Working Papers

From Federal Reserve Bank of St. Louis
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2005-054: No smoking at the slot machines: the effect of a smoke-free law on Delaware gaming revenues

Michael Pakko

2005-053: The 2001 recession and the states of the Eighth Federal Reserve District

Michael Owyang, Jeremy Piger and Howard Wall

2005-052: The effectiveness of monetary policy: an assessment

Yi Wen

2005-051: Another look at sticky prices and output persistence

Pengfei Wang and Yi Wen

2005-050: Wavelet: a new tool for business cycle analysis

Sharif Md. Raihan, Yi Wen and Bing Zeng

2005-049: The impact of local predatory lending laws

Giang Ho and Anthony Pennington-Cross

2005-048: The effectiveness of monetary policy

Robert Rasche and Marcela Williams

2005-047: Durable good inventories and the volatility of production: explaining the less volatile U.S. economy

Yi Wen

2005-046: The multiplier: a general equilibrium analysis of multi-stage-fabrication economy with inventories

Yi Wen

2005-045: Uniform working hours and structural unemployment

Haoming Liu, Yi Wen and Lijing Zhu

2005-044: Production and inventory behavior of capital

Yi Wen

2005-043: By force of demand: explaining international comovements and the saving-investment correlation puzzle

Yi Wen

2005-042: Understanding the large negative impact of oil shocks

Luís Aguiar-Conraria and Yi Wen

2005-041: Foreign trade and equilibrium indeterminacy

Luís Aguiar-Conraria and Yi Wen

2005-040: Labor hoarding and inventories

Yi Wen

2005-039: Where's the beef? the trivial dynamics of real business cycle models

Yi Wen

2005-038: Granger causality and equilibrium business cycle theory

Yi Wen

2005-037: Measuring interest rates as determined by thrift and productivity

Woon Gyu Choi and Yi Wen

2005-036: Optimal monetary policy, endogenous sticky prices and multiplicity of equilibria

Levon Barseghyan and Riccardo DiCecio

2005-035: Comovement: it's not a puzzle

Riccardo DiCecio

2005-034: International asset allocation under regime switching, skew and kurtosis preferences

Massimo Guidolin and Allan Timmerman

2005-033: Local market scale and the pattern of job changes among young men

Christopher Wheeler

2005-032: A new federal funds rate target series: September 27, 1982, - December 31, 1993

Daniel Thornton

2005-031: Identifying the effects of U.S. intervention on the levels of exchange rates

Christopher Neely

2005-030: An analysis of recent studies of the effect of foreign exchange intervention

Christopher Neely

2005-029: A dynamic look at subprime loan performance

Michelle A. Danis and Anthony Pennington-Cross

2005-028: Smoke-free law did affect revenue from gaming in Delaware

Michael Pakko

2005-027: Non-parametric, unconditional quantile estimation for efficiency analysis with an application to Federal Reserve check processing operations

David Wheelock and Paul Wilson

2005-026: Is value premium a proxy for time-varying investment opportunities: some time series evidence

Hui Guo, Robert Savickas, Zijun Wang and Jian Yang

2005-025: Idiosyncratic volatility, economic fundamentals, and foreign exchange rates

Hui Guo and Robert Savickas

2005-024: A flexible finite-horizon alternative to long-run restrictions with an application to technology shock

Riccardo DiCecio, Neville Francis, Michael Owyang and Jennifer E. Roush

2005-023: A specialized inventory problem in banks: optimizing retail sweeps

Richard Anderson and Suresh K. Nair

2005-022: The delinquency of subprime mortgages

Michelle A. Danis and Anthony Pennington-Cross

2005-021: A comparison of the real-time performance of business cycle dating methods

Marcelle Chauvet and Jeremy Piger

2005-020: The U.K.'s rocky road to stability

Nicoletta Batini and Edward Nelson

2005-019: Do casinos export bankruptcy?

Thomas Garrett and Mark Nichols

2005-018: Sticky-price models and the natural rate hypothesis

Javier Andrés, David Lopez-Salido and Edward Nelson

2005-017: Job flows and productivity dynamics: evidence from U.S. manufacturing

Christopher Wheeler

2005-016: Technology and industrial agglomeration: evidence from computer usage

Christopher Wheeler

2005-015: Do localization economies derive from human capital externalities?

Christopher Wheeler

2005-014: The role of data & program code archives in the future of economic research

Richard Anderson, William Greene, B McCullough and Hrishikesh Vinod

2005-013: Why did income growth vary across states during the Great Depression?

Thomas Garrett and David Wheelock

2005-012: Home bias and high turnover in an overlapping generations model with learning

Massimo Guidolin

2005-011: High equity premia and crash fears. Rational foundations

Massimo Guidolin

2005-010: Predictable dynamics in the S&P 500 index options implied volatility surface

Silvia Goncalves and Massimo Guidolin

2005-009: Properties of equilibrium asset prices under alternative learning schemes

Massimo Guidolin and Allan Timmerman

2005-008: Modelling the MIB30 implied volatility surface. Does market efficiency matter?

Gianluca Cassesse and Massimo Guidolin

2005-007: Size and value anomalies under regime shifts

Massimo Guidolin and Allan Timmerman

2005-006: Optimal portfolio choice under regime switching, skew and kurtosis preferences

Massimo Guidolin and Allan Timmerman

2005-005: Pessimistic beliefs under rational learning: quantitative implications for the equity premium puzzle

Massimo Guidolin