Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
Contact information at EDIRC.
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2015-104: Information Disclosures, Default Risk, and Bank Value

Ilknur Zer

2015-103: Information, Contract Design, and Unsecured Credit Supply: Evidence from Credit Card Mailings

Song Han, Benjamin Keys and Geng Li

2015-102: Measurement Error in Macroeconomic Data and Economics Research: Data Revisions, Gross Domestic Product, and Gross Domestic Income

Andrew C. Chang and Phillip Li

2015-101: Advertising and Risk Selection in Health Insurance Markets

Naoki Aizawa and You Suk Kim

2015-100: Nowcasting Indonesia

Matteo Luciani, Madhavi Pundit, Arief Ramayandi and Giovanni Veronese

2015-99: Monetary Policy, Incomplete Information, and the Zero Lower Bound

Christopher Gust, Benjamin K. Johannsen and David Lopez-Salido

2015-98: A Trillion Dollar Question: What Predicts Student Loan Delinquencies?

Alvaro Mezza and Kamila Sommer

2015-97: Macroeconomic News Announcements, Systemic Risk, Financial Market Volatility and Jumps

Xin Huang

2015-96: Demand Shock, Liquidity Management, and Firm Growth during the Financial Crisis

Vojislav Maksimovic, Mandy Tham and Youngsuk Yook

2015-95: Term Structure of Interest Rates with Short-run and Long-run Risks

Olesya Grishchenko, Zhaogang Song and Hao Zhou

2015-94: Input Linkages and the Transmission of Shocks: Firm-Level Evidence from the 2011 Tohōku Earthquake

Christoph Boehm, Aaron Flaaen and Nitya Pandalai-Nayar

2015-93: Regime-Switching Models for Estimating Inflation Uncertainty

Jeremy J. Nalewaik

2015-92: A Historical Welfare Analysis of Social Security: Whom Did the Program Benefit?

William Peterman and Kamila Sommer

2015-91: Financial Stress and Equilibrium Dynamics in Money Markets

Zeynep Senyuz and Emre Yoldas

2015-90: Interconnectedness in the Interbank Market

Celso Brunetti, Jeffrey Harris, Shawn Mankad and George Michailidis

2015-89: Identification and Estimation of Risk Aversion in First Price Auctions With Unobserved Auction Heterogeneity

Serafin J. Grundl and Yu Zhu

2015-88: Fewer Vacants, Fewer Crimes? Impacts of Neighborhood Revitalization Policies on Crime

Alvaro Cortes, Jenny Schuetz and Jonathan Spader

2015-87: The Equity Premium, Long-Run Risk, & Optimal Monetary Policy

Anthony M. Diercks

2015-86: Comparing Micro and Macro Sources for Household Accounts in the United States: Evidence from the Survey of Consumer Finances

Lisa Dettling, Sebastian Devlin-Foltz, Jacob Krimmel, Sarah Pack and Jeffrey Thompson

2015-85: How Did Young Firms Fare During the Great Recession? Evidence from the Kauffman Firm Survey

Tiantian Yang and Rebecca Zarutskie

2015-84: Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market: The Emergence of a New Asset Class?

James Mills, Raven S. Molloy and Rebecca Zarutskie

2015-83: Is Economics Research Replicable? Sixty Published Papers from Thirteen Journals Say \"Usually Not\"

Andrew C. Chang and Phillip Li

2015-82: An Empirical Test of Auction Efficiency: Evidence from MBS Auctions of the Federal Reserve

Jean Bonaldi, Ali Hortacsu and Zhaogang Song

2015-81: Credit Scores and Committed Relationships

Jane K. Dokko, Jessica Hayes and Geng Li

2015-80: Venture Capital and the Performance of Incumbents

Timothy E. Dore

2015-79: The Role of Dispersed Information in Pricing Default: Evidence from the Great Recession

Emanuele Brancati and Marco Macchiavelli

2015-78: Optimal Monetary and Macroprudential Policies: Gains and Pitfalls in a Model of Financial Intermediation

Michael Kiley and Jae Sim

2015-77: What Can the Data Tell Us About the Equilibrium Real Interest Rate?

Michael Kiley

2015-76: Updating the Racial Wealth Gap

Gustavo Suarez and Jeffrey Thompson

2015-75: Does Salient Financial Information Affect Academic Performance and Borrowing Behavior among College Students?

