Publication
Finance and Economics Discussion Series
1987-2025
Board of Governors of the Federal Reserve System staff working papers in the Finance and Economics Discussion Series (FEDS) investigate a broad range of issues in economics and finance, with a focus on the U.S. economy and domestic financial markets.
- FEDS
- 1980s
- 1990s
- Dynamic Price Competition, Briefly Sunk Costs, and Entry Deterrence, No. 103
- Futures Margins and Stock Price Volatility: Is There Any Link?, No. 104
- Some Evidence on the Empirical Significance of Credit Rationing, No. 105
- The Treasury Yield Curve as a Cointegrated System, No. 106
- The Dominance of Inefficiencies over Scale and Product Mix Economies in Banking, No. 107
- Institutional Investment Patterns and Corporate Financial Behavior in the U.S. and Japan, No. 108
- A Primer on Program Trading and Stock Price Volatility: A Survey of the Issues and Evidence, No. 109
- Is There a Corporate Debt Crisis? Another Look, No. 110
- Event Risk: An Analysis of Losses to Bondholders and "Super Poison Put" Bond Covenants, No. 111
- Sticky Prices: New Evidence from Retail Catalogs, No. 112
- U.S. Corporate Leverage: Developments in 1987 and 1988, No. 113
- Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data, No. 114
- The Importance of Market Psychology in the Determination of Stock Market Volatility, No. 115
- Differences in the Measurement of Wealth, Wealth Inequality, and Wealth Composition Obtained from Alternative U.S. Wealth Surveys, No. 116
- Sticky Inflation and Interest Rate Rules with Auction Prices, No. 117
- Predicting Inflation with Commodity Prices, No. 118
- On the Power of Dickey-Fuller Tests Against Fractional Alternatives, No. 119
- Optimal Interest Rate Rules with Information from Money and Auction Markets, No. 120
- Federally Sponsored R&D and Productivity Growth, No. 121
- R&D Spending and Manufacturing Productivity: An Empirical Analysis, No. 122
- Demographics and Household Saving, No. 123
- Internal Net Worth and the Investment Process: An Application to U.S. Agriculture, No. 124
- Asset Prices and the Conduct of Monetary Policy: Proceedings of the Division of Monetary Affairs Workshop, No. 125
- Here's Looking at You: Modelling and Policy Use of Auction Price Expectations, No. 126
- Animal Spirits, Margin Requirements, and Stock Price Volatility, No. 127
- Is it Possible to Find an Econometric Law that Works Well in Explanation and Prediction? The Case of Australian Money Demand, No. 128
- Effects of Using Dependent and Independent Differences in Tests of Random Walk Models Against Regression Models, No. 129
- Who Invented Local Power Analysis?, No. 130
- Financial Liberalization and International Trends in Stock, Corporate Bond and Foreign Exchange Market Volatilities, No. 131
- Efficient Computation of Stochastic Coefficient Models, No. 132
- A Securities Transactions Tax: Beyond the Rhetoric, What Can We Really Say?, No. 133
- The Role of Banks in Reducing Financial Distress in Japan, No. 134
- Production and Inventory Control at the General Motors Corporation During the 1920s and the 1930s, No. 135
- Evidence on q and Investment for Japanese Firms, No. 136
- Interest Rate Spreads, Credit Constraints, and Investment Fluctuations: An Empirical Investigation, No. 137
- Switching Costs, Market Concentration and Prices: The Theory and Its Empirical Implications in the Bank Deposit Market, No. 138
- Trends and Random Walks in Macroeconomic Time Series: A Re-Examination, No. 139
- Conditional Asymmetries in Real GNP: A Semi-Nonparametric Approach, No. 140
- Are Higher Levels of Inflation Less Predictable? A State-Dependent Conditional Approach, No. 141
- Are Higher Tax Rates Too Volatile? An Application of Volatility Tests to the United States Tax Rates: 1870-1989, No. 142
- A Test of the Theory of Optimal Taxation for the United States: 1870-1989, No. 143
- Some Problems with Identification in Parametric Models, No. 144
- Financial Accounting for Pensions: Measures of Funding Status, No. 145
- Equity Underwriting Risk, No. 146
- Inferring Market Power from Time-Series Data: The Case of the Banking Firm, No. 147
- Prediction Techniques for Box-Cox Regression Models, No. 148
- The Characteristics of Home Mortgage Debt, 1970-89: Trends and Implications, No. 149
- Market-Based Deposit Insurance Premiums: An Evaluation, No. 150
- Measurement and Efficiency Issues in Commercial Banking, No. 151
- A New Test for Mean Reversion in Stock Prices, No. 152
- Sourcing Externalities, No. 153
- Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance, No. 154
- Callable Corporate Bonds: A Vanishing Breed, No. 155
- The Impact of Liabilities for Retiree Health Benefits on Share Prices, No. 156
- The Globex Trading System, No. 157
