Working Papers

From Federal Reserve Bank of Philadelphia
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20-44: Firm Technology Upgrading Through Emerging Work

Enghin Atalay

WP 20-43: Corporate Bond Liquidity During the COVID-19 Crisis

Mahyar Kargar, Benjamin Lester, David Lindsay, Shuo Liu, Pierre-Olivier Weill and Diego Zuniga

20-42: Missouri’s Medicaid Contraction and Consumer Financial Outcomes

James Bailey, Nathan Blascak and Vyacheslav Mikhed

20-41: Evidence of Accelerating Mismeasurement of Growth and Inflation in the U.S. in the 21st Century

Leonard Nakamura

20-40: The Role of Government and Private Institutions in Credit Cycles in the U.S. Mortgage Market

Manuel Adelino, W. Ben McCartney and Antoinette Schoar

20-39: A Quantitative Theory of the Credit Score

Satyajit Chatterjee, P. Dean Corbae, Kyle Dempsey and José-Víctor Ríos-Rull

20-38: The Geography of Travel Behavior in the Early Phase of the COVID-19 Pandemic

Jeffrey Brinkman and Kyle Mangum

20-37: Mortgage Loss Severities: What Keeps Them So High?

Xudong An and Lawrence R. Cordell

20-36: Post-Merger Product Repositioning: An Empirical Analysis

Enghin Atalay, Alan Sorensen, Christopher Sullivan and Wanjia Zhu

20-35: High-Dimensional DSGE Models: Pointers on Prior, Estimation, Comparison, and Prediction∗

Siddhartha Chib, Minchul Shin and Fei Tan

20-33: Financial Consequences of Identity Theft

Nathan Blascak, Julia Cheney, Robert Hunt, Vyacheslav Mikhed, Dubravka Ritter and Michael Vogan

20-32: The Credit Card Act and Consumer Debt Structure

Yiwei Dou, Julapa Jagtiani, Ramain Quinn Maingi and Joshua Ronen

20-31/R: Probability Forecast Combination via Entropy Regularized Wasserstein Distance

Ryan Cumings-Menon and Minchul Shin

20-30: Bank Stress Test Results and Their Impact on Consumer Credit Markets

Sumit Agarwal, Xudong An, Lawrence R. Cordell and Raluca Roman

20-29: The Firm Size and Leverage Relationship and Its Implications for Entry and Business Concentration

Satyajit Chatterjee and Burcu Eyigungor

20-28: VACANCY CHAINS

Michael Elsby, Ryan Michaels and David Ratner

20-27: Labor Supply Within the Firm

Michele Battisti, Ryan Michaels and Choonsung Park

20-26: Real-Time Forecasting with a (Standard) Mixed-Frequency VAR During a Pandemic

Frank Schorfheide and Dongho Song

20-25: Identification Through Sparsity in Factor Models

Simon Freyaldenhoven

20-24: Rational Inattention via Ignorance Equivalence

Roc Armenter, Michèle Müller-Itten and Zachary Stangebye

20-23: The Cyclicality of Labor Force Participation Flows: The Role of Labor Supply Elasticities and Wage Rigidity

Isabel Cairo, Shigeru Fujita and Camilo Morales-Jimenez

20-22: Forecasting Consumption Spending Using Credit Bureau Data

Dean Croushore and Stephanie Wilshusen

20-21: A Survey of Fintech Research and Policy Discussion

Franklin Allen and Julapa Jagtiani

20-20: Partisanship and Fiscal Policy in Economic Unions: Evidence from U.S. States

Gerald Carlino, Thorsten Drautzburg and Robert P. Inman

20-19: Central Bank Digital Currency: Central Banking for All?

Jesus Fernandez-Villaverde, Daniel Sanches and Harald Uhlig

20-18: Extended Loan Terms and Auto Loan Default Risk

Xudong An, Lawrence R. Cordell and Sharon Tang

20-17: Family Job Search and Wealth: The Added Worker Effect Revisited

J. Ignacio Garcia-Perez and Silvio Rendon

20-16: Effects of Gentrification on Homeowners: Evidence from a Natural Experiment

Lei Ding and Jackelyn Hwang

20-15: Important Factors Determining Fintech Loan Default: Evidence from the LendingClub Consumer Platform

Christophe Croux, Julapa Jagtiani, Tarunsai Korivi and Milos Vulanovic

20-14: Responding to COVID-19: A Note

Lukasz Drozd and Marina Tavares

20-13: Piecewise-Linear Approximations and Filtering for DSGE Models with Occasionally Binding Constraints

S. Boragan Aruoba, Pablo Cuba-Borda, Kenji Higa-Flores, Frank Schorfheide and Sergio Villalvazo

20-12: Real Estate Taxes and Home Value: Winners and Losers of TCJA

Wenli Li and Edison Yu

20-11: Bargaining Shocks and Aggregate Fluctuations

Thorsten Drautzburg, Jesus Fernandez-Villaverde and Pablo Guerron

20-11: The Future of Labor: Automation and the Labor Share in the Second Machine Age

Hong Cheng, Lukasz Drozd, Rahul Giri, Mathieu Taschereau-Dumouchel and Junjie Xia

20-10: Expanded GDP for Welfare Measurement in the 21st Century

Charles R. Hulten and Leonard Nakamura

20-09: From Incurred Loss to Current Expected Credit Loss (CECL): A Forensic Analysis of the Allowance for Loan Losses in Unconditionally Cancelable Credit Card Portfolios

Jose J. Canals-Cerda

20-08: “Don’t Know What You Got Till It’s Gone”—The Community Reinvestment Act in a Changing Financial Landscape

Lei Ding and Leonard Nakamura

20-07: Supply Shock Versus Demand Shock: The Local Effects of New Housing in Low-Income Areas

Brian Asquith, Evan Mast and Davin Reed

20-06: Debt Collection Agencies and the Supply of Consumer Credit

Viktar Fedaseyeu

20-05: Health Insurance as an Income Stabilizer

Nathan Blascak, Emily Gallagher, Michal Grinstein-Weiss and Stephen Roll

20-04R: Concentration in Mortgage Markets: GSE Exposure and Risk-Taking in Uncertain Times

Ronel Elul, Deeksha Gupta and David K. Musto

20-03: Self-Fulfilling Debt Crises, Revisited

Mark Aguiar, Satyajit Chatterjee, Harold Cole and Zachary Stangebye

20-02: Capital Income Taxation with Housing

Makoto Nakajima

20-01: The Trade-Comovement Puzzle

Lukasz Drozd, Sergey Kolbin and Jaromir Nosal

19-55: Population Aging, Credit Market Frictions, and Chinese Economic Growth

Michael Dotsey, Wenli Li and Fang Yang

19-54: Health Insurance and Young Adult Financial Distress

Nathan Blascak and Vyacheslav Mikhed

19-53: Owner-Occupancy Fraud and Mortgage Performance

Ronel Elul, Aaron Payne and Sebastian Tilson

19-52: Financial Constraints of Entrepreneurs and the Self-Employed

Vyacheslav Mikhed, Sahil Raina and Barry Scholnick

19-51: Bayesian Estimation and Comparison of Conditional Moment Models

Siddhartha Chib, Minchul Shin and Anna Simoni

19-50: Home Equity in Retirement

Makoto Nakajima and Irina Telyukova