Working Papers

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2004-029: Foreign exchange volatility is priced in equities

Hui Guo, Jason Higbee and Christopher Neely

2004-028: International transmission of inflation among G-7 countries: a data-determined VAR analysis

Hui Guo, Zijun Wang and Jian Yang

2004-027: Aggregate idiosyncratic volatility in G7 countries

Hui Guo and Robert Savickas

2004-026: The monetary instrument matters

William Gavin, Benjamin Keen and Michael Pakko

2004-025: Near-rational exuberance

James Bullard, George Evans and Seppo Honkapohja

2004-024: Productivity and the geographic concentration of industry: the role of plant scale

Christopher Wheeler

2004-023: Industry localization and earnings inequality: evidence from U.S. manufacturing

Christopher Wheeler

2004-022: The value of foreclosed property

Anthony Pennington-Cross

2004-021: Worker turnover, industry localization, and producer size

Christopher Wheeler

2004-020: Cities, skills, and inequality

Christopher Wheeler

2004-019: Do productivity growth, budget deficits, and monetary policy actions affect real interest rates? evidence from macroeconomic announcement data

Kevin Kliesen and Frank A. Schmid

2004-018: Monetary policy actions and the incentive to invest

William Emmons and Frank A. Schmid

2004-017: Monetary policy, taxes and the business cycle

William Gavin, Finn Kydland and Michael Pakko

2004-016: Learning and structural change in macroeconomic data

James Bullard and John Duffy

2004-015: When did the FOMC begin targeting the federal funds rate? what the verbatim transcripts tell us

Daniel Thornton

2004-014: A Bayesian approach to counterfactual analysis of structural change

Chang-Jin Kim, James Morley and Jeremy Piger

2004-013: A dynamic factor analysis of the response of U. S. interest rates to news

Marco Lippi and Daniel Thornton

2004-012: Racial profiling or racist policing? bounds tests in aggregate data

Ruben Hernandez-Murillo and John Knowles

2004-011: Targeting vs. instrument rules for monetary policy

Bennett McCallum and Edward Nelson

2004-010: Predictions of short-term rates and the expectations hypothesis of the term structure of interest rates

Daniel Thornton

2004-009: The diffusion of electronic business in the U.S

Emin Dinlersoz and Ruben Hernandez-Murillo

2004-008: Monetary policy neglect and the Great Inflation in Canada, Australia, and New Zealand

Edward Nelson

2004-007: Inflation-targeting, price-path targeting and indeterminacy

Robert Dittmar and William Gavin

2004-006: A steady-state approach to trend/cycle decomposition of regime-switching processes

James Morley and Jeremy Piger

2004-005: The information content of regional employment data for forecasting aggregate conditions

Ruben Hernandez-Murillo and Michael Owyang

2004-004: When for-profits and not-for-profits compete: theory and empirical evidence from retail banking

William Emmons and Frank A. Schmid

2004-003: Tobin's imperfect asset substitution in optimizing general equilibrium

Javier Andrés, David Lopez-Salido and Edward Nelson

2004-002: What explains the varying monetary response to technology shocks in G-7 countries?

Neville Francis, Michael Owyang and Athena T. Theodorou

2004-001: The Great Inflation of the seventies: what really happened?

Edward Nelson

2003-045: A common model approach to macroeconomics: using panel data to reduce sampling error

William Gavin and Athena T. Theodorou

2003-044: A spatial analysis of state banking regulation

Thomas Garrett, Gary A. Wagner and David Wheelock

2003-043: On the cross section of conditionally expected stock returns

Hui Guo and Robert Savickas

2003-042: Spatial probit and the geographic patterns of state lotteries

Cletus Coughlin, Thomas Garrett and Ruben Hernandez-Murillo

2003-041: Can feedback from the jumbo-CD market improve bank surveillance?

R. Gilbert, Andrew P. Meyer and Mark D. Vaughan

2003-040: Year-end seasonality in one-month LIBOR derivatives

Christopher Neely and Drew B. Winters

2003-039: Nonlinear hedonics and the search for school district quality

Abbigail J. Chiodo, Ruben Hernandez-Murillo and Michael Owyang

2003-038: Searching for better prospects: endogenizing falling job tenure and private pension coverage

Leora Friedberg, Michael Owyang and Tara Sinclair

2003-037: Robust nonparametric estimation of efficiency and technical change in U.S. commercial banking

David Wheelock and Paul Wilson

2003-036: Input inefficiency in commercial banks: a normalized quadratic input distance approach

Allen Featherstone, Thomas Garrett and Thomas Marsh

2003-035: State government finances: World War II to the current crisis

Thomas Garrett and Gary A. Wagner

2003-034: The Federal Reserve responds to crises: September 11th was not the first

Christopher Neely

2003-033: Testing the expectations hypothesis: some new evidence for Japan

Daniel Thornton

2003-032: The efficient market hypothesis and identification in structural VARs

Lucio Sarno and Daniel Thornton

2003-031: Conjectural guarantees loom large: evidence from the stock returns of Fannie Mae and Freddie Mac

Frank A. Schmid

2003-030: U. S. regional business cycles and the natural rate of unemployment

Howard Wall and Gylfi Zoega

2003-029: Size matters: asymmetric exchange rate pass-through at the industry level

Cletus Coughlin and Patricia Pollard

2003-028: Idiosyncratic volatility, stock market volatility, and expected stock returns

Hui Guo and Robert Savickas

2003-027: Inflation targeting: why it works and how to make it work better

William Gavin

2003-026: Retail deposit sweep programs: issues for measurement, modeling and analysis

Richard Anderson

2003-025: Does idiosyncratic risk matter: another look

Hui Guo and Robert Savickas