Working Papers

From Federal Reserve Bank of Philadelphia
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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

16-22: The Consequences of Gentrification: A Focus on Residents’ Financial Health in Philadelphia

Lei Ding and Jackelyn Hwang

16-21: Assessing Bankruptcy Reform in a Model with Temptation and Equilibrium Default

Makoto Nakajima

16-20: What Have We Learned About the Causes of Recent Gentrification?

Jackelyn Hwang and Jeffrey Lin

16-19: The Causes of Household Bankruptcy: The Interaction of Income Shocks and Balance Sheets

Vyacheslav Mikhed and Barry Scholnick

16-18: An Experiment on Information Use in College Student Loan Decisions

Rajeev Darolia

16-17: Do GDP Forecasts Respond Efficiently to Changes in Interest Rates?

Dean Croushore and Katherine Marsten

16-16: The Political Economy of Underfunded Municipal Pension

Jeffrey Brinkman, Daniele Coen-Pirani and Holger Sieg

16-15: Is Bigger Necessarily Better in Community Banking?

Joseph Hughes, Julapa Jagtiani and Loretta Mester

16-14: Credit Ratings, Private Information, and Bank Monitoring Ability

Leonard Nakamura and Kasper Roszbach

16-13: Congestion, Agglomeration, and the Structure of Cities

Jeffrey Brinkman

16-12: Can currency competition work?

Jesus Fernandez-Villaverde and Daniel Sanches

16-11: A narrative approach to a fiscal DSGE model

Thorsten Drautzburg

16-10: Screening and adverse selection in frictional markets

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

16-9: Term structures of inflation expectations and real interest rates

S. Boragan Aruoba

16-8: Small business lending: challenges and opportunities for community banks

Julapa Jagtiani and Catharine Lemieux

16-7: Unions in a frictional labor market

Per Krusell and Leena Rudanko

16-6: Relative price dispersion: evidence and theory

Greg Kaplan, Guido Menzio, Leena Rudanko and Nicholas Trachter

16-5: Consumer risk appetite, the credit cycle, and the housing bubble

Joseph L. Breeden and Jose J. Canals-Cerda

16-4: Does inequality cause financial distress? Evidence from lottery winners and neighboring bankruptcies

Sumit Agarwal, Vyacheslav Mikhed and Barry Scholnick

16-3: Worker flows and job flows: a quantitative investigation

Shigeru Fujita and Makoto Nakajima

16-2: The dynamics of subprime adjustable-rate mortgage default: a structural estimation

Hanming Fang, You Suk Kim and Wenli Li

16-1: Financial contracting with enforcement externalities

Lukasz Drozd and Ricardo Serrano-Padial

15-46: Natural amenities, neighborhood dynamics, and persistence in the spatial distribution of income

Sanghoon Lee and Jeffrey Lin

15-45: Owner occupancy fraud and mortgage performance

Ronel Elul and Sebastian Tilson

15-44: On the use of market-based probabilities for policy decisions

Roc Armenter

15-43: The economics of debt collection: enforcement of consumer credit contracts

Viktar Fedaseyeu and Robert Hunt

15-42: Out of sight, out of mind: consumer reaction to news on data breaches and identity theft

Vyacheslav Mikhed and Michael Vogan

15-41: Fiscal stimulus in economic unions: what role for states?

Gerald Carlino and Robert P. Inman

15-40: Who is screened out of social insurance programs by entry barriers? Evidence from consumer bankruptcies

Vyacheslav Mikhed and Barry Scholnick

15-39: Banking panics and protracted recessions

Daniel Sanches

15-38: Agency and incentives: vertical integration in the mortgage foreclosure industry

Lauren Lambie-Hanson and Timothy Lambie-Hanson

15-37: A tractable city model for aggregative analysis

Satyajit Chatterjee and Burcu Eyigungor

15-36: Gentrification and residential mobility in Philadelphia

Lei Ding, Eileen Divringi and Jackelyn Hwang

15-35: Excess reserves and monetary policy normalization

Roc Armenter and Benjamin Lester

15-34: Health-care reform or labor market reform? A quantitative analysis of the affordable care act

Makoto Nakajima and Didem Tuzemen

15-33: Foreign competition and banking industry dynamics: an application to Mexico

P. Dean Corbae and Pablo D'Erasmo

15-32: The system of national accounts and alternative economic perspectives

Alice Nakamura and Leonard Nakamura