Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
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2018-028: Optimal Public Debt with Life Cycle Motives

William Peterman and Erick Sager

2018-027: The Regulatory and Monetary Policy Nexus in the Repo Market

Sriya Anbil and Zeynep Senyuz

2018-026: The Fed's Asymmetric Forecast Errors

Andrew C. Chang

2018-025: A Day Late and a Dollar Short: Liquidity and Household Formation among Student Borrowers

Sarena Goodman, Adam Isen and Constantine Yannelis

2018-024: How Much has Wealth Concentration Grown in the United States? A Re-Examination of Data from 2001-2013

Jesse Bricker, Peter Hansen and Alice Henriques Volz

2018-023: New Perspectives on the Decline of U.S. Manufacturing Employment

Teresa Fort, Justin Pierce and Peter Schott

2018-022: Collateral Runs

Sebastian Infante and Alexandros Vardoulakis

2018-021: Spectral Backtests of Forecast Distributions with Application to Risk Management

Michael Gordy and Alexander J. McNeil

2018-020: The Impact of the Current Expected Credit Loss Standard (CECL) on the Timing and Comparability of Reserves

Sarah Chae, Robert F. Sarama, Cindy M. Vojtech and James Z. Wang

2018-019: “Unconventional” Monetary Policy as Conventional Monetary Policy: A Perspective from the U.S. in the 1920s

Mark Carlson and Burcu Duygan-Bump

2018-018: Liquidity Requirements, Free-Riding, and the Implications for Financial Stability Evidence from the Early 1900s

Mark Carlson and Matthew Jaremski

2018-017: Transparency and Collateral: Central versus Bilateral Clearing

Gaetano Antinolfi, Francesca Carapella and Francesco Carli

2018-016: Liquidity Crises in the Mortgage Market

You Suk Kim, Steven Laufer, Karen Pence, Richard Stanton and Nancy Wallace

2018-015: Early-Stage Business Formation: An Analysis of Applications for Employer Identification Numbers

Kimberly Bayard, Emin Dinlersoz, Timothy Dunne, John Haltiwanger, Javier Miranda and John Stevens

2018-014: US Monetary Policy and International Bond Markets

Simon Gilchrist, Vivian Yue and Egon Zakrajšek

2018-013: Seven Fallacies Concerning Milton Friedman's \"The Role of Monetary Policy\"

Edward Nelson

2018-012r1: Household's Balance Sheets and the Effect of Fiscal Policy

Javier Andrés, José Boscá, Javier Ferri and Cristina Fuentes-Albero

2018-011: Claim Dilution in the Municipal Debt Market

Ivan T. Ivanov and Tom Zimmermann

2018-010: Top Income Concentration and Volatility

Jesse Bricker, Michael Parisi and Jeffrey Thompson

2018-009: Financing Affordable and Sustainable Homeownership with Fixed-COFI Mortgages

Wayne Passmore and Alexander H. von Hafften

2018-008: A Global Lending Channel Unplugged? Does U.S. Monetary Policy Affect Cross-border and Affiliate Lending by Global U.S. Banks?

Steven Ongena, Ann Owen and Judit Temesvary

2018-007: Changing Business Dynamism and Productivity: Shocks vs. Responsiveness

Ryan Decker, John Haltiwanger, Ron Jarmin and Javier Miranda

2018-006: Bank Market Power and the Risk Channel of Monetary Policy

Elena Afanasyeva and Jochen Güntner

2018-005: Using Payroll Processor Microdata to Measure Aggregate Labor Market Activity

Tomaz Cajner, Leland Crane, Ryan Decker, Adrian Hamins-Puertolas, Christopher J. Kurz and Tyler Radler

2018-004: Quantitative Easing and the “New Normal” in Monetary Policy

Michael Kiley

2018-003: Entrepreneurship and State Taxation

E Curtis and Ryan Decker

2018-002: Fiscal Implications of the Federal Reserve's Balance Sheet Normalization

