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Archives

2019 19

October 2019, No. 19-19

Debt Limits and Credit Bubbles in General Equilibrium

V. Filipe Martins-da-Rocha, Toan Phan and Yiannis Vailakis

October 2019, No. 19-18

What Drives Inventory Accumulation? News on Rates of Return and Marginal Costs

Christoph Gortz, Christopher Gunn and Thomas A. Lubik

September 2019, No. 19-17

Indeterminacy and Imperfect Information

Thomas A. Lubik, Christian Matthes and Elmar Mertens

September 2019, No. 19-16

Cognitive Hubs and Spatial Redistribution

Esteban Rossi-Hansberg, Pierre-Daniel G. Sarte and Felipe F. Schwartzman

September 2019, No. 19-15

Efficient Computation with Taste Shocks

Grey Gordon

September 2019, No. 19-14

Survey Data and Subjective Beliefs in Business Cycle Models

Anmol Bhandari, Jaroslav Borovicka and Paul Ho

August 2019, No. 19-13

Consumption in the Great Recession: The Financial Distress Channel

Kartik B. Athreya, Ryan Mather, José Mustre-del-Río and Juan M. Sanchez

July 2019, No. 19-12

An Information-Based Theory of Financial Intermediation

Zachary Bethune, Bruno Sultanum and Nicholas Trachter

May 2019, No. 19-11R

Aggregate Implications of Changing Sectoral Trends (Revised August 2019)

Andrew Foerster, Andreas Hornstein, Pierre-Daniel G. Sarte and Mark W. Watson

April 2019, No. 19-10

Assessing Macroeconomic Tail Risk

Francesca Loria, Christian Matthes and Donghai Zhang

March 2019, No. 19-09

What Do Sectoral Dynamics Tell Us About the Origins of Business Cycles?

Christian Matthes and Felipe F. Schwartzman

March 2019, No. 19-08

Aggregate Labor Force Participation and Unemployment and Demographic Trends

Andreas Hornstein and Marianna Kudlyak

March 2019, No. 19-07

The Persistent Employment Effects of the 2006-09 U.S. Housing Wealth Collapse

Saroj Bhattarai, Felipe F. Schwartzman and Choongryul Yang

February 2019, No. 19-06

Assessing U.S. Aggregate Fluctuations Across Time and Frequencies

Christian Matthes, Thomas A. Lubik and Fabio Verona

February 2019, No. 19-05R

Who Values Access to College? (Revised November 2019)

Kartik B. Athreya, Felicia Ionescu, Urvi Neelakantan and Ivan Vidangos

February 2019, No. 19-04

On Regional Borrowing, Default, and Migration

Grey Gordon and Pablo Guerron-Quintana

February 2019, No. 19-03R

Two-sided Market, R&D and Payments System Evolution (Revised June 2019)

Bin Grace Li, James McAndrews and Zhu Wang

February 2019, No. 19-02R

Playing with Money (Revised August 2019)

Douglas Davis, Oleg Korenok, Peter Norman, Bruno Sultanum and Randall Wright

January 2019, No. 19-01

Misallocation and Credit Market Constraints: the Role of Long-Term Financing

Marios Karabarbounis and Patrick Macnamara
2018 18

December 2018, No. 18-18

End-of-Life Medical Expenses

Eric French, John Bailey Jones, Elaine Kelly and Jeremy McCauley

November 2018, No. 18-17

Contingent Debt and Performance Pricing in an Optimal Capital Structure Model with Financial Distress and Reorganization

Borys Grochulski and Russell Wong

October 2018, No. 18-16

Distance and Decline: The Case of Petersburg, Virginia

Raymond E. Owens III and Santiago Pinto

September 2018, No. 18-15R

Diverging Trends in National and Local Concentration (Revised February 2019)

Esteban Rossi-Hansberg, Pierre-Daniel G. Sarte and Nicholas Trachter

August 2018, No. 18-14

Monetary Policy across Space and Time

Laura Liu, Christian Matthes and Katerina Petrova

July 2018, No. 18-13

Labor-Market Wedge under Engel Curve Utility: Cyclical Substitution between Necessities and Luxuries

Yongsung Chang, Andreas Hornstein and Marios Karabarbounis

July 2018, No. 18-12

A Composite Likelihood Approach for Dynamic Structural Models

Fabio Canova and Christian Matthes

April 2018, No. 18-11

Asset Pledgeability and Endogenously Leveraged Bubbles

Julien Bengui and Toan Phan

April 2018, No. 18-10

Regressive Welfare Effects of Housing Bubbles

Andrew Graczyk and Toan Phan

March 2018, No. 18-09

Temperature and Growth: A Panel Analysis of the United States

Riccardo Colacito, Bridget Hoffmann and Toan Phan

March 2018, No. 18-08

The Fed's Discount Window: An Overview of Recent Data

Felix P. Ackon and Huberto M. Ennis

March 2018, No. 18-07

Asset Bubbles and Global Imbalances

Daisuke Ikeda and Toan Phan

February 2018, No. 18-06R

On the Measurement of Large Financial Firm Resolvability (Revised July 2018)

Arantxa Jarque, John R. Walter and Jackson Evert

February 2018, No. 18-05R

Bubbly Recessions (Revised January 2019)

Siddhartha Biswas, Andrew Hanson and Toan Phan

February 2018, No. 18-04R

Regional Consumption Responses and the Aggregate Fiscal Multiplier (Revised August 2019)

Bill Dupor, Marios Karabarbounis, Marianna Kudlyak and M. Saif Mehkari

February 2018, No. 18-03

The Transmission of Quasi-Sovereign Default Risk: Evidence from Puerto Rico (Revised September 2018)

Anusha Chari, Ryan Leary and Toan Phan

January 2018, No. 18-02

Allan Meltzer: How He Underestimated His Own Contribution to the Modern Concept of a Central Bank

Robert L. Hetzel

January 2018, No. 18-01

The Evolution of U.S. Monetary Policy

Robert L. Hetzel
2017 15

December 2017, No. 17-15

Understanding the Size of the Government Spending Multiplier: It's in the Sign

Regis Barnichon and Christian Matthes

November 2017, No. 17-14R

The Persistence of Financial Distress (Revised July 2018)

Kartik B. Athreya, José Mustre-del-Río and Juan M. Sanchez

October 2017, No. 17-13R

Asset Issuance in Over-the-Counter Markets (Revised November 2018)

Zachary Bethune, Bruno Sultanum and Nicholas Trachter

October 2017, No. 17-12

Global Dynamics in a Search and Matching Model of the Labor Market

Nika Lazaryan and Thomas A. Lubik

October 2017, No. 17-11

Optimal Incentive Contracts with Job Destruction Risk

Borys Grochulski, Russell Wong and Yuzhe Zhang

October 2017, No. 17-10

Urban Transportation and Inter-Jurisdictional Competition

Santiago Pinto

July 2017, No. 17-09

What Remains of Milton Friedman's Monetarism?

