Working Papers

From Federal Reserve Bank of Philadelphia
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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

17-21: Household Credit and Local Economic Uncertainty

Marco DiMaggio, Amir Kermani, Rodney Ramcharan and Edison Yu

17-20: Banking Panics and Output Dynamics

Daniel Sanches

17-19: Not in My Backyard? Not So Fast. The Effect of Marijuana Legalization on Neighborhood Crime

Jeffrey Brinkman and David Mok-Lamme

17-18: The Agglomeration of American Research and Development Labs

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

17-17: Fintech Lending: Financial Inclusion, Risk Pricing, and Alternative Information

Julapa Jagtiani and Catharine Lemieux

17-16: POSITIVE TREND INFLATION AND DETERMINACY IN A MEDIUM-SIZED NEW KEYNESIAN MODEL

Jonas E. Arias, Guido Ascari, Nicola Branzoli and Efrem Castelnuovo

17-15: “Don't Know What You Got Till It’s Gone” — The Effects of the Community Reinvestment Act (CRA) on Mortgage Lending in the Philadelphia Market

Lei Ding and Leonard Nakamura

17-14: REORGANIZATION OR LIQUIDATION: BANKRUPTCY CHOICE AND FIRM DYNAMICS

P. Dean Corbae and Pablo D'Erasmo

17-13: FISCAL SURPRISES AT THE FOMC

Dean Croushore and Simon van Norden

17-12: WHERE DO STUDENTS GO WHEN FOR-PROFIT COLLEGES LOSE FEDERAL AID?

Stephanie Cellini, Rajeev Darolia and Lesley Turner

17-11: IDENTIFICATION THROUGH HETEROGENEITY

Pooyan Amir-Ahmadi and Thorsten Drautzburg

17-10: THE IMPACTS OF FINANCIAL REGULATIONS: SOLVENCY AND LIQUIDITY IN THE POST-CRISIS PERIOD

Colleen Baker, Christine M. Cumming and Julapa Jagtiani

17-9: ENDOGENOUS/EXOGENOUS SEGMENTATION IN THE A-IRB FRAMEWORK AND THE PRO-CYCLICALITY OF CAPITAL: AN APPLICATION TO MORTGAGE PORTFOLIOS

Jose J. Canals-Cerda

17-8: REGIME SHIFT AND THE POST-CRISIS WORLD OF MORTGAGE LOSS SEVERITIES

Xudong An and Lawrence R. Cordell

17-7: Self-Fulfilling Debt Crises, Revisited: The Art of the Desperate Deal

Mark Aguiar, Satyajit Chatterjee, Harold Cole and Zachary Stangebye

17-6: How Data Breaches Affect Consumer Credit

Vyacheslav Mikhed and Michael Vogan

17-5: Market Discipline in the Secondary Bond Market: The Case of Systemically Important Banks

Elyas Elyasiani and Jason Keegan

17-4: Optimal Domestic (and External) Sovereign Default

Pablo D'Erasmo and Enrique Mendoza

17-3: Natural Amenities, Neighborhood Dynamics, and Persistence in the Spatial Distribution of Income

Sanghoon Lee and Jeffrey Lin

17-2: Modeling the Revolving Revolution: The Debt Collection Channel

Lukasz Drozd and Ricardo Serrano-Padial

17-1: Endogenous Political Turnover and Fluctuations in Sovereign Default Risk

Satyajit Chatterjee and Burcu Eyigungor

16-36: Incumbency Disadvantage in U.S. National Politics

Satyajit Chatterjee and Burcu Eyigungor

16-35: A TRACTABLE MODEL OF THE DEMAND FOR RESERVES UNDER NONLINEAR REMUNERATION SCHEMES

Roc Armenter

16-34: Family Job Search and Wealth: The Added Worker Effect Revisited

J. Ignacio Garcia-Perez and Silvio Rendon

16-33: Excess Reserves and Monetary Policy Implementation

Roc Armenter and Benjamin Lester

16-32: Aggregate Liquidity Management

Todd Keister and Daniel Sanches

16-31: REGULATING A MODEL

Yaron Leitner and Bilge Yilmaz

16-30: The Perils of Nominal Targets

Roc Armenter

16-29: DECLINING TRENDS IN THE REAL INTEREST RATE AND INFLATION: THE ROLE OF AGING

Shigeru Fujita and Ippei Fujiwara

16-28: INFORMATION SPILLOVERS, GAINS FROM TRADE, AND INTERVENTIONS IN FROZEN MARKETS

Braz Camargo, Kyungmin (Teddy) Kim and Benjamin Lester

16-27: IDENTITY THEFT AS A TEACHABLE MOMENT

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

16-26: BORROWER CREDIT ACCESS AND CREDIT PERFORMANCE AFTER LOAN MODIFICATIONS

Lei Ding

16-25: LOCALIZED KNOWLEDGE SPILLOVERS: EVIDENCE FROM THE AGGLOMERATION OF AMERICAN R&D LABS AND PATENT DATA

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

16-24: Valuing \"Free\" Media in GDP: An Experimental Approach

Leonard Nakamura, Jon Samuels and Rachel Soloveichik

16-23: Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default

Pablo D'Erasmo and Enrique Mendoza