- The Effects of Closure Policies on Bank Risk-Taking, No. 158
- The Term Structure of Interest Rates over the Business Cycle, No. 159
- Changes in the Cost of Equity Capital for Bank Holding Companies and the Effects of Raising Capital, No. 160
- Cyclical Patterns in the Variance of Economy Activity, No. 161
- Corporate Medium-Terms Notes, No. 162
- Empirical Relationships Between the Total Industrial Production Index and Its Diffusion Indexes, No. 163
- Prudential Margin Policy in a Futures-Style Settlement System, No. 164
- Stock Market Volatility in OECD Countries: Recent Trends, Consequences for the Real Economy, and Proposals for Reform, No. 165
- Noise Traders, Excess Volatility, and a Securities Transaction Tax, No. 166
- More on the International Similarity of Interindustry Wage Differentials: Evidence from the Federal Republic of Germany and the U.S., No. 167
- Does Consumer Sentiment Affect Household Spending? If So, Why?, No. 168
- The Functional Relationship Between Prices and Market Concentration: The Case of the Banking Industry, No. 169
- Projections of Health Care Expenditures as a Share of GNP: Actuarial and Economic Approaches, No. 170
- Debt Maturity and the Back-to-the-Wall Theory of Corporate Finance, No. 171
- Debt and Employment Volatility over the Business Cycle, No. 172
- Accounting for Prediction Variance in Event Studies, No. 173
- The Structure of Corporate Ownership in Japan, No. 174
- Can Retail Depositories Fund Mortgages Profitably?, No. 175
- The Profit-Concentration Relationship in Banking, No. 176
- Value of Double Leverage, Bank Holding Companies and Capital Regulation, No. 177
- Efficient Resolution of Moral Hazard Via Capital Market: Monitoring Banks, No. 178
- Maximizing the Market Value of a Firm to Choose Dynamic Policies for Managerial Hiring, Compensation, Firing and Tenuring, No. 179
- Debt Buybacks Signal Sovereign Countries' Creditworthiness: Theory and Tests, No. 180
- Securitization, Risk, and the Liquidity Problem in Banking, No. 181
- Factors Contributing to Rapid Growth in National Expenditures on Health Care, No. 182
- Consumer Switching Costs, Market Structure and Prices: The Theory and Its Application in the Bank Deposit Market, No. 183
- Estimates of the Effect of FAS 106 on Corporate Earnings, No. 184
- The Effect of a Rating Change on Commercial Paper Outstandings, No. 185
- Floating Ceilings on Deposit Interest Rates, No. 186
- Market Power and the Pricing of Mortgage Securitization, No. 187
- 'Distribution Free' Estimates of Efficiency in the U.S. Banking Industry and Tests of the Standard Distributional Assumptions, No. 188
- A Market Evaluation of the Risk-Based Capital Standards for the U.S. Financial System, No. 189
- Theory and Evidence on Reform of the Treasury's Auction Procedures, No. 190
- Reexamining the Relationship Between Stock Returns and Stock Return Volatility, No. 191
- Trading Volume and Return Reversals, No. 192
- The Uncertain Unit Root in Real GNP, No. 193
- The Timing of Stabilizations, No. 194
- Labor Hoarding When Unemployment is a Worker Discipline Device, No. 195
- Dividend-Price Ratios and Expected Inflation: Is There More to the Story Than the Proxy Effect?, No. 196
- Hostile Takeovers and Expropriation of Extramarginal Wages: A Test, No. 197
- Circumstances in Which Different Criteria of Estimation Can be Applied to Estimate Policy Effects, No. 198
- The Effect of SEC Amendments to Rule 2A-7 on the Commercial Paper Market, No. 199
- Yields and Tax Rates on Corporate, Municipal and Industrial Revenue Bonds: Testing Market Integration and the Miller Hypothesis with Micro-data, No. 200
- Diversification and Risk in Banking: Evidence from ex post Returns, No. 201
- Value of Latent Information: Alternative Event Study Methods, No. 202
- Megamergers in Banking and the Use of Cost Efficiency as an Antitrust Defense, No. 203
- An Analysis of the Implementation of Prompt Corrective Action, No. 204
- Near-Rationality and Strategic Complementarity in a Macroeconomic Model: Policy Effects, Persistence and Multipliers, No. 205
- Effects of Risk on the Demand for Oil Inventories, No. 206
- Determinants of Savings and Loan Failure Rates: Estimates of a Time-Varying Proportional Hazard Function, No. 207
- A Causal Relationship Between Stock Returns and Volume, No. 208
- The Continuing Weakness in M2, No. 209
- A Dynamic Model of Entry and Performance in the U.S. Banking Industry, No. 210
- Bank Efficiency Derived from a Profit Function, No. 211
- On the Ramifications of a Securities Transaction Tax for the Function and Efficiency of Capital Markets, No. 212
- The Influence of Risk-Adjusted Capital Regulations on Asset Allocation by Savings and Loans, No. 213
- Clearance and Settlement of Mortgage-Backed Securities Through the Participants Trust Company, No. 214
