Finance and Economics Discussion Series
		2004 FEDS papers FEDS ordering information

2004-70 (December)
The Magnitude and Cyclical Behavior of Financial Market Frictions
Andrew T. Levin, Fabio M. Natalucci, and Egon Zakrajsek
Abstract | Full paper (387 KB PDF)

2004-69 (December)
Alternative Estimates of the Presidential Premium
Sean D. Campbell and Canlin Li
Abstract | Full paper (417 KB PDF)

2004-68 (December)
The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time
Athanasios Orphanides and Simon van Norden
Abstract | Full paper (238 KB PDF)

2004-67 (December)
Learning Dynamics with Private and Public Signals
Adam Copeland
Abstract | Full paper (196 KB PDF)

2004-66 (November)
Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements
Refet Gurkaynak, Brian Sack, Eric Swanson
Abstract | Full paper (613 KB PDF)

2004-65 (November)
Measuring Capital and Technology: An Expanded Framework
Carol Corrado, Charles Hulten, and Daniel Sichel
Abstract | Full paper (316 KB PDF)

2004-64 (October)
Reading the Minds of Investors: An Empirical Term Structure Model for Policy Analysis
Jim Clouse
Abstract | Full paper (982 KB PDF)

2004-63 (October)
Housing, Consumption, and Credit Constraints
Andreas Lehnert
Abstract | Full paper (236 KB PDF)

2004-62 (October)
Monetary Policy and Inflation Dynamics
John M. Roberts
Abstract | Full paper (391 KB PDF)

2004-61 (October)
The Liquidity Effect in the Federal Funds Market: Evidence from Daily Open Market Operations
Seth Carpenter and Selva Demiralp
Abstract | Full paper (212 KB PDF)

2004-60 (October)
Debt Maturity, Risk, and Asymmetric Information
Allen N. Berger, Marco A. Espinosa-Vega, W. Scott Frame, and Nathan H. Miller
Abstract | Full paper (474 KB PDF)

2004-59 (October)
Workweek Flexibility and Hours Variation
Andrew Figura
Abstract | Full paper (437 KB PDF)

2004-58 (October)
Diverging Measures of Capacity Utilization: An Explanation
Norman Morin and John J. Stevens
Abstract | Full paper (227 KB PDF)

2004-57 (October)
Quantitative Monetary Easing and Risk in Financial Asset Markets
Takeshi Kimura and David Small
Abstract | Full paper (1063 KB PDF)

2004-56 (October)
Dynamic Estimation of Volatility Risk Premia and Investor Risk Aversion from Option-Implied and Realized Volatilities
Tim Bollerslev, Michael Gibson, and Hao Zhou
Abstract | Full paper (392 KB PDF)

2004-55 (October)
A Consistent Accounting of U.S. Productivity Growth
Eric J. Bartelsman and J. Joseph Beaulieu
Abstract | Full paper (375 KB PDF)

2004-54 (October)
Integrated Macroeconomic Accounts for the United States: Draft SNA-USA
Rochelle Antoniewicz, Susan Hume McIntosh, Charles Ian Mead, Karin Moses, Brent Moulton, Michael Palumbo, Genevieve Solomon, and Albert M. Teplin
Abstract | Full paper (359 KB PDF)

2004-53 (October)
Market Discipline in Banking Reconsidered: The Roles of Funding Manager Decisions and Deposit Insurance Reform
Daniel M. Covitz, Diana Hancock, and Myron L. Kwast
Abstract | Full paper (645 KB PDF)

2004-52 (September)
Macroeconomic Volatility, Predictability and Uncertainty in the Great Moderation: Evidence from the Survey of Professional Forecasters
Sean D. Campbell
Abstract | Full paper (656 KB PDF)

2004-51 (September)
Consumer Sentiment, the Economy, and the News Media
Mark Doms and Norman Morin
Abstract | Full paper (1171 KB PDF)

2004-50 (September)
The Long-Run Relationship between House Prices and Rents
Joshua Gallin
Abstract | Full paper (317 KB PDF)

2004-49 (September)
Estimating Capacity Utilization from Survey Data
Norman Morin and John Stevens
Abstract | Full paper (322 KB PDF)

2004-48 (September)
Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment
Ben S. Bernanke, Vincent R. Reinhart, and Brian P. Sack
Abstract | Full paper (586 KB PDF)

