Oliner and Daniel Sichel

2017-004: A Unified Framework for Dimension Reduction in Forecasting

Alessandro Barbarino and Efstathia Bura

2017-003: Bond Market Intermediation and the Role of Repo

Yesol Huh and Sebastian Infante

2017-002: Household Incomes in Tax Data: Using Addresses to Move from Tax Unit to Household Income Distributions

Jeff Larrimore, Jacob Mortenson and David Splinter

2017-001: The Currency Dimension of the Bank Lending Channel in International Monetary Transmission

Elod Takats and Judit Temesvary

2016-104: Forecast Combination for Euro Area Inflation - A Cure in Times of Crisis?

Kirstin Hubrich and Frauke Skudelny