Working Papers

From Federal Reserve Bank of Philadelphia
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18-27: Effects of the Community Reinvestment Act (CRA) on Small Business Lending

Raphael Bostic, Lei Ding and Hyojung Lee

18-26: Redefault Risk in the Aftermath of the Mortgage Crisis: Why Did Modifications Improve More Than Self-Cures?

Paul S. Calem, Julapa Jagtiani and Ramain Quinn Maingi

18-25/R: Inference in Bayesian Proxy-SVARs

Jonas E. Arias, Juan F Rubio-Ramirez and Daniel Waggoner

18-24: The Effects of Competition in Consumer Credit Markets

Stefan Gissler, Rodney Ramcharan and Edison Yu

18-23: Dynamic Pricing of Credit Cards and the Effects of Regulation

Suting Hong, Robert Hunt and Konstantinos Serfes

18-22: Peers’ Income and Financial Distress: Evidence from Lottery Winners and Neighboring Bankruptcies

Sumit Agarwal, Vyacheslav Mikhed and Barry Scholnick

18-21: Financial Contracting with Enforcement Externalities

Lukasz Drozd and Ricardo Serrano-Padial

18-20: Market-making with Search and Information Frictions

Benjamin Lester, Ali Shourideh, Venky Venkateswaran and Ariel Zetlin-Jones

18-19: Inflation and Real Activity with Firm Level Productivity Shocks

Michael Dotsey and Alexander Wolman

18-18: How Important Are Local Community Banks to Small Business Lending? Evidence from Mergers and Acquisitions [REVISED]

Julapa Jagtiani and Ramain Quinn Maingi

18-17: “Free” Internet Content: Web 1.0, Web 2.0, and the Sources of Economic Growth

Leonard Nakamura, Jon Samuels and Rachel Soloveichik

18-16: Does the Relative Income of Peers Cause Financial Distress? Evidence from Lottery Winners and Neighboring Bankruptcies

Sumit Agarwal, Vyacheslav Mikhed and Barry Scholnick

18-15: The Roles of Alternative Data and Machine Learning in Fintech Lending: Evidence from the LendingClub Consumer Platform

Julapa Jagtiani and Catharine Lemieux

18-14: Commuting, Labor, and Housing Market Effects of Mass Transportation: Welfare and Identification

Christopher Severen

18-13: Do Fintech Lenders Penetrate Areas That Are Underserved by Traditional Banks?

Julapa Jagtiani and Catharine Lemieux

18-12: Shrinking Networks: A Spatial Analysis of Bank Branch Closures

Anna Tranfaglia

18-11: Does Scale Matter in Community Bank Performance? Evidence Obtained by Applying Several New Measures of Performance

Joseph Hughes, Julapa Jagtiani, Loretta Mester and Choon-Geol Moon

18-10: A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow

Gara Afonso, Roc Armenter and Benjamin Lester

18-9: The Interplay Among Financial Regulations, Resilience, and Growth

Franklin Allen, Itay Goldstein and Julapa Jagtiani

18-8: Accounting for the Sources of Macroeconomic Tail Risks

Enghin Atalay, Thorsten Drautzburg and Zhenting Wang

18-7: On the Economics of Digital Currencies

Jesus Fernandez-Villaverde and Daniel Sanches

18-6: Declining Labor Turnover and Turbulence

Shigeru Fujita

18-5: Screening on Loan Terms: Evidence from Maturity Choice in Consumer Credit

Andrew Hertzberg, Andres Liberman and Daniel Paravisini

18-4: The Economics of Debt Collection: Enforcement of Consumer Credit Contracts

Viktar Fedaseyeu and Robert Hunt

18-3: Did the ACA's Dependent Coverage Mandate Reduce Financial Distress for Young Adults?

Nathan Blascak and Vyacheslav Mikhed

18-2: Redefault Risk in the Aftermath of the Mortgage Crisis: Why Did Modifications Improve More Than Self-Cures?

David Abell, Paul S. Calem, Julapa Jagtiani and Ramain Quinn Maingi

18-1: Greed as a Source of Polarization

Igor Livshits and Mark Wright

17-44: The Paper Trail of Knowledge Spillovers: Evidence from Patent Interferences [REVISED]

Ina Ganguli, Jeffrey Lin and Nicholas Reynolds

17-43: Incumbency Disadvantage in U.S. National Politics: The Role of Policy Inertia and Prospective Voting

Satyajit Chatterjee and Burcu Eyigungor

17-42: Long-Run Trade Elasticity and the Trade-Comovement Puzzle

Lukasz Drozd, Sergey Kolbin and Jaromir Nosal

17-41: MODEL SECRECY AND STRESS TESTS

Yaron Leitner and Basil Williams

17-40: The Aggregate Effects of Labor Market Frictions

Michael Elsby, Ryan Michaels and David Ratner

17-39: Stuck in Subprime? Examining the Barriers to Refinancing Mortgage Debt

Lauren Lambie-Hanson and Carolina Reid

17-38: Strategic Default Among Private Student Loan Debtors: Evidence from Bankruptcy Reform

Rajeev Darolia and Dubravka Ritter

17-37: Measuring the “Free” Digital Economy Within the GDP and Productivity Accounts

Leonard Nakamura, Jon Samuels and Rachel Soloveichik

17-36: First-Time Homebuyers: Toward a New Measure

Arthur Acolin, Paul S. Calem, Julapa Jagtiani and Susan Wachter

17-35: Screening and Adverse Selection in Frictional Markets

Benjamin Lester, Ali Shourideh, Venky Venkateswaran and Ariel Zetlin-Jones

17-34: Spatial Commitment Devices and Addictive Goods: Evidence from the Removal of Slot Machines from Bars

Hyungsuk Byun and Barry Scholnick

17-33: Land-Use Regulations, Property Values, and Rents: Decomposing the Effects of the California Coastal Act

Andrew Plantinga and Christopher Severen

17-32: 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

17-31: The Role of Startups for Local Labor Markets

Gerald Carlino and Thorsten Drautzburg

17-30: Do Non-Compete Covenants Influence State Startup Activity? Evidence from the Michigan Experiment

Gerald Carlino

17-29: Recall and Unemployment

Shigeru Fujita and Giuseppe Moscarini

17-28: Stress Tests and Information Disclosure

Itay Goldstein and Yaron Leitner

17-27: Credit Enforcement Cycles

Lukasz Drozd and Ricardo Serrano-Padial

17-26: Do Phillips Curves Conditionally Help to Forecast Inflation?

Michael Dotsey, Shigeru Fujita and Tom Stark

17-25: Political Distribution Risk and Aggregate Fluctuations

Thorsten Drautzburg, Jesus Fernandez-Villaverde and Pablo Guerron

17-24: Accounting for Growth in the Age of the Internet The Importance of Output-Saving Technical Change

Charles R. Hulten and Leonard Nakamura

17-23: Appraising Home Purchase Appraisals

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

17-22: Concentration of Control Rights in Leveraged Loan Syndicates

Mitchell Berlin, Gregory P. Nini and Edison Yu