Maximilian Schmeiser, Christiana Stoddard and Carly Urban

2015-74: Forecasting with Sufficient Dimension Reductions

Alessandro Barbarino and Efstathia Bura

2015-73: End of the Line: Behavior of HELOC Borrowers Facing Payment Changes

Kathleen W. Johnson and Robert F. Sarama

2015-72: Reconciling Full-Cost and Marginal-Cost Pricing

Jacob P. Gramlich and Korok Ray

2015-71: The Effects of Asymmetric Volatility and Jumps on the Pricing of VIX Derivatives

Yang-Ho Park

2015-70: How House Price Dynamics and Credit Constraints affect the Equity Extraction of Senior Homeowners

Samuel Dodini, Donald Haurin, Stephanie Moulton and Maximilian Schmeiser

2015-69: Prices for Communications Equipment: Rewriting the Record

David Byrne and Carol Corrado

2015-68: Risk Taking and Low Longer-term Interest Rates: Evidence from the U.S. Syndicated Loan Market

Sirio Aramonte, Seung Jung Lee and Viktors Stebunovs

2015-67: Innovation, investor sentiment, and firm-level experimentation

Sirio Aramonte

2015-66: Nowcasting Business Cycles: a Bayesian Approach to Dynamic Heterogeneous Factor Models

Antonello D'Agostino, Domenico Giannone, Michele Lenza and Michele Modugno

2015-65: Stock Market Investment: The Role of Human Capital

Kartik Athreya, Felicia Ionescu and Urvi Neelakantan

2015-64: Nominal Rigidities and the Term Structures of Equity and Bond Returns

Pier dup Lopez, David Lopez-Salido and Francisco Vazquez-Grande

2015-63: Aggregate Consequences of Dynamic Credit Relationships

Stephane Verani

2015-62: The Accuracy of Forecasts Prepared for the Federal Open Market Committee

Andrew C. Chang and Tyler J. Hanson

2015-61: Income and Earnings Mobility in U.S. Tax Data

Jeff Larrimore, Jacob Mortenson and David Splinter

2015-60: FOMC Responses to Calls for Transparency

Miguel Acosta

2015-59: Mapping Heat in the U.S. Financial System

David Aikman, Michael Kiley, Seung Jung Lee, Michael Palumbo and Missaka Warusawitharana

2015-58: Changes in the Distribution of After-Tax Wealth: Has Income Tax Policy Increased Wealth Inequality?

W. Looney and Kevin B. Moore

2015-57: Consumer Spending and Fiscal Consolidation: Evidence from a Housing Tax Experiment

Paolo Surico and Riccardo Trezzi

2015-56: Identification of First-Price Auctions With Biased Beliefs

Serafin J. Grundl and Yu Zhu

2015-55: Un-Networking: The Evolution of Networks in the Federal Funds Market

Daniel Beltran, Valentin Bolotnyy and Elizabeth Klee

2015-54: A margin call gone wrong: Credit, stock prices, and Germany's Black Friday 1927

Stefan Gissler

2015-53: Asset Return Dynamics under Habits and Bad-Environment Good-Environment Fundamentals

Geert Bekaert and Eric Engstrom

2015-52: The Cyclicality of Sales, Regular and Effective Prices: Comment

Etienne Gagnon, David Lopez-Salido and Jason Sockin

2015-51: Modelling Dependence in High Dimensions with Factor Copulas

Dong Hwan Oh and Andrew Patton

2015-50: High-Dimensional Copula-Based Distributions with Mixed Frequency Data

Dong Hwan Oh and Andrew Patton

2015-49: Heterogeneity in Economic Shocks and Household Spending

Sebastian Devlin-Foltz and John Edward Sabelhaus

2015-48: Monetary Policy, Hot Housing Markets and Leverage

Christoph T. Ungerer

2015-47: Monetary Policy 101: A Primer on the Fed's Changing Approach to Policy Implementation

Jane E. Ihrig, Ellen Meade and Gretchen Weinbach

2015-46: Is the Intrinsic Value of Macroeconomic News Announcements Related to their Asset Price Impact?

Thomas Gilbert, Chiara Scotti, Georg Strasser and Clara Vega

2015-45: Inflation Expectations and Monetary Policy Design: Evidence from the Laboratory

Damjan Pfajfar and Blaž Žakelj

2015-44: Macroeconomic Effects of Banking Sector Losses across Structural Models

Francisco Covas, John Driscoll, Luca Guerrieri, Matteo Iacoviello, Mohammad Jahan-Parvar, Michael Kiley, Albert Queraltó and Jae Sim

2015-43: Slow capital, fast prices: Shocks to funding liquidity and stock price reversals

Stefan Gissler

2015-42: The Passthrough of Labor Costs to Price Inflation

Ekaterina V. Peneva and Jeremy B. Rudd

2015-41: The Income-Achievement Gap and Adult Outcome Inequality

Eric Nielsen

2015-40: Achievement Gap Estimates and Deviations from Cardinal Comparability

Eric Nielsen

2015-39: Small Businesses and Small Business Finance during the Financial Crisis and the Great Recession: New Evidence From the Survey of Consumer Finances

Arthur B. Kennickell, Myron L. Kwast and Jonathan Pogach

2015-38: Optimal Government Spending at the Zero Lower Bound: A Non-Ricardian Analysis