Robert L. Hetzel

May 2017, No. 17-08

Real Rates and Consumption Smoothing in a Low Interest Rate Environment: The Case of Japan

Jonathon Lecznar and Thomas A. Lubik

May 2017, No. 17-07

An Estimated Structural Model of Entrepreneurial Behavior

John Bailey Jones and Sangeeta Pratap

April 2017, No. 17-06

A Tractable Model of Monetary Exchange with Ex-Post Heterogeneity

Guillaume Rocheteau, Pierre-Olivier Weill and Russell Wong

March 2017, No. 17-05R

Should Platforms be Allowed to Charge Ad Valorem Fees? (Revised July 2018)

Zhu Wang and Julian Wright

February 2017, No. 17-03

Health, Health Insurance, and Retirement: A Survey

Eric French and John Bailey Jones

February 2017, No. 17-04

Rethinking Detroit

Raymond E. Owens III, Esteban Rossi-Hansberg and Pierre-Daniel G. Sarte

January 2017, No. 17-02R

The Effects of Collecting Income Taxes on Social Security Benefits (Revised September 2017)

John Bailey Jones and Yue Li

January 2017, No. 17-01R

Interventions in Markets with Adverse Selection: Implications for Discount Window Stigma (Revised October 2017)

Huberto M. Ennis
2016 16

December 2016, No. 16-16

Private Information in Over-the-Counter Markets

Zachary Bethune, Bruno Sultanum and Nicholas Trachter

November 2016, No. 16-15

Theory Ahead of Measurement? Assessing the Nonlinear Effects of Financial Market Disruptions

Regis Barnichon, Christian Matthes and Alexander Ziegenbein

October 2016, No. 16-14R

Termination as an Incentive Device (Revised July 2019)

Borys Grochulski and Yuzhe Zhang

October 2016, No. 16-13R

Estimating Matching Efficiency with Variable Search Effort (Revised December 2016)

Andreas Hornstein and Marianna Kudlyak

September 2016, No. 16-12

Bankruptcy and Delinquency in a Model of Unsecured Debt

Kartik B. Athreya, Juan M. Sanchez, Xuan S. Tam and Eric R. Young

September 2016, No. 16-11R

A Proposal to Clarify the Objectives and Strategy of Monetary Policy (Revised January 2017)

Robert L. Hetzel

August 2016, No. 16-10

What Caused the Great Recession in the Eurozone?

Robert L. Hetzel

August 2016, No. 16-09

Choosing Prior Hyperparameters

Pooyan Amir-Ahmadi, Christian Matthes and Mu-Chun Wang

July 2016, No. 16-08

Gaussian Mixture Approximations of Impulse Responses and the Nonlinear Effects of Monetary Shocks

Regis Barnichon and Christian Matthes

June 2016, No. 16-07

In the Eye of a Storm: Manhattan's Money Center Banks during the International Financial Crisis of 1931

Gary Richardson and Patrick Van Horn

June 2016, No. 16-06

Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System

Charles W. Calomiris, Matthew Jaremski, Haelim Park and Gary Richardson

March 2016, No. 16-05R

Revisiting the Behavior of Small and Large Firms during the 2008 Financial Crisis (Revised December 2016)

Marianna Kudlyak and Juan M. Sanchez

March 2016, No. 16-04

Financial Fragility and Over-the-Counter Markets

Bruno Sultanum

March 2016, No. 16-03

Network Contagion and Interbank Amplification during the Great Depression

Kris James Mitchener and Gary Richardson

January 2016, No. 16-02

Relative Price Dispersion: Evidence and Theory

Greg Kaplan, Guido Menzio, Leena Rudanko and Nicholas Trachter

January 2016, No. 16-01

Money, Banking, and Monetary Policy from the Formation of the Federal Reserve until Today

Robert L. Hetzel and Gary Richardson
2015 16

December 2015, No. 15-16

What Is the Monetary Standard?

Robert L. Hetzel

November 2015, No. 15-15

On the Distribution of College Dropouts: Wealth and Uninsurable Idiosyncratic Risk

Ali K. Ozdagli and Nicholas Trachter

November 2015, No. 15-14R

Intergenerational Linkages in Household Credit (Revised December 2016)

Andra C. Ghent and Marianna Kudlyak

November 2015, No. 15-13

Measurement Errors and Monetary Policy: Then and Now

Pooyan Amir-Ahmadi, Christian Matthes and Mu-Chun Wang

September 2015, No. 15-12R

Optimal Liquidity Regulation With Shadow Banking (Revised November 2017)

Borys Grochulski and Yuzhe Zhang

September 2015, No. 15-11

Tales of Transition Paths: Policy Uncertainty and Random Walks

Christian Matthes and Josef Hollmayr

September 2015, No. 15-10

Approximating Time Varying Structural Models With Time Invariant Structures

Fabio Canova, Filippo Ferroni and Christian Matthes

August 2015, No. 15-09

Learning About Consumer Uncertainty from Qualitative Surveys: As Uncertain As Ever

Santiago Pinto, Pierre-Daniel G. Sarte and Robert Sharp

June 2015, No. 15-08R

Innovation, Deregulation, and the Life Cycle of a Financial Service Industry (Revised March 2017)

Fumiko Hayashi, Bin Grace Li and Zhu Wang

June 2015, No. 15-07R

Stock Market Participation: The Role of Human Capital (Revised February 2018)

Kartik B. Athreya, Felicia Ionescu and Urvi Neelakantan

June 2015, No. 15-06

Optimal Banking Contracts and Financial Fragility

Huberto M. Ennis and Todd Keister

May 2015, No. 15-05

Did the Financial Reforms of the Early 1990s Fail? A Comparison of Bank Failures and FDIC Losses in the 1986-92 and 2007-13 Periods

Eliana Balla, Edward S. Prescott and John R. Walter

May 2015, No. 15-04R

Should Greece Remain in the Eurozone? (Revised July 2015)

Robert L. Hetzel

March 2015, No. 15-03

Discussion on "Scarcity of Safe Assets, Inflation, and the Policy Trap" by Andolfatto and Williamson

Huberto M. Ennis

February 2015, No. 15-02

Fixed Prices and Regulatory Discretion as Triggers for Contingent Capital Conversion: An Experimental Examination

Douglas Davis and Edward S. Prescott

January 2015, No. 15-01

Equilibrium Price Dispersion Across and Within Stores

Guido Menzio and Nicholas Trachter
2014 19

December 2014, No. 14-19

Modeling Labor Markets in Macroeconomics: Search and Matching

Thomas A. Lubik and Michael U. Krause

October 2014, No. 14-18

Measuring Heterogeneity in Job Finding Rates Among the Nonemployed Using Labor Force Status Histories

Marianna Kudlyak and Fabian Lange

October 2014, No. 14-17

Price Dynamics with Customer Markets

Luigi Paciello, Andrea Pozzi and Nicholas Trachter

September 2014, No. 14-16

The Complexity of CEO Compensation

Arantxa Jarque

August 2014, No. 14-15

Learning and Life Cycle Patterns of Occupational Transitions

Aspen Gorry, Devon Gorry and Nicholas Trachter

July 2014, No. 14-14

A Simple General Equilibrium Model of Large Excess Reserves

Huberto M. Ennis

June 2014, No. 14-13R

Labor-Market Uncertainty and Portfolio Choice Puzzles (Revised July 2017)

Yongsung Chang, Jay H. Hong and Marios Karabarbounis

May 2014, No. 14-12R

The Intensity of Job Search and Search Duration (Revised July 2016)

R. Jason Faberman and Marianna Kudlyak

April 2014, No. 14-11R

Young Unskilled Women and the Earned Income Tax Credit: Insurance Without Disincentives? (Revised July 2014)

Kartik B. Athreya, Devin Reilly and Nicole B. Simpson

April 2014, No. 14-10

Drifts, Volatilities, and Impulse Responses Over the Last Century

Pooyan Amir-Ahmadi, Christian Matthes and Mu-Chun Wang

April 2014, No. 14-09R

Payment Choice and Currency Use: Insights from Two Billion Retail Transactions (Revised September 2016)

