Working Paper Series

From Federal Reserve Bank of Chicago
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2018: Special Repo Rates and the Cross-Section of Bond Prices: the Role of the Special Collateral Risk Premium

Stefania D'Amico and N. Aaron Pancost

2018: Organizational Equilibrium with Capital

Marco Bassetto, Zhen Huo and José-Víctor Ríos-Rull

2018: Securities Financing and Asset Markets: New Evidence

Tomas Breach and Thomas King

2018: Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia

Emmanuel Farhi and Francois Gourio

2018: Do Household Finances Constrain Unconventional Fiscal Policy?

Scott Baker, Lorenz Kueng, Leslie McGranahan and Brian Melzer

2018: Why Does the Yield-Curve Slope Predict Recessions?

Luca Benzoni, Olena Chyruk and David Kelley

2018: Discretion Rather than Rules: Equilibrium Uniqueness and Forward Guidance with Inconsistent Optimal Plans

Jeffrey Campbell and Jacob Weber

2018: Contract Choice in the Interwar US Residential Mortgage Market

Jonathan Rose

2018: Delphic and Odyssean Monetary Policy Shocks: Evidence from the Euro Area

Philippe Andrade and Filippo Ferroni

2018: Very Simple Markov-Perfect Industry Dynamics: Empirics

Jaap Abbring, Jeffrey Campbell, Jan Tilly and Nan Yang

2018: Selection Without Exclusion

Bo E. Honore and Luojia Hu

2018: Easy Bootstrap-Like Estimation of Asymptotic Variances

Bo E. Honore and Luojia Hu

2018: Lottery Loans in the Eighteenth Century

Francois Velde

2018: Fiscal Stimulus with Learning-By-Doing

Antonello dAlessandro, Giulio Fella and Leonardo Melosi

2018: A Sequential Bargaining Model of the Fed Funds Market with Excess Reserves

James A. Clouse and Sam Schulhofer-Wohl

2018: The Role of News about TFP in U.S. Recessions and Booms

Renato Faccini and Leonardo Melosi

2018: The Neapolitan Banks in the Context of Early Modern Public Banks

Francois Velde

2018: Internal Immigrant Mobility in the Early 20th Century: Experimental Evidence from Galveston Immigrants

Daniel Aaronson, Jonathan Davis and Karl Schulze

2018: Open Mouth Operations

Jeffrey Campbell and Jacob Weber

2018: Intergenerational Health Mobility in the US

Timothy Halliday, Bhashkar Mazumder and Ashley Wong

2018: Why Have Interest Rates Fallen Far Below the Return on Capital

Magali Marx, Benoit Mojon and Francois Velde

2017: A Tale of Four Tails: Inflation, the Policy Rate, Longer-Term Rates, and Stock Prices

Dominic Anene and Stefania D'Amico

2017: The Fiscal Theory of the Price Level in a World of Low Interest Rates

Marco Bassetto and Wei Cui

2017: An Analysis of Revenues at the Comédie française, 1680-1793

Francois Velde

2017: Flexible Retirement and Optimal Taxation

Abdoulaye Ndiaye

2017: The Age-Time-Cohort Problem and the Identification of Structural Parameters in Life-Cycle Models

Sam Schulhofer-Wohl

2017: On Interest Rate Policy and Asset Bubbles

Franklin Allen, Gadi Barlevy and Douglas Gale

2017: Financialization in Commodity Markets

Varadarajan Chari and Lawrence Christiano

2017: The Effect of Fertility on Mothers’ Labor Supply over the Last Two Centuries

Rajeev Dehejia, Rajeev Dehejia, Andrew Jordan, Cristian Pop-Eleches, Cyrus Samii and Karl Schulze

2017: Inflation at the Household Level

Greg Kaplan and Sam Schulhofer-Wohl

2017: The Effects of the 1930s HOLC \"Redlining\" Maps

Daniel Aaronson, Daniel Hartley and Bhashkar Mazumder

2017: Check Up Before You Check Out: Retail Clinics and Emergency Room Use

Diane Alexander, Janet Currie and Molly Schnell

2017: The Cross-Section of Labor Leverage and Equity Returns

Andres Donangelo, Francois Gourio, Matthias Kehrig and Miguel Palacios

2017: The Mortgage Rate Conundrum

Alejandro Justiniano, Giorgio Primiceri and Andrea Tambalotti

2017: The Tradeoffs in Leaning Against the Wind

Francois Gourio, Anil Kashyap and Jae Sim

2017: Selecting Primal Innovations in DSGE models

Filippo Ferroni, Stefano Grassi and Miguel Leon-Ledesma

2017: The Dire Effects of the Lack of Monetary and Fiscal Coordination

Francesco Bianchi and Leonardo Melosi

2017: Closing the Gap: The Impact of the Medicaid Primary Care Rate Increase on Access and Health