- Corporate Control, Portfolio Choice, and the Decline of Banking, No. 215
- Rational Addiction with Learning and Regret, No. 216
- Does Foreign Exchange Intervention Signal Future Monetary Policy?, 93-1
- Forecast-Heterogeneity in the Business Cycle: Small Deviations from Rationality, Large Dynamic Effects, 93-2
- Are Shocks to Labor Demand Transitory or Persistent? Evidence from Labor Flows and Wages, 93-3
- Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms, 93-4
- The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence, 93-5
- The Cyclical Behavior of Short Term Business Lending: Implications for Financial Propagation Mechanisms, 93-6
- Evidence on the Role of Cash Flow for Investment, 93-7
- Is There a Bank Credit Channel for Monetary Policy?, 93-8
- Line of Credit, Collateral, and Relationship Lending in Small Firm Finance, 93-9
- Financial Market Imperfections, Firm Leverage and the Cyclicality of Employment, 93-10
- Estimating the Linear-Quadratic Inventory Model: Maximum Likelihood versus Generalized Method of Moments, 93-11
- Optimal Durable and Nondurable Consumption with Transactions Costs, 93-12
- Utilizing Cross-Sectional Evidence in Modeling Aggregate Time Series: Consumer Durables with Fixed Costs of Adjustment, 93-13
- Random Coefficient Models: Theory and Applications, 93-14
- Optimal Consumption Dynamics with Non-Concave Habit Forming Utility, 93-15
- Monetary Policy and the Behavior of Long-Term Real Interest Rates, 93-16
- Inflation Persistence, 93-17
- Using Efficiency Measures to Distinguish Among Alternative Explanations of the Structure-Performance Relationship in Banking, 93-18
- On the Efficacy of a Portfolio Approach to Margin Setting in a Futures-Style Settlement System, 93-19
- Separating the Likelihood and Timing of Bank Failure, 93-20
- Fitting Both Data and Theories: Polynomial Adjustment Costs and Error-Correction Decision Rules, 93-21
- Interest Rate Policies for Price Stability, 93-22
- Stochastic Bubbles in Markov Economies, 93-23
- Identifying Monetary Policy with a Model of the Federal Funds Market, 93-24
- Exchange Rate Episodes and the Passthrough of Exchange Rates to Import Prices, 93-25
- Alternative Tests of Agency Theories of Callable Corporate Bonds, 93-26
- The Performance of S&P500 Futures Product Margins Under the SPAN Margining System, 93-27
- Joint Seasonal Adjustment of Economic Time Series, 93-28
- Some Evidence on Finite Sample Behavior of an Instrumental Variables Estimator of the Linear Quadratic Inventory Model, 93-29
- Do Consumers Pay for One-Stop Banking? Evidence From a Non-Standard Revenue Function, 93-30
- Some Monetary Policy Implications of Safety and Soundness Reforms, 93-31
- Techniques for Estimating Dynamic Comovement with an Application to Common International Output Fluctuations, 93-32
- High Real Interest Rates in the Aftermath of Disinflation: Actual or Expected?, 93-33
- Thrift Asset-Class Returns and the Efficient Diversification of Thrift Institution Portfolios, 93-34
- Asymmetric-Information and Principal-Agent Problems as Sources of Value in FSLIC-Assisted Acquisitions of Insolvent Thrifts, 93-35
- What Goes Up Must Come Down? Asymmetries and Persistence in Bank Deposit Interest Rates, 93-36
- When Are Thrift Institutions Closed? An Agency-Theoretic Model, 93-37
- An Efficiency Model of Deposit Pricing and Rate Rigidity, 93-38
- Bank Commercial Lending and the Influence of Thrift Competition, 93-39
- Selection in Failed Bank Auction Prices: An Econometric Model of FDIC Resolutions, 93-40
- Did Risk-Based Capital Allocate Bank Credit and Cause a Credit Crunch in the U.S.?, 93-41
- The Empirical Properties of a Monetary Aggregate that Adds Bond and Stock Funds to M2, 93-42
- Productivity Dynamics: U.S. Manufacturing Plants 1972-1986, 94-1
- The Relationship Between Capital and Earnings in Banking, 94-2
- Judging Instrument Relevance in Instrumental Variables Estimation, 94-3
- Debt Maturity Choice and Risk-free Assets" The "Clientele Effect" and the Commercial Paper Market, 94-4
- Capital Market Imperfections and the Incentive to Lease, 94-5
- Rents and Quasi-Rents in the Wage Structure: Evidence from Hostile Takeovers, 94-6
- Downsizing and Productivity Growth: Myth or Reality?, 94-7
- Taxation and Intergenerational Transfers with Family Size Heterogeneity: Do Parents with More Children Prefer Higher Taxes?, 94-8
- The Existence and Impact of Destabilizing Positive Feedback Traders: Evidence from the S&P500 Index Futures Market, 94-9
- Health Insurance and Precautionary Saving, 94-10
- A General Method of Deriving the Efficiencies of Banks from a Profit Function, 94-11
- The Effects of General Inflation and Idiosyncratic Cost Shocks on Within-Commodity Price Dispersion: Evidence from Microdata, 94-12
