Finance and Economics Discussion Series

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

2016-103: Identity, Identification and Identifiers: The Global Legal Entity Identifier System

Arthur B. Kennickell

2016-102: The Volcker Rule and Market-Making in Times of Stress

Jack Bao, Maureen O'Hara and Xing Zhou

2016-101: The Effect of Banks' Financial Position on Credit Growth: Evidence from OECD Countries

David E. Rappoport

2016-100: Does Hedging with Derivatives Reduce the Market's Perception of Credit Risk?

Sriya Anbil, Alessio Saretto and Heather Tookes

2016-099: When Can Trend-Cycle Decompositions Be Trusted?

Manuel González-Astudillo and John Roberts

2016-098: The Effects of Mortgage Credit Availability: Evidence from Minimum Credit Score Lending Rules

Steven Laufer and Andrew D. Paciorek

2016-097: Options, Equity Risks, and the Value of Capital Structure Adjustments

Paul Borochin and Jie Yang

2016-096: Monetary Policy Implementation and Private Repo Displacement: Evidence from the Overnight Reverse Repurchase Facility

Alyssa G. Anderson and John Kandrac

2016-095: Distributed Ledger Technology in Payments, Clearing, and Settlement

Anton Badev, Maria Baird, Timothy Brezinski, Clinton Chen, Max Ellithorpe, Linda Fahy, Vanessa Kargenian, Kimberley Liao, Brendan Malone, Jeffrey C. Marquardt, David Mills, Wendy Ng, Anjana Ravi and Kathy Wang

2016-094: Trade Liberalization and Mortality: Evidence from U.S. Counties

Justin Pierce and Peter Schott

2016-093: Learning from History: Volatility and Financial Crises

Jon Danielsson, Marcela Valenzuela and Ilknur Zer

2016-092: Gradualism and Liquidity Traps

Taisuke Nakata and Sebastian Schmidt

2016-091: Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market

Fang Cai, Song Han, Dan Li and Yi Li

2016-090: The Effects of Liquidity Regulation on Bank Demand in Monetary Policy Operations

Marcelo Rezende, Mary-Frances Styczynski and Cindy M. Vojtech

2016-089: Exploring Online and Offline Informal Work: Findings from the Enterprising and Informal Work Activities (EIWA) Survey

Marysol McGee and Barbara J. Robles

2016-088: The Effects of Institutional Investor Objectives on Firm Valuation and Governance

Paul Borochin and Jie Yang

2016-087: Counterparty Risk and Counterparty Choice in the Credit Default Swap Market

Wenxin Du, Salil Gadgil, Michael Gordy and Clara Vega

2016-086: Earnings Management and Corporate Investment Decisions

Brandon Julio and Youngsuk Yook

2016-085: Equilibrium Yield Curves and the Interest Rate Lower Bound

Taisuke Nakata and Hiroatsu Tanaka

2016-084: Effects of Changing Monetary and Regulatory Policy on Overnight Money Markets

Elizabeth Klee, Zeynep Senyuz and Emre Yoldas

2016-083: Closed-Form Estimation of Finite-Order ARCH Models: Asymptotic Theory and Finite-Sample Performance

Todd Prono

2016-082: Evidence for the Effects of Mergers on Market Power and Efficiency

Bruce Blonigen and Justin Pierce

2016-081: Do Mortgage Subsidies Help or Hurt Borrowers?

David E. Rappoport

2016-080: Understanding the New Normal: The Role of Demographics

Etienne Gagnon, Benjamin K. Johannsen and David Lopez-Salido

2016-079: Reserve Balances, the Federal Funds Market and Arbitrage in the New Regulatory Framework

Ayelen Banegas and Manjola Tase

2016-078: Non-Linear Phillips Curves with Inflation Regime-Switching

Jeremy J. Nalewaik

2016-077: Near-Money Premiums, Monetary Policy, and the Integration of Money Markets: Lessons from Deregulation

Mark Carlson and David Wheelock

2016-076: Measuring the Informativeness of Market Statistics

Kyungmin Kim

2016-075: Search, Matching and Training

Christopher Flinn, Ahu Gemici and Steven Laufer

2016-074: Endogenous Debt Maturity and Rollover Risk

Emanuele Brancati and Marco Macchiavelli

2016-073: Measuring the Natural Rate of Interest: International Trends and Determinants

Kathryn Holston, Thomas Laubach and John Williams

2016-072: Tempered Particle Filtering

Edward Herbst and Frank Schorfheide