Staff Reports

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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

33: Regulatory evaluation of value-at-risk models

Jose Lopez

32: Option-implied probability distributions and currency excess returns

Allan M. Malz

31: Identifying inflation's grease and sand effects in the labor market

Erica Groshen and Mark Schweitzer

30: Growth uncertainty and risksharing

Stefano Athanasoulis and Eric van Wincoop

29: Agency problems and risk taking at banks

Rebecca Demsetz, Marc R. Saidenberg and Philip E. Strahan

28: Traders' broker choice, market liquidity and market structure

Sugato Chakravarty and Asani Sarkar

27: Price formation and liquidity in the U.S. Treasury market: evidence from intraday patterns around announcements

Michael Fleming and Eli Remolona

26: Language, learning, and location

Andrew John and Kei-Mu Yi

25: Can competition between brokers mitigate agency conflicts with their customers?

Sugato Chakravarty and Asani Sarkar

24: Foreign investment fluctuations and emerging market stock returns: the case of Mexico

Elizabeth Berko and John Clark

23: Testing under non-standard conditions in frequency domain: with applications to Markov regime-switching models of exchange rates and federal funds rate

Fangxiong Gong and Roberto Mariano

22: Entry restrictions, industry evolution, and dynamic efficiency: evidence from commercial banking

Jith Jayaratne and Philip E. Strahan

21: Rational bias in macroeconomic forecasts

Paul Bennett, In Sun Geoum and David S. Laster

20: Technological diffusion through trade and imitation

Michelle P. Connolly

19: A three-factor econometric model of the U.S. term structure

Frank F. Gong and Eli Remolona

18: When liberal policies reflect external shocks, what do we learn?

Leonardo Bartolini and Allan Drazen

17: Is there endogenous long-run growth?: Evidence from the U.S. and the U.K

Narayana Kocherlakota and Kei-Mu Yi

16: Housing demand and community choice: an empirical analysis

Carol Rapaport

15: Technology, factor supplies, and international specialization: estimating the neoclassical model

James Harrigan

14: Investment, pass-through, and exchange rates: a cross-country comparison

Jose Campa and Linda Goldberg

13: Rational speculators and exchange rate volatility

John Carlson and Carol Osler

12: Multiple ratings and credit standards: differences of opinion in the credit rating industry

Richard Cantor and Frank Packer

11: Capital account liberalization as a signal

Leonardo Bartolini and Allan Drazen

10: Error correction mechanisms and short-run expectations

Angelos Antzoulatos

9: The effects of inflation on wage adjustments in firm-level data: grease or sand?

Erica Groshen and Mark Schweitzer

8: Preserving firm value through exit: the case of voluntary liquidations

Michael Fleming and John J. Moon

7: The relationship between government financial condition and expected tax rates reflected in municipal bond yields

Sangkyun Park

6: An efficient, three-step algorithm for estimating error-correction models with an application to the U.S. macroeconomy

Michael Boldin

5: Using option prices to estimate realignment probabilities in the European Monetary System

Allan M. Malz

4: Head and shoulders: not just a flaky pattern

P.H. Kevin Chang and Carol Osler

3: Short-term speculators and the origins of near-random-walk exchange rate behavior

Carol Osler

2: The costs and benefits of dual trading

Hun Y. Park, Asani Sarkar and Lifan Wu

1: Central bank independence and disinflationary credibility: a missing link?

Adam Posen