Working Papers

From Federal Reserve Bank of Philadelphia
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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

92-18: Bank branching

Leonard Nakamura and Bruno Parigi

92-17: Optimal linear taxation of polluting firms

Sherrill Shaffer

92-16: An empirical investigation of money demand in the cash-in-advance model framework

Keith Sill

92-15: The importance of the tax system in determining the marginal cost of funds

Shaghil Ahmed and Dean Croushore

92-14: Efficiency in the savings and loan industry

Loretta Mester

92-13: Structure, conduct, performance, and welfare

Sherrill Shaffer

92-12: Reputation acquisition and persistence of moral hazard in credit markets

Paul S. Calem

92-11: A revenue-restricted cost study of 100 large banks

Sherrill Shaffer

92-10: Leasing as a lottery: implications for rational building surges and increasing vacancies

Joseph Gyourko and Richard Voith

92-9: Debt covenants and renegotiation

Mitchell Berlin and Loretta Mester

92-8: Perfectual signaling with imperfectly correlated costs

Loretta Mester

92-7: Results of a survey of ATM network pricing

James McAndrews

92-6: Ricardian equivalence under income uncertainty

Dean Croushore

92-5: The location and quality effects of mergers

Paul S. Calem

92-4: Further evidence concerning expense preference and the Fed

Loretta Mester

92-3: The Delaware Valley Mortgage Plan: an analysis using HMDA data

Paul S. Calem

92-2: The marginal cost of funds with nonseparable public spending

Shaghil Ahmed and Dean Croushore

92-1: Commercial bank information: implications for the structure of banking

Leonard Nakamura

91-24: When do regulators close banks? When should they?

George Mailath and Loretta Mester

91-23: A neoclassical model of seasonal fluctuations

Satyajit Chatterjee and B Ravikumar

91-22: The effect of transitional dynamics on the distribution of wealth in a neoclassical capital accumulation model

Satyajit Chatterjee

91-21: A quality and risk-adjusted cost function for banks: evidence on the \" too-big-to-fail\" doctrine

Joseph Hughes and Loretta Mester