Finance and Economics Discussion Series

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

2016-071: Mutual Fund Flows, Monetary Policy and Financial Stability

Ayelen Banegas, Gabriel Montes-Rojas and Lucas Siga

2016-070: Benchmarking Operational Risk Models

Filippo Curti, Ibrahim Ergen, Minh Le, Marco Migueis and Rob T. Stewart

2016-069: The Bank as Grim Reaper: Debt Composition and Bankruptcy Thresholds

Mark Carey and Michael Gordy

2016-068: Gauging the Ability of the FOMC to Respond to Future Recessions

David L. Reifschneider

2016-067: Financial Stability and Optimal Interest-Rate Policy

Andrea Ajello, Thomas Laubach, David Lopez-Salido and Taisuke Nakata

2016-066: Sectoral Dynamics and Business Cycles

Manjola Tase

2016-065: Accurate Evaluation of Expected Shortfall for Linear Portfolios with Elliptically Distributed Risk Factors

Dobrislav Dobrev, Travis Nesmith and Dong Hwan Oh

2016-064: Trading Relationships in the OTC Market for Secured Claims: Evidence from Triparty Repos

Song Han and Kleopatra Nikolaou

2016-063r1: The Role of Observed and Unobserved Heterogeneity in the Duration of Unemployment Spells

Hie Joo Ahn

2016-062: International Aspects of Central Banking: Diplomacy and Coordination

Robert B. Kahn and Ellen Meade

2016-061: The Risk-Adjusted Monetary Policy Rule

Taisuke Nakata and Sebastian Schmidt

2016-060: The Political Origin of Home Bias: The Case of Europe

Filippo De Marco and Marco Macchiavelli

2016-059: Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Systemic Risk?

Mark Carlson and David Wheelock

2016-058: Does Anyone Listen when Politicians Talk? The Effect of Political Commentaries on Policy Rate Decisions and Expectations

Selva Demiralp, Sharmila King and Chiara Scotti

2016-057: Bank Capital Regulations Around the World: What Explains the Differences?

Gazi Kara

2016-056: For Better and for Worse? Effects of Access to High-Cost Consumer Credit

Christine L. Dobridge

2016-055: Financial Vulnerabilities, Macroeconomic Dynamics, and Monetary Policy

David Aikman, Andreas Lehnert, J. Nellie Liang and Michele Modugno

2016-054: Optimal Unemployment Insurance and International Risk Sharing

Stéphane Moyen, Nikolai Stähler and Fabian Winkler

2016-053: Labor Force Transitions at Older Ages: Burnout, Recovery, and Reverse Retirement

Lindsay Jacobs and Suphanit Piyapromdee

2016-052: Funding Liquidity Risk and the Cross-section of MBS Returns

Yuriy Kitsul and Juan Ochoa

2016-051: Occupational Choice, Retirement, and the Effects of Disability Insurance

Lindsay Jacobs

2016-050: Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry

Nathan Foley-Fisher, Borghan Nezami Narajabad and Stephane Verani

2016-049: Monetary Policy, Real Activity, and Credit Spreads: Evidence from Bayesian Proxy SVARs

Dario Caldara and Edward Herbst

2016-048: News versus Sentiment: Predicting Stock Returns from News Stories

Steven Heston and Nitish R. Sinha

2016-047: Why are Inventory-Sales Ratios at U.S. Auto Dealerships so High?

Wendy E. Dunn and Daniel J. Vine

2016-046: Do Rising Top Incomes Lead to Increased Borrowing in the Rest of the Distribution?

Jeffrey Thompson

2016-045: Accounting for Productivity Dispersion over the Business Cycle

Robert Kurtzman and David Zeke

2016-044: Nowcasting Turkish GDP and News Decomposition

Michele Modugno, Barış Soybilgen and Ege Yazgan

2016-043: Firm Entry and Macroeconomic Dynamics: A State-level Analysis

Francois Gourio, Todd Messer and Michael Siemer

2016-042: Credit Default Swaps in General Equilibrium: Spillovers, Credit Spreads, and Endogenous Default

Matthew Darst and Ehraz Refayet

2016-041: What Does It Take to List Abroad? The Role of Global Underwriters

Cecilia R. Caglio, Kathleen Hanley and Jennifer Marietta-Westberg

2016-040: A New Approach to Identifying the Real Effects of Uncertainty Shocks

Minchul Shin and Molin Zhong

2016-039: Does Trade Liberalization with China Influence U.S. Elections?