Michele Cavallo, Marco Del Negro, W Frame, Jamie Grasing, Benjamin Malin and Carlo Rosa

2018-001: Inequality in 3-D: Income, Consumption, and Wealth

Jonathan Fisher, David Johnson, Timothy Smeeding and Jeffrey Thompson

2017-125: Quantitative Easing and Bank Risk Taking: Evidence from Lending

John Kandrac and Bernd Schlusche

2017-124: Interest on Reserves and Arbitrage in Post-Crisis Money Markets

Thomas Keating and Marco Macchiavelli

2017-123: Can Macroprudential Measures Make Cross-Border Lending More Resilient? Lessons from the Taper Tantrum

Elod Takats and Judit Temesvary

2017-122: New Evidence on an Old Unanswered Question: Why Some Borrowers Purchase Credit Insurance and Other Debt Protection and Some Do Not

Thomas A. Durkin and Gregory E. Elliehausen

2017-121: Investor Concentration, Flows, and Cash Holdings: Evidence from Hedge Funds

Mathias S. Kruttli, Phillip J. Monin and Sumudu Watugala

2017-120: Investment Responses to Trade Liberalization: Evidence from U.S. Industries and Establishments

Justin Pierce and Peter Schott

2017-119: Dealers' Insurance, Market Structure, And Liquidity

Francesca Carapella and Cyril Monnet

2017-118: Housing Bust, Bank Lending & Employment: Evidence from Multimarket Banks

David Glancy

2017-117: Liquidity from Two Lending Facilities

Sriya Anbil and Angela Vossmeyer

2017-116: Customer Liquidity Provision: Implications for Corporate Bond Transaction Costs

Jaewon Choi and Yesol Huh

2017-115: Bank Failures, Capital Buffers, and Exposure to the Housing Market Bubble

Gazi Kara and Cindy M. Vojtech

2017-114: Updates to the Sampling of Wealthy Families in the Survey of Consumer Finances

Jesse Bricker, Alice Henriques Volz and Kevin B. Moore

2017-113: Identification of Monetary Policy Shocks with External Instrument SVAR

Kyungmin Kim

2017-112: The Continuing Validity of Monetary Policy Autonomy Under Floating Exchange Rates

Edward Nelson

2017-111: Common Factors, Trends, and Cycles in Large Datasets

Matteo Barigozzi and Matteo Luciani

2017-110: An Assessment of the National Establishment Time Series (NETS) Database

Keith Barnatchez, Leland Crane and Ryan Decker

2017-109: Mechanics of Linear Quadratic Gaussian Rational Inattention Tracking Problems

Chad Fulton

2017-108: The Great Recession and a Missing Generation of Exporters

William F. Lincoln, Andrew McCallum and Michael Siemer

2017-107: What's the Story? A New Perspective on the Value of Economic Forecasts

Christopher A. Hollrah, Steven Sharpe and Nitish R. Sinha

2017-106: Inferring the Shadow Rate from Real Activity

Benjamin Garcia and Arsenios Skaperdas

2017-105: The Unequal Distribution of Economic Education: A Report on the Race, Ethnicity, and Gender of Economics Majors at US Colleges and Universities

Amanda Bayer and David Wilcox

2017-104: Taxes and the Fed: Theory and Evidence from Equities

Anthony M. Diercks and William Waller

2017-103: Trader Positions and Marketwide Liquidity Demand

Esen Onur, John S. Roberts and Tugkan Tuzun

2017-102: Measuring Inflation Anchoring and Uncertainty: A US and Euro Area Comparison

Olesya Grishchenko, Sarah Mouabbi and Jean-Paul Renne

2017-101: Measuring Mortgage Credit Availability: A Frontier Estimation Approach

Elliot Anenberg, Aurel Hizmo, Edward Kung and Raven S. Molloy

2017-100: Faster Payments: Market Structure and Policy Considerations

Garth Baughman, Fumiko Hayashi, Mark D. Manuszak, Aaron Rosenbaum, Joanna Stavins and Kylie Stewart

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