Taisuke Nakata

2015-37: Balance-Sheet Households and Fiscal Stimulus: Lessons from the Payroll Tax Cut and Its Expiration

Claudia Sahm, Matthew Shapiro and Joel Slemrod

2015-36: Dividend Taxes and Stock Volatility

Erin E. Syron Ferris

2015-35: Are Survey Expectations Theory-Consistent? The Role of Central Bank Communication and News

Lena Dräger, Michael Lamla and Damjan Pfajfar

2015-34: On Default and Uniqueness of Monetary Equilibria

Li Lin, Dimitrios Tsomocos and Alexandros Vardoulakis

2015-33: Ambiguity in Securitization Markets

Alyssa G. Anderson

2015-32: Self-fulfilling Runs: Evidence from the U.S. Life Insurance Industry

Nathan Foley-Fisher, Borghan Nezami Narajabad and Stephane Verani

2015-31: Secondary Market Liquidity and the Optimal Capital Structure

David Arseneau, David E. Rappoport and Alexandros Vardoulakis

2015-30: Measuring Income and Wealth at the Top Using Administrative and Survey Data

Jesse Bricker, Alice Henriques Volz, Jacob Krimmel and John Edward Sabelhaus

2015-29: Inflation Expectations and Recovery from the Depression in 1933: Evidence from the Narrative Record

Andrew Jalil and Gisela Rua

2015-28: Credit-Market Sentiment and the Business Cycle

David Lopez-Salido, Jeremy Stein and Egon Zakrajšek

2015-27: An agency problem in the MBS market and the solicited refinancing channel of large-scale asset purchases

John Kandrac and Bernd Schlusche

2015-26: Derivatives Pricing under Bilateral Counterparty Risk

Samim Ghamami

2015-25: The Effect of Shocks to College Revenues on For-Profit Enrollment: Spillover from the Public Sector

Sarena Goodman and Alice Henriques Volz

2015-24: Are the Borrowing Costs of Large Financial Firms Unusual?

Javed Ahmed, Christopher Anderson and Rebecca Zarutskie

2015-23: Wage Dispersion with Heterogeneous Wage Contracts

Cynthia Doniger

2015-22: Liquidity Windfalls: The Consequences of Repo Rehypothecation

Sebastian Infante

2015-21: A Model of Endogenous Loan Quality and the Collapse of the Shadow Banking System

Francesco Ferrante

2015-20: Downside Variance Risk Premium

Bruno Feunou, Mohammad Jahan-Parvar and Cedric Okou

2015-19: Wealth, Pensions, Debt, and Savings: Considerations for a Panel Survey

Brian Bucks and Karen Pence

2015-18: Banking panics and deflation in dynamic general equilibrium

Francesca Carapella

2015-17: Crowding Out Effects of Refinancing on New Purchase Mortgages

Steven Sharpe and Shane Sherlund

2015-16: Have Distressed Neighborhoods Recovered? Evidence from the Neighborhood Stabilization Program

Alvaro Cortes, Jenny Schuetz and Jonathan Spader

2015-15: Consumers' Attitudes and Their Inflation Expectations

Michael Ehrmann, Damjan Pfajfar and Emiliano Santoro

2015-14: Institutions and return predictability in oil-exporting countries

Sirio Aramonte, Mohammad Jahan-Parvar and Justin Shugarman

2015-13: A Global Trade Model for the Euro Area

Antonello D'Agostino, Michele Modugno and Chiara Osbat

2015-12: Inflation Dynamics During the Financial Crisis

Simon Gilchrist, Raphael Schoenle, Jae Sim and Egon Zakrajšek

2015-11: Why Do We Need Both Liquidity Regulations and a Lender of Last Resort? A Perspective from Federal Reserve Lending during the 2007-09 U.S. Financial Crisis

Mark Carlson, Burcu Duygan-Bump and William R. Nelson

2015-10: Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations

Josh Frost, Lorie Logan, Antoine Martin, Patrick E. McCabe, Fabio M. Natalucci and Julie Remache

2015-9: The Evolution of Retirement Wealth

Sebastian Devlin-Foltz, Alice Henriques Volz and John Edward Sabelhaus

2015-8: Mode effects in mixed-mode economic surveys: Insights from a randomized experiment

Joanne Hsu and Brooke H. McFall

2015-7: The Real Effects of Credit Line Drawdowns

Jose M. Berrospide and Ralf R. Meisenzahl

2015-6: The Determinants of Subprime Mortgage Performance Following a Loan Modification

Matthew B. Gross and Maximilian Schmeiser

2015-5: The Macroeconomic Effects of the Federal Reserve's Unconventional Monetary Policies

Eric M. Engen, Thomas Laubach and David L. Reifschneider