2004-47 (September)
Convenience or Necessity? Understanding the Recent Rise in Credit Card Debt
Kathleen W. Johnson
Abstract | Full paper (456 KB PDF)

2004-46 (August)
Competition, Product Differentiation and Quality Provision: An Empirical Equilibrium Analysis of Bank Branching Decisions
Andrew Cohen and Michael J. Mazzeo
Abstract | Full paper (395 KB PDF)

2004-45 (August)
Expectation Traps in a New Keynesian Open Economy Model
David M. Arseneau
Abstract | Full paper (878 KB PDF)

2004-44 (August)
Monetary Policy and the Information Content of the Yield Spread
Michael Feroli
Abstract | Full paper (318 KB PDF)

2004-43 (August)
Is Moderate-To-High Inflation Inherently Unstable?
Michael T. Kiley
Abstract | Full paper (621 KB PDF)

2004-42 (August)
Do Liquidity Constraints Matter for New Entrepreneurs?
Kevin Moore
Abstract | Full paper (249 KB PDF)

2004-41 (August)
Limited Network Connections and the Distribution of Wages
Kenneth J. Arrow and Ron Borzekowski
Abstract | Full paper (189 KB PDF)

2004-40 (August)
The Scope of Monetary Policy Actions Authorized under the Federal Reserve Act
David H. Small and James A. Clouse
Abstract | Full paper (221 KB PDF)

2004-39 (August)
Integrating Expenditure and Income Data: What To Do With the Statistical Discrepancy?
J. Joseph Beaulieu and Eric J. Bartelsman
Abstract | Full paper (734 KB PDF)

2004-38 (June)
Multimarket Bank Pricing: An Empirical Investigation of Deposit Interest Rates
Timothy H. Hannan and Robin A. Prager
Abstract | Full paper (135 KB PDF)

2004-37 (June)
The Price and Quantity of Residential Land in the United States
Morris A. Davis and Jonathan Heathcote
Abstract | Full paper (425 KB PDF)

2004-36 (June)
Understanding the Risk of Synthetic CDOs
Michael S. Gibson
Abstract | Full paper (168 KB PDF)

2004-35 (June)
Transparency and Monetary Policy: What Does the Academic Literature Tell Policymakers?
Seth B. Carpenter
Abstract | Full paper (213 KB PDF)

2004-34 (June )
Employer-to-Employer Flows in the U.S. Labor Market: The Complete Picture of Gross Worker Flows
Bruce Fallick and Charles A. Fleischman
Abstract | Full paper (326 KB PDF) | Data - Excel file (48 KB XLS) | Data - Screen reader

2004-33 (June)
To Leave or Not to Leave: The Distribution of Bequest Motives
Wojciech Kopczuk and Joseph P. Lupton
Abstract | Full paper (421 KB PDF)

2004-32 (June)
The Decline in Household Saving and the Wealth Effect
F. Thomas Juster, Joseph P. Lupton, James P. Smith, and Frank Stafford
Abstract | Full paper (193 KB PDF)

2004-31 (May)
How Fast Do Personal Computers Depreciate? Concepts and New Estimates
Mark E. Doms, Wendy E. Dunn, Stephen D. Oliner, and Daniel E. Sichel
Abstract | Full paper (421 KB PDF)

2004-30 (May)
Technology, Capital Spending, and Capacity Utilization
Cynthia Bansak, Norman Morin, and Martha Starr
Abstract | Full paper (674 KB PDF)

2004-29 (May)
Overnight Interbank Loan Markets
Selva Demiralp, Brian Preslopsky, and William Whitesell
Abstract | Full paper (433 KB PDF)

2004-28 (May)
Fresh Start or Head Start? The Effect of Filing for Personal Bankruptcy on the Labor Supply
Song Han and Wenli Li
Abstract | Full paper (277 KB PDF)

2004-27 (May)
Loan Commitments and Private Firms
Sumit Agarwal, Souphala Chomsisengphet, and John C. Driscoll
Abstract | Full paper (441 KB PDF)

2004-26 (May)
Cross-Border Diversification in Bank Asset Portfolios
Claudia M. Buch, John C. Driscoll, and Charlotte Ostergaard
Abstract | Full paper (321 KB PDF)

2004-25 (May)
Optimal Inflation in an Open Economy with Imperfect Competition
David M. Arseneau
Abstract | Full paper (999 KB PDF)

2004-24 (May)
Commercial Lending and Distance: Evidence from Community Reinvestment Act Data
Kenneth P. Brevoort and Timothy H. Hannan
Abstract | Full paper (175 KB PDF)