Zhu Wang and Alexander L. Wolman

March 2014, No. 14-08

Large and Small Sellers: A Theory of Equilibrium Price Dispersion with Sequential Search

Guido Menzio and Nicholas Trachter

March 2014, No. 14-07

Optimized Taylor Rules for Disinflation When Agents are Learning

Timothy Cogley, Christian Matthes and Argia M. Sbordone

March 2014, No. 14-06R

What Inventory Behavior Tells Us About How Business Cycles Have Changed (Revised May 2015)

Thomas A. Lubik, Pierre-Daniel G. Sarte and Felipe F. Schwartzman

March 2014, No. 14-05

Asset Trading and Valuation with Uncertain Exposure

Juan Carlos Hatchondo, Per Krusell and Martin Schneider

March 2014, No. 14-04R

Does Redistribution Increase Output? The Centrality of Labor Supply (Revised December 2016)

Kartik B. Athreya, Andrew Owens and Felipe F. Schwartzman

February 2014, No. 14-03

Stepping Stone and Option Value in a Model of Postsecondary Education

Nicholas Trachter

February 2014, No. 14-02

Indeterminacy and Learning: An Analysis of Monetary Policy in the Great Inflation

Thomas A. Lubik and Christian Matthes

January 2014, No. 14-01

Does Greater Inequality Lead to More Household Borrowing? New Evidence from Household Data

Olivier Coibion, Yuriy Gorodnichenko, Marianna Kudlyak and John Mondragon
2013 19

November 2013, No. 13-19R

mREITs and Their Risks (Revised December 2013)

Sabrina R. Pellerin, Steven Sabol and John R. Walter

November 2013, No. 13-18R

The Benefits of Commitment to a Currency Peg: Aggregate Lessons from the Regional Effects of the 1896 U.S. Presidential Election (Revised January 2019)

Scott Fulford and Felipe F. Schwartzman

October 2013, No. 13-17

State Dependent Monetary Policy

Nicholas Trachter, Francesco Lippi and Stefania Ragni

October 2013, No. 13-16

The Shifting and Twisting Beveridge Curve: An Aggregate Perspective

Thomas A. Lubik

October 2013, No. 13-15

Learning about Fiscal Policy and the Effects of Policy Uncertainty

Christian Matthes and Josef Hollmayr

September 2013, No. 13-14R

The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy (Revised July 2017)

Pierre-Daniel G. Sarte, Esteban Rossi-Hansberg, Fernando Parro and Lorenzo Caliendo

September 2013, No. 13-13R

A Road Map for Efficiently Taxing Heterogeneous Agents (Revised June 2015)

Marios Karabarbounis

August 2013, No. 13-12

The Time-Varying Beveridge Curve

Luca Benati and Thomas A. Lubik

August 2013, No. 13-11

Productivity Insurance: The Role of Unemployment Benefits in a Multi-Sector Model

David L. Fuller, Marianna Kudlyak and Damba Lkhagvasuren

August 2013, No. 13-10R

Internet Banking: An Exploration in Technology Diffusion and Impact (Revised November 2017)

Richard Sullivan and Zhu Wang

August 2013, No. 13-09R

Are Young Borrowers Bad Borrowers? (Revised June 2014)

Peter Debbaut, Andra C. Ghent and Marianna Kudlyak

July 2013, No. 13-08

Sudden Stops, Time Inconsistency, and the Duration of Sovereign Debt

Juan Carlos Hatchondo and Leonardo Martinez

July 2013, No. 13-07R

Can Monetarists Explain Recession in the Eurozone? (Revised August 2015)

Robert L. Hetzel

May 2013, No. 13-06R

Price Cap Regulation in a Two-sided Market: Intended and Unintended Consequences (Revised December 2015)

Zhu Wang

May 2013, No. 13-05R

Market-based Incentives (Revised May 2016)

Borys Grochulski and Yuzhe Zhang

April 2013, No. 13-04R

Competitors, Complementors, Parents and Places: Explaining Regional Agglomeration in the U.S. Auto Industry (Revised January 2018)

Luis Cabral, Zhu Wang and Daniel Yi Xu

March 2013, No. 13-03R

Banker Compensation, Relative Performance, and Bank Risk (Revised November 2019)

Arantxa Jarque and Edward S. Prescott

March 2013, No. 13-02R

Risk, the College Premium, and Aggregate Human Capital Investment (Revised November 2018)

Kartik B. Athreya and Janice Eberly

February 2013, No. 13-01R

International Reserves and Rollover Risk

Javier Bianchi, Juan Carlos Hatchondo and Leonardo Martinez
2012 9

December 2012, No. 12-09R

Selection and Monetary Non-Neutrality in Time-Dependent Pricing Models (Revised September 2015)

Carlos Carvalho and Felipe F. Schwartzman

November 2012, No. 12-08R

Ad-valorem platform fees, indirect taxes and efficient price discrimination (Revised August 2016)

Zhu Wang and Julian Wright

November 2012, No. 12-07

Accounting for Unemployment: The Long and Short of It

Andreas Hornstein

October 2012, No. 12-06

The Economics of Two-Sided Payment Card Markets: Pricing, Adoption and Usage

James McAndrews and Zhu Wang

August 2012, No. 12-05

Large Excess Reserves in the U.S.: A View from the Cross-Section of Banks

Huberto M. Ennis and Alexander L. Wolman

June 2012, No. 12-04

Accounting for Unemployment in the Great Recession: Nonparticipation Matters

Marianna Kudlyak and Felipe F. Schwartzman

April 2012, No. 12-03R

Systematic Job Search: New Evidence from Individual Job Application Data (Revised September 2014)

Marianna Kudlyak, Damba Lkhagvasuren and Roman Sysuyev

April 2012, No. 12-02

Sales, Inventories, and Real Interest Rates: A Century of Stylized Facts

Luca Benati and Thomas A. Lubik

March 2012, No. 12-01

Fiscal Rules and the Sovereign Default Premium

Juan Carlos Hatchondo, Leonardo Martinez and Francisco Roch
2011 9

December 2011, No. 11-09

Loan Loss Reserves, Accounting Constraints, and Bank Ownership Structure

Eliana Balla and Morgan J. Rose

November 2011, No. 11-08

Deep Habits in the New Keynesian Phillips Curve

Thomas A. Lubik and Wing Leong Teo

November 2011, No. 11-07

Contingent Capital: The Trigger Problem

Edward S. Prescott

October 2011, No. 11-06

Loan Guarantees for Consumer Credit Markets

Kartik B. Athreya, Xuan S. Tam and Eric R. Young

September 2011, No. 11-05R

Mortgage Defaults and Prudential Regulations in a Standard Incomplete Markets Model (Revised February 2014)

Juan Carlos Hatchondo, Leonardo Martinez and Juan M. Sanchez

August 2011, No. 11-04R

Transition Dynamics in the Neoclassical Growth Model: The Case of South Korea (Revised August 2013)

Yongsung Chang and Andreas Hornstein

June 2011, No. 11-03R

Discretionary Monetary Policy in the Calvo Model (Revised March 2017)

Willem Van Zandweghe and Alexander L. Wolman

May 2011, No. 11-02

Aggregate Labor Market Dynamics in Hong Kong

Thomas A. Lubik

March 2011, No. 11-01R

An Experimental Analysis of Contingent Capital Triggering Mechanisms (Revised Oct. 2011)

