Working Papers

From Federal Reserve Bank of Philadelphia
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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

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