Finance and Economics Discussion Series
2012 FEDS Papers 
2012-86 (April 2013)
Real-Time Properties of the Federal Reserve's Output Gap
Rochelle M. Edge and Jeremy B. Rudd
Abstract | Full paper (82 KB PDF) | Full paper (Screen Reader Version)
Real-Time Properties of the Federal Reserve's Output Gap
Rochelle M. Edge and Jeremy B. Rudd
Abstract | Full paper (82 KB PDF) | Full paper (Screen Reader Version)
2012-85 (April 2013)
The Federal Reserve's Large-Scale Asset Purchase Programs: Rationale and Effects
Stefania D'Amico, William English, David Lopez-Salido, and Edward Nelson
Abstract | Full paper (589 KB PDF) | Full paper (Screen Reader Version)
The Federal Reserve's Large-Scale Asset Purchase Programs: Rationale and Effects
Stefania D'Amico, William English, David Lopez-Salido, and Edward Nelson
Abstract | Full paper (589 KB PDF) | Full paper (Screen Reader Version)
2012-84 (February 2013)
Estimates of the Size and Source of Price Declines Due to Nearby Foreclosures
Elliot Anenberg and Edward Kung
Abstract | Full paper (307 KB PDF) | Full paper (Screen Reader Version)
Estimates of the Size and Source of Price Declines Due to Nearby Foreclosures
Elliot Anenberg and Edward Kung
Abstract | Full paper (307 KB PDF) | Full paper (Screen Reader Version)
2012-83 (March 2013)
The Empirical Implications of the Interest-Rate Lower Bound
Christopher Gust, David Lopez-Salido, and Matthew E. Smith
Abstract | Full paper (855 KB PDF)
The Empirical Implications of the Interest-Rate Lower Bound
Christopher Gust, David Lopez-Salido, and Matthew E. Smith
Abstract | Full paper (855 KB PDF)
2012-82 (April 2013)
Financial Stress and Economic Dynamics: the transmission of crises
Kirstin Hubrich and Robert J. Tetlow
Abstract | Full paper (548 KB PDF) | Full paper (Screen Reader Version)
Financial Stress and Economic Dynamics: the transmission of crises
Kirstin Hubrich and Robert J. Tetlow
Abstract | Full paper (548 KB PDF) | Full paper (Screen Reader Version)
2012-81 (November)
The Integrated Macroeconomic Accounts of the United States
Marco Cagetti, Elizabeth Ball Holmquist, Lisa Lynn, Susan Hume McIntosh, and David Wasshausen
Abstract | Full paper (1 MB PDF)
The Integrated Macroeconomic Accounts of the United States
Marco Cagetti, Elizabeth Ball Holmquist, Lisa Lynn, Susan Hume McIntosh, and David Wasshausen
Abstract | Full paper (1 MB PDF)
2012-80 (February 2013)
Fiscal consolidation using the example of Germany
Tobias Cwik
Abstract | Full paper (369 KB PDF) | Full paper (Screen Reader Version)
Fiscal consolidation using the example of Germany
Tobias Cwik
Abstract | Full paper (369 KB PDF) | Full paper (Screen Reader Version)
2012-79 (April 2013)
CEO Successions and Firm Performance in the US Financial Industry
Antonio Falato and Dalida Kadyrzhanova
Abstract | Full paper (160 KB PDF) | Full paper (Screen Reader Version)
CEO Successions and Firm Performance in the US Financial Industry
Antonio Falato and Dalida Kadyrzhanova
Abstract | Full paper (160 KB PDF) | Full paper (Screen Reader Version)
2012-78 (February 2013)
Optimal CEO Incentives and Industry Dynamics
Antonio Falato and Dalida Kadyrzhanova
Abstract | Full paper (816 KB PDF) | Full paper (Screen Reader Version)
Optimal CEO Incentives and Industry Dynamics
Antonio Falato and Dalida Kadyrzhanova
Abstract | Full paper (816 KB PDF) | Full paper (Screen Reader Version)
2012-77 (February 2013)
Credit Spreads as Predictors of Real-Time Economic Activity: A Bayesian Model-Averaging Approach
Jon Faust, Simon Gilchrist, Jonathan H. Wright, and Egon Zakrajsek
Abstract | Full paper (543 KB PDF) | Full paper (Screen Reader Version)
Credit Spreads as Predictors of Real-Time Economic Activity: A Bayesian Model-Averaging Approach
Jon Faust, Simon Gilchrist, Jonathan H. Wright, and Egon Zakrajsek
Abstract | Full paper (543 KB PDF) | Full paper (Screen Reader Version)
2012-76 (February 2013)
Do Rising Top Income Shares Affect the Incomes or Earnings of Low and Middle-Income Families?