Yi Che, Yi Lu, Justin Pierce, Peter Schott and Zhigang Tao

2016-038: The Distributional Effects of a Carbon Tax on Current and Future Generations

Stephie Fried, Kevin Novan and William Peterman

2016-037: Political Conflict and Foreign Portfolio Investment: Evidence from North Korean Attacks

Jeffrey R. Gerlach and Youngsuk Yook

2016-036: A Nowcasting Model for Canada: Do U.S. Variables Matter?

Daniela Bragoli and Michele Modugno

2016-035: Inflation Expectations and the Stabilization of Inflation: Alternative Hypotheses

Jeremy J. Nalewaik

2016-034: Microstructure Invariance in U.S. Stock Market Trades

Albert Kyle, Anna Obizhaeva and Tugkan Tuzun

2016-033: A Time Series Model of Interest Rates With the Effective Lower Bound

Benjamin K. Johannsen and Elmar Mertens

2016-032: Real and Nominal Equilibrium Yield Curves: Wage Rigidities and Permanent Shocks

Alex Hsu, Erica X. N. Li and Francisco Palomino

2016-031: FHA, Fannie Mae, Freddie Mac, and the Great Recession

Wayne Passmore and Shane Sherlund

2016-030: Only Winners in Tough Times Repeat: Hedge Fund Performance Persistence over Different Market Conditions

Zheng Sun, Ashley W. Wang and Lu Zheng

2016-029: Banking Consolidation and Small Firm Financing for Research and Development

Andrew C. Chang

2016-028: State Capacity and Public Goods: Institutional Change, Human Capital, and Growth in Early Modern Germany

Jeremiah E. Dittmar and Ralf R. Meisenzahl

2016-027: From Which Consumption-Based Asset Pricing Models Can Investors Profit? Evidence from Model-Based Priors

Mathias S. Kruttli

2016-026: Bank regulation under fire sale externalities

Gazi Kara and S. Mehmet Ozsoy

2016-025: The Impact of Unconventional Monetary Policy on Firm Financing Constraints: Evidence from the Maturity Extension Program

Nathan Foley-Fisher, Rodney Ramcharan and Edison Yu

2016-024: Non-Stationary Dynamic Factor Models for Large Datasets

Matteo Barigozzi, Marco Lippi and Matteo Luciani

2016-023: Modelling Overnight RRP Participation

Alyssa G. Anderson and Jeff W. Huther

2016-022: Time-varying Volatility and the Power Law Distribution of Stock Returns

Missaka Warusawitharana

2016-021: What are the Perceived Barriers to Homeownership for Young Adults?

Samuel Dodini, Jeff Larrimore and Jenny Schuetz

2016-020: Does Zoning Help or Hinder Transit-Oriented (Re)Development?

Genevieve Giuliano, Jenny Schuetz and Eun Jin Shin

2016-019: The Role of Learning for Asset Prices and Business Cycles

Fabian Winkler

2016-018: Dynamic Factor Models, Cointegration, and Error Correction Mechanisms

Matteo Barigozzi, Marco Lippi and Matteo Luciani

2016-17: Does the United States have a Productivity Slowdown or a Measurement Problem

David Byrne, John Fernald and Marshall B. Reinsdorf

2016-16: Federal Reserve Board Statistical Releases: a Publications History

Sian L. Seldin

2016-15: Understanding Declining Fluidity in the U.S. Labor Market

Raven S. Molloy, Christopher Smith, Riccardo Trezzi and Abigail Wozniak

2016-14: Deadlines and Matching

Garth Baughman

2016-13: Fiscal Stimulus and Firms: A Tale of Two Recessions

Christine L. Dobridge

2016-12: Heterogeneity and Unemployment Dynamics

Hie Joo Ahn and James Hamilton

2016-11: Measuring the Natural Rate of Interest Redux

Thomas Laubach and John Williams

2016-10: Student Loans and Homeownership

Alvaro Mezza, Daniel R. Ringo, Shane Sherlund and Kamila Sommer

2016-9: The Risky Steady State and the Interest Rate Lower Bound

Timothy S. Hills, Taisuke Nakata and Sebastian Schmidt

2016-8: Policy Externalities and Banking Integration

Michael Smolyansky

2016-7: Interpreting Shocks to the Relative Price of Investment with a Two-Sector Model

Luca Guerrieri, Dale Henderson and Jinill Kim

2016-6: To Cut or Not to Cut? On the Impact of Corporate Taxes on Employment and Income

Alexander Ljungqvist and Michael Smolyansky

2016-5: The Resolution of a Systemically Important Insurance Company during the Great Depression

Jonathan Rose

2016-4: Is Los Angeles Becoming Transit Oriented?

Genevieve Giuliano, Jenny Schuetz and Eun Jin Shin