Working Papers

From Federal Reserve Bank of Philadelphia
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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

13-40: Macro fiscal policy in economic unions: states as agents

Gerald Carlino and Robert P. Inman

13-39: Identifying long-run risks: a bayesian mixed-frequency approach

Frank Schorfheide, Dongho Song and Amir Yaron

13-38: Debt collection agencies and the supply of consumer credit

Viktar Fedaseyeu

13-37: Do supply restrictions raise the value of urban land? The (neglected) role of production externalities

Satyajit Chatterjee and Burcu Eyigungor

13-36: House-price expectations, alternative mortgage products, and default

Jan Brueckner, Paul S. Calem and Leonard Nakamura

13-35: Inflation and real activity with firm-level productivity shocks

Michael Dotsey, Robert King and Alexander Wolman

13-34: Reverse Kalman filtering U.S. inflation with sticky professional forecasts

James Nason and Gregor Smith

13-33: Export dynamics in large devaluations

George Alessandria, Sangeeta Pratap and Vivian Yue

13-32: On the welfare properties of fractional reserve banking

Daniel Sanches

13-31: Measuring the performance of banks: theory, practice, evidence, and some policy implications

Joseph Hughes and Loretta Mester

13-30: Debt dilution and seniority in a model of defaultable sovereign debt

Satyajit Chatterjee and Burcu Eyigungor

13-29: Macroeconomic dynamics near the ZLB: a tale of two equilibria

S. Boragan Aruoba and Frank Schorfheide

13-28: Banking crises and the role of bank coalitions

Daniel Sanches

13-27: Reverse mortgage loans: a quantitative analysis

Makoto Nakajima and Irina Telyukova

13-26: Stress tests and information disclosure

Itay Goldstein and Yaron Leitner

13-25: Congestion, agglomeration, and the structure of cities

Jeffrey Brinkman

13-24: Credit access and credit performance after consumer bankruptcy filing: new evidence

Julapa Jagtiani and Wenli Li

13-23: Large capital infusions, investor reactions, and the return and risk performance of financial institutions over the business cycle and recent finanical crisis

Elyas Elyasiani, Loretta Mester and Michael S. Pagano

13-22: Trend-cycle decomposition: implications from an exact structural identification

Mardi Dungey, Jan Jacobs, Jing Tian and Simon van Norden

13-21: Credit ratings and bank monitoring ability

Leonard Nakamura and Kasper Roszbach

13-20: Subsidizing price discovery

Braz Camargo, Kyungmin (Teddy) Kim and Benjamin Lester

13-19: Estimating dynamic equilibrium models with stochastic volatility

Jesus Fernandez-Villaverde, Pablo Guerron and Juan F Rubio-Ramirez