Jeffrey P. Thompson and Elias Leight
Abstract | Full paper (539 KB PDF) | Full paper (Screen Reader Version)
Do Rising Top Income Shares Affect the Incomes or Earnings of Low and Middle-Income Families?
Jeffrey P. Thompson and Elias Leight
Abstract | Full paper (539 KB PDF) | Full paper (Screen Reader Version)
2012-75 (February 2013)
Reconciling Micro and Macro Estimates of the Frisch Labor Supply Elasticity
William B. Peterman
Abstract | Full paper (364 KB PDF) | Full paper (Screen Reader Version)
Reconciling Micro and Macro Estimates of the Frisch Labor Supply Elasticity
William B. Peterman
Abstract | Full paper (364 KB PDF) | Full paper (Screen Reader Version)
2012-74 (March 2013)
Dollar Funding and the Lending Behavior of Global Banks
Victoria Ivashina, David S. Scharfstein, and Jeremy C. Stein
Abstract | Full paper (615 KB PDF)
Dollar Funding and the Lending Behavior of Global Banks
Victoria Ivashina, David S. Scharfstein, and Jeremy C. Stein
Abstract | Full paper (615 KB PDF)
2012-73 (April 2013)
Job-to-Job Flows and the Consequences of Job Separations
Bruce Fallick, John Haltiwanger, and Erika McEntarfer
Abstract | Full paper (451 KB PDF) | Full paper (Screen Reader Version)
Job-to-Job Flows and the Consequences of Job Separations
Bruce Fallick, John Haltiwanger, and Erika McEntarfer
Abstract | Full paper (451 KB PDF) | Full paper (Screen Reader Version)
2012-72 (February 2013)
Practical Tools for Policy Analysis in DSGE Models with Missing Channels
Dario Caldara, Richard Harrison, and Anna Lipinska
Abstract | Full paper (494 KB PDF) | Full paper (Screen Reader Version)
Practical Tools for Policy Analysis in DSGE Models with Missing Channels
Dario Caldara, Richard Harrison, and Anna Lipinska
Abstract | Full paper (494 KB PDF) | Full paper (Screen Reader Version)
2012-71 (February 2013)
On the (In)effectiveness of Fiscal Devaluations in a Monetary Union
Anna Lipinska and Leopold von Thadden
Abstract | Full paper (499 KB PDF) | Full paper (Screen Reader Version)
On the (In)effectiveness of Fiscal Devaluations in a Monetary Union
Anna Lipinska and Leopold von Thadden
Abstract | Full paper (499 KB PDF) | Full paper (Screen Reader Version)
2012-70 (February 2013)
Optimal Capital Taxation with Idiosyncratic Investment Risk
Vasia Panousi and Catarina Reis
Abstract | Full paper (289 KB PDF) | Full paper (Screen Reader Version)
Optimal Capital Taxation with Idiosyncratic Investment Risk
Vasia Panousi and Catarina Reis
Abstract | Full paper (289 KB PDF) | Full paper (Screen Reader Version)
2012-69 (February 2013)
The Properties of Income Risk in Privately Held Businesses
Jason DeBacker, Bradley Heim, Vasia Panousi, Shanthi Ramnath, and Ivan Vidangos
Abstract | Full paper (758 KB PDF) | Full paper (Screen Reader Version)
The Properties of Income Risk in Privately Held Businesses
Jason DeBacker, Bradley Heim, Vasia Panousi, Shanthi Ramnath, and Ivan Vidangos
Abstract | Full paper (758 KB PDF) | Full paper (Screen Reader Version)
2012-68 (February 2013)
Financing Constraints, Firm Dynamics, and International Trade
Stephane Verani and Till Gross
Abstract | Full paper (3 MB PDF)
Financing Constraints, Firm Dynamics, and International Trade
Stephane Verani and Till Gross
Abstract | Full paper (3 MB PDF)
2012-67 (February 2013)
Financial Intermediation, Investment Dynamics and Business Cycle Fluctuations
Andrea Ajello
Abstract | Full paper (540 KB PDF) | Full paper (Screen Reader Version)
Financial Intermediation, Investment Dynamics and Business Cycle Fluctuations
Andrea Ajello
Abstract | Full paper (540 KB PDF) | Full paper (Screen Reader Version)
2012-66 (February 2013)
The Federal Reserve's Balance Sheet and Overnight Interest Rates
Jaime Marquez, Ari Morse, and Bernd Schlusche
Abstract | Full paper (739 KB PDF) | Full paper (Screen Reader Version)
The Federal Reserve's Balance Sheet and Overnight Interest Rates
Jaime Marquez, Ari Morse, and Bernd Schlusche
Abstract | Full paper (739 KB PDF) | Full paper (Screen Reader Version)
2012-65 (April 2013)
Equity Trading and the Allocation of Market Data Revenue
Cecilia Caglio and Stewart Mayhew
Abstract | Full paper (352 KB PDF) | Full paper (Screen Reader Version)