- Plant Shutdowns, Compositional Effects, and Procyclical Labor Productivity: The Stylized Facts for Auto Assembly Plants, 94-13
- Avoiding Runs in Money Market Mutual Funds: Have Regulatory Reforms Reduced the Potential for a Crash, 94-14
- Estimating the Interest Rate Sensitivity of Liquid Retail Deposit Values, 94-15
- How Long Do Junk Bonds Spend in Default?, 94-16
- An Overview of the Secondary Market for U.S. Treasury Securities in London and Tokyo, 94-17
- The Financial Accelerator and the Flight to Quality, 94-18
- Optimal Bank Portfolios and the Credit Crunch, 94-19
- The Information Content of Bank Examinations, 94-20
- Partial Market Value Accounting, Bank Capital Volatility, and Bank Risk, 94-21
- Is There a Pecking Order? Evidence from a Panel of IPO Firms, 94-22
- Bank Scale Economies, Mergers, Concentration, and Efficiency: The U.S. Experience, 94-23
- Leverage as a State Variable for Employment, Inventory Accumulation, and Fixed Investment, 94-24
- Optimal Reform Postponement, 94-25
- The Efficiency of Bank Branches, 94-26
- On Measuring Credit Risks of Derivative Instruments, 94-27
- Idiosyncratic Variation of Treasury Bill Yields, 94-28
- Thrift Stock Returns and Balance Sheet Interest Rate Sensitivity, 94-29
- Measuring Scale and Scope Economies in Banking Using the Localized Translog Functional Form, 94-30
- Making the Cobb-Douglas Functional Form an Efficient Nonparametric Estimator Through Localization, 94-31
- Optimal Disinflation Paths When Growth is Endogenous, 94-32
- An RBC Model with Growth: The Role of Human Capital, 94-33
- The Predictive Failure of the Baba, Hendry, and Starr Model of the Demand for M1 in the United States, 94-34
- International Patenting and Technology Diffusion, 94-35
- The Efficiency Cost of Market Power in the Banking Industry: A Test of the 'Quiet Life' and Related Hypotheses, 94-36
- Fitting the Term Structure of Interest Rates with Smoothing Splines, 95-1
- Research and Productivity Growth: Theory and Evidence from Patent Data, 95-2
- Public Policy Toward Pensions: Why Defined-Contribution Pensions Dominate Government-Insured Defined-Benefit Pensions, 95-3
- Unionization and Acquisitions, 95-4
- Households' Deposit Insurance Coverage: Evidence and Analysis of Potential Reforms, 95-5
- The International Transmission of Economic Fluctuations: Effects of U.S. Business Cycles on the Canadian Economy, 95-6
- Minimum Wage Effects on School and Work Transitions of Teenagers, 95-7
- Financial Intermediation and Monetary Policy in a General Equilibrium Banking Model, 95-8
- Trade in Ideas: Patenting and Productivity in the OECD, 95-9
- On the Concavity of the Consumption Function, 95-10
- The Use of Bank Trading Risk Models for Regulatory Capital Purposes, 95-11
- Factor Utilization and Margins for Adjusting Output: Evidence from Manufacturing Plants, 95-12
- Putting the Squeeze on a Market for Lemons: Government-Sponsored Mortgage Securitizations, 95-13
- A Review of the Recent Empirical Literature on Displaced Workers, 95-14
- Efficient Resolution of Moral Hazard Under No Arbitrage: Risk Premium, Volatility and Leverage, 95-15
- Debtholders' Option to Walk Out of a Bankruptcy Process, Degree of Diversification and Multi-tier Capital Structure, 95-16
- Comparing Four Models of Aggregate Fluctuations Due to Self-Fulfilling Expectations, 95-17
- Charter Value, Minimum Bank Capital Requirement and Deposit Insurance Pricing in Equilibrium, 95-18
- Asset Pricing in an Incomplete Market with a Locally Risky Discount Factor, 95-19
- Bank Capitalization, Regulation, and the Credit Crunch: A Critical Review of the Research Findings, 95-20
- Universal Banking and the Future of Small Business Lending, 95-21
- The Coexistence of Multiple Distribution Systems for Financial Services: The Case of Property-Liability Insurance, 95-22
- The Role of Capital in Financial Institutions, 95-23
- Techniques for Verifying the Accuracy of Risk Measurement Models, 95-24
- Branch Banking and the Geography of Bank Pricing, 95-25
- Noise Traders, Excess Volatility, and a Securities Transactions Tax, 95-26
- The Role of Principal-Agent Conflicts in the 1980s Thrift Crisis, 95-27
- Credit Rating Enhancement Norms and Ratings-Based Bank Capital and Deposit Insurance Premium, 95-28
- Determinants of U.S. Commercial Bank Performance: Regulatory and Econometric Issues, 95-29
- The Limits to "Growing an Economy", 95-30
- Taxes, Capital Gains Realizations, and Revenues: A Critical Review and Some New Results, 95-31
- Are U.S. Investment and Capital Stocks at Optimal Levels, 95-32
- The Comovement of Output and Labor Productivity in Aggregate Data for Auto Assembly Plants, 95-33
- Labor Supply and the Tax Reform Act of 1986: Evidence from Panel Data, 95-34
