Working Papers

From Federal Reserve Bank of Philadelphia
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19-49: Fast Locations and Slowing Labor Mobility

Patrick Coate and Kyle Mangum

19-48: Credit, Bankruptcy, and Aggregate Fluctuations

Makoto Nakajima and José-Víctor Ríos-Rull

19-47: Fintech Lending and Mortgage Credit Access

Julapa Jagtiani, Lauren Lambie-Hanson and Timothy Lambie-Hanson

19-46: Personal Bankruptcy as a Real Option

Vyacheslav Mikhed, Barry Scholnick and Guozhong Zhu

19-45: Institutional Investors and the U.S. Housing Recovery

Lauren Lambie-Hanson, Wenli Li and Michael Slonkosky

19-44: Heterogeneity in Decentralized Asset Markets

Julien Hugonnier, Benjamin Lester and Pierre-Olivier Weill

19-43: Relationship Networks in Banking Around a Sovereign Default and Currency Crisis

Pablo D'Erasmo, Hernan Moscoso Boedo, Maria Olivero and Máximo Sangiácomo

19-42: Localized Knowledge Spillovers: Evidence from the Spatial Clustering of R&D Labs and Patent Citations

Kristy Buzard, Gerald Carlino, Jake Carr, Robert Hunt and Tony E. Smith

19-41: Concentration of Control Rights in Leveraged Loan Syndicates

Mitchell Berlin, Gregory P. Nini and Edison Yu

19-40: Policy Inertia, Election Uncertainty and Incumbency Disadvantage of Political Parties

Satyajit Chatterjee and Burcu Eyigungor

19-39: The Mortgage Prepayment Decision: Are There Other Motivations Beyond Refinance and Move?

Arden Hall and Ramain Quinn Maingi

19-38: Competition and Health-Care Spending: Theory and Application to Certificate of Need Laws

James Bailey and Tom Hamami

19-37: How Wide Is the Firm Border?

Enghin Atalay, Ali Hortacsu, Mary Jialin Li and Chad Syverson

19-36: The Community Reinvestment Act (CRA) and Bank Branching Patterns

Lei Ding and Carolina Reid

19-35: Formative Experiences and the Price of Gasoline

Christopher Severen and Arthur van Benthem

19-34: Cyclical Labor Income Risk

Makoto Nakajima and Vladimir Smirnyagin

19-33: The Well-Being of Nations: Estimating Welfare from International Migration

Sanghoon Lee, Seung Jung Lee and Jeffrey Lin

19-32: The Consequences of Student Loan Credit Expansions: Evidence from Three Decades of Default Cycles

W. Looney and Constantine Yannelis

19-31: History Remembered: Optimal Sovereign Default on Domestic and External Debt

Pablo D'Erasmo and Enrique Mendoza

19-30: The Effects of Gentrification on the Well-Being and Opportunity of Original Resident Adults and Children

Quentin Brummet and Davin Reed

19-29: Freeway Revolts!

Jeffrey Brinkman and Jeffrey Lin

19-28: Do Minimum Wage Increases Benefit Intended Households? Evidence from the Performance of Residential Leases

Sumit Agarwal, Brent Ambrose and Moussa Diop

19-27: Pre-event Trends in the Panel Event-study Design

Simon Freyaldenhoven, Christian Hansen and Jesse Shapiro

19-26: Should Central Banks Issue Digital Currency?

Todd Keister and Daniel Sanches

19-25: Financial Characteristics of Cost of Funds Indexed Loans

Patrick Greenfield and Arden Hall

19-24: Institution, Major, and Firm-Specific Premia: Evidence from Administrative Data

Ben Ost, Weixiang Pan and Douglas Webber

19-23: A Generalized Factor Model with Local Factors

Simon Freyaldenhoven

19-22: CONSUMER LENDING EFFICIENCY:COMMERCIAL BANKS VERSUS A FINTECH LENDER

Joseph Hughes, Julapa Jagtiani and Choon-Geol Moon

19-21: Demographic Aging, Industrial Policy, and Chinese Economic Growth

Michael Dotsey, Wenli Li and Fang Yang

19-20: Capitalization as a Two-Part Tariff: The Role of Zoning

Spencer Banzhaf and Kyle Mangum

19-19: Mortgage Loss Severities: What Keeps Them So High?

Xudong An and Lawrence R. Cordell

19-18: The Firm Size and Leverage Relationship and Its Implications for Entry and Concentration in a Low Interest Rate World

Satyajit Chatterjee and Burcu Eyigungor

19-17: Building Credit History with Heterogeneously Informed Lenders

Natalia Kovrijnykh, Igor Livshits and Ariel Zetlin-Jones

19-16: Beautiful City: Leisure Amenities and Urban Growth

Gerald Carlino and Albert Salz

19-15: Banking Regulation with Risk of Sovereign Default

Pablo D'Erasmo, Igor Livshits and Koen Schoors

19-14: We Are All Behavioral, More or Less: Measuring and Using Consumer-Level Behavioral Sufficient Statistics

Victor Stango and Jonathan Zinman

19-13: A Shortage of Short Sales: Explaining the Underutilization of a Foreclosure Alternative

Calvin Zhang

19-12: A Dynamic Model of Intermediated Consumer Credit and Liquidity

Pedro Gomis-Porqueras and Daniel Sanches

19-11: Toward a Framework for Time Use, Welfare, and Household Centric Economic Measurement

Diane Coyle and Leonard Nakamura

19-10: Frictional Intermediation in Over-the-Counter Markets

Julien Hugonnier, Benjamin Lester and Pierre-Olivier Weill

19-9: Investigating Nonneutrality in a State-Dependent Pricing Model with Firm-Level Productivity Shocks

Michael Dotsey and Alexander Wolman

19-8: From Incurred Loss to Current Expected Credit Loss (CECL): Forensic Analysis of the Allowance for Loan Losses in nconditionally Cancelable Credit Card Portfolios

Jose J. Canals-Cerda

19-7: Incumbency Disadvantage of Political Parties: The Role of Policy Inertia and Prospective Voting

Satyajit Chatterjee and Burcu Eyigungor

19-6: How Big is the Wealth Effect? Decomposing the Response of Consumption to House Prices

S. Boragan Aruoba, Ronel Elul and Sebnem Kalemli-Ozcan

19-5: Firm Wages in a Frictional Labor Market

Leena Rudanko

19-4: Bank Size and Household Financial Sentiment: Surprising Evidence from the University of Michigan Surveys of Consumers

Allen Berger, Felix Irresberger and Raluca Roman

19-3: Elasticities of Labor Supply and Labor Force Participation Flows

Isabel Cairo, Shigeru Fujita and Camilo Morales-Jimenez

19-2: Financial Consequences of Identity Theft: Evidence from Consumer Credit Bureau Records

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

19-1: Leaving Households Behind: Institutional Investors and the U.S. Housing Recovery

Lauren Lambie-Hanson, Wenli Li and Michael Slonkosky

18-28: Appraising Home Purchase Appraisals

Paul S. Calem, Jeanna Kenney, Lauren Lambie-Hanson and Leonard Nakamura