research staff publications list 2016 - 2017 research staff publications list 2016 - 2017 board of...

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Research Staff Publications List

2016 - 2017

Board of Governors of the Federal Reserve System

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TABLE OF CONTENTS

BANKING AND FINANCIAL INSTITUTIONS .................................................................................... 4

ECONOMETRICS AND STATISTICS ................................................................................................... 9

ECONOMIC HISTORY ........................................................................................................................... 13

ECONOMIC INCLUSION ....................................................................................................................... 14

FINANCIAL ECONOMICS ..................................................................................................................... 15

FINANCIAL MARKETS ......................................................................................................................... 19

INDUSTRIAL ORGANIZATION .......................................................................................................... 25

INTERNATIONAL ECONOMICS ......................................................................................................... 26

LABOR ECONOMICS ............................................................................................................................. 31

MACROECONOMICS ............................................................................................................................. 33

MICROECONOMICS .............................................................................................................................. 40

MONETARY ECONOMICS ................................................................................................................... 42

MONETARY POLICY ............................................................................................................................ 44

PAYMENT SYSTEMS ............................................................................................................................ 49

PUBLIC ECONOMICS ............................................................................................................................ 49

REAL ESTATE AND URBAN ECONOMICS ...................................................................................... 50

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BANKING AND FINANCIAL INSTITUTIONS

Adams, Robert M., and Jacob Gramlich (2016). "Where Are All the New Banks? The Role of Regulatory

Burden in New Bank Formation," Review of Industrial Organization, vol. 48, no. 2, pp. 181-208.

Amel, Dean F., and Robin A. Prager (2016). "Community Bank Performance: How Important are

Managers?" Review of Industrial Organization, vol. 48, no. 2, pp. 149-180.

Bao, Jack, Maureen O,Hara, and Xing (Alex) Zhou (forthcoming). "The Volcker Rule and Corporate Bond

Market-Making in Times of Stress," Journal of Financial Economics.

Bassett, William F. (2016). "Using Insured Deposits to Refine Estimates of the Large Bank Funding

Advantage," Journal of Law, Finance, and Accounting, vol. 1, no. 1, pp. 41-91.

Bassett, William F., and W. Blake Marsh (2017). "Assessing Targeted Macroprudential Financial

Regulation: The Case of the 2006 Commercial Real Estate Guidance for Banks," Journal of Financial

Stability, vol. 30, pp. 209-228.

Berrospide, Jose M., Ricardo Correa, Linda S. Goldberg, and Friederike Niepmann (2017). "International

Banking and Cross-Border Effects of Regulation: Lessons from the United States," International Journal

of Central Banking, March, pp. 435-476.

Bhutta, Neil, and Daniel R. Ringo (2016). "Residential Mortgage Lending from 2004 to 2015: Evidence

from the Home Mortgage Disclosure Act Data," Federal Reserve Bulletin, vol. 102, no. 6. Board of

Governors of the Federal Reserve System (U.S.).

Bhutta, Neil, Jacob Goldin, and Tatiana Homonoff (2016). "Consumer Borrowing after Payday Loan

Bans," Journal of Law and Economics, vol. 59, no. 1, pp. 225-259.

Black, Lamont, John Krainer, and Joseph Nichols (2017). "From Origination to Renegotiation: A

Comparison of Portfolio and Securitized Commercial Real Estate Loans," Journal of Real Estate Finance

and Economics, vol. 55, no. 1, pp. 1-31.

Bruche, Max, Frédéric Malherbe, and Ralf R. Meisenzahl (2017). "Pipeline Risk in Leveraged Loan

Syndication," CEPR Discussion Paper, no. 11956. Centre for Economic Policy Research.

Caglio, Cecilia R., Kathleen Weiss Hanley, and Jennifer Marietta-Westberg (2016). "What Does It Take to

List Abroad? The Role of Global Underwriters," Finance and Economics Discussion Series 2016-041.

Board of Governors of the Federal Reserve System (U.S.).

Caglio, Cecilia, Matt Darst, and Eric Parolin (2016). "A Look Under the Hood: How Banks Use Credit

Default Swaps," FEDS Notes 2016-12-22. Board of Governors of the Federal Reserve System (U.S.).

Calem, Paul S., and Robert F. Sarama, Jr. (2017). "Why Mortgage Borrowers Persevere: An Explanation of

First and Second Lien Performance Mismatch," Real Estate Economics, vol. 25, no. 1, pp. 28-74.

Calem, Paul, Ricardo Correa, and Seung Jung Lee (2017). "Prudential Policies and Their Impact on Credit

in the United States," BIS Working Papers, no. 635. Bank of International Settlements.

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Carlson, Mark A., and Jonathan D. Rose (2016). "Can a Bank Run Be Stopped? Government Guarantees

and the Run on Continental Illinois," Finance and Economics Discussion Series 2016-003. Board of


Carlson, Mark, and David C. Wheelock (2016). "Interbank Markets and Banking Crises: New Evidence on

the Establishment and Impact of the Federal Reserve," American Economic Review: Papers and

Proceedings, vol. 106, no. 5, pp. 533-537.

Carlson, Mark, Molly Shatto, and Missaka Warusawitharana (2017). "Matching Banks by Business Model,

Geography and Size: A Dataset," FEDS Notes 2017-08-08. Board of Governors of the Federal Reserve

System (U.S.).

Cerutti, Eugenio, and Stijn Claessens (2017). "The Great Cross-Border Bank Deleveraging: Supply

Constraints and Intra-Group Frictions," Review of Finance, vol. 21, no. 1, pp. 201-36.

Cerutti, Eugenio, Ricardo Correa, Elisabetta Fiorentino, and Esther Segalla (2017). "Changes in Prudential

Policy Instruments---A New Cross-Country Database," International Journal of Central Banking, March,

pp. 477-503.

Chang, Andrew C. (2017). "Banking Consolidation and Small Firm Financing for Research and

Development," Applied Economics, vol. 49, no. 1, pp. 51-65.

Claessens, Stijn, and Neeltje van Horen (2016). "Banking Activity Trends Following the Financial Crisis:

Expansion or Retrenchment?" in Asli Demirgüç-Kunt, Douglas D. Evanoff, and George G. Kaufman eds.,

The Future of Large, Internationally Active Banks, World Scientific Studies in International Economics, vol.

55, pp. 125-142.

Claessens, Stijn, and Neeltje van Horen (2016). "The Role of Foreign Banks in Local Credit Booms," in Asli

Demirgüç-Kunt, Douglas D. Evanoff, and George G. Kaufman, eds., The Future of Large, Internationally

Active Banks. World Scientific Studies in International Economics, vol. 55, pp. 273-292.

Correia, Sergio (2016). "Essays on Banking Competition," Ph.D. dissertation, Duke University.

Crosignani, Matteo (2017). "Why Are Banks Not Recapitalized During Crises?" Finance and Economics

Discussion Series 2017-084. Board of Governors of the Federal Reserve System (U.S.).

Curti, Filippo, Ibrahim Ergen, Minh Le, Marco Migueis, and Robert Stewart (2016). "Benchmarking

Operational Risk Models," Finance and Economics Discussion Series 2016-070. Board of Governors of

the Federal Reserve System (U.S.).

De Marco, Filippo, and Marco Macchiavelli (2016). "The Political Origin of Home Bias: The Case of

Europe," Finance and Economics Discussion Series 2016-060. Board of Governors of the Federal Reserve

System (U.S.).

Dell'Ariccia, Giovanni, Luc Laeven, and Gustavo A. Suarez (2016). "Bank Leverage and Monetary Policy's

Risk-Taking Channel: Evidence from the United States," ECB Working Paper Series 1903. European

Central Bank.

Drechsler, Itamar, Thomas Drechsel, David Marques-Ibanez, and Philipp Schnabl (2016). "Who Borrows

from the Lender of Last Resort?" Journal of Finance, vol. 71, no. 5, pp. 1933-1974.

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Fang, Hanming, You Suk Kim, and Wenli Li (2016). "The Dynamics of Adjustable-Rate Subprime Mortgage

Default: A Structural Estimation," Working Papers 16-2. Federal Reserve Bank of Philadelphia.

Firestone, Simon, Amy Lorenc, and Ben Ranish (2017). "An Empirical Economic Assessment of the Costs

and Benefits of Bank Capital in the US," Finance and Economics Discussion Series 2017-034. Board of


Firestone, Simon, and Marcelo Rezende (2016). "Are Banks' Internal Risk Parameters Consistent?

Evidence from Syndicated Loans," Journal of Financial Services Research, vol. 50, no. 2, pp. 211-242.

Gertler, Mark, Nobuhiro Kiyotaki, and Andrea Prestipino (2016). "Anticipated Banking Panics," American

Economic Review: Papers and Proceedings, vol. 106, no. 5, pp. 554-559.

Gissler, Stefan, Jeremy Oldfather, and Doriana Ruffino (2016). "Lending on Hold: Regulatory Uncertainty

and Bank Lending Standards," Journal of Monetary Economics, vol. 81, pp. 89-101.

Glancy, David P. (2016). "Essays on Local Banking Markets and the Capital Crunch during the Great

Recession," Ph.D. dissertation, Brown University.

Hancock, Diana, and Wayne Passmore (2016). "Cost of Funds Indexed Mortgage Contracts with

Government-Backed Catastrophic Insurance (COFI-Cats): A Realistic Alternative to the 30-Year Fixed-

Rate Mortgage?" Journal of Economics and Business, vol. 84, pp. 109-130.

Hancock, Diana, and Wayne Passmore (2016). "Macroprudential Mortgage-Backed Securitization: Can it

Work?" in Wachter, Susan M., and Joseph Tracy, eds., Principles of Housing Finance Reform,

(Philadelphia: University of Pennsylvania Press), pp. 68-103.

Hannon, Simona M., Kevin B. Moore, Irina Stefanescu, and Max Schmeiser (2016). "Saving for College

and Section 529 Plans," FEDS Notes 2016-02-03. Board of Governors of the Federal Reserve System

(U.S.).

Heitfield, Erik, Gary Richardson, and Shirley Wang (2017). "Contagion During the Initial Banking Panic of

the Great Depression," NBER Working Paper, no. 23629. National Bureau of Economic Research, Inc.

Iercosan, Diana, Ashish Kumbhat, Michael Ng, and Jason Wu (2017). "Trading Activities at Systemically

Important Banks, Part 2: What Happened during Recent Risk Events?" FEDS Notes 2017-07-10. Board of


Iercosan, Diana, Ashish Kumbhat, Michael Ng, and Jason Wu (2017). "Trading Activities at Systemically

Important Banks, Part 3: What Drives Trading Performance?" FEDS Notes 2017-07-10. Board of


Ihrig, Jane, Edward Kim, Ashish Kumbhat, Cindy Vojtech, and Gretchen C. Weinbach (2017). "How Have

Banks Been Managing the Composition of High-Quality Liquid Assets?" Finance and Economics


Inanoglu, Hulusi, Michael Jacobs Jr., Junrong Liu, and Robin Sickles (2016). "Analyzing Bank Efficiency:

Are 'Too-Big-To-Fail' Banks Efficient?" in E. Haven, P. Molyneux, J. Wilson, S. Fedotov, and M. Duygun

(eds.), The Handbook of Post Crisis Financial Modelling, pp. 110-46, Chapter 5, Palgrave Macmillan.

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Irani, Rustom M., and Ralf R. Meisenzahl (2017). "Loan Sales and Bank Liquidity Management: Evidence

from a U.S. Credit Register," Review of Financial Studies, vol. 30, no. 10, pp. 3455-3501.

Iyer, Rajkamal, and Marco Macchiavelli (2017). "Primary Dealers' Behavior during the 2007-08 Crisis:

Part II, Intermediation and Deleveraging," FEDS Notes 2017-06-28. Board of Governors of the Federal

Reserve System (U.S.).

Kahn, Robert B., and Ellen E. Meade (2016). "International Aspects of Central Banking: Diplomacy and

Coordination," Finance and Economics Discussion Series 2016-062. Board of Governors of the Federal


Kandrac, John, and Bernd Schlusche (2017). "The Effect of Bank Supervision on Risk Taking: Evidence

from a Natural Experiment," Finance and Economics Discussion Series 2017-079. Board of Governors of


Kara, Gazi Ishak (2016). "Bank Capital Regulations Around the World: What Explains the Differences?"

Finance and Economics Discussion Series 2016-057. Board of Governors of the Federal Reserve System

(U.S.).

Kara, Gazi Ishak, and S. Mehmet Ozsoy (2016). "Bank Regulation Under Fire Sale Externalities," Finance

and Economics Discussion Series 2016-026. Board of Governors of the Federal Reserve System (U.S.).

Kashyap, Anil K., Dimitrios P. Tsomocos, and Alexandros P. Vardoulakis (2017). "Optimal Bank Regulation

in the Presence of Credit and Run Risk," Finance and Economics Discussion Series 2017-097. Board of


Kiley, Michael T., and Jae Sim (forthcoming). "Optimal Monetary and Macroprudential Policies: Gains

and Pitfalls in a Model of Financial Intermediation," Journal of Macroeconomics.

Kim, Kyungmin (2017). "A Price-Differentiation Model of the Interbank Market and Its Application to a

Financial Crisis," Finance and Economics Discussion Series 2017-065. Board of Governors of the Federal


Kitsul, Yuriy, and Marcelo Ochoa (2016). "Funding Liquidity Risk and the Cross-section of MBS Returns,"


(U.S.).

Kurtzman, Robert, and David Zeke (2017). "Misallocation Costs of Digging Deeper into the Central Bank

Toolkit," Finance and Economics Discussion Series 2017-076. Board of Governors of the Federal Reserve

System (U.S.).

Lee, Seung Jung, and Viktors Stebunovs (2016). "Bank Capital Pressures, Loan Substitutability, and

Nonfinancial Employment," Journal of Economics and Business, vol. 83, pp. 44-69.

Lee, Seung Jung, Kelly E. Posenau, and Viktors Stebunovs (2017). "The Anatomy of Financial

Vulnerabilities and Crises," International Finance Discussion Papers 1191. Board of Governors of the

Federal Reserve System (U.S.).

Meisenzahl, Ralf R. (2017). "Auto Financing during and after the Great Recession," FEDS Notes 2017-06-

22. Board of Governors of the Federal Reserve System (U.S.).

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Migueis, Marco (2017). "Forward-looking and Incentive-compatible Operational Risk Capital

Framework," Finance and Economics Discussion Series 2017-087. Board of Governors of the Federal


Morrison, Alan, Michalis Vasios, Mungo Wilson, and Filip Zikes (2017). "Identifying Contagion in a

Banking Network," Staff Working Paper, no. 642. Bank of England.

Niepmann, Friederike (2016). "Banking Across Borders With Heterogeneous Banks," International

Finance Discussion Papers 1177. Board of Governors of the Federal Reserve System (U.S.).

Oldfather, Jeremy, Stefan Gissler, and Doriana Ruffino (2016). "Bank Complexity: Is Size Everything?"

FEDS Notes 2016-07-15. Board of Governors of the Federal Reserve System (U.S.).

Owen, Ann L., and Judit Temesvary (2017). "The Performance Effects of Gender Diversity on Bank

Boards," Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2893189

Paligorova, Teodora, and João A. C. Santos (2016). "Non-Bank Investors and Loan Renegotiations," Staff

Working Paper 2016-60. Bank of Canada.

Paligorova, Teodora, and João A. C. Santos (2017). "Banks' Exposure to Rollover Risk and the Maturity of

Corporate Loans," Review of Finance, vol. 21, no. 4, pp. 1739-1765.

Passmore, Wayne, and Shane M. Sherlund (2016). "FHA, Fannie Mae, Freddie Mac, and the Great

Recession," Finance and Economics Discussion Series 2016-031r1. Board of Governors of the Federal


Rappoport, David E. (2016). "The Effect of Banks' Financial Position on Credit Growth: Evidence from

OECD Countries," Finance and Economics Discussion Series 2016-101. Board of Governors of the Federal


Rezende, Marcelo, Mary-Frances Styczynski, and Cindy M. Vojtech (2016). "The Effects of Liquidity

Regulation on Bank Demand in Monetary Policy Operations," Finance and Economics Discussion Series

2016-090. Board of Governors of the Federal Reserve System (U.S.).

Sharpe, Steven A., and Shane M. Sherlund (2016). "Crowding Out Effects of Refinancing on New

Purchase Mortgages," Review of Industrial Organization, vol. 48, no. 2, pp. 209-239.