Equity Trading and the Allocation of Market Data Revenue
Cecilia Caglio and Stewart Mayhew
Abstract | Full paper (352 KB PDF) | Full paper (Screen Reader Version)
2012-64 (February 2013)
The Effect of Self-Reported Transitory Income Shocks on Household Spending
John Sabelhaus and Samuel Ackerman
Abstract | Full paper (207 KB PDF) | Full paper (Screen Reader Version)
The Effect of Self-Reported Transitory Income Shocks on Household Spending
John Sabelhaus and Samuel Ackerman
Abstract | Full paper (207 KB PDF) | Full paper (Screen Reader Version)
2012-63 (February 2013)
Profitability and the Lifecycle of Firms
Missaka Warusawitharana
Abstract | Full paper (271 KB PDF) | Full paper (Screen Reader Version)
Profitability and the Lifecycle of Firms
Missaka Warusawitharana
Abstract | Full paper (271 KB PDF) | Full paper (Screen Reader Version)
2012-62 (February 2013)
The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s
Rodney Ramcharan and Raghuram Rajan
Abstract | Full paper (4 MB PDF) | Full paper (Screen Reader Version)
The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s
Rodney Ramcharan and Raghuram Rajan
Abstract | Full paper (4 MB PDF) | Full paper (Screen Reader Version)
2012-61 (February 2013)
Constituencies and Legislation: The Fight over the McFadden Act of 1927
Rodney Ramcharan and Rajan G. Raghuram
Abstract | Full paper (229 KB PDF) | Full paper (Screen Reader Version)
Constituencies and Legislation: The Fight over the McFadden Act of 1927
Rodney Ramcharan and Rajan G. Raghuram
Abstract | Full paper (229 KB PDF) | Full paper (Screen Reader Version)
2012-60 (February 2013)
The Impact of House Prices on Consumer Credit: Evidence From an Internet Bank
Rodney Ramcharan and Christopher Crowe
Abstract | Full paper (319 KB PDF) | Full paper (Screen Reader Version)
The Impact of House Prices on Consumer Credit: Evidence From an Internet Bank
Rodney Ramcharan and Christopher Crowe
Abstract | Full paper (319 KB PDF) | Full paper (Screen Reader Version)
2012-59 (October)
Supervisor Ratings and the Contraction of Bank Lending to Small Businesses
Elizabeth K. Kiser, Robin A. Prager, and Jason R. Scott
Abstract | Full paper (279 KB PDF)
Supervisor Ratings and the Contraction of Bank Lending to Small Businesses
Elizabeth K. Kiser, Robin A. Prager, and Jason R. Scott
Abstract | Full paper (279 KB PDF)
2012-58 (November)
Effective Tax Rates and Measures of Business Size
Kevin B. Moore
Abstract | Full paper (181 KB PDF) | Full paper (Screen Reader Version)
Effective Tax Rates and Measures of Business Size
Kevin B. Moore
Abstract | Full paper (181 KB PDF) | Full paper (Screen Reader Version)
2012-57 (March 2013)
Expectations about the Federal Reserve's Balance Sheet and the Term Structure of Interest Rates
Jane Ihrig, Elizabeth Klee, Canlin Li, Brett Schulte, and Min Wei
Abstract | Full paper (602 KB PDF) | Full paper (Screen Reader Version)
Expectations about the Federal Reserve's Balance Sheet and the Term Structure of Interest Rates
Jane Ihrig, Elizabeth Klee, Canlin Li, Brett Schulte, and Min Wei
Abstract | Full paper (602 KB PDF) | Full paper (Screen Reader Version)
2012-56 (November)
The Federal Reserve's Balance Sheet: A Primer and Projections
Seth B. Carpenter, Jane E. Ihrig, Elizabeth C. Klee, Alexander H. Boote, and Daniel W. Quinn
Abstract | Full paper (409 KB PDF) | Full paper (Screen Reader Version)
The Federal Reserve's Balance Sheet: A Primer and Projections
Seth B. Carpenter, Jane E. Ihrig, Elizabeth C. Klee, Alexander H. Boote, and Daniel W. Quinn
Abstract | Full paper (409 KB PDF) | Full paper (Screen Reader Version)
2012-55 (February 2013)
Estimating Changes in Supervisory Standards and Their Economic Effects
William F. Bassett, Seung Jung Lee, and Thomas W. Spiller
Abstract | Full paper (483 KB PDF) | Full paper (Screen Reader Version)
Estimating Changes in Supervisory Standards and Their Economic Effects
William F. Bassett, Seung Jung Lee, and Thomas W. Spiller
Abstract | Full paper (483 KB PDF) | Full paper (Screen Reader Version)
2012-54 (November)
The Aggregate Demand Effects of Short- and Long-Term Interest Rates
Michael T. Kiley
