Working Papers

From Federal Reserve Bank of Philadelphia
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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

03-1: Data revisions and the identification of monetary policy shocks

Dean Croushore and Charles Evans

02-22: Collateral and competition

Mitchell Berlin and Alexander Butler

02-21: The development and regulation of consumer credit reporting in America

Robert Hunt

02-20: Inventories and the business cycle: an equilibrium analysis of (S,s) policies

Aubhik Khan and Julia Thomas

02-19: Optimal monetary policy

Aubhik Khan, Robert King and Alexander Wolman

02-18: Technology flows matrix estimation revisited

F. M. Scherer

02-17: Democracy to the road: the political economy of potholes

Albert Saiz

02-16: The returns to speaking a second language

Albert Saiz and Elena Zoido

02-15: Forecasting coin demand

Dean Croushore and Tom Stark

02-14: The cyclical behavior of state employment during the postwar period

Gerald Carlino, Robert H. DeFina and Keith Sill

02-13: Self-fulfilling expectations and the inflation of the 1970s: evidence from the Livingston Survey

Sylvain Leduc, Keith Sill and Tom Stark

02-12: Compensating differentials and the social benefits of the NFL

Gerald Carlino and N. Edward Coulson

02-11: Why are business cycles alike across exchange-rate regimes?

Luca Dedola and Sylvain Leduc

02-10: Why do households without children support local public schools? linking house price capitalization to school spending

Christian Hilber and Christopher Mayer

02-9: Financial networks: contagion, commitment, and private sector bailouts

Yaron Leitner

02-8: The impact of unemployment on alternative poverty measures

Robert H. DeFina

02-7: Consistent economic indexes for the 50 states

Theodore M. Crone

02-5: Enduring relationships in an economy with capital

Aubhik Khan and B Ravikumar

02-4: Check-cashing outlets in a changing financial system

John Caskey

02-3: Is macroeconomic research robust to alternative data sets?

Dean Croushore and Tom Stark

02-2: Do bankers sacrifice value to build empires? managerial incentives, industry consolidation, and financial performance

Joseph Hughes, William Lang, Loretta Mester, Choon-Geol Moon and Michael S. Pagano

02-1: An overall perspective on banking regulation

Xavier Freixas and Anthony M. Santomero