Working Papers

From Federal Reserve Bank of Philadelphia
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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

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