Abstract | Full paper (235 KB PDF) | Full paper (Screen Reader Version)
The Aggregate Demand Effects of Short- and Long-Term Interest Rates
Michael T. Kiley
Abstract | Full paper (235 KB PDF) | Full paper (Screen Reader Version)
2012-53 (February 2013)
Bank Capital Ratios and the Structure of Nonfinancial Industries
Seung Jung Lee and Viktors Stebunovs
Abstract | Full paper (434 KB PDF) | Full paper (Screen Reader Version)
Bank Capital Ratios and the Structure of Nonfinancial Industries
Seung Jung Lee and Viktors Stebunovs
Abstract | Full paper (434 KB PDF) | Full paper (Screen Reader Version)
2012-52 (November)
Spending Within Limits: Evidence from Municipal Fiscal Restraints
Leah Brooks, Yosh Halberstam, and Justin Phillips
Abstract | Full paper (3 MB PDF) | Full paper (Screen Reader Version)
Spending Within Limits: Evidence from Municipal Fiscal Restraints
Leah Brooks, Yosh Halberstam, and Justin Phillips
Abstract | Full paper (3 MB PDF) | Full paper (Screen Reader Version)
2012-51 (November)
Consolidation and Merger Activity in the United States Banking Industry from 2000 through 2010
Robert M. Adams
Abstract | Full paper (1 MB PDF) | Full paper (Screen Reader Version)
Consolidation and Merger Activity in the United States Banking Industry from 2000 through 2010
Robert M. Adams
Abstract | Full paper (1 MB PDF) | Full paper (Screen Reader Version)
2012-50 (February 2013)
The Impact of Tax Exclusive and Inclusive Prices on Demand
Naomi E. Feldman and Bradley J. Ruffle
Abstract | Full paper (402 KB PDF) | Full paper (Screen Reader Version)
The Impact of Tax Exclusive and Inclusive Prices on Demand
Naomi E. Feldman and Bradley J. Ruffle
Abstract | Full paper (402 KB PDF) | Full paper (Screen Reader Version)
2012-49 (November)
Can Macro Variables Used in Stress Testing Forecast the Performance of Banks?
Luca Guerrieri and Michelle Welch
Abstract | Full paper (880 KB PDF) | Full paper (Screen Reader Version)
Can Macro Variables Used in Stress Testing Forecast the Performance of Banks?
Luca Guerrieri and Michelle Welch
Abstract | Full paper (880 KB PDF) | Full paper (Screen Reader Version)
2012-48 (November)
Information Frictions and Housing Market Dynamics
Elliot Anenberg
Abstract | Full paper (427 KB PDF) | Full paper (Screen Reader Version)
Information Frictions and Housing Market Dynamics
Elliot Anenberg
Abstract | Full paper (427 KB PDF) | Full paper (Screen Reader Version)
2012-47 (March 2013)
The Minimum Balance at Risk: A Proposal to Mitigate the Systemic Risks Posed by Money Market Funds
Patrick E. McCabe, Marco Cipriani, Michael Holscher, and Antoine Martin
Abstract | Full paper (6 MB PDF) | Full paper (Screen Reader Version)
The Minimum Balance at Risk: A Proposal to Mitigate the Systemic Risks Posed by Money Market Funds
Patrick E. McCabe, Marco Cipriani, Michael Holscher, and Antoine Martin
Abstract | Full paper (6 MB PDF) | Full paper (Screen Reader Version)
2012-46 (November)
Monetary Policy and Long-Term Real Rates
Samuel G. Hanson and Jeremy C. Stein
Abstract | Full paper (264 KB PDF) | Full paper (Screen Reader Version)
Monetary Policy and Long-Term Real Rates
Samuel G. Hanson and Jeremy C. Stein
Abstract | Full paper (264 KB PDF) | Full paper (Screen Reader Version)
2012-45 (November)
Signal Extraction for Nonstationary Multivariate Time Series with Illustrations for Trend Inflation
Tucker S. McElroy and Thomas M. Trimbur
Abstract | Full paper (527 KB PDF) | Full paper (Screen Reader Version)
Signal Extraction for Nonstationary Multivariate Time Series with Illustrations for Trend Inflation
Tucker S. McElroy and Thomas M. Trimbur
Abstract | Full paper (527 KB PDF) | Full paper (Screen Reader Version)
2012-44 (November)
Flow and Stock Effects of Large-Scale Asset Purchases:Evidence on the Importance of Local Supply
Stefania D'Amico and Thomas B. King
Abstract | Full paper (419 KB PDF) | Full paper (Screen Reader Version)
Flow and Stock Effects of Large-Scale Asset Purchases:Evidence on the Importance of Local Supply
Stefania D'Amico and Thomas B. King
Abstract | Full paper (419 KB PDF) | Full paper (Screen Reader Version)
2012-43 (November)
What Should Core Inflation Exclude?
