Working Papers

From Federal Reserve Bank of Philadelphia
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90-21: Debt covenants and renegotiation

Mitchell Berlin and Loretta Mester

90-20: The role of monetary and real shocks in near-permanent movements in GNP

John F. Boschen and Leonard O. Mills

90-19: Seigniorage and the European Community: is European economic and monetary union in danger?

Brian J. Cody

90-18: A test of competition in Canadian banking

Sherrill Shaffer

90-17: Regional authorities, public services, and the location of economic activity

James McAndrews and Richard Voith

90-16: When does the prime rate change?

Loretta Mester and Anthony Saunders

90-15: Taxation as insurance against income uncertainty

Dean Croushore

90-14: Aggregate deposit insurance funding and taxpayer bailouts

Sherrill Shaffer

90-13: Perpetual signaling with imperfectly correlated costs

Loretta Mester

90-12: Optimal bank closure for deposit insurers

William Lang and Leonard Nakamura

90-11: Forecasting trends in the housing stock using age-specific demographic projections

Theodore M. Crone and Leonard O. Mills

90-10: Local market and national components in house price appreciation

Joseph Gyourko and Richard Voith

90-9: The welfare effects of distortionary taxation and government spending: some new results

Shaghil Ahmed and Dean Croushore

90-8: Ricardian equivalence under income uncertainty

Dean Croushore

90-7: Consumer choice with state-dependent uncertainty about product quality: late trains and commuter rail ridership

Richard Voith

90-6: Regional impacts of exchange rate movements

Gerald Carlino, Brian J. Cody and Richard Voith

90-5: Immunizing options against changes in volatility

Sherrill Shaffer

90-4: Investing in conflict

Sherrill Shaffer

90-3: Traditional and nontraditional banking: an information-theoretic approach

Loretta Mester

90-2: The role of commodity prices in formulating monetary policy

Brian J. Cody and Leonard O. Mills

90-1: Accounting for differences in aggregate state productivity

Gerald Carlino and Richard Voith

89-30: Are bank loans unique? The case of hospital debt financing

Paul S. Calem and John Rizzo

89-29: On the reasons for gradual markdowns by retailers

Paul S. Calem

89-28: Regulatory distortion of competition

Sherrill Shaffer

89-27: Testing for expense preference behavior: mutual versus stock savings and loans

Loretta Mester

89-26: The concentration/conduct relationship in bank deposit markets

Paul S. Calem and Gerald Carlino

89-25: Money in the utility function: an adequate microfoundation of money?

Dean Croushore

89-24: The effect of government bonds on asset prices: an asset markets equilibrium approach

Joel F. Houston and Aris Protopapadakis

89-23: The dynamics of credit markets in a model with learning

William Lang and Leonard Nakamura

89-22: Multiple-market contact in an incomplete-information model with imperfectly correlated cost

Loretta Mester

89-21: In search of a stable velocity relationship

Herbert E. Taylor

89-20: Transactions costs and optimal inflation

Dean Croushore

89-19: Bubbles and stock price volatility

Behzad Diba

89-18: Transaction costs and option configuration

Sherrill Shaffer

89-17: Cournot oligopoly with external costs

Sherrill Shaffer

89-16: Real and monetary explanations of permanent movements in GNP

John F. Boschen and Leonard O. Mills

89-15: Entry-deterring debt

James McAndrews and Leonard Nakamura

89-14: The optimal response of monetary policy to oil price shocks

Robert H. DeFina and Herbert E. Taylor

89-13: Learning in the marketplace: free entry is free riding

William Lang and Leonard Nakamura

89-12: An examination of wage behavior in macroeconomic models with long term contracts

William Lang

89-11: Loan workouts and commercial bank information: why banks are special

Leonard Nakamura

89-10: The federal funds rate and the channels of monetary transmission

Ben Bernanke and Alan Blinder

89-9: Incentives to engage in bank window-dressing: manager vs. stockholder conflicts

Linda Allen and Anthony Saunders

89-8: Money, inflation and the expected real interest rate

Behzad Diba and Seonghwan Oh

89-7: Additions to bank loan-loss reserves: good news or bad news?

Theoharry Grammatikos and Anthony Saunders

89-6: Can the end user improve an econometric forecast?

Sherrill Shaffer

89-5: Evaluating commodity prices as a gauge for monetary policy

Brian J. Cody and Leonard O. Mills

89-4: Intertemporal analysis of state and local government spending: theory and tests

Douglas Holtz-Eakin and Harvey Rosen

89-3: Strategic role complementarity

James McAndrews

89-2: Optimal exchange market intervention: evidence from France and West Germany during the post-Bretton Woods era

Brian J. Cody