Douglas Davis, Edward S. Prescott and Oleg Korenok
2010 16

October 2010, No. 10-16R

Deferred Pay for Bank Employees: Implications of Hidden Actions with Persistent Effects in Time (Revised September 2015)

Arantxa Jarque and Edward S. Prescott

October 2010, No. 10-15R

Time to Produce and Emerging Market Crises (Revised July 2012)

Felipe F. Schwartzman

October 2010, No. 10-14

On the Optimality of Ramsey Taxes in Mirrlees Economies

Borys Grochulski

August 2010, No. 10-13

The Cyclical Price of Labor When Wages Are Smoothed

Marianna Kudlyak

June 2010, No. 10-12

On the Job Search and the Cyclical Dynamics of the Labor Market

Michael U. Krause and Thomas A. Lubik

June 2010, No. 10-11

The Role of Non-Owner-Occupied Homes in the Current Housing and Foreclosure Cycle

Breck Robinson and Richard M. Todd

May 2010, No. 10-10

Housing Default: Theory Works and So Does Policy

Allen C. Goodman and Brent C Smith

May 2010, No. 10-09

Learning About Informational Rigidities from Sectoral Data and Diffusion Indices

Pierre-Daniel G. Sarte

May 2010, No. 10-08R

Debt Dilution and Sovereign Default Risk (Revised February 2012)

Juan Carlos Hatchondo, Leonardo Martinez and Cesar Sosa Padilla

April 2010, No. 10-07R

Over-the-Counter Loans, Adverse Selection, and Stigma in the Interbank Market (Revised February 2012)

Huberto M. Ennis and John A. Weinberg

April 2010, No. 10-06

Assessing the Effectiveness of the Paulson "Teaser Freezer" Plan: Evidence from the ABX Index

Eliana Balla, Robert E. Carpenter and Breck Robinson

April 2010, No. 10-05

Quantifying the Impact of Financial Development on Economic Development

Jeremy Greenwood, Juan M. Sanchez and Cheng Wang

March 2010, No. 10-04

Quantitative Properties of Sovereign Default Models: Solution Methods Matter

Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza

March 2010, No. 10-03R

How Large Has the Federal Financial Safety Net Become? (Revised February 2013)

Nadezhda Malysheva and John R. Walter

March 2010, No. 10-02

Residential Mortgage Default: The Roles of House Price Volatility, Euphoria and the Borrower's Put Option

Wayne R. Archer and Brent C Smith

February 2010, No. 10-01

Inventories, Inflation Dynamics, and the New Keynesian Phillips Curve

Thomas A. Lubik and Wing Leong Teo
2009 13

October 2009, No. 09-13

On the Cyclicality of the Interest Rate in Emerging Economy Models: Solution Methods Matter

Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza

September 2009, No. 09-12R

The Cyclicality of the User Cost of Labor (Revised: March 2013)

Marianna Kudlyak

August 2009, No. 09-11

Are Harsh Penalties for Default Really Better?

Kartik B. Athreya, Xuan S. Tam and Eric R. Young

July 2009, No. 09-10R

Recourse and Residential Mortgage Default: Theory and Evidence from U.S. States (Revised June 2010)

Andra C. Ghent and Marianna Kudlyak

June 2009, No. 09-9

Unemployment Insurance with a Hidden Labor Market

Fernando Álvarez-Parra and Juan M. Sanchez

May 2009, No. 09-8

The Consolidation of Financial Market Regulation: Pros, Cons, and Implications for the United States

Sabrina R. Pellerin, John R. Walter and Patricia E. Wescott

April 2009, No. 09-7

Assessing the Effectiveness of the Paulson "Teaser Freezer" Plan: Evidence from the ABX Index

Eliana Balla, Robert E. Carpenter and Breck Robinson

April 2009, No. 09-6R

On the Implementation of Markov-Perfect Monetary Policy (Revised August 2011)

Michael Dotsey and Andreas Hornstein

April 2009, No. 09-5

Credit and Self-Employment

Kartik B. Athreya and Ahmet Akyol

April 2009, No. 09-4

The Role of Information in the Rise in Consumer Bankruptcies

Juan M. Sanchez

April 2009, No. 09-3

Notes on Collateral Constraints in a Simple Model of Housing

Andreas Hornstein

March 2009, No. 09-2

The Optimal Rate of Inflation with Trending Relative Prices

Alexander L. Wolman

February 2009, No. 09-1

Fiscal Policy and Default Risk in Emerging Markets

Gabriel Cuadra, Juan M. Sanchez and Horacio Sapriza
2008 8

December 2008, No. 08-8R

Financing Development: The Role of Information Costs (Revised August 2009)

Jeremy Greenwood, Juan M. Sanchez and Cheng Wang

November 2008, No. 08-7

Sectoral vs. Aggregate Shocks: A Structural Factor Analysis of Industrial Production

Andrew Foerster, Pierre-Daniel G. Sarte and Mark W. Watson

October 2008, No. 08-6R

A Quantitative Theory of Information and Unsecured Credit (Revised July 2011)

Kartik B. Athreya, Xuan S. Tam and Eric R. Young

September 2008, No. 08-5

Optimal Personal Bankruptcy Design: A Mirrlees Approach

Borys Grochulski

July 2008, No. 08-4

Repeated Moral Hazard with Effort Persistence

Arantxa Jarque

June 2008, No. 08-3

Housing Externalities: Evidence from Spatially Concentrated Urban Revitalization Programs

Esteban Rossi-Hansberg, Pierre-Daniel G. Sarte and Raymond E. Owens III

May 2008, No. 08-2R

Long-Duration Bonds and Sovereign Defaults (Revised July 2009)

Juan Carlos Hatchondo and Leonardo Martinez

March 2008, No. 08-1

Inflation Dynamics with Search Frictions: A Structural Econometric Analysis

Michael U. Krause, David Lopez-Salido and Thomas A. Lubik
2007 7

December 2007, No. 07-7

Moral Hazard and Persistence

Hugo Hopenhayn and Arantxa Jarque

December 2007, No. 07-6

Avoiding the Inflation Tax

Huberto M. Ennis

September 2007, No. 07-5

The Anatomy of U.S. Personal Bankruptcy under Chapter 13

Hülya Eraslan, Wenli Li and Pierre-Daniel G. Sarte

August 2007, No. 07-4

Notes on the Inflation Dynamics of the New Keynesian Phillips Curve

Andreas Hornstein

June 2007, No. 07-3

A Literature Review on the Effectiveness of Financial Education

Matthew Martin

March 2007, No. 07-2

Bank Runs and Institutions: The Perils of Intervention

Huberto M. Ennis and Todd Keister

March 2007, No. 07-1R

Heterogeneous Borrowers in Quantitative Models of Sovereign Default (Revised: Sep. 2008)

Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza
2006 13

December 2006, No. 06-13

Risky Human Capital and Deferred Capital Income Taxation

Borys Grochulski and Tomasz Piskorski

November 2006, No. 06-12

Market-Based Regulation and the Informational Content of Prices

Philip Bond, Itay Goldstein and Edward S. Prescott

December 2006, No. 06-11

Computing Business Cycles in Emerging Economy Models

Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza

November 2006, No. 06-10

Technology-Policy Interaction in Frictional Labor Markets

Andreas Hornstein, Per Krusell and Giovanni L. Violante

September 2006, No. 06-9

The Political Economy of Labor Subsidies

Marina Azzimonti, Eva de Francisco and Per Krusell

September 2006, No. 06-8

Technical Appendix for "Frictional Wage Dispersion in Search Models: A Quantitative Assessment"