Alan K. Detmeister
Abstract | Full paper (285 KB PDF) | Full paper (Screen Reader Version)
What Should Core Inflation Exclude?
Alan K. Detmeister
Abstract | Full paper (285 KB PDF) | Full paper (Screen Reader Version)
2012-42 (November)
Do Creditor Rights Increase Employment Risk? Evidence from Debt Covenants
Antonio Falato and Nellie Liang
Abstract | Full paper (207 KB PDF) | Full paper (Screen Reader Version)
Do Creditor Rights Increase Employment Risk? Evidence from Debt Covenants
Antonio Falato and Nellie Liang
Abstract | Full paper (207 KB PDF) | Full paper (Screen Reader Version)
2012-41 (November)
Learning from Experience in the Stock Market
Anton Nakov
Abstract | Full paper (676 KB PDF) | Full paper (Screen Reader Version)
Learning from Experience in the Stock Market
Anton Nakov
Abstract | Full paper (676 KB PDF) | Full paper (Screen Reader Version)
2012-40 (August)
The Other, Other Half: Changes in the Finances of the Least Wealthy 50 Percent, 2007-2009
Arthur B. Kennickell
Abstract | Full paper (110 KB PDF) | Full paper (Screen Reader Version)
The Other, Other Half: Changes in the Finances of the Least Wealthy 50 Percent, 2007-2009
Arthur B. Kennickell
Abstract | Full paper (110 KB PDF) | Full paper (Screen Reader Version)
2012-39 (November)
CEO Pay and the Market for CEOs
Antonio Falato, Dan Li, and Todd Milbourn
Abstract | Full paper (519 KB PDF) | Full paper (Screen Reader Version)
CEO Pay and the Market for CEOs
Antonio Falato, Dan Li, and Todd Milbourn
Abstract | Full paper (519 KB PDF) | Full paper (Screen Reader Version)
2012-38 (July)
Fiscal Rules, What Does the American Experience Tell Us?
Byron Lutz and Glenn Follette
Abstract | Full paper (531 KB PDF) | Full paper (Screen Reader Version)
Fiscal Rules, What Does the American Experience Tell Us?
Byron Lutz and Glenn Follette
Abstract | Full paper (531 KB PDF) | Full paper (Screen Reader Version)
2012-37 (November)
Term Structure Modelling with Supply Factors and the Federal Reserve's Large Scale Asset Purchase Programs
Canlin Li and Min Wei
Abstract | Full paper (198 KB PDF) | Full paper (Screen Reader Version)
Term Structure Modelling with Supply Factors and the Federal Reserve's Large Scale Asset Purchase Programs
Canlin Li and Min Wei
Abstract | Full paper (198 KB PDF) | Full paper (Screen Reader Version)
2012-36 (June)
Is the Consumer Expenditure Survey Representative by Income?
John Sabelhaus, David Johnson, Stephen Ash, Thesia Garner, John Greenlees, Steve Henderson, and David Swanson
Abstract | Full paper (236 KB PDF) | Full paper (Screen Reader Version)
Is the Consumer Expenditure Survey Representative by Income?