Shy, Oz, Rune Stenbacka, and Vladimir Yankov (2016). "Limited Deposit Insurance Coverage and Bank

Competition," Journal of Banking & Finance, vol. 71, pp. 95-108.

Smolyansky, Michael (2016). "Policy Externalities and Banking Integration," Finance and Economics


Taká•ts, Előd, and Judit Temesvary (2016). "The Currency Dimension of the Bank Lending Channel in

International Monetary Transmission," BIS Working Papers, no. 600. Bank for International Settlements.

Temesvary, Judit, and Adam Banai (forthcoming). "The Drivers of Foreign Bank Lending in Central and

Eastern Europe: The Roles of Parent, Subsidiary and Host Market Traits," Journal of International Money

and Finance.

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Temesvary, Judit, and Adam Banai (2017). "The Drivers of Foreign Bank Lending in Central and Eastern

Europe: The Roles of Parent, Subsidiary and Host Market Traits," Journal of International Money and

Finance, vol. 79, pp. 157-173.

Vojtech, Cindy M. (2017). "Post-Crisis Lending by Large Bank Holding Companies," FEDS Notes 2017-07-


Vojtech, Cindy M., Benjamin S. Kay, and John C. Driscoll (2016). "The Real Consequences of Bank

Mortgage Lending Standards," Working Papers 2016-05. Office of Financial Research.

Wang, Teng (2017). "To Build or to Buy? The Role of Local Information in Credit Market Development,"


(U.S.).

Zakrajšek, Egon (2017). "Comment on the Bank Liabilities Channel," Journal of Monetary Economics, vol.

89, pp. 45-50.

ECONOMETRICS AND STATISTICS

Aikman, David, Michael T. Kiley, Seung Jung Lee, Michael G. Palumbo, and Missaka N. Warusawitharana

(2017). "Mapping Heat in the U.S. Financial System," Journal of Banking & Finance, vol. 81, pp. 36-64.

Amisano, Gianni, and Roberto Savona (2017). "Mutual Funds Dynamics and Economic Predictors,"

Journal of Financial Econometrics, vol. 15, no. 2, pp. 302-330

Arias, Jonas E., Dario Caldara, and Juan F. Rubio-Ramirez (2016). "The Systematic Component of

Monetary Policy in SVARs: An Agnostic Identification Procedure," Working Paper 2016-15. Federal

Reserve Bank of Atlanta.

Banegas, Ayelen (2016). "Predictability of Growth in Emerging Markets: Information in Financial

Aggregates," International Finance Discussion Papers 1174. Board of Governors of the Federal Reserve

System (U.S.).

Barbarino, Alessandro, and Efstathia Bura (2017). "A Unified Framework for Dimension Reduction in

Forecasting," Finance and Economics Discussion Series 2017-004. Board of Governors of the Federal


Barigozzi, Matteo, Marco Lippi, and Matteo Luciani (2016). "Dynamic Factor Models, Cointegration, and

Error Correction Mechanisms," Finance and Economics Discussion Series 2016-018. Board of Governors

of the Federal Reserve System (U.S.).

Barigozzi, Matteo, Marco Lippi, and Matteo Luciani (2016). "Non-Stationary Dynamic Factor Models for

Large Datasets," Finance and Economics Discussion Series 2016-024r. Board of Governors of the Federal


Beck, Guenter, Kirstin Hubrich, and Massimiliano Marcellino (2016). "On the Importance of Sectoral and

Regional Shocks for Price-Setting," Journal of Applied Econometrics, vol. 31, no. 7, pp. 1234-1253.

Beltran, Daniel O., and David Draper (2016). "Estimating Dynamic Macroeconomic Models: How

Informative Are the Data?" International Finance Discussion Papers 1175. Board of Governors of the


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Bragoli, Daniela, and Michele Modugno (2016). "A Nowcasting Model for Canada: Do U.S. Variables

Matter?" Finance and Economics Discussion Series 2016-036. Board of Governors of the Federal Reserve

System (U.S.).

Bragoli, Daniela, and Michele Modugno (2017). "A Now-Casting Model for Canada: Do U.S. Variables

Matter?" International Journal of Forecasting, vol. 33, no. 4, pp. 786-800.

Bricker, Jesse, and Arthur B. Kennickell (2017). "Shared Understanding and Data Quality in the SCF,"

Statistical Journal of the IAOS, vol. 33, no. 1, pp. 165-174.

Bricker, Jesse, Lisa J. Dettling, Alice Henriques, Joanne W. Hsu, Lindsay Jacobs, Kevin B. Moore, Sarah

Pack, John Sabelhaus, Jeffrey Thompson, and Richard A. Windle (2017). "Changes in U.S. Family Finances

from 2013 to 2016: Evidence from the Survey of Consumer Finances," Federal Reserve Bulletin, vol. 103,

no. 3, pp. 1-41.

Cajner, Tomaz, and David D. Ratner (2016). "A Cautionary Note on the Help Wanted Online Data," FEDS

Notes 2016-06-23. Board of Governors of the Federal Reserve System (U.S.).

Caldara, Dario, and Edward Herbst (2016). "Monetary Policy, Real Activity, and Credit Spreads: Evidence

from Bayesian Proxy SVARs," Finance and Economics Discussion Series 2016-049. Board of Governors of


Chang, Andrew C., and Phillip Li (2017). "A Preanalysis Plan to Replicate Sixty Economics Research

Papers That Worked Half of the Time," American Economic Review: Papers and Proceedings, vol. 107,

no. 5, pp. 60-64.

Chang, Andrew C., and Phillip Li (forthcoming). "Measurement Error in Macroeconomic Data and

Economics Research: Data Revisions, Gross Domestic Product, and Gross Domestic Income," Economic

Inquiry.

Chang, Andrew C., Phillip Li, and Shawn M. Martin (forthcoming). "Comparing Cross-Country Estimates

of Lorenz Curves Using a Dirichlet Distribution Across Estimators and Datasets," Journal of Applied

Econometrics.

Chauvet, Marcelle, and Zeynep Senyuz (2016). "A Dynamic Factor Model of the Yield Curve Components

as a Predictor of the Economy," International Journal of Forecasting, vol. 32, no. 2, pp. 324-343.

Chen, Andrew Y., Eric C. Engstrom, and Olesya V. Grishchenko (2016). "Has the Inflation Risk Premium

Fallen? Is it Now Negative?" FEDS Notes 2016-04-04. Board of Governors of the Federal Reserve System

(U.S.).

Coroneo, Laura, Domenico Giannone, and Michele Modugno (2016). "Unspanned Macroeconomic

Factors in the Yield Curve," Journal of Business & Economic Statistics, vol. 34, no. 3, pp. 472-485.

D'Agostino, Antonello, Domenico Giannone, Michele Lenza, and Michele Modugno (2016). "Nowcasting

Business Cycles: A Bayesian Approach to Dynamic Heterogeneous Factor Models," in Hillebrand, Eric,

and Siem Jan Koopman eds. Dynamic Factor Models (Advances in Econometrics, Volume 35) Emerald

Group Publishing Limited, pp. 569 - 594.

11

Ericsson, Neil R. (2016). "Eliciting GDP Forecasts from the FOMC's Minutes Around the Financial Crisis,"

International Journal of Forecasting, vol. 32, no. 2, pp. 571-583.

Ericsson, Neil R. (2016). "Predicting Fed Forecasts," IFDP Notes 2016-02-12. Board of Governors of the


Ericsson, Neil R. (2016). "Testing for and Estimating Structural Breaks and Other Nonlinearities in a

Dynamic Monetary Sector," Studies in Nonlinear Dynamics and Econometrics, vol. 20, no. 4, pp. 377-398.

Ericsson, Neil R. (2017). "Economic Forecasting in Theory and Practice: An Interview with David F.

Hendry," International Journal of Forecasting, vol. 33, no. 2, pp. 523-542.

Ericsson, Neil R. (2017). "How Biased Are U.S. Government Forecasts of the Federal Debt?" International

Journal of Forecasting, vol. 33, no. 2, pp. 543-559.

Ericsson, Neil R. (2017). "Interpreting Estimates of Forecast Bias," International Journal of Forecasting,

vol. 33, no. 2, pp. 563-568.

Ericsson, Neil R., David F. Hendry, and Stedman B. Hood (2016) "Milton Friedman as an Empirical

Modeler," in Cord, Robert A., and J. Daniel Hammond, eds., Milton Friedman: Contributions to

Economics and Public Policy, (Oxford University Press), pp. 91-142.

Ericsson, Neil R., David F. Hendry, and Stedman B. Hood (2017). "Milton Friedman and Data

Adjustment," IFDP Notes 2017-05-15. Board of Governors of the Federal Reserve System (U.S.).

Gideon, Michael, Brooke Helppie-McFall, and Joanne W. Hsu (2017). "Heaping at Round Numbers on

Financial Questions: The Role of Satisficing," Survey Research Methods, vol. 11, no. 2, pp. 189-214.

Gilbert, Thomas, Chiara Scotti, Georg Strasser, and Clara Vega (2016). "Is the Intrinsic Value of

Macroeconomic News Announcements Related to Their Asset Price Impact?" ECB Working Paper Series

1882. European Central Bank.

Giraitis, Liudas, George Kapetanios, Anne Wetherilt, and Filip Zikes (2016). "Estimating the Dynamics and

Persistence of Financial Networks, with an Application to the Sterling Money Market," Journal of Applied

Econometrics, vol. 31, no. 1, pp. 58-84.

Gonzalez-Astudillo, Manuel (2017). "GDP Trend-cycle Decompositions Using State-level Data," Finance


Gonzalez-Astudillo, Manuel, and John M. Roberts (2016). "When Can Trend-Cycle Decompositions Be

Trusted?" Finance and Economics Discussion Series 2016-099. Board of Governors of the Federal


Grishchenko, Olesya, Sarah Mouabbi, and Jean-Paul Renne (2017). “Measuring Inflation Anchoring and

Uncertainty: A US and Euro Area Comparison,” Finance and Economics Discussion Series 2017-102.


Gruber, Joseph, Andrew McCallum, and Robert Vigfusson (2016). "The Dollar in the U.S. International

Transactions (USIT) Model," IFDP Notes 2016-02-08. Board of Governors of the Federal Reserve System

(U.S.).

12

Herbst, Edward P., and Frank Schorfheide (2016). "Bayesian Estimation of DSGE Models." Princeton, N.J.:

Princeton University Press.

Herbst, Edward, and Frank Schorfheide (2017). "Tempered Particle Filtering," NBER Working Paper, no.

23448. National Bureau of Economic Research, Inc.

Hubrich, Kirstin, and Frauke Skudelny (2017). "Forecast Combination for Euro Area Inflation: A Cure in

Times of Crisis?" Journal of Forecasting, vol. 36, no. 5, pp. 515-540.

Johannsen, Benjamin K., and Elmar Mertens (2016). "A Time Series Model of Interest Rates With the

Effective Lower Bound," Finance and Economics Discussion Series 2016-033. Board of Governors of the


Kennickell, Arthur B. (2016). "Identity, Identification and Identifiers: The Global Legal Entity Identifier

System," Finance and Economics Discussion Series 2016-103. Board of Governors of the Federal Reserve

System (U.S.).

Kurz, Christopher J., and Norman J. Morin (2016). "Annual Data on Investment and Capital Stocks," FEDS


Malik, Sheheryar, and Andrew Meldrum (2016). "Evaluating the Robustness of UK Term Structure

Decompositions Using Linear Regression Methods," Journal of Banking and Finance, vol. 67, pp. 85-102.

Mertens, Elmar (2016). "Measuring the Level and Uncertainty of Trend Inflation," Review of Economics

and Statistics, vol. 98, no. 5, pp. 950-967.

Nalewaik, Jeremy (2016). "Non-Linear Phillips Curves with Inflation Regime-Switching," Finance and

Economics Discussion Series 2016-078. Board of Governors of the Federal Reserve System (U.S.).

Oh, Dong Hwan, and Andrew J. Patton (2016). "High-Dimensional Copula-Based Distributions with Mixed

Frequency Data," Journal of Econometrics, vol. 193, no. 2, pp. 349-366.

Oh, Dong Hwan, and Andrew J. Patton (2017). "Modeling Dependence in High Dimensions with Factor

Copulas," Journal of Business & Economic Statistics, vol. 35, no. 1, pp. 139-154.

Pfeffer, Fabian T., Robert F. Schoeni, Arthur Kennickell, and Patricia Andreski (2016). "Measuring Wealth

and Wealth Inequality: Comparing Two U.S. Surveys," Journal of Economic and Social Measurement, vol.

41, no. 2, pp. 103-120.

Priebsch, Marcel A. (2017). "A Shadow Rate Model of Intermediate-Term Policy Rate Expectations,"


Prono, Todd (2016). "Closed-Form Estimation of Finite-Order ARCH Models: Asymptotic Theory and

Finite-Sample Performance," Finance and Economics Discussion Series 2016-083r. Board of Governors of


Prono, Todd (2017). "Regular Variation of Popular GARCH Processes Allowing for Distributional

Asymmetry," Finance and Economics Discussion Series 2017-095. Board of Governors of the Federal


13

Sahm, Claudia, and Jason Sockin (2016). "'Limited Attention' and Inflation Expectations of Households,"


Shin, Minchul, and Molin Zhong (2016). "A New Approach to Identifying the Real Effects of Uncertainty

Shocks," Finance and Economics Discussion Series 2016-040. Board of Governors of the Federal Reserve

System (U.S.).

Shin, Minchul, and Molin Zhong (2017). "Does Realized Volatility Help Bond Yield Density Prediction?"

International Journal of Forecasting, vol. 33, no. 2, pp. 373-389.

Tito, Maria D. (2017). "Measuring Firm-Level Uncertainty," FEDS Notes 2017-04-07. Board of Governors


Zikes, Filip (2017). "Measuring Transaction Costs in the Absence of Timestamps," Finance and Economics


Zikes, Filip, and Jozef Barunik (2016). "Semi-parametric Conditional Quantile Models for Financial

Returns and Realized Volatility," Journal of Financial Econometrics, vol. 14, no. 1, pp. 185-226.

Zikes, Filip, Jozef Baruník, and Nikhil Shenai (2017). "Modeling and Forecasting Persistent Financial

Durations," Econometric Reviews, vol. 36, no. 10, pp. 1081-1110.

ECONOMIC HISTORY

Boustan, Leah Platt, Devin Bunten, and Owen Hearey (forthcoming). "Urbanization in the United States,

1800-2000," Oxford Handbook of American Economic History.

Brownlees, Christian, Ben Chabot, Eric Ghysels, and Christopher Kurz (2017). "Back to the Future:

Backtesting Systemic Risk Measures during Historical Bank Runs and the Great Depression," CEPR

Discussion Paper, no. 12178. Centre for Economic Policy Research.

Calomiris, Charles W., and Mark Carlson (2016). "Interbank Networks in the National Banking Era: Their

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Change, Human Capital, and Growth in Early Modern Germany," Finance and Economics Discussion

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Dittmar, Jeremiah, and Ralf R. Meisenzahl (2016). "State Capacity and Public Goods: Institutional

Change, Human Capital and Growth in Early Modern Germany," CEP Discussion Paper, no. 1418. Centre

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Jalil, Andrew J., and Gisela Rua (2016). "Inflation Expectations and Recovery in Spring 1933,"

Explorations in Economic History, vol. 62, pp. 26-50.

Rua, Gisela, and Sian L. Seldin (2016). "History of the Federal Reserve Board Statistical Releases," FEDS


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Ahn, Hie Joo, and James D. Hamilton (2016). "Heterogeneity and Unemployment Dynamics," NBER

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Autor, David H., Alan Manning, and Christopher L. Smith (2016). "The Contribution of the Minimum

Wage to US Wage Inequality over Three Decades: A Reassessment," American Economic Journal: Applied

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Bayer, Amanda, and David Wilcox (2017). "The Unequal Distribution of Economic Education: A Report on

the Race, Ethnicity, and Gender of Economics Majors at US Colleges and Universities," Finance and

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Bricker, Jesse, Alice Henriques, Jacob Krimmel, and John Sabelhaus (2016). "Measuring Income and

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"Recent Trends in Wealth-Holding by Race and Ethnicity: Evidence from the Survey of Consumer

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Falato, Antonio, and J. Nellie Liang (2016). "Do Creditor Rights Increase Employment Risk? Evidence from

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Fisher, Jonathan, David Johnson, Jonathan Latner, Timothy Smeeding, and Jeffrey Thompson (2016).