Andreas Hornstein, Per Krusell and Giovanni L. Violante

September 2006, No. 06-7

Frictional Wage Dispersion in Search Models: A Quantitative Assessment

Andreas Hornstein, Per Krusell and Giovanni L. Violante

August 2006, No. 06-6

Understanding How Employment Responds to Productivity Shocks in a Model with Inventories

Yongsung Chang, Andreas Hornstein and Pierre-Daniel G. Sarte

May 2006, No. 06-5

The Lucas Critique and the Stability of Empirical Models

Thomas A. Lubik and Paolo Surico

May 2006, No. 06-4

Home Production

Yongsung Chang and Andreas Hornstein

May 2006, No. 06-3

Nontraded Goods, Market Segmentation, and Exchange Rates

Michael Dotsey and Margarida Duarte

February 2006, No. 06-2

On the Aggregate and Distributional Implications of Productivity Differences across Countries

Andrés Erosa, Tatyana Koreshkova and Diego Restuccia

January 2006, No. 06-1R

Reputation, Career Concerns, and Job Assignments (Revised Apr. 2009)

Leonardo Martinez
2005 13

December 2005, No. 05-13

Optimal Wealth Taxes with Risky Human Capital

Borys Grochulski and Tomasz Piskorski

December 2005, No. 05-12

A Quantitative Study of the Role of Wealth Inequality on Asset Prices

Juan Carlos Hatchondo

November 2005, No. 05-11

Firms as Clubs in Walrasian Markets with Private Information: Technical Appendix

Edward S. Prescott and Robert Townsend

October 2005, No. 05-10

Avoiding the Inflation Tax

Huberto M. Ennis

September 2005, No. 05-9

A Quantitative Theory of the Gender Gap in Wages

Andrés Erosa, Luisa Fuster and Diego Restuccia

August 2005, No. 05-8

A General Equilibrium Analysis of Parental Leave Policies

Andrés Erosa, Luisa Fuster and Diego Restuccia

September 2005, No. 05-7

Asymmetric Information and the Lack of International Portfolio Diversification

Juan Carlos Hatchondo

August 2005, No. 05-6

The Value of Information with Heterogeneous Agents and Partially Revealing Prices

Juan Carlos Hatchondo

July 2005, No. 05-5

Should the FDIC Worry about the FHLB? The Impact of Federal Home Loan Bank Advances on the Bank Insurance Fund

Rosalind L. Bennett, Mark D. Vaughan and Timothy J. Yeager

July 2005, No. 05-4R

A Theory of Political Cycles (Revised: Dec. 2008)

Leonardo Martinez

June 2005, No. 05-3

Firm Fragmentation and Urban Patterns

Esteban Rossi-Hansberg, Pierre-Daniel G. Sarte and Raymond E. Owens III

April 2005, No. 05-2

Do Technological Improvements in the Manufacturing Sector Raise or Lower Employment?

Yongsung Chang and Jay H. Hong

April 2005, No. 05-1

The Replacement Problem in Frictional Economies: A Near-Equivalence Result

Andreas Hornstein, Per Krusell and Giovanni L. Violante
2004 10

December 2004, No. 04-10

Alfred Marshall and the Quantity Theory of Money

Thomas M. Humphrey

December 2004, No. 04-8

The Effects of Technical Change on Labor Market Inequalities

Andreas Hornstein, Per Krusell and Giovanni L. Violante

December 2004, No. 04-9

Productivity, Employment, and Inventories

Pierre-Daniel G. Sarte, Andreas Hornstein and Yongsung Chang

September 2004, No. 04-7

Whither North Carolina Furniture Manufacturing?

Robert L. Lacy

August 2004, No. 04-6

The Output Gap, Expected Future Inflation and Inflation Dynamics: Another Look

Yash P. Mehra

June 2004, No. 04-5

Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria

Robert G. King and Alexander L. Wolman

April 2004, No. 04-4

An Inquiry into the Existence and Uniqueness of Equilibrium with State-Dependent Pricing

A. Andrew John and Alexander L. Wolman

March 2004, No. 04-3

Bank Runs and Investment Decisions Revisited

Huberto M. Ennis and Todd Keister

February 2004, No. 04-2

State-Contingent Bank Regulation With Unobserved Actions and Unobserved Characteristics

David A. Marshall and Edward S. Prescott

February 2004, No. 04-1

Price Stability and Japanese Monetary Policy

Robert L. Hetzel
2003 17

January 2004, No. 03-17

Heterogeneity and Aggregation in the Labor Market: Implications for Aggregate Preference Shifts

Yongsung Chang and Sun-Bin Kim

December 2003, No. 03-16

Payment System Disruptions and the Federal Reserve Following September 11, 2001

Jeffrey M. Lacker

December 2003, No. 03-15

Real Implications of the Zero Bound on Nominal Interest Rates

Alexander L. Wolman

November 2003, No. 03-14R

Unsecured Debt with Public Insurance: From Bad to Worse (Revised: Nov. 2004)

Kartik B. Athreya and Nicole B. Simpson

November 2003, No. 03-13

Classical Deflation Theory

Thomas M. Humphrey

September 2003, No. 03-12

Shortages of Small Change in Early Argentina

Huberto M. Ennis

August 2003, No. 03-11

Fiscal Policy and Regional Inflation in a Currency Union

Margarida Duarte and Alexander L. Wolman

August 2003, No. 03-10

Optimal Public Investment with and without Government Commitment

Marina Azzimonti, Pierre-Daniel G. Sarte and Jorge Soares

July 2003, No. 03-9

Mechanism Design and Assignment Models

Edward S. Prescott and Robert Townsend

July 2003, No. 03-8

James Pennington, (1777-1862): Classical Banking, Monetary, and Trade Theorist and Economic Policy Advisor

Thomas M. Humphrey

July 2003, No. 03-7

Labor Supply Shifts and Economic Fluctuations

Yongsung Chang and Frank Schorfheide

July 2003, No. 03-6

On the Employment Effect of Technology: Evidence from U.S. Manufacturing for 1958-1996

Yongsung Chang and Jay H. Hong

July 2003, No. 03-5

From Individual to Aggregate Labor Supply: A Quantitative Analysis based on a Heterogeneous Agent Macroeconomy

Yongsung Chang and Sun-Bin Kim

June 2003, No. 03-4

Aggregate Demand Management with Multiple Equilibria

Huberto M. Ennis and Todd Keister

May 2003, No. 03-3R

Fresh Start or Head Start? Uniform Bankruptcy Exemptions and Welfare (Revised: Jul. 2004)

Kartik B. Athreya

August 2003, No. 03-2

Risky Higher Education and Subsidies

Ahmet Akyol and Kartik B. Athreya

January 2003, No. 03-1

Economic Growth, Liquidity, and Bank Runs

Huberto M. Ennis and Todd Keister
2002 4

November 2002, No. 02-4

Should Optimal Discretionary Monetary Policy Look at Money?

Michael Dotsey and Andreas Hornstein

August 2002, No. 02-3

The Taylor Principle, Interest Rate Smoothing and Fed Policy in the 1970s and 1980s

Yash P. Mehra

September 2002, No. 02-1

The Macroeconomics of U.S. Consumer Bankruptcy Choice: Chapter 7 or Chapter 13?