John Sabelhaus, David Johnson, Stephen Ash, Thesia Garner, John Greenlees, Steve Henderson, and David Swanson
Abstract | Full paper (236 KB PDF) | Full paper (Screen Reader Version)
2012-35 (June)
Using the "Chandrasekhar Recursions" for Likelihood Evaluation of DSGE Models
Edward P. Herbst
Abstract | Full paper (165 KB PDF) | Full paper (Screen Reader Version)
Using the "Chandrasekhar Recursions" for Likelihood Evaluation of DSGE Models
Edward P. Herbst
Abstract | Full paper (165 KB PDF) | Full paper (Screen Reader Version)
2012-34 (September)
Time-to-Plan Lags for Commercial Construction Projects
Jonathan N. Millar, Stephen D. Oliner, and Daniel E. Sichel
Abstract | Full paper (970 KB PDF) | Full paper (Screen Reader Version)
Time-to-Plan Lags for Commercial Construction Projects
Jonathan N. Millar, Stephen D. Oliner, and Daniel E. Sichel
Abstract | Full paper (970 KB PDF) | Full paper (Screen Reader Version)
2012-33 (June)
The Influence of Fannie and Freddie on Mortgage Loan Terms
Alex Kaufman
Abstract | Full paper (252 KB PDF) | Full paper (Screen Reader Version)
The Influence of Fannie and Freddie on Mortgage Loan Terms
Alex Kaufman
Abstract | Full paper (252 KB PDF) | Full paper (Screen Reader Version)
2012-32 (June)
A Dynamic Factor Model of the Yield Curve as a Predictor of the Economy
Marcelle Chauvet and Zeynep Senyuz
Abstract | Full paper (460 KB PDF) | Full paper (Screen Reader Version)
A Dynamic Factor Model of the Yield Curve as a Predictor of the Economy
Marcelle Chauvet and Zeynep Senyuz
Abstract | Full paper (460 KB PDF) | Full paper (Screen Reader Version)
2012-31 (June)
The Prolonged Resolution of Troubled Real Estate Lenders During the 1930s
Jonathan D. Rose
Abstract | Full paper (720 KB PDF) | Full paper (Screen Reader Version)
The Prolonged Resolution of Troubled Real Estate Lenders During the 1930s
Jonathan D. Rose
Abstract | Full paper (720 KB PDF) | Full paper (Screen Reader Version)
2012-30 (June)
The Response of Capital Goods Shipments to Demand over the Business Cycle
Jeremy J. Nalewaik and Eugenio P. Pinto
Abstract | Full paper (276 KB PDF) | Full paper (Screen Reader Version)
The Response of Capital Goods Shipments to Demand over the Business Cycle
Jeremy J. Nalewaik and Eugenio P. Pinto
Abstract | Full paper (276 KB PDF) | Full paper (Screen Reader Version)
2012-29 (November)
The Correlation between Money and Output in the United Kingdom: Resolution of a Puzzle
Edward Nelson
Abstract | Full paper (229 KB PDF) | Full paper (Screen Reader Version)
The Correlation between Money and Output in the United Kingdom: Resolution of a Puzzle
Edward Nelson
Abstract | Full paper (229 KB PDF) | Full paper (Screen Reader Version)
2012-28 (June)
An Extensive Look at Taxes: How does endogenous retirement affect optimal taxation?
William B. Peterman
Abstract | Full paper (176 KB PDF) | Full paper (Screen Reader Version)
An Extensive Look at Taxes: How does endogenous retirement affect optimal taxation?
William B. Peterman
Abstract | Full paper (176 KB PDF) | Full paper (Screen Reader Version)
2012-27 (June)
Credit Line Use and Availability in the Financial Crisis: The Importance of Hedging
Jose M. Berrospide, Ralf R. Meisenzahl, and Briana D. Sullivan
Abstract | Full paper (600 KB PDF) | Full paper (Screen Reader Version)
Credit Line Use and Availability in the Financial Crisis: The Importance of Hedging
Jose M. Berrospide, Ralf R. Meisenzahl, and Briana D. Sullivan
Abstract | Full paper (600 KB PDF) | Full paper (Screen Reader Version)
2012-26 (June)
Interest Rate Risk and Bank Equity Valuations
William B. English, Skander J. Van den Heuvel, and Egon Zakrajsek
Abstract | Full paper (458 KB PDF) | Full paper (Screen Reader Version)
Interest Rate Risk and Bank Equity Valuations
William B. English, Skander J. Van den Heuvel, and Egon Zakrajsek
Abstract | Full paper (458 KB PDF) | Full paper (Screen Reader Version)
2012-25 (June)
The Government-Sponsored Enterprises and the Mortgage Crisis: The Role of the Affordable Housing Goals
Valentin Bolotnyy
Abstract | Full paper (290 KB PDF) | Full paper (Screen Reader Version)
The Government-Sponsored Enterprises and the Mortgage Crisis: The Role of the Affordable Housing Goals
Valentin Bolotnyy
Abstract | Full paper (290 KB PDF) | Full paper (Screen Reader Version)
2012-24 (February 2013)
Changes in Bank Lending Standards and the Macroeconomy
William F. Bassett, Mary Beth Chosak, John C. Driscoll, and Egon Zakrajsek
Abstract | Full paper (459 KB PDF) | Full paper (Screen Reader Version)
Changes in Bank Lending Standards and the Macroeconomy
William F. Bassett, Mary Beth Chosak, John C. Driscoll, and Egon Zakrajsek
Abstract | Full paper (459 KB PDF) | Full paper (Screen Reader Version)
2012-23 (June)
International Policy Spillovers at the Zero Lower Bound
Alex Haberis and Anna Lipinska
Abstract | Full paper (499 KB PDF) | Full paper (Screen Reader Version)
International Policy Spillovers at the Zero Lower Bound
Alex Haberis and Anna Lipinska
Abstract | Full paper (499 KB PDF) | Full paper (Screen Reader Version)
2012-22 (June)