- Engines of Growth: Domestic and Foreign Sources of Innovation, 95-35
- A Pre-Commitment Approach to Capital Requirements for Market Risk, 95-36
- An Analysis of Time-Series Estimates of Capacity Utilization, 95-37
- Controlling Information Premia By Repackaging Asset Backed Securities, 95-38
- Too Much of a Good Thing? The Economics of Investment in R&D, 95-39
- The Equilibrium Fed Funds Rate and the Indicator Properties of Term-Structure Spreads, 95-40
- Saving and Permanent Income: Evidence from the 1992 SCF, 95-41
- Saving and Growth with Habit Formation, 95-42
- The Cyclical Sensitivity of Seasonality in U.S. Employment, 95-43
- Balanced-Budget Rules, Distortionary Taxes, and Aggregate Instability, 95-44
- Inflation, Nominal Wage Rigidity, and the Efficiency of Labor Markets, 95-45
- Product Innovation and the Business Cycle, 95-46
- R&D, Investment and Industry Dynamics, 95-47
- The Role of Profits in Wage Determination: Evidence from US Manufacturing, 95-48
- International Trade and the Accumulation of Human Capital, 95-49
- On the Credit Risk of OTC Derivative Users, 95-50
- Recent Developments in Bank Capital Regulation of Market Risks, 95-51
- Will Bank Proprietary Mutual Funds Survive? Assessing Their Viability via Scope and Scale Estimates, 95-52
- Reconciling the Evidence on Employment Effects of Minimum Wages: A Review of Our Research Findings, 95-53
- Saving and Financial Planning: Some Findings from a Focus Group, 1996-001
- Measurement Error and Time Aggregation: A Closer Look at Estimates of Output-Labor Elasticities, 1996-002
- Stock Market Fluctuations and the Term Structure, 1996-003
- Forecasting Long- and Short-Horizon Stock Returns in a Unified Framework, 1996-004
- Learning by Doing and the Value of Experimentation, 1996-005
- The Effect of Changes in Ownership Structure on Performance: Evidence from the Thrift Industry, 1996-006
- A Minor Redefinition of M2, 1996-007
- Why Are Estimates of Agricultural Supply Response so Variable?, 1996-008
- Bubbles as Payoffs at Infinity, 1996-009
- Labor Productivity: Structural Change and Cyclical Dynamics, 1996-010
- Regulatory Competition and the Efficiency of Alternative Derivative Product Margining Systems, 1996-011
- The Impact of Capital-Based Regulation on Bank Risk-Taking: A Dynamic Model, 1996-012
- Do Low Human Capital Coefficients Make Sense? A Puzzle and Some Answers, 1996-013
- Solving an Empirical Puzzle in the Capital Asset Pricing Model, 1996-014
- Commercial Banks and Real Estate Lending: The Texas Experience, 1996-015
- Inflation and Financial Sector Size, 1996-016
- Around and Around: The Expectations Hypothesis, 1996-017
- Household Saving and Portfolio Change: Evidence from the 1983-89 SCF Panel, 1996-018
- Inflation, Volatility, and Growth, 1996-019
- Treasury Yields and Corporate Bond Yield Spreads: An Empirical Analysis, 1996-020
- Compensation Incentives and Risk Taking Behavior: Evidence from Mutual Funds, 1996-021
- Changes in REIT Liquidity 1990-94: Evidence from Intra-Day Transactions, 1996-022
- Endogenous Price Stickiness and Business Cycle Persistence, 1996-023
- The Opportunistic Approach to Disinflation, 1996-024
- Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization in Private Debt Contracting, 1996-025
- A Comparison of the Household Sector from the Flow of Funds Accounts and the Survey of Consumer Finances, 1996-026
- The Effect of Interest-Rate Changes on Household Saving and Consumption: A Survey, 1996-027
- Minimum Wage Effects of Employment and School Enrollment: Reply to Evans and Turner, 1996-028
- Estimating the Price of Default Risk, 1996-029
- Is "Learning-by-Exporting" Important? Micro-Dynamic Evidence from Colombia, Mexico, and Morocco, 1996-030
- Tax Exhaustion, Firm Investment, and Leasing: A Test of the Q Model of Investment, 1996-031
- Taxation of Labor Income and the Demand for Risky Assets, 1996-032
- The Lead of Output over Inflation in Sticky Price Models, 1996-033
- Initial Public Offerings in Hot and Cold Markets, 1996-034
- Vehicle Ownership, Vehicle Acquisitions, and the Growth of Auto Leasing: Evidence from Consumer Surveys, 1996-035
- Debt Maturity and the Use of Interest Rate Derivatives by Nonfinancial Firms, 1996-036
- Generalized Spectral Estimation, 1996-037
- What's Good for GM...? Using Auto Industry Stock Returns to Forecast Business Cycles and Test the Q-Theory of Investment, 1996-038
- Long-Horizon Exchange Rate Predictability?, 1996-039
- Motor Vehicle Stocks, Scrappage, and Sales, 1996-040
- Forecasting the Forecasts of Others: Expectational Heterogeneity and Aggregate Dynamics, 1996-041
- A Guide to FRB/US: A Macroeconomic Model of the United States, 1996-042
- Investment and Union Certification, 1996-043