Wenli Li and Pierre-Daniel G. Sarte

August 2002, No. 02-2

Vintage Capital as an Origin of Inequalities

Giovanni L. Violante, Per Krusell and Andreas Hornstein
2001 9

November 2001, No. 01-9

Growth Effects of Progressive Taxes

Wenli Li and Pierre-Daniel G. Sarte

October 2001, No. 01-8

The Pitfalls of Monetary Discretion

Aubhik Khan, Robert G. King and Alexander L. Wolman

August 2001, No. 01-7

The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression 1928-37

Jonas D.M. Fisher and Andreas Hornstein

August 2001, No. 01-5

The Taylor Principle, Interest Rate Smoothing and Fed Policy in the 1970s and 1980s

Yash P. Mehra

July 2001, No. 01-4

Macroeconomic Fluctuations and Bargaining

Huberto M. Ennis

June 2001, No. 01-3

Optimal Policy with Probabilistic Equilibrium Selection

Huberto M. Ennis and Todd Keister

April 2001, No. 01-2

The Case for Price Stability

Marvin Goodfriend and Robert G. King

March 2001, No. 01-6

Sticky Prices and Inventories: Production Smoothing Reconsidered

Pierre-Daniel G. Sarte and Andreas Hornstein

January 2001, No. 01-1

Financial Stability, Deflation, and Monetary Policy

Marvin Goodfriend
2000 12

December 2000, No. 00-12

Banking and the Political Support for Dollarization

Huberto M. Ennis

November 2000, No. 00-11

Incentives, Communication, and Payment Instruments

Edward S. Prescott and John A. Weinberg

October 2000, No. 00-10

Optimal Monetary Policy

Aubhik Khan, Robert G. King and Alexander L. Wolman

August 2000, No. 00-9

The Behavior of the Real Rate of Interest Over the Business Cycle

Michael Dotsey and Brian Scholl

September 2000, No. 00-8

Firms as Clubs in Walrasian Markets with Private Information

Edward S. Prescott and Robert Townsend

August 2000, No. 00-7

Monetary Policy Frameworks and Indicators for the Federal Reserve in the 1920s

Thomas M. Humphrey

August 2000, No. 00-6

Medicine Worse than the Malady: Cure Rates, Population Shifts, and Health Insurance

Robert F. Graboyes

August 2000, No. 00-5

Getting Better, Feeling Worse: Cure Rates, Health Insurance, and Welfare

Robert F. Graboyes

August 2000, No. 00-04

Our Money or Your Life: Indemnities vs. Deductibles in Health Insurance

Robert F. Graboyes

August 2000, No. 00-3

Overcoming the Zero Bound on Interest Rate Policy

Marvin Goodfriend

September 2000, No. 00-2

Optimal Taxation in Life-Cycle Economies

Andrés Erosa and Martin Gervais

July 2000, No. 00-1

Investigating Fluctuations in U.S. Manufacturing: What are the Direct Effects of Informational Frictions?

Wenli Li and Pierre-Daniel G. Sarte
1999 9

October 1999, No. 99-9

What is the Real Story for Interest Rate Volatility?

Andreas Hornstein and Harald Uhlig

June 1999, No. 99-8

Analyzing Firm Location Decisions: Is Public Intervention Justified?

Raymond E. Owens III and Pierre-Daniel G. Sarte

September 1999, No. 99-7

Informality and Rent-Seeking Bureaucracies in a Model of Long-Run Growth

Pierre-Daniel G. Sarte

August 1999, No. 99-6

Structure from Shocks

Michael Dotsey

August 1999, No. 99-5

Does State-Dependent Pricing Imply Coordination Failure?

A. Andrew John and Alexander L. Wolman

July 1999, No. 99-4

The Role of a Regional Bank in a System of Central Banks

Marvin Goodfriend

April 1999, No. 99-3

Firm-Specific Learning and the Investment Behavior of Large and Small Firms

Wenli Li and John A. Weinberg

March 1999, No. 99-2

Limited Commitment and Central Bank Lending

Marvin Goodfriend and Jeffrey M. Lacker

January 1999, No. 99-1

Industrial Development and the Convergence Question

Marvin Goodfriend and John McDermott
1998 9

December 1998, No. 98-8

Staggered Prices and Inventories: Production Smoothing Reconsidered

Pierre-Daniel G. Sarte and Andreas Hornstein

August 1998, No. 98-9

The Dynamic Effects of Government Spending Shocks on Employment and Work Hours

Mingwei Yuan and Wenli Li

July 1998, No. 98-7

Challenges and Choices in Post-Crisis East-Asia: Simulations of Investment Policy Reform in An Intertemporal Global Model

Xinshen Diao, Wenli Li and Erinc Yeldan

June 1998, No. 98-6

Computing Moral Hazard Problems Using the Dantzig-Wolfe Decomposition Algorithm

Edward S. Prescott

June 1997, No. 98-5

The New Neoclassical Synthesis and The Role of Monetary Policy

Marvin Goodfriend and Robert G. King

May 1998, No. 98-4

Collateralized Debt as the Optimal Contract

Jeffrey M. Lacker

April 1998, No. 98-3

Rent-Seeking Bureaucracies and Oversight in a Simple Growth Model

Pierre-Daniel G. Sarte

March 1998, No. 98-2

Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate? (Published: Apr. 1996; Revised: Jan. 1998)

Andreas Hornstein and Mingwei Yuan

March 1998, No. 98-1

External vs. Internal Learning-by-Doing in an R&D Based Growth Model

Andreas Hornstein and Dan Peled
1997 9

September 1997, No. 97-9

Entrepreneurship and Government Subsidies Under Capital Constraints: A General Equilibrium Analysis

Wenli Li

June 1997, No. 97-8

The Effects of Fiscal Policy in a Neoclassical Growth Model

Michael Dotsey and Ching-Sheng Mao

May 1997, No. 97-7 (Published Nov. 1994, Revised Feb. 1998)

(S,s) Inventory Policies in General Equilibrium

Jonas D.M. Fisher and Andreas Hornstein

May 1997, No. 97-6

Intermediate Inputs and Sectoral Comovement in the Business Cycle

Andreas Hornstein and Jack Praschnik

May 1997, No. 97-5

Inflation Uncertainty and Growth in a Simple Monetary Model

Michael Dotsey and Pierre-Daniel G. Sarte

April 1997, No. 97-4

A Framework for the Analysis of Moderate Inflations

Marvin Goodfriend

March 1997, No. 97-3

The Bond Rate and Actual Future Inflation

Yash P. Mehra

February 1997, No. 97-2

State Dependent Pricing and Dynamics of Business Cycles

Michael Dotsey, Robert G. King and Alexander L. Wolman

January 1997, No. 97-1

Clearing, Settlement, and Monetary Policy

Jeffrey M. Lacker
1996 3

April 1996, No. 96-3

Stored Value Cards: Costly Private Substitutes for Government Currency

Jeffrey M. Lacker

June 1996, No. 96-2

Theory of the Firm: Applied Mechanism Design

Edward S. Prescott and Robert Townsend

February 1996, No. 96-1

Stopping Inflations, Big and Small

Peter N. Ireland
1995 5

December 1995, No. 95-5

The Adverse Selection Approach to Financial Intermediation: Some Characteristics of the Equilibrium Financial Structure

John A. Weinberg

September 1995, No. 95-4

Customer Flows, Countercyclical Markups, and the Persistent Effects of Monetary Shocks

