Working Papers

From Federal Reserve Bank of Philadelphia
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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

13-18: Dynamics of investment, debt, and default

Grey Gordon and Pablo Guerron

13-17: Competition in bank-provided payment services

Wilko Bolt and David B. Humphrey

13-16: Improving GDP measurement: a measurement-error perspective

S. Boragan Aruoba, Francis Diebold, Jeremy J. Nalewaik, Frank Schorfheide and Dongho Song

13-15: The cost of delay

Lawrence R. Cordell, Liang Geng, Laurie Goodman and Lidan Yang

13-14: Market run-ups, market freezes, inventories, and leverage

Philip Bond and Yaron Leitner

13-13: Who said large banks don’t experience scale economies? Evidence from a risk-return-driven cost function

Joseph Hughes and Loretta Mester

13-12: Modeling the credit card revolution: the role of debt collection and informal bankruptcy

Lukasz Drozd and Ricardo Serrano-Padial

13-11: Local deficits and local jobs: can U.S. statess stabilize their own economies?

Gerald Carlino and Robert P. Inman

13-10: Risk, economic growth and the value of U.S. corporations

Luigi Bocola and Nils Gornemann

13-09: Worker flows and job flows: a quantitative investigation

Shigeru Fujita and Makoto Nakajima

13-08: Understanding and measuring risks in Agency CMOs

Nicholas Arcidiacono, Lawrence R. Cordell, Andrew Davidson and Alex Levin

13-07: Competing with asking prices

Benjamin Lester, Ludo Visschers and Ronald Wolthoff

13-06: Dichotomy between macroprudential policy and monetary policy on credit and inflation

Hyunduk Suh

13-05: Interest rates and prices in an inventory model of money with credit

Michael Dotsey and Pablo Guerron

13-04: On the timing of monetary policy reform

Roc Armenter

13-03: Does junior inherit? Refinancing and the blocking power of second mortgages

Philip Bond, Ronel Elul, Sharon Garyn-Tal and David K. Musto

13-02: Durable financial regulation: monitoring financial instruments as a counterpart to regulating financial institutions

Leonard Nakamura

13-01: Regional resilience

Jeffrey Lin

12-30: Business cycle implications of internal consumption habit for new Keynesian models

Takashi Kano and James Nason

12-29: Should defaults be forgotten? Evidence from legally mandated removal

Marieke Bos and Leonard Nakamura

12-28: Macroprudential policy: its effects and relationship to monetary policy

Hyunduk Suh

12-27: Sequential Monte Carlo sampling for DSGE models

Edward Herbst and Frank Schorfheide

12-26: Estimating a dynamic equilibrium model of firm location choices in an urban economy

Jeffrey Brinkman, Daniele Coen-Pirani and Holger Sieg

12-25: A tractable circular city model with an application to the effects of development constraints on land rents

Satyajit Chatterjee and Burcu Eyigungor

12-24: Business cycles and financial crises: the roles of credit supply and demand shocks

James Nason and Ellis Tallman

12-23: A narrative analysis of post-World War II changes in federal aid

Gerald Carlino and Robert P. Inman

12-22: The agglomeration of R&D labs

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

12-21: Monetary policy with heterogeneous agents

Nils Gornemann, Keith Kuester and Makoto Nakajima