The Federal Reserve's Portfolio and its Effects on Mortgage Markets
Diana Hancock and Wayne Passmore
Abstract | Full paper (357 KB PDF) | Full paper (Screen Reader Version)
The Federal Reserve's Portfolio and its Effects on Mortgage Markets
Diana Hancock and Wayne Passmore
Abstract | Full paper (357 KB PDF) | Full paper (Screen Reader Version)
2012-21 (June)
Arbitrage, liquidity and exit: The repo and federal funds markets before, during, and emerging from the financial crisis
Morten L. Bech, Elizabeth Klee, and Viktors Stebunovs
Abstract | Full paper (992 KB PDF) | Full paper (Screen Reader Version)
Arbitrage, liquidity and exit: The repo and federal funds markets before, during, and emerging from the financial crisis
Morten L. Bech, Elizabeth Klee, and Viktors Stebunovs
Abstract | Full paper (992 KB PDF) | Full paper (Screen Reader Version)
2012-20 (June)
The Analytics of SVARs: A Unified Framework to Measure Fiscal Multipliers
Dario Caldara and Christophe Kamps
Abstract | Full paper (464 KB PDF) | Full paper (Screen Reader Version)
The Analytics of SVARs: A Unified Framework to Measure Fiscal Multipliers
Dario Caldara and Christophe Kamps
Abstract | Full paper (464 KB PDF) | Full paper (Screen Reader Version)
2012-19 (November)
How Does Social Security Claiming Respond to Incentives? Considering Husbands' and Wives' Benefits Separately
Alice M. Henriques
Abstract | Full paper (207 KB PDF) | Full paper (Screen Reader Version)
How Does Social Security Claiming Respond to Incentives? Considering Husbands' and Wives' Benefits Separately
Alice M. Henriques
Abstract | Full paper (207 KB PDF) | Full paper (Screen Reader Version)
2012-18 (March 2013)
Gamblers as Personal Finance Activists
Geng Li
Abstract | Full paper (258 KB PDF) | Full paper (Screen Reader Version)
Gamblers as Personal Finance Activists
Geng Li
Abstract | Full paper (258 KB PDF) | Full paper (Screen Reader Version)
2012-17 (March 2013)
Are All Trade Policies Created Equal? Empirical Evidence for Nonequivalent Market Power Effects of Tariffs and Quotas
Bruce A. Blonigen, Benjamin H. Liebman, Justin R. Pierce, and Wesley W. Wilson
Abstract | Full paper (118 KB PDF) | Full paper (Screen Reader Version)
Are All Trade Policies Created Equal? Empirical Evidence for Nonequivalent Market Power Effects of Tariffs and Quotas
Bruce A. Blonigen, Benjamin H. Liebman, Justin R. Pierce, and Wesley W. Wilson
Abstract | Full paper (118 KB PDF) | Full paper (Screen Reader Version)
2012-16 (March 2013)
Concording U.S. Harmonized System Categories Over Time
Justin R. Pierce and Peter K. Schott
Abstract | Full paper (129 KB PDF) | Full paper (Screen Reader Version)
Concording U.S. Harmonized System Categories Over Time
Justin R. Pierce and Peter K. Schott
Abstract | Full paper (129 KB PDF) | Full paper (Screen Reader Version)
2012-15 (March 2013)
A Concordance Between Ten-Digit U.S. Harmonized System Codes and SIC/NAICS Product Classes and Industries
Justin R. Pierce and Peter K. Schott
Abstract | Full paper (193 KB PDF) | Full paper (Screen Reader Version)
A Concordance Between Ten-Digit U.S. Harmonized System Codes and SIC/NAICS Product Classes and Industries
Justin R. Pierce and Peter K. Schott
Abstract | Full paper (193 KB PDF) | Full paper (Screen Reader Version)
2012-14 (March 2013)
Mortgage Debt and Household Deleveraging: Accounting for the Decline in Mortgage Debt Using Consumer Credit Record Data
Neil Bhutta
Abstract | Full paper (483 KB PDF) | Full paper (Screen Reader Version)
Mortgage Debt and Household Deleveraging: Accounting for the Decline in Mortgage Debt Using Consumer Credit Record Data
Neil Bhutta
Abstract | Full paper (483 KB PDF) | Full paper (Screen Reader Version)
2012-13 (June)
The Relationship Between Information Asymmetry and Dividend Policy
Cindy M. Vojtech
Abstract | Full paper (818 KB PDF) | Full paper (Screen Reader Version)
The Relationship Between Information Asymmetry and Dividend Policy
Cindy M. Vojtech
Abstract | Full paper (818 KB PDF) | Full paper (Screen Reader Version)
2012-12 (May)
On the distribution of a discrete sample path of a square-root diffusion
Michael B. Gordy
Abstract | Full paper (290 KB PDF) | Full paper (Screen Reader Version)
On the distribution of a discrete sample path of a square-root diffusion
Michael B. Gordy
Abstract | Full paper (290 KB PDF) | Full paper (Screen Reader Version)
2012-11 (May)
Evaluating DSGE Model Forecasts of Comovements
Edward Herbst and Frank Schorfheide
Abstract | Full paper (1 MB PDF) | Full paper (Screen Reader Version)
Evaluating DSGE Model Forecasts of Comovements
Edward Herbst and Frank Schorfheide
Abstract | Full paper (1 MB PDF) | Full paper (Screen Reader Version)
2012-10 (February 2013)
Examining the Impact of Credit Access on Small Firm Survivability
Traci L. Mach and John D. Wolken
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Examining the Impact of Credit Access on Small Firm Survivability
Traci L. Mach and John D. Wolken
Abstract | Full paper (353 KB PDF) | Full paper (Screen Reader Version)
2012-09 (May)
What Does Financial Volatility Tell Us About Macroeconomic Fluctuations?
