Working Papers

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2010-049: Channel systems: Why is there a positive spread?

Aleksander Berentsen, Alessandro Marchesiani and Christopher Waller

2010-048: Can rising housing prices explain China’s high household saving rate?

Xin Wang and Yi Wen

2010-047: Understanding permanent black-white earnings inequality

Alejandro Badel

2010-046: Interpreting life-cycle inequality patterns as an efficient allocation: mission impossible?

Alejandro Badel and Mark Huggett

2010-045: Decomposing the gender wage gap with sample selection adjustment: evidence from Colombia

Alejandro Badel and Ximena Peña

2010-044: The effectiveness of unconventional monetary policy: the term auction facility

Daniel Thornton

2010-043: Multinational Firms' Entry and Productivity: Some Aggregate Implications of Firm-level Heterogeneity

Silvio Contessi

2010-042: The role of schools in the production of achievement

Maria Canon

2010-041: How does multinational production change international comovement?

Silvio Contessi

2010-040: Regime shifts in mean-variance efficient frontiers: some international evidence

Massimo Guidolin and Federica Ria

2010-039: Does the macroeconomy predict U.K. asset returns in a nonlinear fashion? comprehensive out-of-sample evidence

Massimo Guidolin, Stuart Hyde, David McMillan and Sadayuki Ono

2010-038: Pricing-to-market and business cycle synchronization

Luciana Juvenal and Paulo Santos Monteiro

2010-037: Hayashi meets Kiyotaki and Moore: a theory of capital adjustment costs

Pengfei Wang and Yi Wen

2010-036: The promise and performance of the Federal Reserve as lender of last resort 1914-1933

Michael Bordo and David Wheelock

2010-035: Local price variation and the tax incidence of state lotteries

Thomas Garrett and Natalia Kolesnikova

2010-034: Predicting bond excess returns with forward rates: an asset-allocation perspective

Daniel Thornton and Giorgio Valente

2010-033: Real-time forecast averaging with ALFRED

Chanont Banternghansa and Michael McCracken

2010-032: Reality checks and nested forecast model comparisons

Todd Clark and Michael McCracken

2010-031: Testing for unconditional predictive ability

Todd Clark and Michael McCracken

2010-030: An evaluation of the employment effects of barriers to outsourcing

Subhayu Bandyopadhyay, Sugata Marjit and Lei Yang

2010-029: A Time-Varying Threshold STAR Model with Applications

Michael Dueker, Laura Jackson Young, Michael Owyang and Martin Sola

2010-028: Ambiguity in asset pricing and portfolio choice: a review of the literature

Massimo Guidolin and Francesca Rinaldi

2010-027: Leveraged borrowing and boom-bust cycles

Patrick Pintus and Yi Wen

2010-026: A yield spread perspective on the great financial crisis: break-point test evidence

Massimo Guidolin and Yu-Man Tam

2010-025: Identifying technology shocks in the frequency domain

Riccardo DiCecio and Michael Owyang

2010-024: Financing development: the role of information costs

Jeremy Greenwood, Juan Sanchez and Cheng Wang

2010-023: Quantifying the impact of financial development on economic development

Jeremy Greenwood, Juan Sanchez and Cheng Wang

2010-022: The IT revolution and the unsecured credit market

Juan Sanchez

2010-021: Cross-country income convergence revisited

Levon Barseghyan and Riccardo DiCecio

2010-020: Changes in the second-moment properties of disaggregated capital flows

Silvio Contessi, Pierangelo De Pace and Johanna Francis

2010-019: Discordant city employment cycles

Michael Owyang, Jeremy Piger and Howard Wall

2010-018: The large scale asset purchases had large international effects

Christopher Neely

2010-017: The Phillips curve and US monetary policy: what the FOMC transcripts tell us

Ellen Meade and Daniel Thornton

2010-016: Ethnic networks and trade: intensive vs. extensive margins

Cletus Coughlin and Howard Wall

2010-015: African-American economic progress in urban areas: a tale of 14 American cities

Dan Black, Natalia Kolesnikova and Lowell Taylor

2010-014: Optimal money demand in a heterogeneous-agent cash-in-advance economy

Yi Wen

2010-013: Predictions of short-term rates and the expectations hypothesis

Massimo Guidolin and Daniel Thornton

2010-012: Financial integration and risk-adjusted growth opportunities: a global perspective

Gianni De Nicolo and Luciana Juvenal

2010-011: Crime and arrests: deterrence or resource reallocation?

Thomas Garrett and Lesli Ott

2010-010: Personal-bankruptcy cycles

Thomas Garrett and Howard Wall

2010-009: Liquidity demand and welfare in a heterogeneous-agent economy

Yi Wen

2010-008: Out-of-sample equity premium prediction: economic fundamentals vs. moving-average rules

Christopher Neely, David E. Rapach, Jun Tu and Guofu Zhou

2010-007: Do oil shocks drive business cycles? some U.S. and international evidence

Kristie Engemann, Kevin Kliesen and Michael Owyang

2010-006: Economic freedom and employment growth in U.S. states

Thomas Garrett and Russell M. Rhine

2010-005: Dissecting Taylor rules in a structural VAR

Woon Gyu Choi and Yi Wen

2010-004: Does the structure of banking markets affect economic growth? evidence from U.S. state banking markets

Kris James Mitchener and David Wheelock

2010-003: 1/N and long run optimal portfolios: results for mixed asset menus

Carolina Fugazza, Massimo Guidolin and Giovanna Nicodano

2010-002: Can VAR models capture regime shifts in asset returns? a long-horizon strategic asset allocation perspective

Massimo Guidolin and Stuart Hyde

2010-001: On the social cost of transparency in monetary economies

David Andolfatto

2009-059: Forecast disagreement among FOMC members

Chanont Banternghansa and Michael McCracken