Working Papers

From Federal Reserve Bank of Philadelphia
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08-22: City Beautiful

Gerald Carlino and Albert Saiz

08-21: Firm default and aggregate fluctuations

Tor Jacobson, Rikard Kindell, Jesper Lindé and Kasper Roszbach

08-20: The effect of monetary tightening on local banks

Rocco Huang

08-19: Real-time measurement of business conditions

S. Boragan Aruoba, Francis Diebold and Chiara Scotti

08-18: In harm’s way? Payday loan access and military personnel performance

Scott Carrell and Jonathan Zinman

08-17: DSGE model-based forecasting of non-modelled variables

Maxym Kryshko, Frank Schorfheide and Keith Sill

08-16: Measuring financial asset return and volatility spillovers, with application to global equity markets

Francis Diebold and Kamil Yilmaz

08-15: The elasticity of the unemployment rate with respect to benefits

Kai Christoffel and Keith Kuester

08-14: The homeownership experience of households in bankruptcy

Sarah W. Carroll and Wenli Li

08-13: Quits, worker recruitment, and firm growth: theory and evidence

Jason Faberman and Eva Nagypal

08-12: Can multi-stage production explain the home bias in trade?

Kei-Mu Yi

08-11: Job flows, jobless recoveries, and the Great Moderation

Jason Faberman

08-10: Business method patents and U.S. financial services

Robert Hunt

08-9: Core measures of inflation as predictors of total inflation

Theodore M. Crone, N. Neil K. Khettry, Loretta Mester and Jason A. Novak

08-8: Revisions to PCE inflation measures: implications for monetary policy

Dean Croushore

08-7: Monetary policy in a channel system

Aleksander Berentsen and Cyril Monnet

08-6: Specific capital and vintage effects on the dynamics of unemployment and vacancies

Burcu Eyigungor

08-5: Central bank institutional structure and effective central banking: cross-country empirical evidence

Iftekhar Hasan and Loretta Mester

08-4: Frontiers of real-time data analysis

Dean Croushore

08-3: Inventories, lumpy trade, and large devaluations

George Alessandria, Joseph Kaboski and Virgiliu Midrigan

08-2: Optimal industrial structure in banking

Loretta Mester

08-1: Efficiency in banking: theory, practice, and evidence

Joseph Hughes and Loretta Mester

07-34: The reaction of consumer spending and debt to tax rebates; evidence from consumer credit data

Sumit Agarwal, Chunlin Liu and Nicholas Souleles

07-33: Net worth and housing equity in retirement

Todd Sinai and Nicholas Souleles

07-32: Payment network scale economies, SEPA, and cash replacement

Wilko Bolt and David B. Humphrey

07-31: The anatomy of U.S. personal bankruptcy under Chapter 13

Wenli Li and Pierre Daniel Sarte

07-30: Private risk premium and aggregate uncertainty in the model of uninsurable investment risk

Francisco Covas and Shigeru Fujita

07-29: Pricing-to-market and the failure of absolute PPP

George Alessandria and Joseph Kaboski

07-27: Interest rate versus money supply instruments: on the implementation of Markov-perfect optimal monetary policy

Michael Dotsey and Andreas Hornstein

07-26: Optimal pricing of payment services when cash is an alternative

Cyril Monnet and William Roberds

07-25: Innovation, cities, and new work

Jeffrey Lin

07-24: Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics

Aubhik Khan and Julia Thomas

07-23: Thick-market effects and churning in the labor market: evidence from U.S. cities

Hoyt Bleakley and Jeffrey Lin

07-22: A dynamic model of the payment system

Thorsten Koeppl, Cyril Monnet and Ted Loch Temzelides

07-20: Intellectual property rights and standard setting in financial services: the case of the Single European Payments Area

Robert Hunt, Samuli Simojoki and Tuomas Takalo

07-19: The cyclicality of separation and job finding rates

Shigeru Fujita and Garey Ramey

07-18: The relationship between the establishment age distribution and urban growth

Jason Faberman

07-17: Establishment heterogeneity, exporter dynamics, and the effects of trade liberalization

George Alessandria and Horag Choi

07-16: A quantitative theory of unsecured consumer credit with risk of default

Satyajit Chatterjee, P. Dean Corbae, Makoto Nakajima and José-Víctor Ríos-Rull

07-15: Spin-offs and the market for ideas

Satyajit Chatterjee and Esteban Rossi-Hansberg

07-14: A finite-life private-information theory of unsecured consumer debt

Satyajit Chatterjee, P. Dean Corbae and José-Víctor Ríos-Rull

07-13: A comparison of poverty trends and policy impacts for working families using different poverty indexes

Robert H. DeFina

07-12: Dynamics of worker flows and vacancies: evidence from the sign restriction approach

Shigeru Fujita

07-11: The long and large decline in state employment growth volatility

Gerald Carlino, Robert H. DeFina and Keith Sill

07-10: Bankruptcy: Is it enough to forgive or must we also forget?

Ronel Elul and Piero Gottardi

07-9: Competitive effects of Basel II on U.S. bank credit card lending

William Lang, Loretta Mester and Todd A. Vermilyea

07-8: Mismeasured personal saving and the permanent income hypothesis

Leonard Nakamura and Tom Stark

07-7: Matching externalities and inventive productivity

Robert Hunt

07-6: Economics and the design of patent systems

Robert Hunt

07-5: The cyclicality of worker flows: new evidence from the SIPP

Shigeru Fujita, Christopher Nekarda and Garey Ramey