2004-23 (May)
401(k) Matching Contributions in Company Stock: Costs and Benefits for Firms and Workers
Jeffrey R. Brown, Nellie Liang, and Scott Weisbenner
Abstract | Full paper (1627 KB PDF)

2004-22 (April)
The Geography of Stock Market Participation: The Influence of Communities and Local Firms
Jeffrey R. Brown, Zoran Ivkovic, Paul A. Smith, and Scott Weisbenner
Abstract | Full paper (295 KB PDF)

2004-21 (April)
Learning and Shifts in Long-Run Productivity Growth
Rochelle M. Edge, Thomas Laubach, and John C. Williams
Abstract | Full paper (204 KB PDF)

2004-20 (April)
Uncertainty and Investment: An Empirical Investigation Using Data on Analysts' Profits Forecasts
Stephen R. Bond and Jason G. Cummins
Abstract | Full paper (536 KB PDF)

2004-19 (April)
What Does the Yield on Subordinated Bank Debt Measure?
Urs W. Birchler and Diana Hancock
Abstract | Full paper (1312 KB PDF)

2004-18 (April)
The Term Structure of Commercial Paper Rates
Chris Downing and Stephen Oliner
Abstract | Full paper (391 KB PDF)

2004-17 (April)
A New Approach to the Valuation of Intangible Capital
Jason G. Cummins
Abstract | Full paper (345 KB PDF)

2004-16 (April)
What Explains the Stock Market's Reaction to Federal Reserve Policy?
Ben S. Bernanke and Kenneth N. Kuttner
Abstract | Full paper (299 KB PDF)

2004-15 (April)
Medicaid's Nursing Home Coverage and Asset Transfers
William F. Bassett
Abstract | Full paper (2085 KB PDF)

2004-14 (March )
The Effects of Technology on the Age Distribution of Health Spending: A Cross-Country Perspective
Louise Sheiner
Abstract | Full paper (215 KB PDF)

2004-13 (March)
Will the Proposed Application of Basel II in the United States Encourage Increased Bank Merger Activity? Evidence from Past Merger Activity
Timothy H. Hannan and Steven J. Pilloff
Abstract | Full paper (247 KB PDF)

2004-12 (March)
Potential Competitive Effects of Basel II on Banks in SME Credit Markets in the United States
Allen N. Berger
Abstract | Full paper (1035 KB PDF)

2004-11 (February)
Housing and the Business Cycle
Morris Davis and Jonathan Heathcote
Abstract | Full paper (566 KB PDF)

2004-10 (February)
Identifying Price Discrimination when Product Menus are Endogenous
Andrew Cohen
Abstract | Full paper (526 KB PDF)

2004-9 (February)
Testing for Adverse Selection and Moral Hazard in Consumer Loan Markets
Wendy Edelberg
Abstract | Full paper (674 KB PDF)

2004-8 (February)
Valuation, Investment and the Pure Profit Share
Pierre Lafourcade
Abstract | Full paper (370 KB PDF)

2004-7 (February)
Modeling the Whole Firm: The Effect of Multiple Inputs and Financial Intermediation on Bank Deposit Rates
Elizabeth K. Kiser
Abstract | Full paper (723 KB PDF)

2004-6 (February)
Federal Reserve Transparency and Financial Market Forecasts of Short-Term Interest Rates
Eric T. Swanson
Abstract | Full paper (252 KB PDF)

2004-5 (February)
The Effects of the 1986 and 1993 Tax Reforms on Self-Employment
Kevin Moore
Abstract | Full paper (512 KB PDF)

2004-4 (February)
Market Structure and Competition Among Retail Depository Institutions
Andew Cohen and Michael Mazzeo
Abstract | Full paper (661 KB PDF)

2004-3 (January)
Measuring the Effects of Monetary Policy: A Factor-Augmented Vector Autoregressive (FAVAR) Approach
Ben S. Bernanke, Jean Boivin, and Piotr Eliasz
Abstract | Full paper (376 KB PDF)

2004-2 (January)
Market Structure and Market Definition: The Case of Small Market Banks and Thrifts
Andrew Cohen
Abstract | Full paper (271 KB PDF)

2004-1 (January)
Monetary Policy in Deflation: The Liquidity Trap in History and Practice
Athanasios Orphanides
Abstract | Full paper (243 KB PDF)