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Federal Reserve Board
(262 results)-
White Papers
Decisions: Making The Right Ones. Learning From The Wrong One
January 1, 2009, 12:00am PST
For an executive, decision-making comes with the territory. If you wanted to follow orders, if you wanted to be directed every step of the way, if you wanted to carry out the ideas of people who...
Provided by Conference Board
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White Papers
Constructive Data Mining: Modeling Australian Inflation
June 14, 2009, 12:00am PDT
This paper improves upon de Brouwer and Ericsson's (1998) model of Australian inflation in three directions: cointegration analysis, treatment of weak exogeneity, and model design. On the third...
Provided by Federal Reserve Board
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White Papers
Integrating Tables and Graphs With ODS LAYOUT
March 19, 2010, 12:00am PDT
ODS layout of PDF output can arrange multiple tables and graphs on the same page, and even overlay tables onto graphs and vice versa. This can replace GREPLAY coding of multiple graphs with...
Provided by Federal Reserve Board
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White Papers
Creating A Corporate Culture Demonstrating Ethical And Cooperative Leadership
April 3, 2009, 12:00am PDT
All organizations seek to establish common goals that will help them meet strategic objectives, rally their employees and inspire shareholders. These goals, set by the senior executive team after...
Provided by Board Advisory Services
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White Papers
Currency Crashes And Bond Yields In Industrial Countries
May 1, 2008, 12:00am PDT
This paper examines episodes of sudden large exchange rate depreciations (currency crashes) in industrial countries and characterizes the behavior of government bond yields during and after these...
Provided by Board of Governors of the Federal Reserve System
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White Papers
International Asset Markets And Real Exchange Rate Volatility
July 1, 2008, 12:00am PDT
The real exchange rate is very volatile relative to major macroeconomic aggregates and its correlation with the ratio of domestic over foreign consumption is negative (Backus-Smith puzzle). These...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Efficiency In Housing Markets: Do Home Buyers Know How To Discount?
October 1, 2008, 12:00am PDT
For the majority of households, the purchase of a home is the largest financial decision of their lives. One may therefore assume that housing market transactions are conducted by agents who have...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Closing Large Open Economy Models
June 1, 2009, 12:00am PDT
In open economy models with incomplete asset markets the deterministic steady state depends on the initial conditions of the economy and the steady state is compatible with any level of...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Oil Shocks And External Adjustment
May 1, 2010, 12:00am PDT
In reaction to the oil crises of the 1970s and early 1980s, as well as the more recent run-up in oil prices that started in 2003, the oil component of the U.S. trade balance consistently...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Three Great American Disinflations
June 1, 2007, 12:00am PDT
This paper analyzes the role of transparency and credibility in accounting for the widely divergent macroeconomic effects of three episodes of deliberate monetary contraction: the post-Civil War...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Exchange Rate Pass-Through To Export Prices: Assessing Some Cross-Country Evidence
September 1, 2007, 12:00am PDT
A growing body of empirical work has found evidence of a decline in exchange rate pass-through to import prices in a number of industrial countries. This paper complements this work by examining...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Trading Activity And Exchange Rates In High-Frequency EBS Data
September 1, 2007, 12:00am PDT
The absence of data has, until now, precluded virtually all research on trading volume in the foreign exchange market. This paper introduces a new high-frequency foreign exchange dataset from EBS...
Provided by Board of Governors of the Federal Reserve System
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White Papers
The Role Of China In Asia: Engine, Conduit, Or Steamroller?
September 1, 2007, 12:00am PDT
This paper assesses China's role in Asia as an independent engine of growth, as a conduit of demand from the industrial countries, and as a competitor for export markets. The author provides both...
Provided by Board of Governors of the Federal Reserve System
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White Papers
The Transmission Of Domestic Shocks In The Open Economy
November 1, 2007, 12:00am PDT
This paper uses an open economy DSGE model to explore how trade openness affects the transmission of domestic shocks. For some calibrations, closed and open economies appear dramatically...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Frequency Of Observation And The Estimation Of Integrated Volatility In Deep And Liquid Financial Markets
August 1, 2009, 12:00am PDT
Using two newly available ultrahigh-frequency datasets, one investigates empirically how frequently one can sample certain foreign exchange and U.S. Treasury security returns without contaminating...