Peter N. Ireland

May 1995, No. 95-3

A Federal Funds Rate Equation

Yash P. Mehra

March 1995, No. 95-2

Some Not So Unpleasant Monetarist Arithmetic

Michael Dotsey

January 1995, No. 95-1

Optimal Disinflationary Paths

Peter N. Ireland
1994 10

August 1994, No. 94-10

The Effects of Open Market Operations a Model of Intermediation and Growth

Stacey L. Schreft and Bruce D. Smith

July 1994, No. 94-9 (Revised Sep. 1995)

The Coalition-Proof Core in Adverse Selection Economies

Jeffrey M. Lacker and John A. Weinberg

July 1994, No. 94-8

Forecasts of Inflation from VAR Models

Roy H. Webb

June 1994, No. 94-7

Money and the Gain from Enduring Relationships in the Turnpike Model

Peter N. Ireland

May 1994, No. 94-6

Commercial Real Estate Overbuilding in the 1980's: Beyond the Hog Cycle

Raymond E. Owens III

May 1994, No. 94-5

Money, Banking, and Capital Formation

Stacey L. Schreft and Bruce D. Smith

March 1994, No. 94-4

The Welfare Cost of Inflation in General Equilibrium

Michael Dotsey and Peter N. Ireland

February 1994, No. 94-3

The Effects of Fiscal Policy in a Neoclassical Growth Model

Michael Dotsey and Ching-Sheng Mao

January 1994, No. 94-2

Early Development

Marvin Goodfriend and John McDermott

February 1994, No. 94-1

Variance Properties of Solow's Productivity Residual and Their Cyclical Implications

Mary G. Finn
1993 2

March 1993, No. 93-2

Identifying Credit Crunches

Raymond E. Owens III and Stacey L. Schreft

February 1993, No. 93-1

Liquidity Effects and Transactions Technologies

Michael Dotsey and Peter N. Ireland
1992 3

December 1992, No. 92-3

Endogenous Financial Innovation and the Demand for Money

Peter N. Ireland

July 1992, No. 92-2

Deficits and Long-Term Interest Rates: An Empirical Note

Yash P. Mehra

March 1992, No. 92-1

Identifying Credit Crunches

Stacey L. Schreft and Raymond E. Owens III
1991 6

June 1991, No. 91-6

Information-Aggregation Bias

Marvin Goodfriend

May 1991, No. 91-5

Survey Evidence of Tighter Credit Conditions: What Does It Mean?

Stacey L. Schreft and Raymond E. Owens III

February 1991, No. 91-4

Money, Trade Credit and Asset Prices

Jeffrey M. Lacker and Stacey L. Schreft

February 1991, No. 91-3

Scope Economies: Fixed Costs, Complementarity, and Functional Form

Lawrence B. Pulley and David B. Humphrey

November 1990, No. 91-2

External Increasing Returns, Short-Lived Agents and Long-Lived Waste

A. Andrew John, R. Pecchenino, D. Schimmelpfennig and Stacey L. Schreft

January 1991, No. 91-1

Welfare-Improving Credit Controls

Stacey L. Schreft
1990 12

November 1990, No. 90-12

Hypothesis Testing and Finite Sample Properties of Generalized Method of Moments Estimators: A Monte Carlo Study

Ching-Sheng Mao

November 1990, No. 90-11

How Well Do Linear Approximation Methods Work? Results for Suboptimal Dynamic Equilibria

Michael Dotsey and Ching-Sheng Mao

November 1990, No. 90-10

Liquidity Constraints in Commercial Loan Markets with Imperfect Information and Imperfect Competition

Anne P. Villamil

November 1990, No. 90-9

Measures of Savings as Indicators of Economic Growth

William E. Cullison

November 1990, No. 90-8

A 'Coalition Proof' Equilibrium for a Private Information Credit Economy

Jeffrey M. Lacker and John A. Weinberg

September 1990, No. 90-7

Wicksell's Monetary Framework and Dynamic Stability

Thomas M. Humphrey

August 1990, No. 90-6

Interest Rates and the Conduct of Monetary Policy

Marvin Goodfriend

June 1990, No. 90-5

Costs and Technical Change: Effects from Bank Deregulation

David B. Humphrey

March 1990, No. 90-4

The Competitiveness of Rural County Manufacturing During a Period of Dollar Appreciation

Dan M. Bechter and Christine Chmura

November 1989, No. 90-3R2

Collateralized Debt as the Optimal Contract (Revised: Feb. 1991)

Jeffrey M. Lacker

August 1989, No. 90-2 (Revised Dec. 1989)

Limited Commitment and Costly Enforcement

Jeffrey M. Lacker

February 1990, No. 90-1

Interest Rate Rules and Nominal Determinacy

John H. Boyd, III and Michael Dotsey
1989 5

December 1989, No. 89-5

The Credibility of THE WALL STREET JOURNAL in Reporting the Timing and Details of Monetary Policy Events

Timothy Q. Cook and Thomas K. Hahn

October 1989, No. 89-4

The Feasibility of Market Value Accounting for Commercial Banks

David L. Mengle

August 1989, No. 89-3

Money, Credit, Banking, and Payments System Policy

Marvin Goodfriend

April 1989, No. 89-2

Cointegration and a Test of the Quantity Theory of Money

Yash P. Mehra

April 1989, No. 89-1

Wage Growth and the Inflation Process: An Empirical Note

Yash P. Mehra
1988 8

August 1988, No. 88-8

An Analysis of the Determinants of the Yield on Individual Municipal Securities

J. Alfred Broaddus, Jr. and Timothy Q. Cook

March 1989, No. 88-7

Determinants of the Federal Funds Rate: 1979 - 1982

Timothy Q. Cook

August 1988, No. 88-6

On Recognizing Inflation

William E. Cullison

February 1988, No. 88-5

Central Banking Under the Gold Standard

Marvin Goodfriend

July 1988, No. 88-4

The Effect of Changes in the Federal Funds Rate Target on Market Interest Rates in the 1970s

Timothy Q. Cook and Thomas K. Hahn

June 1988, No. 88-3

Fifth District Indexes of Manufacturing Output

Dan M. Bechter, Christine Chmura and Richard K. Ko

May 1988, No. 88-2

Legal and Regulatory Reform in Electronic Payments: An Evaluation of Finality of Payment Rules

David L. Mengle

April 1988, No. 88-1

Financial Deregulation, Monetary Policy, and Central Banking

Marvin Goodfriend and Robert G. King
1987 6

October 1987, No. 87-6

Aggregate Fluctuations and Economic Growth: A Case of Random-Walk Hypothesis

Ching-Sheng Mao

October 1987, No. 87-5

Monetary Control under Alternative Operating Procedures

Michael Dotsey

October 1987, No. 87-4

The Economic Effects of Corporate Taxes in a Stochastic Growth Model

Michael Dotsey

July 1986, No. 87-3

Interest Rate Smoothing and Price Level Trend-Stationarity

Marvin Goodfriend

August 1987, No. 87-2

Velocity and the Variability of Money Growth: Evidence from Granger-Causality Tests Reevaluated

Yash P. Mehra

June 1987, No. 87-1

On Predicting the Stage of the Business Cycle

Roy H. Webb
1986 6

October 1986, No. 86-6

A Critique of Theories of Money Stock Determination

Robert L. Hetzel

September 1986, No. 86-5

The Information Content of Discount Rate Announcements and Their Effect on Market Interest Rates