Zeynep Senyuz, Marcelle Chauvet, and Emre Yoldas
Abstract | Full paper (180 KB PDF) | Full paper (Screen Reader Version)
What Does Financial Volatility Tell Us About Macroeconomic Fluctuations?
Zeynep Senyuz, Marcelle Chauvet, and Emre Yoldas
Abstract | Full paper (180 KB PDF) | Full paper (Screen Reader Version)
2012-08 (May)
Misallocation and Financial Market Frictions: Some Direct Evidence from the Dispersion in Borrowing Costs
Simon Gilchrist, Jae W. Sim, and Egon Zakrajsek
Abstract | Full paper (282 KB PDF) | Full paper (Screen Reader Version)
Misallocation and Financial Market Frictions: Some Direct Evidence from the Dispersion in Borrowing Costs
Simon Gilchrist, Jae W. Sim, and Egon Zakrajsek
Abstract | Full paper (282 KB PDF) | Full paper (Screen Reader Version)
2012-07 (April)
Habit formation heterogeneity: Implications for aggregate asset pricing
Eduard Dubin, Olesya V. Grishchenko, and Vasily Kartashov
Abstract | Full paper (296 KB PDF) | Full paper (Screen Reader Version)
Habit formation heterogeneity: Implications for aggregate asset pricing
Eduard Dubin, Olesya V. Grishchenko, and Vasily Kartashov
Abstract | Full paper (296 KB PDF) | Full paper (Screen Reader Version)
2012-06 (April)
Inflation Risk Premium: Evidence from the TIPS market
Olesya V. Grishchenko and Jing-zhi Huang
Abstract | Full paper (347 KB PDF) | Full paper (Screen Reader Version)
Inflation Risk Premium: Evidence from the TIPS market
Olesya V. Grishchenko and Jing-zhi Huang
Abstract | Full paper (347 KB PDF) | Full paper (Screen Reader Version)
2012-05 (March)
Quantifying the Role of Federal and State Taxes in Mitigating Wage Inequality
Daniel H. Cooper, Byron F. Lutz, and Michael G. Palumbo
Abstract | Full paper (408 KB PDF) | Full paper (Screen Reader Version)
Quantifying the Role of Federal and State Taxes in Mitigating Wage Inequality
Daniel H. Cooper, Byron F. Lutz, and Michael G. Palumbo
Abstract | Full paper (408 KB PDF) | Full paper (Screen Reader Version)
2012-04 (March)
Computing DSGE Models with Recursive Preferences and Stochastic Volatility
Dario Caldara, Jesus Fernandez-Villaverde, Juan Rubio-Ramirez, and Wen Yao
Abstract | Full paper (431 KB PDF) | Full paper (Screen Reader Version)
Computing DSGE Models with Recursive Preferences and Stochastic Volatility
Dario Caldara, Jesus Fernandez-Villaverde, Juan Rubio-Ramirez, and Wen Yao
Abstract | Full paper (431 KB PDF) | Full paper (Screen Reader Version)
2012-03 (March)
The Effect of Endogenous Human Capital Accumulation on Optimal Taxation
William B. Peterman
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The Effect of Endogenous Human Capital Accumulation on Optimal Taxation
William B. Peterman
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2012-02 (March)
Using Policy Intervention to Identify Financial Stress
Mark A. Carlson, Kurt F. Lewis, and William R. Nelson
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Using Policy Intervention to Identify Financial Stress
Mark A. Carlson, Kurt F. Lewis, and William R. Nelson
Abstract | Full paper (318 KB PDF) | Full paper (Screen Reader Version)
2012-01 (March)
Supply Constraints and Housing Market Dynamics
Andrew D. Paciorek
Abstract | Full paper (1 MB PDF) | Full paper (Screen Reader Version)
Supply Constraints and Housing Market Dynamics
Andrew D. Paciorek
Abstract | Full paper (1 MB PDF) | Full paper (Screen Reader Version)