- The Effect of Deficit-Reduction Laws on Real Interest Rates, 1996-044
- Recent Developments in Bootstrapping Time Series, 1996-045
- Evidence on the Link Between Firm-Level and Aggregate Inventory Behavior, 1996-046
- Moving Endpoints and the Internal Consistency of Agents' Ex Ante Forecasts, 1996-047
- The Endogeneity of Employment Adjustment Costs: The Tradeoff Between Efficiency and Flexibility, 1996-048
- Off-Farm Labor Supply and Fertilizer Use, 1996-049
- Smart Systems and Simple Agents: Industry Pricing by Parallel Rules, 1996-050
- Movements of Wages over the Business Cycle: An Intra-Firm View, 1997-001
- The Role of Race in Mortgage Lending: Revisiting the Boston Fed Study, 1997-002
- Estimating Dynamic Panel Data Models: A Practical Guide for Macroeconomists, 1997-003
- Information Sharing and Competition in the Motor Vehicle Industry, 1997-004
- Computationally Convenient Distributional Assumptions for Common Value Auctions, 1997-005
- Earnings Forecasts and the Predictability of Stock Returns: Evidence from Trading the S&P, 1997-006
- The Community Reinvestment Act and the Profitability of Mortgage-Oriented Banks, 1997-007
- Problem Loans and Cost Efficiency in Commercial Banks, 1997-008
- The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function, 1997-009
- Inside the Black Box: What Explains Differences in the Efficiencies of Financial Institutions?, 1997-010
- Efficiency of Financial Institutions: International Survey and Directions for Future Research, 1997-011
- Measuring the Social Return to R&D, 1997-012
- Credit Derivatives in Banking: Useful Tools for Managing Risk?, 1997-013
- The Pre-Commitment Approach: Using Incentives to Set Market Risk Capital Requirements, 1997-014
- A Jump-Diffusion Approach to Modeling Credit Risk and Valuing Defaultable Securities, 1997-015
- Path-Dependent Option Valuation When the Underlying Path Is Discontinuous, 1997-016
- Price Level Determinacy and Monetary Policy under a Balanced Budget Requirement, 1997-017
- Three Sources of Increasing Returns to Scale, 1997-018
- The Effect of Automated Underwriting on the Profitability of Mortgage Securitization, 1997-019
- Extracting Information from Trading Volume, 1997-020
- home' Base and Monetary Base Rules: Elementary Evidence from the 1980s and 1990s, 1997-021
- Margin Requirements, Volatility, and Market Integrity: What Have We Learned Since the Crash?, 1997-022
- Dynamic Equilibrium Economies: A Framework for Comparing Models and Data, 1997-023
- Efficiency Wages, Nominal Rigidities, and the Cyclical Behavior of Real Wages and Marginal Cost, 1997-024
- Small Business Lending by Banks Involved in Mergers, 1997-025
- Nonparametric Density Estimation and Tests of Continuous Time Interest Rate Models, 1997-026
- Default Correlation: An Analytical Result, 1997-027
- The Effects of Bank Mergers and Acquisitions on Small Business Lending, 1997-028
- The Evolution of Macro Models at the Federal Reserve Board, 1997-029
- Declining Required Reserves and the Volatility of the Federal Funds Rate, 1997-030
- Asymmetric Adjustments of Price and Output, 1997-031
- Social Security Privatization: What It Can and Cannot Accomplish, 1997-032
- Premiums in Private versus Public Bank Branch Sales, 1997-033
- Racial Differences in Short-Run Earnings Stability and Implications for Credit Markets, 1997-034
- Who Uses Electronic Banking? Results from the 1995 Survey of Consumer Finances, 1997-035
- A Quantitative Exploration of the Opportunistic Approach to Disinflation, 1997-036
- Risk, Entrepreneurship, and Human Capital Accumulation, 1997-037
- The Effects of Interest Rates and Taxes on New Car Prices, 1997-038
- Internal Capital Markets and Investment: Do the Cash Flow Constraints Really Bind?, 1997-039
- Analyzing Alternative Intraday Credit Policies in Real-Time Gross Settlement Systems, 1997-040
- Trading Volume and Information Distribution in a Market-Clearing Framework, 1997-041
- Expectations, Learning and the Costs of Disinflation: Experiments Using the FRB/US Model, 1997-042
- The GMM Parameter Normalization Puzzle, 1997-043
- The Effects of Two-Year College on the Labor Market and Schooling Experiences of Young Men, 1997-044
- The Supply of Skilled Labor and Skill-Biased Technological Progress, 1997-045
- Staggered Price Setting and Real Rigidities, 1997-046
- Restraining the Leviathan: Property Tax Limitation in Massachusetts, 1997-047
- The Sources of Worker Anxiety: Evidence from the Michigan Survey, 1997-048
- Misspecification Versus Bubbles in Hyperinflation Data: Monte Carlo and Interwar European Evidence, 1997-049
- Consistency Conditions for Regulatory Analysis of Financial Institutions: A Comparison of Frontier Efficiency Methods, 1997-050
- Wage Curve vs. Phillips Curve: Are There Macroeconomic Implications?, 1997-051
