Working Papers

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97-27: Diagnostic evaluation of the real business cycle model with factor hoarding

Gwen Eudey

97-26: On the evolution of the spatial distribution of employment in postwar United States

Gerald Carlino and Satyajit Chatterjee

97-25: The winner's curse in banking

Sherrill Shaffer

97-24: Private money and reserve management in a random matching model

Ricardo Cavalcanti, Andres Erosa and Ted Loch Temzelides

97-23: Measuring predictability: theory and macroeconomic applications

Francis Diebold and Lutz Kilian

97-22: Economic growth in Argentina in the period 1900-30: some evidence from stock returns

Leonard Nakamura and Carlos Zarazaga

97-21: Dollarization hysteresis and network externalities: theory and evidence from an informal Bolivian credit market

Bettina Peiers and Jeffrey Wrase

97-20: The past, present, and future of macroeconomic forecasting

Francis Diebold

97-19: Network diseconomies and optimal structure

Sherrill Shaffer

97-18: Bounded rationality and strategic complementarity in a macroeconomic model: policy effects, persistence, and multipliers

Antulio Bomfim and Francis Diebold

97-17: Intermediation and vertical integration

Mitchell Berlin and Loretta Mester

97-16: A model of check exchange

James McAndrews and William Roberds

97-15: Minimum consumptions requirements: theoretical and quantitative implications for growth and distribution

Satyajit Chatterjee and B Ravikumar

97-14: Cointegration and long-horizon forecasting

Peter Christoffersen and Francis Diebold

97-13: Does the U.S. tax treatment of housing promote suburbanization and central city decline?

Joseph Gyourko and Richard Voith

97-12: The differential regional effects of monetary policy: evidence from the U.S. States

Gerald Carlino and Robert H. DeFina

97-11: Optimal prediction under asymmetric loss

Peter Christoffersen and Francis Diebold

97-10: Macroeconomic forecasts and microeconomic forecasters in the Survey of Professional Forecasters

Tom Stark

97-9: Banking and payment system stability in an electronic money world

James McAndrews

97-8: Recovering risky technologies using the almost ideal demand system: an application to U.S. banking

Joseph Hughes, William Lang, Loretta Mester and Choon-Geol Moon

97-7: Dynamic equilibrium economies: a framework for comparing models and data

Jeremy Berkowitz, Francis Diebold and Lee Ohanian

97-6: Evaluating density forecasts

Francis Diebold, Todd A. Gunther and Anthony S Tay

97-5: Efficiency and productivity change in the U.S. commercial banking industry: a comparison of the 1980s and 1990s

Allen Berger and Loretta Mester

97-4: The measurement of retail output and the retail revolution

Leonard Nakamura

97-3: On the profitability and cost of relationship lending

Mitchell Berlin and Loretta Mester

97-2: On the optimality of eliminating seasonality in nominal interest rates

Satyajit Chatterjee

97-1: Inside the black box: what explains differences in the efficiencies of financial institutions?

Allen Berger and Loretta Mester

96-21: Are there regimes of antitrust enforcement? An empirical analysis

Andrew J. Holliday and Gregory P. Hopper

96-20: The effects of permanent and transitory output shocks on poverty

Robert H. DeFina and Tom Stark

96-19: Pricing in vertically integrated network switches

James McAndrews

96-18: Deposits and relationship lending

Mitchell Berlin and Loretta Mester

96-17: Public versus private debt: confidentiality, control, and product markets

Mitchell Berlin and Alexander Butler

96-16: Risk and return in the single-family housing market

Theodore M. Crone and Richard Voith

96-15: The suburban housing market: effects of city and suburban employment growth

Richard Voith

96-14: Safety in numbers? Geographic diversification and bank insolvency risk

Joseph Hughes, William Lang, Loretta Mester and Choon-Geol Moon

96-13: Common trends and common cycles in regional per capita incomes

Gerald Carlino and Keith Sill

96-12: Retail pricing of ATM network services

James McAndrews

96-11: Measuring efficiency at U.S. banks: accounting for heterogeneity is important

Loretta Mester

96-10: Exchange rates and international relative prices and quantities in equilibrium models with alternative preference specifications

Elvan Ozlu, Don Schlagenhauf and Jeffrey Wrase

96-9: Efficient banking under interstate branching

Joseph Hughes, William Lang, Loretta Mester and Choon-Geol Moon

96-8: Money and finance with costly commitment

Satyajit Chatterjee and P. Dean Corbae

96-7: Does foreign exchange intervention signal future monetary policy?

Graciela Kaminsky and Karen Lewis

96-6: Consumption, stock returns, and the gains from international risk-sharing

Karen Lewis

96-5: Speculative investor behavior and learning

Stephen Morris

96-4: Capital requirements and rational discount window borrowing

Sherrill Shaffer

96-3: Evaluating McCallum's rule when monetary policy matters

Dean Croushore and Tom Stark

96-2: Bank capitalization and cost: evidence of scale economies in risk management and signaling

Joseph Hughes and Loretta Mester

96-1: Bank equity stakes in borrowing firms and financial distress

Mitchell Berlin, Kose John and Anthony Saunders

95-29: Are banks converging to one size?

Douglas Robertson

95-28: Some monetary policy implications of increasing consumption variety

Keith Sill