Working Papers

From Federal Reserve Bank of Philadelphia
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05-4: Pricing, production, and persistence

Michael Dotsey and Robert King

05-3: Can the standard international business cycle model explain the relation between trade and comovement?

Ayhan Kose and Kei-Mu Yi

05-2: Implications of state-dependent pricing for dynamic macroeconomic models

Michael Dotsey and Robert King

05-1: Schooling and the AFQT: evidence from school entry laws

Elizabeth Cascio and Ethan Lewis

04-24: Financial intermediaries, markets, and growth

Falko Fecht, Kevin Huang and Antoine Martin

04-23: Vacancy persistence

Shigeru Fujita

04-22: Hedonic estimates of the cost of housing services: rental and owner-occupied units

Theodore M. Crone, Leonard Nakamura and Richard Voith

04-21: On the stability of employment growth: a postwar view from the U.S. states

Gerald Carlino, Robert H. DeFina and Keith Sill

04-20: Transactions accounts and loan monitoring

Loretta Mester, Leonard Nakamura and Micheline Renault

04-19: Violating purchasing power parity

George Alessandria and Joseph Kaboski

04-18: Trade and the (dis)incentive to reform labor markets: the case of reform in the European Union

George Alessandria and Alain Delacroix

04-17: The CPI for rents: a case of understated inflation

Theodore M. Crone, Leonard Nakamura and Richard Voith

04-16: Matching and learning in cities: urban density and the rate of invention

Gerald Carlino, Satyajit Chatterjee and Robert Hunt

04-15: Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics

Aubhik Khan and Julia Thomas

04-14: Bankruptcy exemptions, credit history, and the mortgage market

Souphala Chomsisengphet and Ronel Elul

04-13: Modeling inventories over the business cycle

Aubhik Khan and Julia Thomas

04-12: A redefinition of economic regions in the U.S

Theodore M. Crone

04-11: Inventories and the business cycle: an equilibrium analysis of (S,s) policies

Aubhik Khan and Julia Thomas

04-10: Life insurance and household consumption

Jay Hong and José-Víctor Ríos-Rull

04-9: Consistent economic indexes for the 50 states

Alan Clayton-Matthews and Theodore M. Crone

04-8: Multiple stages of processing and the quantity anomaly in international business cycle models

Kevin Huang and Zheng Liu

04-7: Specific factors meet intermediate inputs: implications for strategic complementarities and persistence

Kevin Huang

04-6: Inflation targeting: what inflation rate to target?

Kevin Huang and Zheng Liu

04-5: Fresh start or head start? The effect of filing for personal bankruptcy on the labor supply

Song Han and Wenli Li

04-4: Why is manufacturing trade rising even as manufacturing output is falling?

Raphael Bergoeing, Timothy Kehoe, Vanessa Strauss-Kahn and Kei-Mu Yi

04-3: How did the Miami labor market absorb the Mariel immigrants?

Ethan Lewis

04-2: The rise of the skilled city

Edward Glaeser and Albert Saiz

04-1: Local, open economies within the U.S.: how do industries respond to immigration?

Ethan Lewis

03-23: An alternative definition of economic regions in the U.S. based on similarities in state business cycles

Theodore M. Crone

03-22: Monetary policy, oil shocks, and TFP: accounting for the decline in U.S. volatility

Sylvain Leduc and Keith Sill

03-21: The evolution of the Philadelphia Stock Exchange: 1964-2002

John Caskey

03-20: On the welfare gains of eliminating a small likelihood of economic crises: A case for stabilization policies?

Satyajit Chatterjee and P. Dean Corbae

03-19: International risk-sharing and the transmission of productivity shocks

Giancarlo Corsetti, Luca Dedola and Sylvain Leduc

03-18: Postwar period changes in employment volatility: new evidence from state/industry panel data

Gerald Carlino, Robert H. DeFina and Keith Sill

03-17: An empirical look at software patents

James Bessen and Robert Hunt

03-16: Cost savings from electronic payments and ATMs in Europe

Goran Bergendahl, David B. Humphrey, Ted Lindblom and Magnus Willesson

03-15: Growth effects of progressive taxes

Wenli Li and Pierre Daniel Sarte

03-14: The macroeconomics of U.S. consumer bankruptcy choice: Chapter 7 or Chapter 13?

Wenli Li and Pierre Daniel Sarte

03-13: Applying efficiency measurement techniques to central banks

Loretta Mester

03-12: Immigration and housing rents in American cities

Albert Saiz

03-11: A note on global walfare in pharmaceutical patenting

F. M. Scherer

03-10: An introduction to the economics of payment card networks

Robert Hunt

03-9: Urban decline and housing reinvestment: the role of construction costs and the supply side

Joseph Gyourko and Albert Saiz

03-8: A short-term model of the Fed's portfolio choice

Dean Croushore

03-7: Credit card securitization and regulatory arbitrage

Charles Calomiris and Joseph R. Mason

03-6: What is the value of recourse to asset backed securities? A clinical study of credit card banks

Eric J. Higgins and Joseph R. Mason

03-5: How strong is co-movement in employment over the business cycle? Evidence from state/industry data

Gerald Carlino and Robert H. DeFina

03-4: Backward-looking interest-rate rules, interest-rate smoothing, and macroeconomic instability

Jess Benhabib, Stephanie Schmitt-Grohe and Martín Uribe

03-3: Non-exclusive contracts, collateralized trade, and a theory of an exchange

Yaron Leitner

03-2: The effects of a baby boom on stock prices and capital accumulation in the presence of Social Security

Andrew Abel