Working Papers

From Federal Reserve Bank of Philadelphia
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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

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