"Inequality and Mobility Using Income, Consumption, and Wealth for the Same Individuals," The Russell

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15

Li, Geng, and Brett McCully (2016). "Is Underemployment Underestimated? Evidence from Panel Data,"


Robles, Barbara, and Marysol McGee (2016). "Exploring Online and Offline Informal Work: Findings from

the Enterprising and Informal Work Activities (EIWA) Survey," Finance and Economics Discussion Series


Thompson, Jeffrey (2016). "Do Rising Top Incomes Lead to Increased Borrowing in the Rest of the

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Acolin, Arthur, Jesse Bricker, Paul Calem, and Susan Wachter (2016). "Borrowing Constraints and

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Aikman, David, Andreas Lehnert, Nellie Liang, and Michele Modugno (2016). "Financial Vulnerabilities,

Macroeconomic Dynamics, and Monetary Policy," Finance and Economics Discussion Series 2016-055.


Ajello, Andrea (2016). "Financial Intermediation, Investment Dynamics, and Business Cycle

Fluctuations," American Economic Review, vol. 106, no. 8, pp. 2256-2303.

Ali, Robleh, Nick Vause, and Filip Zikes (2016). "Systemic Risk in Derivatives Markets: A Pilot Study Using

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Baker, Steven D., Burton Hollifield, and Emilio Osambela (2016). "Disagreement, Speculation, and

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Securities Lending Activity," Staff Reports 790. Federal Reserve Bank of New York.

Baklanova, Viktoria, Cecilia Caglio, Marco Cipriani, and Adam Copeland (2016). "A New Survey of the

U.S. Bilateral Repo Market: A Snapshot of Broker-Dealer Activity," Staff Reports 758. Federal Reserve

Bank of New York.

Banegas, Ayelen, Gabriel Montes-Rojas, and Lucas Siga (2016). "Mutual Fund Flows, Monetary Policy

and Financial Stability," Finance and Economics Discussion Series 2016-071. Board of Governors of the


Bansal, Ravi, Dana Kiku, and Marcelo Ochoa (2016). "Price of Long-Run Temperature Shifts in Capital

Markets," NBER Working Paper, no. 22529. National Bureau of Economic Research, Inc.

16

Bao, Jack, Maureen O'Hara, and Alex Zhou (2016). "The Volcker Rule and Market-Making in Times of

Stress," Finance and Economics Discussion Series 2016-102. Board of Governors of the Federal Reserve

System (U.S.).

Barras, Laurent, and Aytek Malkhozov (2016). "Does Variance Risk Have Two Prices? Evidence from the

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Cai, Fang, Song Han, Dan Li, and Yi Li (2016). "Institutional Herding and Its Price Impact: Evidence from

the Corporate Bond Market," Finance and Economics Discussion Series 2016-091. Board of Governors of


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Carlson, Mark, Burcu Duygan-Bump, Fabio Natalucci, Bill Nelson, Marcelo Ochoa, Jeremy Stein, and

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17

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Dictionary for Financial Stability," IFDP Notes 2017-06-28. Board of Governors of the Federal Reserve

System (U.S.).

Costin, Ovidiu, Michael B. Gordy, Min Huang, and Pawel J. Szerszen (2016). "Expectations of Functions of

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Danielsson, Jon, Kevin James, Marcela Valenzuela, and Ilknur Zer (2016). "Can We Prove a Bank Guilty of

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Edge, Rochelle, and Andreas Lehnert (2016). "Recent Experience with Supervisory Stress Testing in the

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Falato, Antonio, and David Scharfstein (2016). "The Stock Market and Bank Risk-Taking," NBER Working

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18

Foley-Fisher, Nathan, Rodney Ramcharan, and Edison Yu (2016). "The Impact of Unconventional

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Gu, Li and Dayong Huang (forthcoming). "Money, Substitutions and Stock Returns," Journal of Financial

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Holmquist, Elizabeth, Max Miller, and Youngsuk Yook (2016). "International Portfolio Investment

Holdings of Long-term Securities in the Enhanced Financial Accounts," FEDS Notes 2016-08-05. Board of


Ivanov, Ivan T., Joao A. C. Santos, and Thu Vo (2016). "The Transformation of Banking: Tying Loan

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Johnson, Travis L., and Nathan Swem (2017). "Reputation and Investor Activism," Finance and


Julio, Brandon, and Youngsuk Yook (2016). "Earnings Management and Corporate Investment

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Kay, Benjamin S., and Cindy M. Vojtech (2016). "Corporate Governance Responses to Director Rule

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Ljungqvist, Alexander, and Michael Smolyansky (2016). "To Cut or Not to Cut? On the Impact of

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Malamud, Semyon, and Francesca Zucchi (2016). "Liquidity, Innovation, and Endogenous Growth," ECB

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19

Nakata, Taisuke, and Sebastian Schmidt (2016). "Gradualism and Liquidity Traps," Working Paper Series

1976. European Central Bank.

Ogden, Richard E., Damian R. Thomas, and Missaka Warusawitharana (2016). "Corporate Equities by

Issuer in the Financial Accounts of the United States," FEDS Notes 2016-03-29. Board of Governors of


Qiu, Buhui, and Teng Wang (2017). "Does Knowledge Protection Benefit Shareholders? Evidence from

Stock Market Reaction and Firm Investment in Knowledge Assets," Finance and Economics Discussion


Rose, Jonathan D. (2016). "The Resolution of a Systemically Important Insurance Company during the

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Stefanescu, Irina, Yupeng Wang, Kangzhen Xie, and Jun Yang (forthcoming). "Pay Me Now (and Later):

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Warusawitharana, Missaka, and Toni M. Whited (2016). "Equity Market Misvaluation, Financing, and

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Abruzzo, Nicole and Yang-Ho Park (2016). "An Empirical Analysis of Futures Margin Changes:

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Anderson, Alyssa, and Jeffrey Huther (2016). "Modelling Overnight RRP Participation," Finance and


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20

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Babina, Tania, Paige Ouimet, and Rebecca Zarutskie (2017). "Going Entrepreneurial? IPOs and New Firm

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Banegas, Ayelen, and Manjola Tase (2016). "Reserve Balances, the Federal Funds Market and Arbitrage

in the New Regulatory Framework," Finance and Economics Discussion Series 2016-079. Board of


Bao, Jack, and Kewei Hou (2017). "De Facto Seniority, Credit Risk, and Corporate Bond Prices," Review of

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Bao, Jack, Kewei Hou, and Shaojun Zhang (2016). "Systemic Default and Return Predictability in the

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Bastos, Paulo, Daniel A. Dias, and Olga A. Timoshenko (2017). "Learning, Prices, and Firm Dynamics,"

International Finance Discussion Papers 1193. Board of Governors of the Federal Reserve System (U.S.).

Bekaert, Geert, and Eric Engstrom (2017). "Asset Return Dynamics under Habits and Bad Environment-

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Bhutta, Neil, Jane Dokko, and Hui Shan (forthcoming). "The Depth of Negative Equity and Mortgage

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Bodenstein, Martin, Gunes Kamber, and Christoph Thoenissen (2017). "Commodity Prices and Labour

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of Governors of the Federal Reserve System (U.S.).

21

Bonis, Brian, Jane Ihrig, and Min Wei (2017). "Projected Evolution of the SOMA Portfolio and the 10-year

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Borochin, Paul, and Jie Yang (2017). "Options, Equity Risks, and the Value of Capital Structure

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Cao, Charles, Bing Liang, Andrew W. Lo, and Lubomir Petrasek (forthcoming) "Hedge Fund Holdings and

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Darst, R. Matthew, and Ehraz Refayet (2016). "Credit Default Swaps and Debt Contracts: Spillovers and

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Darst, R. Matthew, and Ehraz Refayet (2016). "Credit Default Swaps in General Equilibrium: Spillovers,

Credit Spreads, and Endogenous Default," Finance and Economics Discussion Series 2016-042. Board of


Darst, R. Matthew, and Ehraz Refayet (2017). "A Collateral Theory of Endogenous Debt Maturity,"


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Datta, Deepa Dhume, Juan M. Londono, and Landon J. Ross (2017). "Generating Options-Implied

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De Pooter, Michiel, Robert F. Martin, and Seth Pruitt (forthcoming). "The Liquidity Effects of Official

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Dew-Becker, Ian, Stefano Giglio, Anh Le, and Marius Rodriguez (2017). "The Price of Variance Risk,"

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Dmytro, Holod, Yuriy Kitsul, and Gökhan Torna (forthcoming). "Market Risk-based Capital Requirements,

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Dobrev, Dobrislav, and Ernst Schaumburg (2017). "Comment on: Nonparametric Tail Risk, Stock Returns

and the Macroeconomy," Journal of Financial Econometrics, vol. 15, no. 3, pp. 388-409.

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Du, Wenxin, Salil Gadgil, Michael B. Gordy, and Clara Vega (2016). "Counterparty Risk and Counterparty

Choice in the Credit Default Swap Market," Finance and Economics Discussion Series 2016-087. Board of


Dubin, Eduard, Olesya V. Grishchenko, and Vasily Kartashov (forthcoming). "Habit Formation

Heterogeneity: Implications for Aggregate Asset Pricing," Revue Finance.

Ferris, Erin E. Syron (forthcoming). "Dividend Taxes and Stock Volatility," International Tax and Public

Finance.

23

Feunou, Bruno, Mohammad R. Jahan-Parvar, and Cédric Okou (forthcoming). "Downside Variance Risk

Premium," Journal of Financial Econometrics.

Frei, Christoph, Agostino Capponi, and Celso Brunetti (2017). "Managing Counterparty Risk in OTC

Markets," Finance and Economics Discussion Series 2017-083. Board of Governors of the Federal


Gilbert, Thomas, Chiara Scotti, Georg Strasser, and Clara Vega (2017). "Is the Intrinsic Value of a

Macroeconomic News Announcement Related to its Asset Price Impact?" Journal of Monetary

Economics, vol. 92, pp. 78-95.

Gissler, Stefan (2017). "Lockstep in Liquidity: Common Dealers and Co-movement in Bond Liquidity,"

Journal of Financial Markets, vol. 33, pp. 1-21.

Grishchenko, Olesya V., Joel M. Vanden, and Jianing Zhang (2016). "The Informational Content of the

Embedded Deflation Option in TIPS," Journal of Banking & Finance, vol. 65, pp. 1-26.

Gruber, Joseph W., and Steven B. Kamin (2017). "Corporate Buybacks and Capital Investment: An

International Perspective," IFDP Notes 2017-04-11. Board of Governors of the Federal Reserve System

(U.S.)

Gu, Li, and Dayong Huang (forthcoming). "The Effect of the Growth in Labor Hours per Worker on Future

Stock Returns, Hiring, and Profitability," Review of Finance.

Han, Song, and Hao Zhou (2016). "Effects of Liquidity on the Non-Default Component of Corporate Yield

Spreads: Evidence from Intraday Transactions Data," Quarterly Journal of Finance, vol. 6, no. 3.

Han, Song, and Kleopatra Nikolaou (2016). "Trading Relationships in the OTC Market for Secured Claims:

Evidence from Triparty Repos," Finance and Economics Discussion Series 2016-064. Board of Governors


Heston, Steven L., and Nitish R. Sinha (2016). "News versus Sentiment: Predicting Stock Returns from

News Stories," Finance and Economics Discussion Series 2016-048. Board of Governors of the Federal


Hsu, Alex, Francisco Palomino, and Charles Qian (2017). "The Decline in Asset Return Predictability and

Macroeconomic Volatility," Finance and Economics Discussion Series 2017-050. Board of Governors of


Huh, Yesol, and Sebastian Infante (2017). "Bond Market Intermediation and the Role of Repo," Finance


Infante, Sebastian (2017). "Private Money Creation with Safe Assets and Term Premia," Finance and


Iyer, Rajkamal, and Marco Macchiavelli (2017). "The Systemic Nature of Settlement Fails," FEDS Notes

2017-07-03. Board of Governors of the Federal Reserve System (U.S.).

Kedia, Simi, Shivaram Rajgopal, and Xing (Alex) Zhou (2017). "Large Shareholders and Credit Ratings,"


24

Kim, Kyungmin (2016). "Measuring the Informativeness of Market Statistics," Finance and Economics


Kirilenko, Andrei, Albert S. Kyle, Mehrdad Samadi, and Tugkan Tuzun (2017). "The Flash Crash: High

Frequency Trading in an Electronic Market," Journal of Finance, vol. 72, no. 3, pp. 967-998.

Klee, Elizabeth, Zeynep Senyuz, and Emre Yoldas (2016). "Effects of Changing Monetary and Regulatory

Policy on Overnight Money Markets," Finance and Economics Discussion Series 2016-084. Board of


Kruttli, Mathias S. (2016). "From Which Consumption-Based Asset Pricing Models Can Investors Profit?

Evidence from Model-Based Priors," Finance and Economics Discussion Series 2016-027r1. Board of


Kuchinski, William R., Richard E. Ogden, Damian R. Thomas, and Missaka Warusawitharana (2017).

"Equity Issuance and Retirement by Nonfinancial Corporations," FEDS Notes 2017-06-16. Board of


Kyle, Albert S., Anna A. Obizhaeva, and Tugkan Tuzun (2016). "Microstructure Invariance in U.S. Stock

Market Trades," Finance and Economics Discussion Series 2016-034. Board of Governors of the Federal


Kyle, Albert S., Anna A. Obizhaeva, Nitish Ranjan Sinha, and Tugkan Tuzun (2017). "News Articles and

Equity Trading," CEFIR / NES Working Paper, no. 233. Centre for Economic and Financial Research at

New Economic School.

Lewis, Kurt F., Francis A. Longstaff, and Lubomir Petrasek (2017). "Asset Mispricing," NBER Working


Li, Canlin, Andrew Meldrum, and Marius Rodriguez (2017). "Robustness of Long-Maturity Term Premium

Estimates," FEDS Notes 2017-04-03. Board of Governors of the Federal Reserve System (U.S.).

Liu, Qi, Lei Lu, and Bo Sun (2017). "Incentive Contracting Under Ambiguity Aversion," International


Meldrum, Andrew, Marek Raczko, and Peter Spencer (2016). "Overseas Unspanned Factors and

Domestic Bond Returns," Staff Working Paper no. 618. Bank of England.

Monnet, Cyril, and Borghan N. Narajabad (2017). "Why Rent When You Can Buy?" Finance and


Norden, Lars, Peter Roosenboom, and Teng Wang (2016). "The Effects of Corporate Bond Granularity,"

Journal of Banking & Finance, vol. 63, pp. 25-34.

Nozawa, Yoshio (2017). "What Drives the Cross-Section of Credit Spreads?: A Variance Decomposition

Approach," Journal of Finance, vol. 72, no. 5, pp. 2045–2072.

Ogden, Rick, Francisco Palomino, Nitish Sinha, and Youngsuk Yook (2016). "Corporate Bond Issuers'

Swap Exposure to Rising Interest Rates," FEDS Notes 2016-05-26. Board of Governors of the Federal


25

Onur, Esen, John S. Roberts, and Tugkan Tuzun (2017). “Trader Positions and Marketwide Liquidity

Demand,” Finance and Economics Discussion Series 2017-103. Board of Governors of the Federal


Park, Yang-Ho (2016). "The Effects of Asymmetric Volatility and Jumps on the Pricing of VIX Derivatives,"

Journal of Econometrics, vol. 192, no. 1, pp. 313-328.

Pool, Veronika K., Clemens Sialm, and Irina Stefanescu (2016). "It Pays to Set the Menu: Mutual Fund

Investment Options in 401(k) Plans," Journal of Finance, vol. 71, no. 4, pp. 1779-1812.

Ramcharan, Rodney, Stephane Verani, and Skander J. Van den Heuvel (2016). "From Wall Street to Main

Street: The Impact of the Financial Crisis on Consumer Credit Supply," Journal of Finance, vol. 71, no. 3,

pp. 1323-1356.

Ramírez, Carlos (2017). "Inter-firm Relationships and Asset Prices," Finance and Economics Discussion


Sinha, Nitish Ranjan (2016). "Underreaction to News in the US Stock Market," Quarterly Journal of

Finance, vol. 6, no. 2.

