Working Papers

From Federal Reserve Bank of Philadelphia
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94-7: The importance of the tax system in determining the marginal cost of funds

Shaghil Ahmed and Dean Croushore

94-6: Shared ownership and pricing in a network switch

James McAndrews and Rafael Rob

94-5: The marginal cost of funds with nonseparable public spending

Shaghil Ahmed and Dean Croushore

94-4: The durability of information, market efficiency, and the size of firms

Arthur Fishman and Rafael Rob

94-3: The optimal inflation tax when income taxes distort: reconciling MUF and shopping-time models

Dean Croushore

94-2: A positive analysis of bank closure

George Mailath and Loretta Mester

94-1: Efficiency of banks in the Third Federal Reserve District

Loretta Mester

94-1/R: Efficiency of banks in the Third Federal Reserve District: a study of bank efficiency taking into account risk-preferences

Loretta Mester

93-30: Entry and exit, product variety and the business cycle

Satyajit Chatterjee and Russell Cooper

93-29: Inventories, production smoothing, and anticipated demand variations

Satyajit Chatterjee and B Ravikumar

93-28: Market conduct and excess capacity in banking: a cross-country comparison

Sherrill Shaffer

93-28/R: Market conduct and aggregate excess capacity in banking: a cross- country comparison

Sherrill Shaffer

93-27/R: Do suburbs need cities?

Richard Voith

93-27: Does city income growth increase suburban income growth, house value appreciation, and population growth?

Richard Voith

93-26: Hyperinflations and moral hazard in the appropriation of seigniorage

Carlos Zarazaga

93-25: Macroeconomic risk and Treasury bill pricing: an application of the Factor-Arch model

Keith Sill

93-25/R: Macroeconomic risk and Treasury bill pricing: an application of the FACTOR-ARCH model

Keith Sill

93-24: Recent research in commercial banking: information and lending

Leonard Nakamura

93-23: The impact of branch banking on pricing and service availability: theory and evidence

Paul S. Calem and Leonard Nakamura

93-22: Testing neoclassical convergence in regional incomes and earnings

Gerald Carlino and Leonard O. Mills

93-21: What determines the sacrifice ratio?

Laurence Ball

93-20: Money and output: the relative importance of real and nominal shocks

Shaghil Ahmed

93-19: Patterns of residential mortgage activity in Philadelphia's low-and moderate-income neighborhoods: 1990-1991

Paul S. Calem

93-18: Network externalities and shared electronic banking network adoption

Robert J. Kauffman and James McAndrews

93-17: Accounting for the demand for financial capital and risk-taking in bank cost functions

Joseph Hughes and Loretta Mester

93-16: Why are credit card rates sticky?

Loretta Mester

93-15: Loan screening within and outside of customer relationships

Leonard Nakamura

93-14: Ricardian equivalence with wage-rate uncertainty

Dean Croushore

93-13: Relative-price changes as aggregate supply shocks

Laurence Ball and N. Gregory Mankiw

93-12: Regime switching with time-varying transition probabilities

Francis Diebold, Joon-Haeng Lee and Gretchen Weinbach

93-11: Testing structural stability with endogenous break point: a size comparison of analytic and bootstrap procedures

Celia Chen and Francis Diebold

93-10: When do regulators close banks? When should they?

George Mailath and Loretta Mester

93-10/R: A positive analysis of bank closure

George Mailath and Loretta Mester

93-9: Strategic complementarity in business formation: aggregate fluctuations and sunspot equilibria

Satyajit Chatterjee, Russell Cooper and B Ravikumar

93-8: Stable cartels with a Cournot fringe

Sherrill Shaffer

93-7: Monetary policy and oil price shocks: empirical implications of alternative responses

Robert H. DeFina and Herbert E. Taylor

93-6: On comparing information in forecasts from econometric models: a comment on Fair and Shiller

Francis Diebold

93-5: On maximum-likelihood estimation of the differencing parameter of fractionally integrated noise with unknown mean

Yin-Wong Cheung and Francis Diebold

93-4: Exact maximum likelihood estimation of ARCH models

Francis Diebold and Til Schuermann

93-3: Financial intermediation as vertical integration

Mitchell Berlin and Loretta Mester

93-2: On cointegration and exchange rate dynamics

Francis Diebold, Javier Gardeazabal and Kamil Yilmaz

93-1: Regional income dynamics

Gerald Carlino and Robert H. DeFina

92-26: PSTAR+: a small macro model for policymakers

Herbert E. Taylor

92-25: Can a time-varying risk premium explain the failure of uncovered interest parity in the market for foreign exchange?

Gregory P. Hopper

92-24: Search, switching costs, and the stickiness of credit card interest rates

Paul S. Calem and Loretta Mester

92-23: A note on antitrust in a stochastic market

Sherrill Shaffer

92-22: Sources of macroeconomic fluctuations in small open economies

Shaghil Ahmed and Jae Ha Park

92-21: Estimating house price appreciation: a comparison of methods

Theodore M. Crone and Richard Voith

92-20: \"Flight to quality\" in bank lending and economic activity

William Lang and Leonard Nakamura

92-19: Vector-autoregression forecast models for the Third District states

Theodore M. Crone, Sherry Delaney and Leonard O. Mills