Working Papers

From Federal Reserve Bank of Philadelphia
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89-1: Pooling intensifies joint failure risk

Sherrill Shaffer

88-21: Viability in multiproduct industries

Loretta Mester

88-20: Credit card rate stickiness in a screening model of consumer credit

Loretta Mester

88-19: Have money-stock fluctuations had a liquidity effect on expected real interest rates?

Behzad Diba and Seonghwan Oh

88-18: Contestable two-part tariffs with income effects

Sherrill Shaffer

88-17: Structural shifts and the volatility of chaotic markets

Sherrill Shaffer

88-16: Changes in interstate banking laws: the impact on shareholder wealth

Harold A. Black, M. Andrew Fields and Robert Schweitzer

88-15: Information losses in a dynamic model of credit

William Lang and Leonard Nakamura

88-14: Are production economies a motive for mutual to stock conversions in the savings and loan industry?

Loretta Mester

88-13: A testing strategy for expense preference behavior

Loretta Mester

88-12: On gradual price reduction as a retail sales strategy

Paul S. Calem

88-11: Testing for cointegration in the presence of moving average errors

John F. Boschen and Leonard O. Mills

88-10: What do saving - investment relationships tell us about capital mobility?

David Y. Wong

88-9: Employee turnover and regional wage differentials

Robert H. DeFina

88-8: Housing price functions and ownership capitalization rates

Peter Linneman and Richard Voith

88-7: Exchange controls, political risk and the Eurocurrency market: new evidence from tests of covered interest rate parity

Brian J. Cody

88-6: Concentration, prices and output in the automobile industry

Peter Linneman and Richard Voith

88-5: Agglomeration economies and technical change in urban manufacturing

Paul S. Calem and Gerald Carlino

88-4: Natural vacancy rates and the persistence of shocks in U.S. office markets

Theodore M. Crone and Richard Voith

88-3: Inflation, taxation, and the international allocation of capital

David Y. Wong

88-2: An analysis of the effect of ownership form on technology: stock versus mutual savings and loan associations

Loretta Mester

88-1: Credit card rates and consumer search

Mitchell Berlin and Loretta Mester

87-21: Exchange controls and the foreign exchange market: a model of political risk

Brian J. Cody

87-20: Rational bubbles in stock prices?

Behzad Diba and Herschel Grossman

87-19: From t-bills to common stocks: investigating the generality of intra- week return seasonality

Mark Flannery and Aris Protopapadakis

87-18: Commuter rail ridership: the long and short haul

Richard Voith

87-17: On estimating technical progress and returns to scale

Paul S. Calem

87-16: Early unwindings and rollovers of stock index futures arbitrage programs: analysis and implications for predicting expiration day effects

John J. Merrick

87-15: The hedging performance of ECU futures contracts

Anthony Saunders and Stanley J. Sienkiewicz

87-14: Tests of the relation between money and output in the real business cycle model

John F. Boschen and Leonard O. Mills

87-13: Portfolio insurance with stock index futures

John J. Merrick

87-12: Bank size, collateral, and net purchase behavior in the federal funds market: empirical evidence a note

Linda Allen, Stavros Peristiani and Anthony Saunders

87-11: Hedging with mispriced futures

John J. Merrick

87-10: Participation in the underground economy: a theoretical analysis

Joel F. Houston

87-9: Estimating the size and implications of the underground economy

Joel F. Houston

87-8: Financing, commitment and entry deterrence

Mitchell Berlin and Paul S. Calem

87-7: The policy implications of the underground economy

Joel F. Houston

87-6: Competitive effects of interstate bank mergers and acquisitions

Paul S. Calem and Janice M. Moulton

87-5: Testing for expense preference behavior using cost data

Loretta Mester

87-4: Price discovery in the stock market

John J. Merrick

87-3: Compensating variation in wages and rents

Richard Voith

87-2: Volume determination in stock and stock index futures markets: an analysis of arbitrage and volatility effects

John J. Merrick

87-1: Deposit market segmentation: the case of MMDAs and Super-NOWs

Paul S. Calem

86-19: Optimal base drift: some VAR estimates

Jan Loeys and Herbert E. Taylor

86-18: The choice between bonds and bank loans

Mitchell Berlin and Jan Loeys

86-17: Interregional flows of funds as a measure of economic integration in the United States

Gerald Carlino and Richard Lang

86-16: The effect of implicit deposit insurance on banks portfolio choices with an application to international `overexposure'

Alessandro Penati and Aris Protopapadakis

86-15: The long-run behavior of the public debt in the United States

Brian R. Horrigan

86-14: Bank foreign lending, mandatory disclosure rules and the reaction of bank stock prices to the Mexican debt crisis

Howard Kaufold and Michael Smirlock

86-13: The role of agglomeration potential in population and employment growth

Gerald Carlino and Edwin S. Mills

86-12: Gold prices and government gold auctions: a test of resource valuation

Stephen A. Meyer

86-11: Is money growth and inflation related to government deficits? Evidence from ten industrialized countries

Aris Protopapadakis and Jeremy J. Siegel

86-10: Banking panics and business cycles: data sources, data construction, and further results

Gary Gorton

86-9: Banking panics and business cycles

Gary Gorton

86-8: The pattern of employment and residential land use and densities in a stochastic model of urban location

John M. L. Gruenstein

86-7: Monetary indicators, commodity prices, and inflation

Brian R. Horrigan

86-6: Inflation announcements and financial market reaction: evidence from the long-term bond market

Michael Smirlock

86-5: The decline of labor productivity in the 1970's: the role of embodied technological change

Julia Lane and Richard McHugh

86-4: The age of capital, the age of utilized capital, and tests of the embodiment hypothesis

Julia Lane and Richard McHugh

86-3: MMDAs, super-NOWs, and the differentiation of bank deposit products

Paul S. Calem

86-2: Returns and risks of U.S. bank foreign currency activities

Theoharry Grammatikos, Anthony Saunders and Itzhak Swary

86-1: Has the United States overinvested in housing?

Edwin S. Mills