Song, Zhaogang, and Dacheng Xiu (2016). "A Tale of Two Option Markets: Pricing Kernels and Volatility

Risk," Journal of Econometrics, vol. 190, pp. 176-196.

Sun, Zheng, Ashley W. Wang, and Lu Zheng (forthcoming). "Only Winners in Tough Times Repeat: Hedge

Fund Performance Persistence over Different Market Conditions," Journal of Financial and Quantitative

Analysis.

Swem, Nathan (2017). "Information in Financial Markets: Who Gets It First?" Finance and Economics


Tian, Mary (forthcoming). "Tradability of Output, Business Cycles, and Asset Prices," Journal of Financial

Economics.

von Beschwitz, Bastian, Oleg Chuprinin, and Massimo Massa (2017). "Why Do Short Sellers Like

Qualitative News?" Journal of Financial and Quantitative Analysis, vol. 52, no. 2, pp. 645-675.

Warusawitharana, Missaka (2016). "Time-varying Volatility and the Power Law Distribution of Stock

Returns," Finance and Economics Discussion Series 2016-022. Board of Governors of the Federal Reserve

System (U.S.).

Wei, Jason, and Xing Zhou (2016). "Informed Trading in Corporate Bonds Prior to Earnings

Announcements," Financial Management, vol. 45, no. 3, pp. 641-674.

INDUSTRIAL ORGANIZATION

Adams, Robert M., and Dean F. Amel (2016). "The Effects of Past Entry, Market Consolidation, and

Expansion by Incumbents on the Probability of Entry," Review of Industrial Organization, vol. 48, no. 1,

pp. 95-118.

Adenbaum, Jacob, Adam Copeland, and John J. Stevens (2016). "Do Long-Haul Truckers Undervalue

Future Fuel Savings?" Staff Reports 756. Federal Reserve Bank of New York.

26

Byrne, David, Carol A. Corrado, and Daniel E. Sichel (2017). "Own-Account IT Equipment Investment,”


Byrne, David, Wendy Dunn, and Eugenio Pinto (2016). "Prices and Depreciation in the Market for Tablet

Computers," FEDS Notes 2016-12-05. Board of Governors of the Federal Reserve System (U.S.).

Cen, Ling, Erfan Danesh, Chayawat Ornthanalai, and Xiaofei Zhao (2016) "The Power of Economic

Networks: Investor Recognition Through Supply-Chain Relationships," Rotman School of Management

Working Paper 2572717. University of Toronto.

Conflitti, Cristina, and Matteo Luciani (2017). "Oil Price Pass-Through into Core Inflation," Finance and


Datta, Deepa, Benjamin K. Johannsen, Hannah Kwon, and Robert J. Vigfusson (2017). "Oil, Equities, and

the Zero Lower Bound," BIS Working Papers, no. 617. Bank for International Settlements.

Decker, Ryan A., Aaron Flaaen, and Maria D. Tito (2016). "Unraveling the Oil Conundrum: Productivity

Improvements and Cost Declines in the U.S. Shale Oil Industry," FEDS Notes 2016-03-22. Board of


Hottman, Colin J., Stephen J. Redding, and David E. Weinstein (2016). "Quantifying the Sources of Firm

Heterogeneity," Quarterly Journal of Economics, vol. 131, no. 3, pp. 1291-1364.

Huang, Sean S., Jie Yang, and Nathan Carroll (forthcoming). "Taxes, Bankruptcy Costs, and Capital

Structure in for-Profit and Not-for-Profit Hospitals," Health Services Management Research.

Lincoln, William, F., and Andrew H. McCallum (2016). "The Rise of Exporting by U.S. Firms," International


Nanda, Vikram, Wei Wu, and Xing Zhou (2017). "Investment Commonality across Insurance Companies:

Fire Sale Risk and Corporate Yield Spreads," Finance and Economics Discussion Series 2017-069. Board of


Pierce, Justin R., and Peter K. Schott (2016). "The Surprisingly Swift Decline of U.S. Manufacturing

Employment," American Economic Review, vol. 106, no. 7, pp. 1632-62.

Prager, Robin A. (2016). "Industrial Organization Research at the Federal Reserve Board," Review of

Industrial Organization, vol. 48, no. 2, pp. 119-121.

Ray, Korok, and Jacob Gramlich (2016). "Reconciling Full-Cost and Marginal-Cost Pricing," Journal of

Management Accounting Research, vol. 28, no. 1, pp. 27-37.

Somale, Mariano (2017). "Comparative Advantage in Innovation and Production," International Finance

Discussion Papers 1206. Board of Governors of the Federal Reserve System (U.S.).

INTERNATIONAL ECONOMICS

Agarwal, Sumit, Bernardo Morais, Claudia Ruiz, and Jian Zhang (2016). "The Political Economy of Bank

Lending: Evidence from an Emerging Market," Policy Research Working Paper Series 7577. The World

Bank.

27

Ahmed, Shaghil (2017). "China's Footprints on the Global Economy: Remarks delivered at the Second

IMF and Federal Reserve Bank of Atlanta Research Workshop on the Chinese Economy," IFDP Notes


Ahmed, Shaghil, Brahima Coulibaly, and Andrei Zlate (2017). "International Financial Spillovers to

Emerging Market Economies: How Important Are Economic Fundamentals?" Risk and Policy Analysis

Unit Working Paper, no. 17-02. Federal Reserve Bank of Boston.

Amiti, Mary, Tyler Bodine-Smith, Colin Hottman, and Logan Lewis (2016). "What's Driving the Recent

Slump in U.S. Imports?" IFDP Notes 2016-11-07. Board of Governors of the Federal Reserve System

(U.S.).

Ammer, John, Alexandra Tabova, and Caleb Wroblewski (2016). ""Low-For-Long" Interest Rates and

Portfolio Shifts in Advanced Foreign Economies," IFDP Notes 2016-12-30. Board of Governors of the


Ammer, John, Michiel De Pooter, Christopher Erceg, and Steven Kamin (2016). "International Spillovers

of Monetary Policy," IFDP Notes 2016-02-08. Board of Governors of the Federal Reserve System (U.S.).

Bailey, Warren, and Edith X. Liu (2016) "Incorporation in Offshore Financial Centers: Naughty or Nice?"

Bastos, Paulo, Daniel A. Dias, and Olga A. Timoshenko (2016). "Learning, Prices, and Firm Dynamics,"

Policy Research Working Paper Series 7667. The World Bank.

Beltran, Daniel, Keshav Garud, and Aaron Rosenblum (2017). "Emerging Market Nonfinancial Corporate

Debt: How Concerned Should We Be?" IFDP Notes 2017-06-01. Board of Governors of the Federal


Boehm, Christoph E., Aaron Flaaen, and Nitya Pandalai-Nayar (2017). "Multinationals Offshoring, and

the Decline of U.S. Manufacturing," Working Papers 17-22. Center for Economic Studies, U.S. Census

Bureau.

Cenedese, Gino, and Enrico Mallucci (2016). "What Moves International Stock and Bond Markets?"

Journal of International Money and Finance, vol. 60, pp. 94-113.

Cerutti, Eugenio, Stijn Claessens, and Lev Ratnovski (forthcoming). "Global Liquidity and Drivers of Cross-

Border Bank Flows," Economic Policy.

Che, Yi, Yi Lu, Justin R. Pierce, Peter K. Schott, and Zhigang Tao (2016). "Does Trade Liberalization with

China Influence U.S. Elections?" NBER Working Paper, no. 22178. National Bureau of Economic

Research, Inc.

Claessens, Stijn, Hui Tong, and Igor Zuccardi (forthcoming). "Did the Euro Crisis Affect Non-Financial Firm

Stock Prices through a Financial Or Trade Channel?" Journal of Money Credit and Banking.

Claessens, Stijn, Livio Stracca, and Francis E. Warnock (2016). "International Dimensions of Conventional

and Unconventional Monetary Policy," Journal of International Money and Finance, vol. 67, pp. 1-7.

Claessens, Stijn, Nicholas S. Coleman, and Michael Donnelly (2016). "'Low-for-long' Interest Rates and

Net Interest Margins of Banks in Advanced Foreign Economies," IFDP Notes 2016-04-11. Board of


28

Clark, John, Nathan Converse, Brahima Coulibaly, and Steve Kamin (2016). "Emerging Market Capital

Flows and U.S. Monetary Policy," IFDP Notes 2016-10-18. Board of Governors of the Federal Reserve

System (U.S.).

Correa, Ricardo, Horacio Sapriza, and Andrei Zlate (2016). "Liquidity Shocks, Dollar Funding Costs, and

the Bank Lending Channel during the European Sovereign Crisis," Risk and Policy Analysis Unit Working

Paper, no. 16-04. Federal Reserve Bank of Boston.

Correa, Ricardo, Teodora Paligorova, Horacio Sapriza, and Andrei Zlate (2017). "Cross-Border Bank Flows

and Monetary Policy: Implications for Canada," Staff Working Paper 2017-34. Bank of Canada.

Curcuru, Stephanie E. (2017). "The Sensitivity of the U.S. Dollar Exchange Rate to Changes in Monetary

Policy Expectations," IFDP Notes 2017-09-22. Board of Governors of the Federal Reserve System (U.S.).

D'Agostino, Antonello, Michele Modugno, and Chiara Osbat (forthcoming). "A Global Trade Model for

the Euro Area," International Journal of Central Banking.

Danielsson, Jon, Marcela Valenzuela, and Ilknur Zer (2016). "Learning from History: Volatility and

Financial Crises," Finance and Economics Discussion Series 2016-093. Board of Governors of the Federal


Davis, J. Scott, and Ignacio Presno (2017). "Capital Controls and Monetary Policy Autonomy in a Small

Open Economy," Journal of Monetary Economics, vol. 85, pp. 114-130.

Du, Wenxin, Alexander Tepper, and Adrien Verdelhan (2017). "Deviations from Covered Interest Rate

Parity," NBER Working Paper, no. 23170. National Bureau of Economic Research, Inc.

Du, Wenxin, and Jesse Schreger (2016). "Local Currency Sovereign Risk," Journal of Finance, vol. 71, no.

3, pp. 1027-1070.

Du, Wenxin, and Jesse Schreger (2016). "Sovereign Risk, Currency Risk, and Corporate Balance Sheets,"

Harvard Business School Working Papers 17-024. Harvard Business School.

Du, Wenxin, Carolin E. Pflueger, and Jesse Schreger (2016). "Sovereign Debt Portfolios, Bond Risks, and

the Credibility of Monetary Policy," NBER Working Paper, no.22592. National Bureau of Economic

Research, Inc.

Dumas, Bernard, Karen K. Lewis, and Emilio Osambela (2017). "Differences of Opinion and International

Equity Markets," Review of Financial Studies, vol. 30, no. 3, pp. 750-800.

Epstein, Brendan, Rahul Mukherjee, and Shanthi Ramnath (2016). "Taxes and International Risk

Sharing," Journal of International Economics, vol. 102, pp. 310-326.

Feunou, Bruno, Mohammad R. Jahan-Parvar, and Roméo Tédongap (2016). "Which Parametric Model

for Conditional Skewness?" European Journal of Finance, vol. 22, no. 13, pp. 1237-1271.

Flaaen, Aaron (2017). "The Role of Transfer Prices in Profit-Shifting by U.S. Multinational Firms: Evidence

from the 2004 Homeland Investment Act," Finance and Economics Discussion Series 2017-055. Board of


29

Foley-Fisher, Nathan, and Eoin McLaughlin (2016). "Sovereign Debt Guarantees and Default: Lessons

From the UK and Ireland, 1920-1938," European Economic Review, vol. 87, pp. 272-286.

Gerlach, Jeffrey R., and Youngsuk Yook (2016). "Political Conflict and Foreign Portfolio Investment:

Evidence from North Korean Attacks," Finance and Economics Discussion Series 2016-037. Board of


Gerlach, Jeffrey R., and Youngsuk Yook (2016). "Political Conflict and Foreign Portfolio Investment:

Evidence from North Korean Attacks," Pacific-Basin Finance Journal, vol. 39, pp. 178-196.

Hegarty, Caitlin, and Beth Anne Wilson (2017). "Recoveries and Trade: Does the Exchange Rate Regime

Matter," IFDP Notes 2017-06-29. Board of Governors of the Federal Reserve System (U.S.).

Hoefele, Andreas, Tim Schmidt-Eisenlohr, and Zhihong Yu (2016). "Payment Choice in International

Trade: Theory and Evidence from Cross-Country Firm-Level Data," Canadian Journal of Economics, vol.

49, no. 1, pp. 296-319.

Hur, Sewon, and Illenin O. Kondo (2016). "A Theory of Rollover Risk, Sudden Stops, and Foreign

Reserves," Journal of International Economics, vol. 103, pp. 44-63.

Julio, Brandon, and Youngsuk Yook (2016). "Policy Uncertainty, Irreversibility, and Cross-Border Flows of

Capital," Journal of International Economics, vol. 103, pp. 13-26.

Kamal, Fariha, and Ryan Monarch (forthcoming). "Identifying Foreign Suppliers in U.S. Import Data,"

Review of International Economics.

Kara, Gazi Ishak (2016). "Systemic Risk, International Regulation, and the Limits of Coordination," Journal

of International Economics, vol. 99, pp. 192-222.

Krolikowski, Pawel M., and Andrew H. McCallum (2016). "Goods-Market Frictions and International

Trade," Working Paper, no. 16-35. Federal Reserve Bank of Cleveland.

Kurz, Christopher, and Mine Z. Senses (2016). "Importing, Exporting, and Firm-Level Employment

Volatility," Journal of International Economics, vol. 98, pp. 160-175.

Lee, Kuan-Hui, Horacio Sapriza, and Yangru Wu (2016). "Sovereign Debt Ratings and Stock Liquidity

Around the World," Journal of Banking & Finance, vol. 73, pp. 99-112.

Lewis, Karen K., and Edith X. Liu (2017). "Disaster Risk and Asset Returns: An International Perspective,"

NBER Working Paper, no. 23065. National Bureau of Economic Research, Inc.

Lewis, Logan, and Ryan Monarch (2016). "Causes of the Global Trade Slowdown," IFDP Notes 2016-11-


Liu, Edith X. (2016). "Portfolio Diversification and International Corporate Bonds," Journal of Financial

and Quantitative Analysis, vol. 51, no. 3, pp. 959-983.

Liu, Edith X., and Jonathan Pogach (2017). "The Effect of Foreign Lending on Domestic Loans: An Analysis

of U.S. Global Banks," International Finance Discussion Papers 1198. Board of Governors of the Federal


30

Londono, Juan M. (2016). "Bad Bad Contagion," International Finance Discussion Papers 1178. Board of


Londono, Juan M., and Hao Zhou (2017). "Variance Risk Premiums and the Forward Premium Puzzle,"


Malamud, Semyon, and Aytek Malkhozov (2016). "Market Integration and Global Crashes," CEPR

Discussion Papers 11468. Centre for Economic Policy Research.

Malkhozov, Aytek, Philippe Mueller, Andrea Vedolin, and Gyuri Venter (2017). "International Illiquidity,"


Monarch, Ryan (2016). "'It's Not You, It's Me': Breakups in U.S.-China Trade Relationships," International


Monarch, Ryan, and Tim Schmidt-Eisenlohr (2016). "Learning and the Value of Relationships in

International Trade," Working Papers 16-11. Center for Economic Studies, U.S. Census Bureau.

Monarch, Ryan, Jooyoun Park, and Jagadeesh Sivadasan (2017). "Domestic Gains from Offshoring?

Evidence from TAA-linked U.S. Microdata," Journal of International Economics, vol. 105, pp. 150-173.

Nelson, Edward (2017). "Reaffirming the Influence of Milton Friedman on U.K. Economic Policy,"

Economics Working Paper Series, no. 2017-01. University of Sydney.

Niepmann, Friederike, and Cornelia Kerl (2016). "What Determines the Composition of International

Bank Flows?" International Finance Discussion Papers 1170. Board of Governors of the Federal Reserve

System (U.S.).

Niepmann, Friederike, and Tim Schmidt-Eisenlohr (2017). "International Trade, Risk and the Role of

Bank," Journal of International Economics, vol. 107, pp. 111-126.

Niepmann, Friederike, and Tim Schmidt-Eisenlohr (2017). "No Guarantees, No Trade: How Banks Affect

Export Patterns," Journal of International Economics, vol. 108, pp. 338-350.

Pierce, Justin R., and Peter K. Schott (2016). "Trade Liberalization and Mortality: Evidence from U.S.