- Market Definition and the Analysis of Antitrust in Banking, 1997-052
- Inflation, Taxes, and the Durability of Capital, 1997-053
- Unemployment and the Durational Structure of Exit Rates, 1997-054
- Pensions, Social Security, and the Distribution of Wealth, 1997-055
- Exploring the Robustness of the Oil Price-Macroeconomy Relationship, 1997-056
- The Wage Curve and the Phillips Curve, 1997-057
- The Subsidy Provided by the Federal Safety Net: Theory, Measurement, and Containment, 1997-058
- Interest Rates and M2 in an Error-Correction Macro Model, 1997-059
- Opportunistic and Deliberate Disinflation under Imperfect Credibility, 1998-001
- Monetary Policy in a Stochastic Equilibrium Model with Real and Nominal Rigidities, 1998-002
- Monetary Policy Rules Based on Real-Time Data, 1998-003
- Good News and Bad News About Share Repurchases, 1998-004
- Cleaning up the Errors in the Monthly "Employment Situation" Report: A Multivariate State-Space Approach, 1998-005
- Pricing the Strategic Value of Poison Put Bonds, 1998-006
- Bankruptcy Exemptions and the Market for Mortgage Loans, 1998-007
- A Discrete Model of Discriminatory Price Auctions--An Alternative to Menezes-Monteiro, 1998-008
- Government Debt, 1998-009
- Deposit Insurance, Bank Incentives, and the Design of Regulatory Policy, 1998-010
- The Auctions of Swiss Government Bonds: Should the Treasury Price Discriminate or Not?, 1998-011
- The Effects of Social Security Privatization on Household Saving: Evidence from the Chilean Experience, 1998-012
- Who Holds Cash? and Why?, 1998-013
- Divestiture as an Antitrust Remedy in Bank Mergers, 1998-014
- The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle, 1998-015
- Part-Time Work and Industry Growth, 1998-016
- Does the Fed Act Gradually? A VAR Analysis, 1998-017
- A Generalization of Generalized Beta Distributions, 1998-018
- Endogenous Business Cycles and the Dynamics of Output, Hours, and Consumption, 1998-019
- Stock Market Wealth and Consumer Spending, 1998-020
- A Note on Nominal Wage Rigidity and Real Wage Cyclicality, 1998-021
- Monetary Policy and Uncertainty About the Natural Unemployment Rate, 1998-022
- Equilibrium Price with Institutional Investors and with Naive Traders, 1998-023
- The Effect of Stock Prices on the Demand for Money Market Mutual Funds, 1998-024
- Is Mortgage Lending by Savings Associations Special?, 1998-025
- P* Revisited: Money-Based Inflation Forecasts with a Changing Equilibrium Velocity, 1998-026
- Monetary Policy under Neoclassical and New-Keynesian Phillips Curves, with an Application to Price Level and Inflation Targeting, 1998-027
- The Multiple Unit Auction with Variable Supply, 1998-028
- Monetary Policy and Multiple Equilibria, 1998-029
- Putty-Clay and Investment: A Business Cycle Analysis, 1998-030
- Interbank Payments and the Daily Federal Funds Rate, 1998-031
- Comparing Market and Supervisory Assessments of Bank Performance: Who Knows What When?, 1998-032
- Dealer Polling in the Presence of Possibly Noisy Reporting, 1998-033
- Uncertainty, Learning, and Gradual Monetary Policy, 1998-034
- Price Stability and Monetary Policy Effectiveness When Nominal Interest Rates Are Bounded at Zero, 1998-035
- Certainty Equivalence and the Non-Vertical Long Run Phillips Curve, 1998-036
- Rational Error Correction, 1998-037
- Adjustment Costs of Investment in General Equilibrium: Analytic Results, 1998-038
- Consumption and Asset Prices with Recursive Preferences, 1998-040
- Currency Ratios and U.S. Underground Economic Activity, 1998-041
- Bubbles or Noise? Reconciling the Results of Broad-Dividend Variance-Bounds Tests, 1998-042
- Inflation Expectations and the Transmission of Monetary Policy, 1998-043
- Investment, Capacity, and Output: A Putty-Clay Approach, 1998-044
- Robustness of Simple Monetary Policy Rules under Model Uncertainty, 1998-045
- The Consolidation of the Financial Services Industry: Causes, Consequences, and Implications for the Future, 1998-046
- A Comparative Anatomy of Credit Risk Models, 1998-047
- Unemployment Risk, Precautionary Saving, and Durable Goods Purchase Decisions, 1998-049
- Monetary Policy Evaluation with Noisy Information, 1998-050
- Bank Risk Rating of Business Loans, 1998-051
- Asset Pooling, Credit Rationing, and Growth, 1998-052
- Partial Adjustment and Staggered Price Setting, 1999-001
- Models of Sectoral Reallocation, 1999-003
- On the Finite-Sample Accuracy of Nonparametric Resampling Algorithms for Economic Time Series, 1999-004
- Workers' Knowledge of Their Pension Coverage: A Reevaluation, 1999-005
- Evidence of Excess Returns on Firms That Issue or Repurchase Equity, 1999-006
- Why Does the Change in Shares Predict Stock Returns, 1999-007
- The Aggregate Change in Shares and the Level of Stock Prices, 1999-008