Timothy Q. Cook and Thomas K. Hahn

July 1986, No. 86-4

Interest Rate Smoothing and Price Level Trend-Stationarity

Marvin Goodfriend

July 1986, No. 86-3

Theoretical Analysis of the Demand for Money

Bennett T. McCallum and Marvin Goodfriend

June 1986, No. 86-2

The Reaction of Interest Rates to Unanticipated Federal Reserve Actions and Statements, 1977-1984: Implications for the Money Announcement Controversy

Timothy Q. Cook and Thomas K. Hahn

March 1986, No. 86-1

The Demand for Currency in the United States

Michael Dotsey
1985 7

August 1985, No. 85-7

Monetary Mystique: Secrecy and Central Banking

Marvin Goodfriend

July 1985, No. 85-6

Logit Analysis of the Effect of Rent Control on Housing Quality

David L. Mengle

November 1985, No. 85-5

The Effect of Second Generation Rent Controls on the Quality of Rental Housing

David L. Mengle

June 1985, No. 85-4

Monetary Policy, Secrecy, and Federal Funds Rate Behavior

Michael Dotsey

November 1985, No. 85-3

The Recent Financial Deregulation and the Interest Elasticity of the Simple M1 Demand Function: An Empirical Note

Yash P. Mehra

January 1985, No. 85-2

Financial Innovation in the United States -- Background, Current Status and Prospects

J. Alfred Broaddus, Jr.

January 1985, No. 85-1

Base Drift and the Longer Run Growth of M1: Experience From a Decade of Monetary Targeting

J. Alfred Broaddus, Jr. and Marvin Goodfriend
1984 8

September 1984, No. 84-8

Informational Implications of Interest Rate Rules

Michael Dotsey and Robert G. King

October 1984, No. 84-7

Inadequate Tests of the Rationality of Expectations

Roy H. Webb

October 1984, No. 84-6

Defining and Improving the Accuracy of Macroeconomic Forecasts: Contributions From a VAR Model

William M. Lupoletti and Roy H. Webb

September 1984, No. 84-5

Fisher, Thornton and the Analysis of the Inflation Premium

William Beranek, Thomas M. Humphrey and Richard H. Timberlake, Jr.

September 1984, No. 84-4

A Weekly Perfect Foresight Model of the Nonborrowed Reserve Operating Procedure

Marvin Goodfriend, Gary Anderson, Anil Kashyap, George Moore and Richard D. Porter

June 1984, No. 84-3

The Lender of Last Resort: A Historical Perspective

Thomas M. Humphrey and Robert E. Keleher

May 1984, No. 84-2

The Formulation of Monetary Policy

Robert L. Hetzel

May 1984, No. 84-1

Monetary Policy in the Early 1980's

Robert L. Hetzel
1983 4

December 1983, No. 83-4

The Behavior of the Spread Between Treasury Bill Rates and Private Money Market Rates Since 1978

Timothy Q. Cook and Thomas A. Lawler

March 1983, No. 83-3

Measurement Error and a Reinterpretation of the Conventional Money Demand Regression

Marvin Goodfriend

January 1983, No. 83-2

The Effects of Cash Management Practices on the Demand for Demand Deposits

Michael Dotsey

January 1983, No. 83-1

A Historical Assessment of the Rationales and Functions of Reserve Requirements

Marvin Goodfriend and Monica Hargraves
1981 2

September 1981, No. 81-2

Discount Window Borrowing, Monetary Policy, and the Post-October 6, 1979, Federal Reserve Operating Procedure

Marvin Goodfriend

January 1981, No. 81-1

Discount Window Borrowing, Monetary Policy, and the Post-October 6, 1979, Federal Reserve Operating Procedure

Marvin Goodfriend
1980 1

September 1980, No. 80-1

Evolution in Banking Competition

Walter A. Varvel and Henry C. Wallich
1979 5

September 1979, No. 79-5

An Alternate Method of Estimating the Cagan Money Demand Function in Hyperinflation Under Rational Expectations

Marvin Goodfriend

September 1979, No. 79-4 (Revised Apr. 1980)

Determinants of the Spread Between Treasury Bill and Private Sector Money Market Rates

Timothy Q. Cook

April 1979, No. 79-3

The Determinants of Labor Force Participation: An Empirical Analysis

William E. Cullison

March 1979, No. 79-2

A Note on the Neutrality of Temporary Monetary Disturbances

Marvin Goodfriend and Robert G. King

March 1979, No. 79-1 (Revised Nov. 1979)

Determinants of Correspondent Banking Relationships with the Federal Reserve System

Bruce J. Summers and John P. Segala
1978 4

October 1978, No. 78-4

Measuring the Default Risk of Bonds Using Yields to Maturity

Thomas A. Lawler

April 1978, No. 78-3

Required Reserves, Correspondent Balances and Cash Asset Positions of Member and Non-Member Banks: Evidence from the Fifth Federal Reserve District

Bruce J. Summers

February 1978, No. 78-2

Uncertain Inflation, Systematic Risk, and the Capital Asset Pricing Model

Thomas A. Lawler

January 1978, No. 78-1

Federal Reserve Policy Strategy and Interest Rate Seasonality

Thomas A. Lawler
1977 3

December 1977, No. 77-3

The Risk-Free U.S. Bond Rate: Errors in Construction and Use in Econometric Work

Patric H. Hendershott and Timothy Q. Cook

December 1977, No. 77-2

Interest Rate Expectations and the Demand for Short-Term Business Credit

Bruce J. Summers

March 1977, No. 77-1

The Cost of Membership in the Federal Reserve System

Walter A. Varvel
1976 3

November 1976, No. 76-3

Determinants of Long-Term Bond Risk Premiums

William D. Jackson

February 1976, No. 76-2

The Motivation for Bank Holding Company Acquisitions

Walter A. Varvel

July 1976, No. 76-1

Bank Management, Competition, and Interest Rates: A Portfolio Model of Discount Window Activity

William D. Jackson
1975 2

July 1975, No. 75-2

Interest Rates, Expectations, and the Wicksellian Policy Rule

Thomas M. Humphrey

July 1975, No. 75-1

Multibank Holding Companies and Bank Behavior

William D. Jackson
1974 6

September 1974, No. 74-6

A General Model of Bank Decisions

J. Alfred Broaddus, Jr.

September 1974, No. 74-5

Commercial Banking Performance and Structure: A Factor Analysis Approach

William D. Jackson

June 1974, No. 74-4

Alternate Reserve Concepts as Operating Targets in Monetary Policy Implementation: Specification of the Structural Model

Joseph M. Crews and Glenn C. Picou

June 1974, No. 74-3

An Employment Pressure Index as an Alternative Measure of Labor Market Conditions

William E. Cullison

April 1974, No. 74-2

Alternative Optimal Open Market Strategies: A Classical Optimization Certainty Equivalence Approach

Joseph M. Crews

January 1974, No. 74-1

Thrift Institution Competition With Commercial Banks: Empirical Evidence

William D. Jackson
1973 3

November 1973, No. 73-3

The Cost of Capital, the Desired Capital Stock, and a Variable Investment Tax Credit as a Stabilization Tool

Roger N. Waud and Glenn C. Picou

October 1973, No. 73-2

Monetary Policy, Bank Credit, and Total Credit: A Preliminary Analysis

J. Alfred Broaddus, Jr.

May 1973, No. 73-1

Simulations of Marginal Reserve Requirements on Large Denomination Certificates of Deposit in the FRB Model

Philip H. Davidson

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