Counties," NBER Working Paper, no. 22849. National Bureau of Economic Research, Inc.

Reyes-Heroles Cardoso, Ricardo M. (2016). "Essays in International Economics," Ph.D. dissertation,

Princeton University.

Reyes-Heroles, Ricardo M., and Gabriel Tenorio (2017). "Managing Capital Flows in the Presence of

External Risks," International Finance Discussion Papers 1213. Board of Governors of the Federal


Reyes-Heroles, Ricardo, and Gabriel Tenorio (2017). "Interest Rate Volatility and Sudden Stops: An

Empirical Investigation," International Finance Discussion Papers 1209. Board of Governors of the


Rodriguez, Marius, and Emre Yoldas (2016). "Drivers of Inflation Compensation: Evidence from Inflation

Swaps in Advanced Economies," IFDP Notes 2016-12-30. Board of Governors of the Federal Reserve

System (U.S.).

31

Sapriza, Horacio, G. Cuadra, and J. M. Sanchez (forthcoming). "Sovereign Default and Fiscal Policy,"

Review of Economic Dynamics.

Shousha, Samer F. (2016). "Essays in International Macroeconomics," Ph.D. dissertation, Columbia

University.

Shousha, Samer F. (2017). "International Reserves, Credit Constraints, and Systemic Sudden Stops,"


Temesvary, Judit (2016). "The Drivers of Foreign Currency-Based Banking in Central and Eastern

Europe," Economics of Transition, vol. 24, no. 2, pp. 233-257.

Tito, Maria (2016). "Import Penetration and Domestic Innovation: A View into Dynamic Gains from

Trade," FEDS Notes 2016-12-16. Board of Governors of the Federal Reserve System (U.S.).

Tito, Maria D. (2017). "Looking Inside the Magic 8 Ball: An Analysis of Sales Forecasts using Italian Firm-

Level Data," Finance and Economics Discussion Series 2017-027. Board of Governors of the Federal


Tito, Maria D., and Ruoying Wang (2017). "Exporting and Frictions in Input Markets: Evidence from

Chinese Data," Finance and Economics Discussion Series 2017-077. Board of Governors of the Federal


Van Leemput, Eva (2016). "A Passage to India: Quantifying Internal and External Barriers to Trade,"


Van Leemput, Eva, and Ellen A. Wiencek (2017). "The Effect of the GST on Indian Growth," IFDP Notes


Wong, Anna (2017). "China's Current Account: External Rebalancing or Capital Flight?" International


LABOR ECONOMICS

Ahn, Hie Joo (2016). "Heterogeneity in the Dynamics of Disaggregate Unemployment," Finance and


Ahn, Hie Joo, and Ling Shao (2017). "Precautionary On-the-Job Search over the Busines Cycle," Finance


Armour, Philip, Richard V. Burkhauser, and Jeff Larrimore (2016). "Using the Pareto Distribution to

Improve Estimates of Topcoded Earnings," Economic Inquiry, vol. 54, no. 2, pp. 1263-1273.

Arseneau, David M., and Brendan Epstein (2017). "Offshoring, Mismatch, and Labor Market Outcomes,"

in Christensen, Bent Jesper, and Carsten Kowalczyk eds., Globalization: Strategies and Effects, pp. 47-74.

Caines, Colin, Florian Hoffmann, and Gueorgui Kambourov (2017). "Complex-Task Biased Technological

Change and the Labor Market," Review of Economic Dynamics, vol. 25, pp. 298-319.

Caines, Colin, Florian Hoffmann, and Gueorgui Kambourov (2017). "Does Automation Drive the Labor

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32

Cairó, Isabel, and Tomaz Cajner (forthcoming). "Human Capital and Unemployment Dynamics: Why

More-Educated Workers Enjoy Greater Employment Stability," Economic Journal.

Cajner, Tomaz, Tyler Radler, David Ratner, and Ivan Vidangos (2017). "Racial Gaps in Labor Market

Outcomes in the Last Four Decades and over the Business Cycle," Finance and Economics Discussion


De Ridder, Maarten, and Damjan Pfajfar (2017). "Policy Shocks and Wage Rigidities: Empirical Evidence

from Regional Effects of National Shocks," Cambridge Working Papers in Economics 1717. Faculty of

Economics, University of Cambridge.

Decker, Ryan A., John Haltiwanger, Ron S. Jarmin, and Javier Miranda (2016). "Declining Business

Dynamism: What We Know and the Way Forward," American Economic Review: Papers and Proceedings,

vol. 106, no. 5, pp. 203-07.

Dettling, Lisa J. (2017). "Broadband in the Labor Market: The Impact of Residential High-Speed Internet

on Married Women's Labor Force Participation," Industrial and Labor Relations Review, vol. 70, no. 2,

pp. 451-482.

Doniger, Cynthia L., and David Lopez-Salido (2017). "Hysteresis via Endogenous Rigidity in Wages and

Participation," Finance and Economics Discussion Series 2017-044. Board of Governors of the Federal


Dore, Timothy E., and Rebecca Zarutskie (2017). "Firm Leverage, Labor Market Size, and Employee Pay,"


(U.S.).

Fallick, Bruce C., Michael Lettau, and William L. Wascher (2016). "Downward Nominal Wage Rigidity in

the United States During and After the Great Recession," Working Paper, no. 16-02. Federal Reserve

Bank of Cleveland.

Feldman, Naomi E., and Karine van der Beek (2016). "Skill Choice and Skill Complementarity in

Eighteenth Century England," Explorations in Economic History, vol. 59, pp. 94-113.

Figura, Andrew, and David Ratner (2017). "How Large were the Effects of Emergency and Extended

Benefits on Unemployment during the Great Recession and its Aftermath?" Finance and Economics


Flinn, Christopher, Ahu Gemici, and Steven Laufer (2017). "Search, Matching and Training," Review of

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Jacobs, Lindsay, and Suphanit Piyapromdee (2016). "Labor Force Transitions at Older Ages: Burnout,

Recovery, and Reverse Retirement," Finance and Economics Discussion Series 2016-053. Board of


Kondo, Illenin O. (2016). "Foreign Competition and Domestic Jobs: Evidence from the U.S. Trade

Adjustment Assistance," IFDP Notes 2016-03-31. Board of Governors of the Federal Reserve System

(U.S.).

33

Krautheim, Sebastian, and Tim Schmidt-Eisenlohr (2016). "Wages and International Tax Competition,"

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Molloy, Raven, Christopher L. Smith, and Abigail Wozniak (2017). "Job Changing and the Decline in Long-

Distance Migration in the United States," Demography, vol. 54, no. 2, pp. 631-653.

Molloy, Raven, Christopher L. Smith, Riccardo Trezzi, and Abigail Wozniak (2016). "Understanding

Declining Fluidity in the U.S. Labor Market," Brookings Papers on Economic Activity, Spring, pp. 183-237.

Morales-Jiménez, Camilo (2017). "The Cyclical Behavior of Unemployment and Wages under

Information Frictions," Finance and Economics Discussion Series 2017-047. Board of Governors of the


Neumark, David, and William Wascher (2017). "Reply to 'Credible Research Designs for Minimum Wage

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Nielsen, Eric R. (2017). "Human Capital and Wealth before and after Capital in the Twenty-First

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Agenda for Economics and Inequality, (Harvard University Press).

Orak, Musa (2017). "Capital-Task Complementarity and the Decline of the U.S. Labor Share of Income,"


Peterman, William B. (2016). "Reconciling Micro and Macro Estimates of the Frisch Labor Supply

Elasticity," Economic inquiry, vol. 54, no. 1, pp. 100-120.

Schuetz, Jenny (2016). "Where Should Online Peer-to-Peer Markets Thrive?" FEDS Notes 2016-12-22.


Weingarden, Alison (2017). "Employment Dynamics in a Signaling Model with Workers' Incentives,"


(U.S.).

Weingarden, Alison (2017). "Job Reallocation and Unemployment in Equilibrium," FEDS Notes 2017-04-


Weingarden, Alison (2017). "Labor Market Outcomes in Metropolitan and Non-Metropolitan Areas:

Signs of Growing Disparities," FEDS Notes 2017-09-25. Board of Governors of the Federal Reserve

System (U.S.).

Weingarden, Alison (2017). "The Timing of Mass Layoff Episodes: Evidence from U.S. Microdata,"


(U.S.).

MACROECONOMICS

Adao, Bernardino, Borghan Narajabad, and Ted Loch-Temzelides (2017). "Renewable Technology

Adoption and the Macroeconomy," CESifo Working Paper, no. 6372. CESifo Group Munich.

Akinci, Ozge, and Albert Queralto (2016). "Credit Spreads, Financial Crises, and Macroprudential Policy,"

Staff Reports 802. Federal Reserve Bank of New York.

34

Anbil, Sriya (2017). "Managing Stigma during a Financial Crisis," Finance and Economics Discussion Series


Arias, Jonas E., Christopher Erceg, and Mathias Trabandt (2016). "The Macroeconomic Risks of

Undesirably Low Inflation," European Economic Review, vol. 88, pp. 88-107.

Aruoba, S. Borağan, Francis X. Diebold, Jeremy Nalewaik, Frank Schorfheide, and Dongho Song (2016).

"Improving GDP Measurement: A Measurement-Error Perspective," Journal of Econometrics, vol. 191,

no. 2, pp. 384-397.

Aruoba, S. Boragan, Pablo Cuba-Borda, and Frank Schorfheide (2016). "Macroeconomic Dynamics Near

the ZLB: A Tale of Two Countries," International Finance Discussion Papers 1163. Board of Governors of


Ates, Sina, T., and Felipe E. Saffie (2016). "Fewer but Better: Sudden Stops, Firm Entry, and Financial

Selection," International Finance Discussion Papers 1187. Board of Governors of the Federal Reserve

System (U.S.).

Babb, Nathan R., and Alan K. Detmeister (2017). "Nonlinearities in the Phillips Curve for the United

States: Evidence Using Metropolitan Data," Finance and Economics Discussion Series 2017-070. Board of


Baglan, Deniz, and Emre Yoldas (2016). "Public Debt and Macroeconomic Activity: A Predictive Analysis

for Advanced Economies," Studies in Nonlinear Dynamics & Econometrics, vol. 20, no. 3, pp. 301-324.

Bansal, Ravi, Marcelo Ochoa, and Dana Kiku (2016). "Climate Change and Growth Risks," NBER Working


Bekaert, Geert, Eric Engstrom, and Andrey Ermolov (2016). "Macro Risks and the Term Structure of

Interest Rates," NBER Working Paper, no. 22839. National Bureau of Economic Research, Inc.

Benmelech, Efraim, Ralf R. Meisenzahl, and Rodney Ramcharan (2017). "The Real Effects of Liquidity

During the Financial Crisis: Evidence from Automobiles," Quarterly Journal of Economics, vol. 132, no. 1,

pp. 317-365.

Berge, Travis J. (2017). "Understanding Survey Based Inflation Expectations," Finance and Economics


Berge, Travis, Nitish Sinha, and Michael Smolyansky (2016). "Which Market Indicators Best Forecast

Recessions?" FEDS Notes 2016-08-02. Board of Governors of the Federal Reserve System (U.S.).

Black, Lamont K., Xin Huang, Hao Zhou, and Ricardo Correa (2016). "The Systemic Risk of European

Banks during the Financial and Sovereign Debt Crises," Journal of Banking & Finance, vol. 63, pp. 107-

125.

Blanco, Julio, and Gaston Navarro (2016). "The Unemployment Accelerator," CESifo Working Paper, no.

6248. CESifo Group Munich.

Boehm, Christoph E., Aaron Flaaen, and Nitya Pandalai-Nayar (2016). "The Role of Global Supply Chains

in the Transmission of Shocks: Firm-Level Evidence from the 2011 Tōhoku Earthquake," FEDS Notes


35

Byrne, David M., Stephen D. Oliner, and Daniel E. Sichel (forthcoming). "How Fast are Semiconductor

Prices Falling?" Review of Income and Wealth.

Byrne, David M., Brian K. Kovak, and Ryan Michaels (2017). "Quality-Adjusted Price Measurement: A

New Approach with Evidence from Semiconductors," Review of Economics and Statistics, vol. 99, no. 2,

pp. 330-342.

Byrne, David M., John G. Fernald, and Marshall B. Reinsdorf (2016). "Does the United States have a

Productivity Slowdown or a Measurement Problem," Finance and Economics Discussion Series 2016-


Byrne, David M., John G. Fernald, and Marshall B. Reinsdorf (2016). "Does the United States Have a

Productivity Slowdown or a Measurement Problem?" Brookings Papers on Economic Activity, Spring, pp.

109-157.

Byrne, David, and Carol Corrado (2017). "ICT Asset Prices: Marshaling Evidence into New Measures,"


(U.S.).

Byrne, David, and Carol Corrado (2017). "ICT Prices and ICT Services: What do they tell us about

Productivity and Technology?" Finance and Economics Discussion Series 2017-015. Board of Governors


Byrne, David, Stephen D. Oliner, and Daniel E. Sichel (2017). "Prices of High-Tech Products,

Mismeasurement, and the Pace of Innovation," Business Economics, vol. 52, no. 2, pp. 103-113.

Caines, Colin (2016). "Can Learning Explain Boom-Bust Cycles In Asset Prices? An Application to the US

Housing Boom," International Finance Discussion Papers 1181. Board of Governors of the Federal


Caldara, Dario, Cristina Fuentes-Albero, Simon Gilchrist, and Egon Zakrajšek (2016). "The

Macroeconomic Impact of Financial and Uncertainty Shocks," European Economic Review, vol. 88, pp.

185-207.

Caldara, Dario, Michele Cavallo, and Matteo Iacoviello (2016). "Oil Price Elasticities and Oil Price

Fluctuations," International Finance Discussion Papers 1173. Board of Governors of the Federal Reserve

System (U.S.).

Carlstrom, Charles T., Timothy S. Fuerst, and Matthias Paustian (2016). "Optimal Contracts, Aggregate

Risk, and the Financial Accelerator," American Economic Journal: Macroeconomics, vol. 8, no. 1, pp. 119-

47.

Cashin, David, and Takashi Unayama (2016). "Measuring Intertemporal Substitution in Consumption:

Evidence from a VAT Increase in Japan," Review of Economics and Statistics, vol. 98, no. 2, pp. 285-297.

Chang, Andrew C., and Phillip Li (forthcoming). "Is Economics Research Replicable? Sixty Published

Papers from Thirteen Journals Say ‘Often Not’," Critical Finance Review.

D'Amico, Stefania, Thomas B. King, and Min Wei (2016). "Macroeconomic Sources of Recent Interest

Rate Fluctuations," FEDS Notes 2016-06-02. Board of Governors of the Federal Reserve System (U.S.).

36

De Michelis, Andrea, and Matteo Iacoviello (2016). "Raising an Inflation Target: The Japanese Experience

with Abenomics," European Economic Review, vol. 88, pp. 67-87.

Decker, Ryan, Pablo D'Erasmo, and Herman J. Moscoso Boedo (2016). "Market Exposure and

Endogenous Firm Volatility Over the Business Cycle," American Economic Journal: Macroeconomics, vol.

8, no. 1, pp. 148-198.

Detmeister, Alan, and Edward Hulseman (2017). "Was There a Great Moderation for Inflation

Volatility?" FEDS Notes 2017-06-29. Board of Governors of the Federal Reserve System (U.S.).

Detmeister, Alan, David Lebow, and Ekaterina Peneva (2016). "Inflation Perceptions and Inflation

Expectations," FEDS Notes 2016-12-05. Board of Governors of the Federal Reserve System (U.S.).

Dias, Daniel A., Carlos Robalo Marques, and Christine J. Richmond (2016). "A Tale of Two Sectors: Why is

Misallocation Higher in Services than in Manufacturing?" IMF Working Papers 16/220. International

Monetary Fund.

Dias, Daniel A., Carlos Robalo Marques, and Christine Richmond (2016). "Misallocation and Productivity

in the Lead Up to the Eurozone Crisis," Journal of Macroeconomics, vol. 49, pp. 46-70.

Dittmar, Robert F., Francisco Palomino, and Wei Yang (2016). "Leisure Preferences, Long-Run Risks, and

Human Capital Returns," Review of Asset Pricing Studies, vol. 6, no. 1, pp. 88-134.

