Staff Reports

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83: What was behind the M2 breakdown?

Cara S. Lown, Stavros Peristiani and Kenneth Robinson

82: Heat waves, meteor showers, and trading volume: an analysis of volatility spillovers in the U.S. Treasury market

Michael Fleming and Jose Lopez

81: International trade and factor mobility: an empirical investigation

Linda Goldberg and Michael Klein

80: Purchasing power parity: three stakes through the heart of the unit root null

Matthew Higgins and Egon Zakrajšek

79: Explaining inequality the world round: cohort size, Kuznets curves, and openness

Matthew Higgins and Jeffrey Williamson

78: Are there "bank effects" in borrowers' costs of funds? Evidence from a matched sample of borrowers and banks

Robert Hubbard, Kenneth Kuttner and Darius N. Palia

77: Consumption, aggregate wealth and expected stock returns

Martin Lettau and Sydney Ludvigson

76: The term structure of announcement effects

Michael Fleming and Eli Remolona

75: Sunk costs, contestability, and the latent contract market

Christodoulos Stefanadis

74: Importing equality? The effects of increased competition on the gender wage gap

Sandra Black and Elizabeth Brainerd

73: Liquidity in U.S. fixed income markets: a comparison of the bid-ask spread in corporate, government and municipal bond markets

Sugato Chakravarty and Asani Sarkar

72: The nature and growth of vertical specialization in world trade

David Hummels, Jun Ishii and Kei-Mu Yi

71: Structural estimates of the U.S. sacrifice ratio

Stephen Cecchetti and Robert Rich

70: Determinants of current risk premiums

John Carlson and Carol Osler

69: Bank loan sales: a new look at the motivations for secondary market activity

Rebecca Demsetz

68: Looking beyond the CEO: executive compensation at banks

Rebecca Demsetz and Marc R. Saidenberg

67: The role of consumption substitutability in the international transmission of shocks

Cédric Tille

66: Fluctuations in confidence and asymmetric business cycles

Simon Potter

65: Nonlinear impulse response functions

Simon Potter

64: U.S. wages in general equilibrium: the effects of prices, technology and factor supplies, 1963-1991

Rita A. Balaban and James Harrigan

63: Exchange rates and local labor markets

Linda Goldberg and Joseph Tracy

62: Banks' payments-driven revenues

Lawrence J. Radecki

61: Nonlinear risk

Marcelle Chauvet and Simon Potter

60: Do investors mistake a good company for a good investment?

Peter Antunovich and David S. Laster

59: Are apparent findings of nonlinearity due to structural instability in economic time series?

Gary Koop and Simon Potter

58: Competitive devaluations: a welfare-based approach

Giancarlo Corsetti, Paolo Pesenti, Nouriel Roubini and Cédric Tille

57: What was the market's view of U.K. monetary policy? Estimating inflation risk and expected inflation with indexed bonds

Frank F. Gong, Eli Remolona and Michael Wickens

56: Employment versus wage adjustment and the U.S. dollar

Jose Campa and Linda Goldberg

55: The consolidation of the financial services industry: causes, consequences, and the implications for the future

Allen Berger, Rebecca Demsetz and Philip E. Strahan

54: Microeconomic inventory adjustment and aggregate dynamics

Jonathan McCarthy and Egon Zakrajšek

53: Trade inventories

Jonathan McCarthy and Egon Zakrajšek

52: Institutional affiliation and the role of venture capital: evidence from initial public offerings in Japan

Yasushi Hamao, Frank Packer and Jay Ritter

51: Why did thrift goodwill matter in 1989?

Sangkyun Park

50: Piggy banks: financial intermediaries as a commitment to save

Donald Morgan and Katherine A. Samolyk

49: Implied mortgage refinancing thresholds

Paul Bennett, Richard Peach and Stavros Peristiani

48: The performance of investment newsletters

Jeffrey F. Jaffe and James M. Mahoney

47: Skilled labor-augmenting technical progress in U.S. manufacturing

James Kahn and Jong-Soo Lim

46: International trade and American wages in general equilibrium, 1967-1995

James Harrigan

45: Structural change in the mortgage market and the propensity to refinance

Paul Bennett, Richard Peach and Stavros Peristiani

44: The dual nature of trade: measuring its impact on imitation and growth

Michelle P. Connolly

43: Soft exchange rate bands and speculative attacks: theory and evidence from the ERM since August 1993

Leonardo Bartolini and Alessandro Prati

42: Identifying noise traders: the head-and-shoulders pattern in U.S. equities

Carol Osler

41: Output fluctuations in the United States: what has changed since the early 1980s?

Margaret M. McConnell and Gabriel Perez-Quiros

40: Economic geography and regional production structure: an empirical investigation

Donald Davis and David Weinstein

39: Consistent covariance matrix estimation in probit models with autocorrelated errors

Arturo Estrella and Anthony Rodrigues

38: How workers use 401(k) plans: the participation, contribution, and withdrawal decisions

William F. Bassett, Michael Fleming and Anthony Rodrigues

37: How big are potential welfare gains from international risksharing?

Eric van Wincoop

36: Estimation of cross-country differences in industry production functions

James Harrigan

35: The home market, trade, and industrial structure

Donald Davis

34: Demography, national savings and international capital flows

Matthew Higgins