Diane Alexander and Molly Schnell

2017: Is Inflation Default? The Role of Information in Debt Crises

Marco Bassetto and Carlo Galli

2017: How do Doctors Respond to Incentives? Unintended Consequences of Paying Doctors to Reduce Costs

Diane Alexander

2017: Worker Betas: Five Facts About Systematic Earnings Risk

Fatih Guvenen, Sam Schulhofer-Wohl and Motohiro Yogo

2017: The Federal Reserve’s Evolving Monetary Policy Implementation Framework: 1914-1923

Benjamin Chabot

2017: Wage Shocks and the Technological Substitution of Low-Wage Job

Daniel Aaronson and Brian J. Phelan

2017: Neighborhood Choices, Neighborhood Effects and Housing Vouchers

Morris Davis, Jesse Gregory, Daniel Hartley and Kegon Tan

2016: Just What the Nurse Practitioner Ordered: Independent Prescriptive Authority and Population Mental Health

Diane Alexander and Molly Schnell

2016: The Term Structure and Inflation Uncertainty

Tomas Breach, Stefania D'Amico and Athanasios Orphanides

2016: Expectation and Duration at the Effective Lower Bound

Thomas King

2016: Interest Rates or Haircuts? Prices Versus Quantities in the Market for Collateralized Risky Loans

Robert Barsky, Theodore Bogusz and Matthew Easton

2016: Evidence on the Within-Industry Agglomeration of R&D, Production, and Administrative Occupations

Benjamin Goldman, Thomas Klier and Thomas Walstrum

2016: Monetary Policy and Durable Goods

Robert Barsky, Christoph Boehm, Christopher House and Miles Kimball

2016: The Role of Selective High Schools in Equalizing Educational Outcomes: Heterogeneous Effects by Neighborhood Socioeconomic Status

Lisa Barrow, Marisa de la Torre and Lauren Sartain

2016: Tax Credits and the Debt Position of U.S. Households

Leslie McGranahan

2016: The Interplay Between Financial Conditions and Monetary Policy Shocks

Marco Bassetto, Luca Benzoni and Trevor Serrao

2016: Constrained Discretion and Central Bank Transparency

Francesco Bianchi and Leonardo Melosi

2016: The Effect of the Patient Protection and Affordable Care Act Medicaid Expansions on Financial Wellbeing

Luojia Hu, Robert Kaestner, Bhashkar Mazumder, Sarah Miller and Ashley Wong

2016: Escaping the Great Recession

Francesco Bianchi and Leonardo Melosi

2016: Signaling Effects of Monetary Policy

Leonardo Melosi

2016: Accounting for Central Neighborhood Change, 1980-2010

Nathaniel Baum-Snow and Daniel Hartley

2016: Optimal Monetary Policy in an Open Emerging Market Economy

Tara Iyer

2016: Forward Guidance and Macroeconomic Outcomes Since the Financial Crisis

Jeffrey Campbell, Jonas Fisher, Alejandro Justiniano and Leonardo Melosi

2016: Forecasting Economic Activity with Mixed Frequency Bayesian VARs

Scott Brave, R. Andrew Butters and Alejandro Justiniano

2016: Insurance in Human Capital Models with Limited Enforcement

Tom Krebs, Moritz Kuhn and Mark Wright

2016: The Life Insurance Industry and Systemic Risk: A Bond Market Perspective

Anna Paulson and Richard Rosen

2016: Allocating Effort and Talent in Professional Labor Markets

Gadi Barlevy and Derek Neal

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

Francois Gourio, Todd Messer and Michael Siemer

2016: Measuring Interest Rate Risk in the Life Insurance Sector: The U.S. and the U.K

Daniel Hartley, Anna Paulson and Richard Rosen