Dungey, Mardi, Marius Matei, Matteo Luciani, and David Veredas (2017). "Surfing through the GFC:

Systemic Risk in Australia," Economic Record, vol. 93, no. 300, pp. 1-19.

Dunn, Wendy E., and Daniel J. Vine (2016). "Why are Inventory-Sales Ratios at U.S. Auto Dealerships so

High?" Finance and Economics Discussion Series 2016-047. Board of Governors of the Federal Reserve

System (U.S.).

Favara, Giovanni, Simon Gilchrist, Kurt F. Lewis, and Egon Zakrajšek (2016). "Recession Risk and the

Excess Bond Premium," FEDS Notes 2016-04-08. Board of Governors of the Federal Reserve System

(U.S.).

Favara, Giovanni, Simon Gilchrist, Kurt F. Lewis, and Egon Zakrajšek (2016). "Updating the Recession Risk

and the Excess Bond Premium," FEDS Notes 2016-10-06. Board of Governors of the Federal Reserve

System (U.S.).

Foley-Fisher, Nathan C., Ralf R. Meisenzahl, Borghan Narajabad, Maria G. Perozek, and Stephane H.

Verani (2016). "Funding Agreement-Backed Securities in the Enhanced Financial Accounts," FEDS Notes


Fulton, Chad (2016). "Sectoral Prices and Price-Setting," Ph.D. dissertation, University of Oregon.

Gagnon, Etienne, Benjamin K. Johannsen, and David Lopez-Salido (2016). "Understanding the New

Normal: The Role of Demographics," Finance and Economics Discussion Series 2016-080. Board of


Gagnon, Etienne, David Lopez-Salido, and Jason Sockin (2017). "The Cyclicality of Sales, Regular, and

Effective Prices: Business Cycle and Policy Implications: Comment," American Economic Review, vol. 107,

no. 10, pp. 3229-3242.

37

Gertler, Mark, Nobuhiro Kiyotaki, and Andrea Prestipino (2016). "Wholesale Banking and Bank Runs in

Macroeconomic Modeling of Financial Crises," International Finance Discussion Papers 1156. Board of


Gertler, Mark, Nobuhiro Kiyotaki, and Andrea Prestipino (2016). "Wholesale Banking and Bank Runs in

Macroeconomic Modelling of Financial Crises," NBER Working Paper, no. 21892. National Bureau of

Economic Research, Inc.

Gilchrist, Simon, and Egon Zakrajšek (2016). "Customer Markets and Financial Frictions: Implications for

Inflation Dynamics," Economic Policy Symposium Proceedings, Federal Reserve Bank of Kansas City, p. 1-

52.

Gilchrist, Simon, Raphael Schoenle, Jae Sim, and Egon Zakrajšek (2017). "Inflation Dynamics during the

Financial Crisis," American Economic Review, vol. 107, no. 3, pp. 785-823.

Gourio, Francois, Todd Messer, and Michael Siemer (2016). "Firm Entry and Macroeconomic Dynamics:

A State-level Analysis," American Economic Review: Papers and Proceedings, vol. 106, no. 5, pp. 214-218.

Grishchenko, Olesya, Sarah Mouabbi, and Jean-Paul Renne (2017). "The Joint Dynamics of U.S. and Euro-

area Inflation Rates: Expectations and Time-varying Uncertainty," Working Paper Series, no. 622. Banque

de France.

Gruber, Joseph W., and Steven B. Kamin (2016). "The Corporate Saving Glut and Falloff of Investment

Spending in OECD Economies," IMF Economic Review, vol. 64, no. 4, pp. 777-799.

Guerrieri, Luca, Dale Henderson, and Jinill Kim (2016). "Interpreting Shocks to the Relative Price of

Investment with a Two-Sector Model," Finance and Economics Discussion Series 2016-007. Board of


Guerrón-Quintana, Pablo, and Molin Zhong (2017). "Macroeconomic Forecasting in Times of Crises,"


(U.S.).

Hoffmann, Mathias, Michael U. Krause, and Thomas Laubach (forthcoming). "The Expectations-Driven

U.S. Current Account," Economic Journal.

Holm-Hadulla, Fédéric, and Kirstin Hubrich (2017). "Macroeconomic Implications of Oil Price

Fluctuations: A Regime-Switching Framework for the Euro Area," Finance and Economics Discussion


Holmquist, Elizabeth B., and Maria G. Perozek (2016). "Funding Agreement-Backed Securities in the

Financial Accounts of the United States," FEDS Notes 2016-03-03. Board of Governors of the Federal


Hoops, Matthew C., Paul A. Smith, and Irina Stefanescu (2016). "State and Local Pension Funding in the

Enhanced Financial Accounts," FEDS Notes 2016-02-05. Board of Governors of the Federal Reserve

System (U.S.).

38

Hsu, Alex, Erica X.N. Li, and Francisco Palomino (2016). "Real and Nominal Equilibrium Yield Curves:

Wage Rigidities and Permanent Shocks," Finance and Economics Discussion Series 2016-032. Board of


Iyer, Rajkamal, and Marco Macchiavelli (2017). "Primary Dealers' Behavior during the 2007-08 Crisis:

Part I, Repo Runs," FEDS Notes 2017-06-22. Board of Governors of the Federal Reserve System (U.S.).

Kiley, Michael T. (2016). "Macroeconomic Modeling of Financial Frictions for Macroprudential

Policymaking: A Review of Pressing Challenges," FEDS Notes 2016-05-26. Board of Governors of the


Kiley, Michael T. (2016). "Policy Paradoxes in the New Keynesian Model," Review of Economic Dynamics,

vol. 21, pp. 1-15.

Kilian, Lutz, and Robert J. Vigfusson (2016). "The Role of Oil Price Shocks in Causing U.S. Recessions,"

CESifo Working Paper, no. 5743. CESifo Group Munich.

Kozeniauskas, Nicholas, Anna Orlik, and Laura Veldkamp (2016). "The Common Origin of Uncertainty

Shocks," CEPR Discussion Papers 11501. Centre for Economic Policy Research.

Kozeniauskas, Nicholas, Anna Orlik, and Laura Veldkamp (2016). "The Common Origin of Uncertainty

Shocks," NBER Working Paper, no. 22384. National Bureau of Economic Research, Inc.

Kurtzman, Robert J., and David Zeke (2016). "Accounting for Productivity Dispersion over the Business

Cycle," Finance and Economics Discussion Series 2016-045. Board of Governors of the Federal Reserve

System (U.S.).

Leduc, Sylvain, Kevin Moran, and Robert J. Vigfusson (2016). "Learning in the Oil Futures Markets:

Evidence and Macroeconomic Implications," International Finance Discussion Papers 1179. Board of


Lengermann, Paul, Norman Morin, Andrew Paciorek, Eugenio Pinto, and Claudia Sahm (2017). "Another

Look at Residual Seasonality in GDP," FEDS Notes 2017-07-28. Board of Governors of the Federal


Li, Xin, Borghan Narajabad, and Ted Temzelides (2016). "Robust Dynamic Energy Use and Climate

Change," Quantitative Economics, vol. 7, no. 3, pp. 821-857.

López-Salido, David, Jeremy C. Stein, and Egon Zakrajšek (2017). "Credit-Market Sentiment and the

Business Cycle," Quarterly Journal of Economics, vol. 132, no. 3, pp. 1373-1426.

Millar, Jonathan N., Stephen D. Oliner, and Daniel E. Sichel (2016). "Time-to-Plan Lags for Commercial

Construction Projects," Regional Science and Urban Economics, vol. 59, pp. 75-89.

Modugno, Michele, Baris Soybilgen, and Ege Yazgan (2016). "Nowcasting Turkish GDP and News

Decomposition," International Journal of Forecasting, vol. 32, no. 4, pp. 1369-1384.

Morales-Jiménez, Camilo (2016). "Essays on Information Frictions, Prices and Unemployment," Ph.D.

dissertation, University of Maryland.

39

Moyen, Stéphane, Nikolai Stähler, and Fabian Winkler (2016). "Optimal Unemployment Insurance and

International Risk Sharing," Finance and Economics Discussion Series 2016-054. Board of Governors of


Nalewaik, Jeremy (2016). "Inflation Expectations and the Stabilization of Inflation: Alternative

Hypotheses," Finance and Economics Discussion Series 2016-035. Board of Governors of the Federal


O'Brien, James M., and Pawel J. Szerszen (2017). "An Evaluation of Bank Measures for Market Risk

Before, During and After the Financial Crisis," Journal of Banking & Finance, vol. 80, pp. 215-234.

Passmore, Wayne, and Alexander H. von Hafften (2017). "Are Basel's Capital Surcharges for Global

Systemically Important Banks Too Small?" Finance and Economics Discussion Series 2017-021. Board of


Passmore, Wayne, and Shane M. Sherlund (2016). "Government-Backed Mortgage Insurance Promoted

a Speedier Recovery from the Great Recession," FEDS Notes 2016-04-12. Board of Governors of the


Pérez-Orive, Ander (2016). "Credit Constraints, Firms' Precautionary Investment, and the Business

Cycle," Journal of Monetary Economics, vol. 78, pp. 112-131.

Perez-Segura, Alejandro, and Robert J. Vigfusson (2016). "The Relationship Between Oil Prices and

Inflation Compensation," IFDP Notes 2016-04-06. Board of Governors of the Federal Reserve System

(U.S.).

Pouzo, Demian, and Ignacio Presno (2016). "Sovereign Default Risk and Uncertainty Premia," American

Economic Journal: Macroeconomics, vol. 8, no. 3, pp. 230-66.

Rice, Tara, and Jonathan Rose (2016). "When Good Investments Go Bad: The Contraction in Community

Bank Lending After the 2008 GSE Takeover," Journal of Financial Intermediation, vol. 27, pp. 68-88.

Schindler, John (2017). "FinTech and Financial Innovation: Drivers and Depth," Finance and Economics


Shin, Minchul, Boyuan Zhang, Molin Zhong, and Dong Jin Lee (2017). "Measuring International

Uncertainty: The Case of Korea," Finance and Economics Discussion Series 2017-066. Board of


Shousha, Samer (2016). "Macroeconomic Effects of Commodity Booms and Busts: The Role of Financial

Frictions," Job Market paper, Columbia University, Department of Economics.

Sommer, Kamila (2016). "Fertility Choice in a Life Cycle Model with Idiosyncratic Uninsurable Earnings

Risk," Journal of Monetary Economics, vol. 83, pp. 27-38.

Surico, Paolo, and Riccardo Trezzi (2016). "Consumer Spending and Fiscal Consolidation: Evidence from a

Housing Tax Experiment," Cambridge Working Papers in Economics 1648. Faculty of Economics,

University of Cambridge.

Tase, Manjola (2016). "Sectoral Dynamics and Business Cycles," Finance and Economics Discussion Series


40

Wieland, Volker, Elena Afanasyeva, Meguy Kuete, and Jinhyuk Yoo (2016). "New Methods for Macro-

Financial Model Comparison and Policy Analysis," in Taylor, John B., and Harald Uhlig (eds.). Handbook

of Macroeconomics, vol. 2A, pp. 1241-1319.

Winkler, Fabian (2016). "The Role of Learning for Asset Prices and Business Cycles," Finance and

Economics Discussion Series 2016-019r. Board of Governors of the Federal Reserve System (U.S.).

MICROECONOMICS

Adams, Robert M. (2017). "Bank Fees, Aftermarkets, and Consumer Behavior," Finance and Economics


Aladangady, Aditya, Shifrah Aron-Dine, Wendy Dunn, Laura Feiveson, Paul Lengermann, and Claudia

Sahm (2016). "The Effect of Hurricane Matthew on Consumer Spending," FEDS Notes 2016-12-02. Board


Ameriks, John, Joseph Briggs, Andrew Caplin, Matthew D. Shapiro, and Christopher Tonetti (2016).

"Late-in-Life Risks and the Under-Insurance Puzzle," NBER Working Paper, no. 22726. National Bureau of


Bhutta, Neil, and Benjamin J. Keys (2016). "Interest Rates and Equity Extraction during the Housing

Boom," American Economic Review, vol. 106, no. 7, pp. 1742-74.

Bhutta, Neil, Steven Laufer, and Daniel R. Ringo (2017). "Are Rising Home Values Restraining

Homebuying for Lower-Income Families?" FEDS Notes 2017-09-28. Board of Governors of the Federal


Bhutta, Neil, Steven Laufer, and Daniel R. Ringo (2017). "The Decline in Lending to Lower-Income

Borrowers by the Biggest Banks," FEDS Notes 2017-09-28. Board of Governors of the Federal Reserve

System (U.S.).

Bricker, Jesse, Alice Henriques, Jacob Krimmel, and John Sabelhaus (2016). "Estimating Top Income and

Wealth Shares: Sensitivity to Data and Methods," American Economic Review: Papers and Proceedings,

vol. 106, no. 5, pp. 641-645.

Bricker, Jesse, and Brian Bucks (2016). "Negative Home Equity, Economic Insecurity, and Household

Mobility over the Great Recession," Journal of Urban Economics, vol. 91, pp. 1-12.

Bricker, Jesse, and Geng Li (2017). "Credit Scores, Social Capital, and Stock Market Participation,"


(U.S.).

Bricker, Jesse, and Jeffrey Thompson (2016). "Does Education Loan Debt Influence Household Financial

Distress? An Assessment Using the 2007-2009 Survey of Consumer Finances Panel," Contemporary

Economic Policy, vol. 34, no. 4, pp. 660-677.

Briggs, Joseph (2016). "Essays in Household Finance," Ph.D. dissertation, New York University.

Carlstrom, Charles T., Timothy S. Fuerst, and Matthias Paustian (2016). "Optimal Contracts, Aggregate

Risk, and the Financial Accelerator," American Economic Journal: Macroeconomics, vol. 8, no. 1, pp. 119-

47.

41

Dettling, Lisa J., and Joanne W. Hsu (2017). "Minimum Wages and Consumer Credit: Impacts on Access

to Credit and Traditional and High-Cost Borrowing," Finance and Economics Discussion Series 2017-010.


Devlin-Foltz, Sebastian, Alice M. Henriques, and John E. Sabelhaus (2016). "Has Tax-Preferred

Retirement Saving Offset Rising Wealth Concentration?" FEDS Notes 2016-07-29. Board of Governors of


Devlin-Foltz, Sebastian, and John Sabelhaus (2016). "Heterogeneity in Economic Shocks and Household

Spending in the US," Fiscal Studies, vol. 37, no. 1, pp. 153-192.

Dobridge, Christine L. (2016). "For Better and for Worse? Effects of Access to High-Cost Consumer

Credit," Finance and Economics Discussion Series 2016-056. Board of Governors of the Federal Reserve

System (U.S.).

Dodini, Samuel (2016). "Findings on Relative Deprivation from the Survey of Household Economics and

Decisionmaking," FEDS Notes 2016-06-29. Board of Governors of the Federal Reserve System (U.S.).

Ehrmann, Michael, Damjan Pfajfar, and Emiliano Santoro (2017). "Consumers' Attitudes and Their

Inflation Expectations," International Journal of Central Banking, vol. 13, no. 1, pp. 225-259.

Goodman, Sarena (2016). "Learning from the Test: Raising Selective College Enrollment by Providing

Information," Review of Economics and Statistics, vol. 98, no. 4, pp. 671-684.

Goodman, Sarena, Alice Henriques, and Alvaro Mezza (2017). "Where Credit is Due: The Relationship

between Family Background and Credit Health," Finance and Economics Discussion Series 2017-032.


Gramlich, Jacob, and Serafin Grundl (2017). "Estimating the Competitive Effects of Common

Ownership," Finance and Economics Discussion Series 2017-029r. Board of Governors of the Federal


Greaney, Brian P., Joseph P. Kaboski, and Eva Van Leemput (2016). "Can Self-Help Groups Really Be 'Self-

Help'?" Review of Economic Studies, vol. 83, no. 4, pp. 1614-1644.

Grundl, Serafin, and You Suk Kim (2017). "Consumer Mistakes and Advertising: The Case of Mortgage

Refinancing," Finance and Economics Discussion Series 2017-067. Board of Governors of the Federal


Hsu, Joanne W., Maximilian D. Schmeiser, Catherine Haggerty, and Shannon Nelson (2017). "The Effect

of Large Monetary Incentives on Survey Completion: Evidence from a Randomized Experiment with the

Survey of Consumer Finances," Public Opinion Quarterly, vol. 81, no. 3, pp. 736-747.