- Asymmetric Information in the Labor Market: New Evidence on Layoffs, Recalls, and Unemployment, 1999-009
- Simplicity Versus Optimality: The Choice of Monetary Policy Rules When Agents Must Learn, 1999-010
- Evaluating the Forecasts of Risk Models, 1999-011
- Simple Rules for Monetary Policy, 1999-012
- What Explains the Dramatic Changes in Cost and Profit Performance of the U.S. Banking Industry?, 1999-013
- Short Rate Expectations, Term Premiums, and Central Bank Use of Derivatives to Reduce Policy Uncertainty, 1999-014
- Unemployment Risk and Precautionary Wealth: Evidence from Households' Balance Sheets, 1999-015
- Net Migration and State Labor Market Dynamics, 1999-016
- The Measurement of Consumer Expectations Using Survey Data, 1999-017
- The Geography of Medicare, 1999-018
- Health Care Costs, Wages, and Aging, 1999-019
- Demographics and Medical Care Spending: Standard and Non-Standard Effects, 1999-020
- Tax Incentives, Material Inputs, and the Supply Curve for Capital Equipment, 1999-021
- Wage Rigidity: A Look Inside the Firm, 1999-022
- Corporate Payout Policy and Managerial Stock Incentives, 1999-023
- Consumption Smoothing Among Working-Class American Families Before Social Insurance, 1999-024
- Competition, Small Business Financing, and Discrimination: Evidence from a New Survey, 1999-025
- An Analysis of Government Spending in the Frequency Domain, 1999-026
- Investment Behavior, Observable Expectations, and Internal Funds, 1999-027
- Why Are Bank Profits so Persistent? The Roles of Product Market Competition, Informational Opacity, and Regional/Macroeconomic Shocks, 1999-028
- A Coherent Framework for Stress-Testing, 1999-029
- Intra-Household Allocation and the Mental Health of Children: Structural Estimation Analysis, 1999-030
- Downward Nominal Wage Rigidity: Evidence from the Employment Cost Index, 1999-031
- Recent Trends in Compensation Practices, 1999-032
- Pricing Systemic Crises: Monetary and Fiscal Policy When Savers Are Uncertain, 1999-033
- The Banking Industry and the Safety Net Subsidy, 1999-034
- Finance and Growth: Theory and New Evidence, 1999-035
- Computers and Growth with Costs of Adjustment: Will the Future Look Like the Past?, 1999-036
- Monitoring, Moral Hazard, and Market Power: A Model of Bank Lending, 1999-037
- The Reliability of Output Gap Estimates in Real Time, 1999-038
- Interest-Rate Smoothing and Optimal Monetary Policy: A Review of Recent Empirical Evidence, 1999-039
- Conglomeration Versus Strategic Focus: Evidence from the Insurance Industry, 1999-040
- The Dynamics of Market Entry: The Effects of Mergers and Acquisitions on De Novo Entry and Small Business Lending in the Banking Industry, 1999-041
- Optimal Discretion, 1999-042
- Oil and the Macroeconomy Revisited, 1999-043
- Three Lessons for Monetary Policy in a Low Inflation Era, 1999-044
- Errors in the Measurement of the Output Gap and the Design of Monetary Policy, 1999-045
- Minimum Wage Careers?, 1999-046
- Option Prices with Uncertain Fundamentals Theory and Evidence on the Dynamics of Implied Volatilities, 1999-047
- Monetary Policy, Parameter Uncertainty and Optimal Learning, 1999-048
- What's Happened to the Phillips Curve?, 1999-049
- Do Noisy Data Exacerbate Cyclical Volatility?, 1999-050
- Measuring the Cyclicality of Real Wages: How Important Is Aggregation Across Industries?, 1999-052
- The Causes of Business Cycles and the Cyclicality of Real Wages, 1999-053
- Measurement Error in General Equilibrium: The Aggregate Effects of Noisy Economic Indicators, 1999-054
- Tests for Non-Linear Dynamics in Systems of Non-Stationary Economic Time Series: The Case of Short-Term U.S. Interest Rates, 1999-055
- Is Hysteresis Important for U.S. Unemployment?, 1999-056
- Measuring Temporary Labor Outsourcing in U.S. Manufacturing, 1999-057
- The Evolution of the Demand for Temporary Help Supply Employment in the United States, 1999-058
- Share Repurchases and Employee Stock Options and Their Implications for S&P 500 Share Retirements and Expected Returns, 1999-059
- Consumer Sentiment and the Stock Market, 1999-060
- Do Pension Plans with Participant Investment Choice Teach Households to Hold More Equity?, 1999-061
- The Automatic Stabilizers: Quietly Doing Their Thing, 1999-064
- Are Oil Shocks Inflationary? Asymmetric and Nonlinear Specifications versus Changes in Regime, 1999-065
- Temporary Employment and the Natural Rate of Unemployment, 1999-066
- Efficient Monetary Policy Design Near Price Stability, 1999-067
- Inflation Targeting and Target Instability, 2000-001
- Real Wage Dynamics and the Phillips Curve, 2000-002
- On Identification of Continuous Time Stochastic Processes, 2000-007
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