Working Papers

From Federal Reserve Bank of Philadelphia
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15-3: 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

15-2: Recourse and residential mortgages: the case of Nevada

Wenli Li and Florian Oswald

15-1: House-price expectations, alternative mortgage products, and default

Jan Brueckner, Paul S. Calem and Leonard Nakamura

14-38: Understanding house price index revisions

Ronel Elul, Joseph M. Silverstein and Tom Stark

14-37: Banking panics and protracted recessions

Daniel Sanches

14-36: Enhancing prudential standards in financial regulations

Franklin Allen, Itay Goldstein, Julapa Jagtiani and William Lang

14-35: Using bankruptcy to reduce foreclosures: does strip-down of mortgages affect the supply of mortgage credit?

Wenli Li, Ishani Tewari and Michelle White

14-34: Sourcing substitution and related price index biases

Walter Diewert, John S. Greenlees, Alice Nakamura, Leonard Nakamura and Marshall B. Reinsdorf

14-33: An anatomy of u.s. Personal bankruptcy under chapter 13

Hülya Eraslan, Gizem Kosar, Wenli Li and Pierre Daniel Sarte

14-32: The supply and demand of skilled workers in cities and the role of industry composition

Jeffrey Brinkman

14-31: Credit, bankruptcy, and aggregate fluctuations

Makoto Nakajima and José-Víctor Ríos-Rull

14-30: Microeconomic uncertainty, international trade, and aggregate fluctuations

George Alessandria, Horag Choi, Joseph Kaboski and Virgiliu Midrigan

14-29: Analyzing data revisions with a dynamic stochastic general equilibrium model

Dean Croushore and Keith Sill

14-28: Identity theft as a teachable moment

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

14-27: Reverse mortgage loans: a quantitative analysis

Makoto Nakajima and Irina Telyukova

14-26: Agglomeration and innovation

Gerald Carlino and William Kerr

14-25: Credit access after consumer bankruptcy filing: new evidence

Julapa Jagtiani and Wenli Li

14-24: Lliquidity, trends, and the great recession

Pablo Guerron and Ryo Jinnai

14-23: The impact of the home valuation code of conduct on appraisal and mortgage outcomes

Lei Ding and Leonard Nakamura

14-22: Fiscal policy: ex ante and ex post

Dean Croushore and Simon van Norden

14-21: Should defaults be forgotten? Evidence from variation in removal of negative consumer credit information

Marieke Bos and Leonard Nakamura

14-20: Macro fiscal policy in economic unions: states as agents

Gerald Carlino and Robert P. Inman

14-19: Partisan conflict

Marina Azzimonti

14-18: Financial benefits, travel costs, and bankruptcy

Vyacheslav Mikhed and Barry Scholnick

14-17: How do exogenous shocks cause bankruptcy? Balance sheet and income statement channels

Vyacheslav Mikhed and Barry Scholnick

14-16: The evolution of u.s. Community banks and its impact on small business lending

Julapa Jagtiani, Ian Kotliar and Ramain Quinn Maingi

14-15: Meeting technologies and optimal trading mechanisms in competitive search markets

Benjamin Lester, Ludo Visschers and Ronald Wolthoff

14-14: Trade adjustment dynamics and the welfare gains from trade

George Alessandria, Horag Choi and Kim Ruhl

14-13: Capital requirements in a quantitative model of banking industry dynamics

P. Dean Corbae and Pablo D'Erasmo

14-12: Market exposure and endogenous firm volatility over the business cycle

Pablo D'Erasmo, Ryan Decker and Hernan Moscoso Boedo

14-11: Misallocation, informality, and human capital: understanding the role of institutions

Pablo D'Erasmo, Hernan Moscoso Boedo and Asli Senkal

14-10: Forecasting credit card portfolio losses in the Great Recession: a study in model risk

Jose J. Canals-Cerda and Sougata Kerr

14-9: Competing for order flow in OTC markets

Benjamin Lester, Guillaume Rocheteau and Pierre-Olivier Weill

14-8: Foreclosure delay and consumer credit performance

Paul S. Calem, Julapa Jagtiani and William Lang

14-7: The economics of debt collection: enforcement of consumer credit contracts

Viktar Fedaseyeu and Robert Hunt

14-6: Continuous Markov equilibria with quasi-geometric discounting

Satyajit Chatterjee and Burcu Eyigungor

14-5: The continuing power of the yield spread in forecasting recessions

Dean Croushore and Katherine Marsten

14-4: Shrinkage estimation of high-dimensional factor models with structural instabilities

Xu Cheng, Zhipeng Liao and Frank Schorfheide

14-3: Recall and unemployment

Shigeru Fujita and Giuseppe Moscarini

14-2: The perils of nominal targets

Roc Armenter

14-1: A tale of two commitments: equilibrium default and temptation

Makoto Nakajima

13-49: Competition, syndication, and entry in the venture capital market

Suting Hong

13-48: Natural amenities, neighborhood dynamics, and persistence in the spatial distribution of income

Sanghoon Lee and Jeffrey Lin

13-47: Assessing DSGE model nonlinearities

S. Boragan Aruoba, Luigi Bocola and Frank Schorfheide

13-46: Fiscal stimulus and distortionary taxation

Thorsten Drautzburg and Harald Uhlig

13-45: Entrepreneurial tail risk: implications for employment dynamics

Thorsten Drautzburg

13-44: Polarized business cycles

Marina Azzimonti

13-43: The dynamics of public investment under persistent electoral advantage

Marina Azzimonti

13-42: Dynamic market participation and endogenous information aggregation

Edison Yu

13-41: The political polarization index

Marina Azzimonti