Kennickell, Arthur B. (2017). "Lining Up: Survey and Administrative Data Estimates of Wealth

Concentration," Finance and Economics Discussion Series 2017-017. Board of Governors of the Federal


Kurz, Christopher, Geng Li, and Daniel Vine (2016). "The Young and the Carless? The Demographics of

New Vehicle Purchases," FEDS Notes 2016-06-24. Board of Governors of the Federal Reserve System

(U.S.).

42

Larrimore, Jeff (2016). "Holiday Spending and Financing Decisions in the 2015 Survey of Household

Economics and Decisionmaking," FEDS Notes 2016-12-01. Board of Governors of the Federal Reserve

System (U.S.).

Larrimore, Jeff, Jacob Mortenson, and David Splinter (forthcoming). "Income and Earnings Mobility in

U.S. Tax Data," Federal Reserve Community Development Conference Proceedings.

Laufer, Steven, and Andrew Paciorek (2016). "The Effects of Mortgage Credit Availability: Evidence from

Minimum Credit Score Lending Rules," Finance and Economics Discussion Series 2016-098. Board of


Li, Geng, Weifeng Wu, and Vincent Yao (2016). "Do People Leave Money on the Table? Evidence from

Joint Mortgage Applications and the Minimum FICO Rule," FEDS Notes 2016-03-28. Board of Governors


Liskovich, Inessa, and Maya Shaton (2017). "Borrowers in Search of Feedback: Evidence from Consumer

Credit Markets," Finance and Economics Discussion Series 2017-049. Board of Governors of the Federal


Mezza, Alvaro, and Kamila Sommer (2016). "A Trillion Dollar Question: What Predicts Student Loan

Delinquencies?" Journal of Student Financial Aid, vol. 46, no. 3.

Roth Tran, Brigitte (2016). "Essays on Finance, the Environment, and Philanthropy," Ph.D. dissertation,

University of California, San Diego.

Roth Tran, Brigitte (2017). "Divest, Disregard, or Double Down?" Finance and Economics Discussion


Shaton, Maya (2017). "The Display of Information and Household Investment Behavior," Finance and


Thompson, Jeffrey (forthcoming). "Rising Top Incomes and Increased Borrowing in the Rest of the

Distribution," Economic Inquiry.

Tito, Maria D. (2016). "Welfare Evaluation in a Heterogeneous Agent Model: How Representative is the

CES Representative Consumer?" Economics Letters, vol. 143, pp. 99-102.

MONETARY ECONOMICS

Ajello, Andrea, Thomas Laubach, David Lopez-Salido, and Taisuke Nakata (2016). "Financial Stability and

Optimal Interest-Rate Policy," Finance and Economics Discussion Series 2016-067. Board of Governors of


Altavilla, Carlo, Domenico Giannone, and Michele Modugno (forthcoming). "Low Frequency Effects of

Macroeconomic News on Government Bond Yields," Journal of Monetary Economics.

Andersen, Leif, Michael Pykhtin, and Alexander Sokol (2017). "Rethinking the Margin Period of Risk,"

Journal of Credit Risk, vol. 13, no. 1, pp. 1-45.

43

Anderson, Alyssa G., Jane E. Ihrig, Ellen E. Meade, and Gretchen C. Weinbach (2016). "What Happened

in Money Markets After the Fed's December Rate Increase?" FEDS Notes 2016-02-22. Board of


Bech, Morten Linnemann, and Aytek Malkhozov (2016). "How Have Central Banks Implemented

Negative Policy Rates?" BIS Quarterly Review, March, pp. 31-44.

Benjamin K. Johannsen, and Elmar Mertens (2016). "The Expected Real Interest Rate in the Long Run:

Time Series Evidence with the Effective Lower Bound," FEDS Notes 2016-02-09. Board of Governors of


Bodenstein, Martin, Christopher J. Erceg, and Luca Guerrieri (2017). "The Effects of Foreign Shocks

When Interest Rates are at Zero," Canadian Journal of Economics, vol. 50, no. 3, pp. 660-684.

Caggese, Andrea, and Ander Pérez-Orive (2017). "Capital Misallocation and Secular Stagnation," Finance


Chang, Andrew C., and Tyler J. Hanson (2016). "The Accuracy of Forecasts Prepared for the Federal Open

Market Committee," Journal of Economics and Business, vol. 83, pp. 23-43.

Chen, Han (2017). "The Effects of the Near-Zero Interest Rate Policy in a Regime-Switching Dynamic

Stochastic General Equilibrium Model," Journal of Monetary Economics, vol. 90, pp. 176-192.

Claessens, Stijn, Nicholas Coleman, and Michael Donnelly (2017). "'Low-For-Long' Interest Rates and

Banks' Interest Margins and Profitability: Cross-Country Evidence," CEPR Discussion Papers 11842.

Centre for Economic Policy Research.

Claessens, Stijn, Nicholas Coleman, and Michael Donnelly (2017). "'Low-For-Long' Interest Rates and

Banks' Interest Margins and Profitability: Cross-Country Evidence," International Finance Discussion

Papers 1197. Board of Governors of the Federal Reserve System (U.S.).

DeFusco, Anthony A., and Andrew Paciorek (2017). "The Interest Rate Elasticity of Mortgage Demand:

Evidence from Bunching at the Conforming Loan Limit," American Economic Journal: Economic Policy,

vol. 9, no. 1, pp. 210-240.

Dias, Daniel A., and João B. Duarte (2016). "The Effect of Monetary Policy on Housing Tenure Choice as

an Explanation for the Price Puzzle," International Finance Discussion Papers 1171. Board of Governors


Dräger, Lena, Michael J. Lamla, and Damjan Pfajfar (2016). "Are Survey Expectations Theory-Consistent?

The Role of Central Bank Communication and News," European Economic Review, vol. 85, pp. 84-111.

Edge, Rochelle M., and Jeremy B. Rudd (2016). "Real-Time Properties of the Federal Reserve's Output

Gap," Review of Economics and Statistics, vol. 98, no. 4, pp. 785-791.

Laubach, Thomas, and John C. Williams (2016). "Measuring the Natural Rate of Interest Redux," Business

Economics, vol. 51, no. 2, pp. 57-67.

Lin, Li, Dimitrios P. Tsomocos, and Alexandros P. Vardoulakis (2016). "On Default and Uniqueness of

Monetary Equilibria," Economic Theory, vol. 62, no. 1, pp. 245-264.

44

Miller, David S. (2016). "Commitment versus Discretion in a Political Economy Model of Fiscal and

Monetary Policy Interaction," Journal of Monetary Economics, vol. 84, pp. 17-29.

Nakamura, Emi, Jón Steinsson, Patrick Sun, and Daniel Villar (2016). "The Elusive Costs of Inflation: Price

Dispersion During the U.S. Great Inflation," NBER Working Paper, no. 22505. National Bureau of


Nelson, Edward (2016). "Milton Friedman and the Federal Reserve Chairs in the 1970s," in Cord, Robert

A., and J. Daniel Hammond eds., Milton Friedman: Contributions to Economics and Public Policy. Oxford,

U.K.: Oxford University Press, pp. 313-333.

Scotti, Chiara (2016). "Surprise and Uncertainty Indexes: Real-Time Aggregation of Real-Activity Macro

Surprises," Journal of Monetary Economics, vol. 82, pp. 1-19.

Skaperdas, Arsenios (2016). "Essays in Monetary Economics," Ph.D. dissertation, University of California

Santa Cruz.

Villar, Daniel (2016). "Essays on Sticky Prices and High Inflation Environments," Ph.D. dissertation,

Columbia University.

MONETARY POLICY

Anderson, Alyssa G., and John Kandrac (2016). "Monetary Policy Implementation and Private Repo

Displacement: Evidence from the Overnight Reverse Repurchase Facility," Finance and Economics


Anderson, Alyssa, Jane Ihrig, Mary-Frances Styczynski, and Gretchen C. Weinbach (2017). "How Have the

Fed's Three Rate Hikes Passed Through to Selected Short-term Interest Rates?" FEDS Notes 2017-06-02.


Arseneau, David M. (2017). "How Would US Banks Fare in a Negative Interest Rate Environment?"


(U.S.).

Arseneau, David M., David E. Rappoport, and Alexandros P. Vardoulakis (2017). "Private and Public

Liquidity Provision in Over-the-Counter Markets," Finance and Economics Discussion Series 2017-033.


Benigno, Pierpaolo, and David Lopez Salido (Forthcoming). "Should the ECB Abandon HICP Targeting?" in

Beetsma, Roel, Carlo Favero, Alessandro Missale, Anton Muscatelli, Piergiovanna Natale and Patrizio

Tirelli eds., European Macroeconomic Policies After Monetary Unification: Fiscal Policies, Monetary

Policies and Labor Markets. Cambridge and New York: Cambridge University Press.

Bodenstein, Martin, and Junzhu Zhao (2017). "Employment, Wages and Optimal Monetary Policy,"


(U.S.).

Bodenstein, Martin, and Junzhu Zhao (2017). "On Targeting Frameworks and Optimal Monetary Policy,"


(U.S.).

45

Bongard, Michelle, and Benjamin K. Johannsen (2016). "The Neutral Rate and the Summary of Economic

Projections," FEDS Notes 2016-11-28. Board of Governors of the Federal Reserve System (U.S.).

Bongard, Michelle, Gabriele Galati, Richhild Moessner, and William Nelson (2016). "Connecting the Dots:

Market Reactions to Forecasts of Policy Rates and Forward Guidance Provided by the Fed," DNB

Working Paper 523. Netherlands Central Bank.

Bonis, Brian, Jane Ihrig, and Min Wei (2017). "The Effect of the Federal Reserve's Securities Holdings on

Longer-term Interest Rates," FEDS Notes 2017-04-20. Board of Governors of the Federal Reserve System

(U.S.).

Bonis, Brian, John Kandrac, and Luke Pardue (2017). "Principal Payments on the Federal Reserve's

Securities Holdings," FEDS Notes 2017-06-17. Board of Governors of the Federal Reserve System (U.S.).

Carlson, Mark A., and David C. Wheelock (2016). "Near-Money Premiums, Monetary Policy, and the

Integration of Money Markets: Lessons from Deregulation," Working Papers 2016-015. Federal Reserve

Bank of St. Louis.

Carlson, Mark, and Burcu Duygan-Bump (2016). "The Tools and Transmission of Federal Reserve

Monetary Policy in the 1920s," FEDS Notes 2016-11-22. Board of Governors of the Federal Reserve

System (U.S.).

Carlson, Mark, and David C. Wheelock (2016). "Near-Money Premiums, Monetary Policy, and the

Integration of Money Markets: Lessons from Deregulation," Finance and Economics Discussion Series


Carpenter, Seth B., Selva Demiralp, and Zeynep Senyuz (2016). "Volatility in the Federal Funds Market

and Money Market Spreads During the Financial Crisis," Journal of Financial Stability, vol. 25, pp. 225-

233.

Carpinelli, Luisa, and Matteo Crosignani (2017). "The Effect of Central Bank Liquidity Injections on Bank

Credit Supply," Finance and Economics Discussion Series 2017-038. Board of Governors of the Federal


Chen, Han (forthcoming). "The Effects of the Near-Zero Interest Rate Policy in a Regime-Switching

Dynamic Stochastic General Equilibrium Model," Journal of Monetary Economics.

Crosignani, Matteo, Miguel Faria-e-Castro, and Luís Fonseca (2017). "The (Unintended?) Consequences

of the Largest Liquidity Injection Ever," Finance and Economics Discussion Series 2017-011. Board of


De Paoli, Bianca, and Matthias Paustian (2017). "Coordinating Monetary and Macroprudential Policies,"

Journal of Money, Credit, and Banking, vol. 49, no. 2-3. pp. 319-349.

DellAriccia, Giovanni, Luc Laeven, and Gustavo Suarez (2017). "Bank Leverage and Monetary Policy's

Risk-Taking Channel: Evidence from the United States," Journal of Finance, vol. 72, no. 2, pp. 613-654.

Demiralp, Selva, Sharmila King, and Chiara Scotti (2016). "Does Anyone Listen when Politicians Talk? The

Effect of Political Commentaries on Policy Rate Decisions and Expectations," Finance and Economics


46

Diercks, Anthony M., and William Waller (2017). “Taxes and the Fed: Theory and Evidence from

Equities,” Finance and Economics Discussion Series 2017-104. Board of Governors of the Federal


Eichenbaum, Martin, Benjamin K. Johannsen, and Sergio Rebelo (2017). "Monetary Policy and the

Predictability of Nominal Exchange Rates," NBER Working Paper, no. 23158. National Bureau of


Ferris, Erin E. Syron, Soo Jeong Kim, and Bernd Schlusche (2017). "Confidence Interval Projections of the

Federal Reserve Balance Sheet and Income," FEDS Notes 2017-01-13. Board of Governors of the Federal


Gagnon, Joseph E., Tamim Bayoumi, Juan M. Londono, Christian Saborowski, and Horacio Sapriza (2017).

"Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies," Open Economies

Review, vol. 28, no. 2, pp. 191-232.

Gagnon, Joseph E., Tamim Bayoumi, Juan M. Londono, Christian Saborowski, and Horacio Sapriza (2017).

"Unconventional Monetary and Exchange Rate Policies," International Finance Discussion Papers 1194.


Gilchrist, Simon, Vivian Z. Yue, and Egon Zakrajšek (2016). "The Response of Sovereign Bond Yields to

U.S. Monetary Policy," in Albagli, Elias, Diego Saravia, and Michael Woodford eds., Monetary Policy

through Asset Markets: Lessons from Unconventional Measures and Implications for an Integrated

World. Central Banking, Analysis, and Economic Policies Book Series, no. 24. Santiago: Central Bank of

Chile, pp. 257-283.

Gourio, François, Anil K. Kashyap, and Jae Sim (2017). "The Tradeoffs in Leaning Against the Wind," NBER

Working Paper, no. 23658. National Bureau of Economic Research, Inc.

Grundl, Serafin, and Yu Zhu (2016). "Identification and Estimation of Risk Aversion in First Price Auctions

with Unobserved Auction Heterogeneity," Staff Working Paper 2016-23. Bank of Canada.

Gust, Christopher, Benjamin K. Johannsen, and J. David Lopez-Salido (2017). "Monetary Policy,

Incomplete Information, and the Zero Lower Bound," IMF Economic Review, vol. 65, no. 1, pp. 37-70.

Gust, Christopher, Edward Herbst, David López-Salido, and Matthew E. Smith (2017). "The Empirical

Implications of the Interest-Rate Lower Bound," American Economic Review, vol. 107, no. 7, pp. 1971-

2006.

Hills, Timothy S., Taisuke Nakata, and Sebastian Schmidt (2016). "The Risky Steady State and the Interest

Rate Lower Bound," Finance and Economics Discussion Series 2016-009. Board of Governors of the


Hills, Timothy, Taisuke Nakata, and Sebastian Schmidt (2016). "The Risk of Returning to the Effective

Lower Bound: An Implication for Inflation Dynamics After Lift-Off," FEDS Notes 2016-02-12. Board of


Holston, Kathryn, Thomas Laubach, and John C. Williams (2017). "Measuring the Natural Rate of

Interest: International Trends and Determinants," Journal of International Economics, vol. 108,

Supplement 1, S59-S75.

47

Husted, Lucas F., John Harold Rogers, and Bo Sun (2016). "Measuring Monetary Policy Uncertainty: The

Federal Reserve, January 1985-January 2016," IFDP Notes 2016-04-11. Board of Governors of the


Husted, Lucas, John Rogers, and Bo Sun (2016). "Measuring Cross Country Monetary Policy Uncertainty,"

IFDP Notes 2016-11-23. Board of Governors of the Federal Reserve System (U.S.).

Huther, Jeffrey, Jane Ihrig, and Elizabeth Klee (2017). "The Federal Reserve's Portfolio and its Effect on

Interest Rates," Finance and Economics Discussion Series 2017-075. Board of Governors of the Federal


Ihrig, Jane E., Ellen E. Meade, and Gretchen C. Weinbach (2016). "The Federal Reserve's New Approach

to Raising Interest Rates," FEDS Notes 2016-02-12. Board of Governors of the Federal Reserve System

(U.S.).

Ihrig, Jane, Lawrence Mize, and Gretchen C. Weinbach (2017). "How Does the Fed Adjust its Securities

Holdings and Who is Affected?" Finance and Economics Discussion Series 2017-099. Board of Governors


Ippolito, Filippo, Ali K. Ozdagli, and Ander Perez-Orive (2017). "The Transmission of Monetary Policy

through Bank Lending: The Floating Rate Channel," Finance and Economics Discussion Series 2017-026.


Josselyn, Melanie, and Ellen E. Meade (2017). "The FOMC Meeting Minutes: An Update of Counting

Words," FEDS Notes 2017-08-03. Board of Governors of the Federal Reserve System (U.S.).

Kiley, Michael T., and John M. Roberts (2017). "Monetary Policy in a Low Interest Rate World," Finance


Kim, Don, and Hiroatsu Tanaka (2016). "Front-End Term Premiums in Federal Funds Futures Rates and

Implied Probabilities of Future Rate Hikes," FEDS Notes 2016-11-18. Board of Governors of the Federal


Kurtzman, Robert, Stephan Luck, and Tom Zimmermann (2017). "Did QE Lead Banks to Relax Their

Lending Standards? Evidence from the Federal Reserve's LSAPs," Finance and Economics Discussion


Lee, Seung Jung, Lucy Qian Liu, and Viktors Stebunovs (2017). "Risk Taking and Interest Rates: Evidence

from Decades in the Global Syndicated Loan Market," IMF Working Paper 17/16. International Monetary

Fund.

Lewis, Kurt F., and Francisco Vazquez-Grande (2017). "Measuring the Natural Rate of Interest:

Alternative Specifications," Finance and Economics Discussion Series 2017-059. Board of Governors of


Luo, Shaowen, and Daniel Villar (2017). "The Skewness of the Price Change Distribution: A New

Touchstone for Sticky Price Models," Finance and Economics Discussion Series 2017-028. Board of


48

Miller, Christian S., and Casey H. Clark (2016). "Where do I see the Monetary Policy Normalization Tools

on the Fed's Balance Sheet and Income Statement?" FEDS Notes 2016-05-11. Board of Governors of the


Morais, Bernardo, Jose-Luis Peydro, and Claudia Ruiz (Forthcoming). "The International Bank Lending

Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects," Journal of

Finance.

Naber, Jeffrey M., Richard Sambasivam, and Mary-Frances Styczynski (2017). "Demand for Voluntary

Balance Requirements: the U.S. Experience with Contractual Clearing Balances from 2000 to 2007," FEDS


Nakata, Taisuke (2016). "Optimal Fiscal and Monetary Policy with Occasionally Binding Zero Bound

Constraints," Journal of Economic Dynamics and Control, vol. 73, pp. 220-240.

Nakata, Taisuke (2017). "Model-Based Measures of ELB Risk," FEDS Notes 2017-08-23. Board of


Nakata, Taisuke (2017). "Uncertainty at the Zero Lower Bound," American Economic Journal:

Macroeconomics, vol. 9, no. 3, pp. 186-221.

Nakata, Taisuke, and Hiroatsu Tanaka (2016). "Equilibrium Yield Curves and the Interest Rate Lower

Bound," Finance and Economics Discussion Series 2016-085. Board of Governors of the Federal Reserve

System (U.S.).

Nakata, Taisuke, and Sebastian Schmidt (2016). "The Risk-Adjusted Monetary Policy Rule," Working

Paper Series 1985. European Central Bank.

Paligorova, Teodora, and João A. C. Santos (2017). "Monetary Policy and Bank Risk-Taking: Evidence

from the Corporate Loan Market," Journal of Financial Intermediation, vol. 30, pp. 35-49.

Pfajfar, Damjan, and Blaž Žakelj (2016). "Uncertainty in Forecasting Inflation and Monetary Policy

Design: Evidence from the Laboratory," International Journal of Forecasting, vol. 32, no. 3, pp. 849-864.

Pfajfar, Damjan, and Blaz Žakelj (forthcoming). "Inflation Expectations and Monetary Policy Design:

Evidence from the Laboratory," Macroeconomic Dynamics.

Reifschneider, David (2016). "Gauging the Ability of the FOMC to Respond to Future Recessions,"


(U.S.).

Reifschneider, David, and Peter Tulip (2017). "Gauging the Uncertainty of the Economic Outlook Using

Historical Forecasting Errors: The Federal Reserve's Approach," RBA Research Discussion Paper 2017- 01.

Reserve Bank of Australia.

Rogers, John H., Chiara Scotti, and Jonathan H. Wright (2016). "Unconventional Monetary Policy and

International Risk Premia," International Finance Discussion Papers 1172. Board of Governors of the

Federal Reserve System (U.S).

Seldin, Sian L. (2016). "Federal Reserve Board Statistical Releases: A Publications History," Finance and


49

Skaperdas, Arsenios (2017). "How Effective is Monetary Policy at the Zero Lower Bound? Identification

Through Industry Heterogeneity," Finance and Economics Discussion Series 2017-073. Board of


PAYMENT SYSTEMS

Aramonte, Sirio, Cecilia Caglio, and Tugkan Tuzun (2017). "Synthetic ETFs," FEDS Notes 2017-08-10.


Baughman, Garth (2016). "Deadlines and Matching," Finance and Economics Discussion Series 2016-014.


Elliehausen, Gregory, and Simona M. Hannon (2017). "The Credit Card Act and Consumer Finance

Company Lending," Finance and Economics Discussion Series 2017-072. Board of Governors of the


Husted, Lucas, John Rogers, and Bo Sun (2017). "Uncertainty, Currency Excess Returns, and Risk

Reversals," International Finance Discussion Papers 1196. Board of Governors of the Federal Reserve

System (U.S.).

Manuszak, Mark D., and Krzysztof Wozniak (2017). "The Impact of Price Controls in Two-sided Markets:

Evidence from US Debit Card Interchange Fee Regulation," Finance and Economics Discussion Series


Mills, David, Kathy Wang, Brendan Malone, Anjana Ravi, Jeff Marquardt, Clinton Chen, Anton Badev,

Timothy Brezinski, Linda Fahy, Kimberley Liao, Vanessa Kargenian, Max Ellithorpe, Wendy Ng, and Maria

Baird (2016). "Distributed Ledger Technology in Payments, Clearing, and Settlement," Finance and


Rosenbaum, Aaron, Garth Baughman, Mark Manuszak, Kylie Stewart, Fumiko Hayashi, and Joanna

Stavins (2017). "Faster Payments: Market Structure and Policy Considerations," Finance and Economics


PUBLIC ECONOMICS

Aladangady, Aditya, Shifrah Aron-Dine, Wendy Dunn, Laura Feiveson, Paul Lengermann, and Claudia

Sahm (2017). "The Effect of Sales-Tax Holidays on Consumer Spending," FEDS Notes 2017-03-24. Board


Biljanovska, Nina, and Alexandros P. Vardoulakis (2017). "Capital Taxation with Heterogeneous

Discounting and Collateralized Borrowing," Finance and Economics Discussion Series 2017-053. Board of


Blanchard, Olivier, Christopher J. Erceg, and Jesper Lindé (2017). "Jump-Starting the Euro Area Recovery:

Would a Rise in Core Fiscal Spending Help the Periphery?" in Eichenbaum, Martin, and Jonathan A.

Parker eds. NBER Macroeconomics Annual 2016. National Bureau of Economic Research, vol. 31, pp.

103-182.

Bulman, George, Robert Fairlie, Sarena Goodman, and Adam Isen (2016). "Parental Resources and

College Attendance: Evidence from Lottery Wins," NBER Working Paper, no. 22679. National Bureau of


50

Calvo-Gonzalez, Oscar, Barbara Cunha, and Riccardo Trezzi (2017). "When Winners Feel Like Losers:

Evidence from an Energy Subsidy Reform," The World Bank Economic Review, vol. 31, no. 2, pp. 329-350.

Cashin, David (2017). "The Household Expenditure Response to a Consumption Tax Rate Increase,"


(U.S.).

Cashin, David, and Takashi Unayama (2016). "The Impact of a Permanent Income Shock on

Consumption: Evidence from Japan's 2014 VAT Increase," RIETI Discussion Paper Series 16-E-052. The

Research Institute of Economy, Trade and Industry.

Cashin, David, Jamie Lenney, Byron Lutz, and William Peterman (2017). "Fiscal Policy and Aggregate

Demand in the U.S. Before, During and Following the Great Recession," Finance and Economics


Chang, Andrew C., (forthcoming). "Tax Policy Endogeneity: Evidence from R&D Tax Credits," Economics

of Innovation and New Technology.

Devlin-Foltz, Sebastian, Alice M. Henriques, and John E. Sabelhaus (2016). "The Role of Social Security in

Overall Retirement Resources: A Distributional Perspective," FEDS Notes 2016-07-29. Board of


Dobridge, Christine L. (2016). "Fiscal Stimulus and Firms: A Tale of Two Recessions," Finance and


English, William B., Christopher J. Erceg, and David Lopez-Salido (2017). "Money-Financed Fiscal

Programs: A Cautionary Tale," Finance and Economics Discussion Series 2017-060. Board of Governors


Feldman, Naomi E., Peter Katuscak, and Laura Kawano (2016). "Taxpayer Confusion: Evidence from the

Child Tax Credit," American Economic Review, vol. 106, no. 3, pp. 807-835.

Fried, Stephie, Kevin Novan, and William B. Peterman (2016). "The Distributional Effects of a Carbon Tax

on Current and Future Generations," Finance and Economics Discussion Series 2016-038. Board of


Jain, Anil (2017). "Efficient Public Good Provision in Networks: Revisiting the Lindahl Solution,"


Larrimore, Jeff, Jacob Mortenson, and David Splinter (2017). "Household Incomes in Tax Data: Using

Addresses to Move from Tax Unit to Household Income Distributions," Finance and Economics


Larrimore, Jeff, Richard V. Burkhauser, Gerald Auten, and Philip Armour (2016). "Recent Trends in U.S.

Top Income Shares in Tax Record Data Using More Comprehensive Measures of Income Including

Accrued Capital Gains," NBER Working Paper, no. 23007. National Bureau of Economic Research, Inc.

Liu, Li, Tim Schmidt-Eisenlohr, and Dongxian Guo (2017). “International Transfer Pricing and Tax

Avoidance: Evidence from Linked Trade-Tax Statistics in the UK,” International Finance Discussion Papers


51

Liu, Li, Tim Schmidt-Eisenlohr, and Dongxian Guo (2017). "International Transfer Pricing and Tax

Avoidance: Evidence from Linked Trade-Tax Statistics in the UK," CESifo Working Paper, no. 6594. CESifo

Group Munich.

Moore, Kevin B., Sarah J. Pack, and John Sabelhaus (2016). "Taxing Income of Top Wealth Holders,"

National Tax Journal, vol. 69, no. 4, pp. 965-980.

Nakata, Taisuke (2017). "Optimal Government Spending at the Zero Lower Bound: A Non-Ricardian

Analysis," Review of Economic Dynamics, vol. 23, pp. 150-169.

Peterman, William B. (2016). "The Effect of Endogenous Human Capital Accumulation on Optimal

Taxation," Review of Economic Dynamics, vol. 21, pp. 46-71.

Schuetz, Jenny, Genevieve Giuliano, and Eun Jin Shin (2016). "Is Los Angeles Becoming Transit

Oriented?" Finance and Economics Discussion Series 2016-004. Board of Governors of the Federal


Splinter, David, Jeff Larrimore, and Jacob Mortenson (2017). "Whose Child Is This? Shifting of

Dependents Among EITC Claimants Within the Same Household," Finance and Economics Discussion


Trezzi, Riccardo, and Francesco Porcelli (2016). "Reconstruction Multipliers," Cambridge Working Papers

in Economics 1649. Faculty of Economics, University of Cambridge.

REAL ESTATE AND URBAN ECONOMICS

Anenberg, Elliot (2016). "Information Frictions and Housing Market Dynamics," International Economic

Review, vol. 57, no. 4, pp. 1449-1479.

Anenberg, Elliot, and Steven Laufer (2017). "A More Timelier House Price Index," Review of Economics

and Statistics, vol. 99, no. 4, pp. 722-734.

Anenberg, Elliot, Aurel Hizmo, Edward Kung, and Raven Molloy (2017). "Measuring Mortgage Credit

Availability: A Frontier Estimation Approach," Finance and Economics Discussion Series 2017-101. Board


Bhutta, Neil, and Daniel Ringo (2016). "Changing FHA Mortgage Insurance Premiums and the Effects on

Lending," FEDS Notes 2016-09-26. Board of Governors of the Federal Reserve System (U.S.).

Bhutta, Neil, and Daniel Ringo (2017). "The Effect of Interest Rates on Home Buying: Evidence from a

Discontinuity in Mortgage Insurance Premiums," Finance and Economics Discussion Series 2017-086.


Black, Lamont, John Krainer, and Joseph Nichols (2017). "Safe Collateral, Arm's-Length Credit: Evidence

from the Commercial Real Estate Mortgage Market," Finance and Economics Discussion Series 2017-


Borochin, Paul, John L. Glascock, Ran Lu-Andrews, and Jie Yang (2017). "Using Option Market Liquidity to

Predict REIT Leverage Changes," Journal of Real Estate Finance and Economics, vol. 55, no. 2, pp. 135-

154.

52

Bunten, Devin (2016). "Essays on the Economics of Space," Ph.D. dissertation, University of California,

Los Angeles.

Bunten, Devin (2017). "Is the Rent Too High? Aggregate Implications of Local Land-Use Regulation,"

Finance and Economics Discussion Series 2017-064.Board of Governors of the Federal Reserve System

(U.S.).

Bunten, Devin, and Matthew E. Kahn (2017). "Optimal Real Estate Capital Durability and Localized

Climate Change Disaster Risk," Journal of Housing Economics, vol. 36, pp. 1-7.

Favara, Giovanni, and Mariassunta Giannetti (2017). "Forced Asset Sales and the Concentration of

Outstanding Debt: Evidence from the Mortgage Market," Journal of Finance, vol. 72, no. 3, pp. 1081-

1118.

Freeman, Lance, and Jenny Schuetz (2017). "Producing Affordable Housing in Rising Markets: What

Works?" Cityscape: A Journal of Policy Development and Research, vol. 19, no. 1, pp. 217-236.

Larrimore, Jeff, Jenny Schuetz, and Samuel Dodini (2016). "What are the Perceived Barriers to

Homeownership for Young Adults?" Finance and Economics Discussion Series 2016-021. Board of


Lutz, Byron, and Leah Brooks (2016). "From Today's City to Tomorrow's City: An Empirical Investigation

of Urban Land Assembly," American Economic Journal: Economic Policy, vol. 8, no. 3, pp. 69-105.

Mezza, Alvaro A., Daniel R. Ringo, Shane M. Sherlund, and Kamila Sommer (2016). "Student Loans and

Homeownership," Finance and Economics Discussion Series 2016-010r. Board of Governors of the


Molloy, Raven (2016). "Long-Term Vacant Housing in the United States," Regional Science and Urban

Economics, vol. 59, pp. 118-129.

Paciorek, Andrew D. (2016). "The Long and the Short of Household Formation," Real Estate Economics,

vol. 44, no. 1, pp. 7-40.

Passmore, Wayne, and Alexander H. von Hafften (2017). "Improving the 30-Year Fixed-Rate Mortgage,"


(U.S.).

Rappoport, David E. (2016). "Do Mortgage Subsidies Help or Hurt Borrowers?" Finance and Economics


Schmeiser, Maximilian, and Matthew B. Gross (2016). "The Determinants of Subprime Mortgage

Performance Following a Loan Modification," Journal of Real Estate Finance and Economics, vol. 52, no.

1, pp. 1-27.

Schuetz, Jenny, Genevieve Giuliano, and Eun Jin Shin (forthcoming). "Does Zoning Help or Hinder

Transit-Oriented (Re)Development?" Urban Studies.

Schuetz, Jenny, Jonathan Spader, and Alvaro Cortes (2016). "Have Distressed Neighborhoods

Recovered? Evidence from the Neighborhood Stabilization Program," Journal of Housing Economics, vol.

34, pp. 30-48.

53

Sommer, Kamila, and Paul Sullivan (forthcoming). "Implications of U.S. Tax Policy for House Prices,

Rents, and Homeownership," American Economic Review.

Spader, Jonathan, Jenny Schuetz, and Alvaro Cortes (2016). "Fewer Vacants, Fewer Crimes? Impacts of

Neighborhood Revitalization Policies on Crime," Regional Science and Urban Economics, vol. 60, pp. 73-

84.

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