Provided by Federal Reserve Board
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White Papers
A Residual-Based Cointegration Test For Near Unit Root Variables
October 9, 2007, 12:00am PDT
Methods of inference based on a unit root assumption in the data are typically not robust to even small deviations from this assumption. This paper proposes robust procedures for a residual-based...
Provided by Board of Governors of the Federal Reserve System
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White Papers
External Governance And Debt Agency Costs Of Family Firms
November 1, 2007, 12:00am PDT
This paper investigates the impact of family block-holders on the firm's debt agency costs under different investor protection environments. On one hand, families - through their undiversified...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Quantitative Implications Of Indexed Bonds In Small Open Economies
October 1, 2007, 12:00am PDT
This paper analyzes the macroeconomic implications of real-indexed bonds, indexed to the terms of trade or GDP, using a general equilibrium model of a small open economy with financial frictions....
Provided by Board of Governors of the Federal Reserve System
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White Papers
Bank Core Deposits And The Mitigation Of Monetary Policy
January 7, 2008, 12:00am PST
This paper considers the business strategy of some banks that provide relationship loans (where they have loan origination and monitoring advantages relative to capital markets) with core deposit...
Provided by Federal Reserve Board
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White Papers
Two Pitfalls Of Linearization Methods
August 17, 2007, 12:00am PDT
This paper illustrates two types of pitfalls in using linearization methods. First, if constraints are linearized before deriving optimality conditions, the derived conditions are not correct up...
Provided by Federal Reserve Board
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White Papers
Explaining A Productive Decade
August 1, 2007, 12:00am PDT
This paper analyzes the sources of U.S. productivity growth in recent years using both aggregate and industry-level data. One confirms the central role for information technology (IT) in the...
Provided by Federal Reserve Board
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White Papers
Risk And Concentration In Payment And Securities Settlement Systems
October 4, 2007, 12:00am PDT
Large value payment and securities settlement systems are important components of an economy's financial system. Many such systems are operated by central banks and are liquidity intensive....
Provided by Federal Reserve Board
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White Papers
The Evolution Of Household Income Volatility
October 1, 2007, 12:00am PDT
Using data from the PSID, one finds that household income has become noticeably more volatile during the past thirty years. One estimates that the standard deviation of percent changes in...
Provided by Federal Reserve Board
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White Papers
Gauging The Uncertainty Of The Economic Outlook From Historical Forecasting Errors
November 19, 2007, 12:00am PST
Participants in meetings of the Federal Open Market Committee (FOMC) regularly produce individual projections of real activity and inflation that are published in summary form. These summaries...
Provided by Federal Reserve Board
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White Papers
Hyperbolic Discounting And Uniform Savings Floors
September 11, 2007, 12:00am PDT
Previous research suggests that, in partial equilibrium, individuals whose decision-making exhibits a present-bias - such as hyperbolic discounters who tend to over-consume - will be in favor of...
Provided by Federal Reserve Board
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White Papers
Imperfect Monitoring And The Discounting Of Inside Money
May 24, 2007, 12:00am PDT
One of the fundamental questions concerning inside money is whether its issuers should be regulated and how. This paper evaluates the efficiency of one prevalent regulatory recommendation - a...
Provided by Federal Reserve Board
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White Papers
Financial Market Perceptions Of Recession Risk
November 6, 2007, 12:00am PST
Over the Great Moderation period in the United States, one finds that corporate credit spreads embed crucial information about the one-year-ahead probability of recession, as evidenced by both in-...
Provided by Federal Reserve Board
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White Papers
Implied Interest Rate Skew, Term Premiums, And The "Conundrum"
September 25, 2007, 12:00am PDT
The skew, irrespective of the mean and variance, of investors' interest rate expectations may affect required bond yields over expected short rates. Indeed, evidence suggests that the near-term...
Provided by Federal Reserve Board
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White Papers
Reserve Requirement Systems In OECD Countries
July 23, 2007, 12:00am PDT
This paper compares the reserve requirements of OECD countries. Reserve requirements are the minimum percentages or amounts of liabilities that depository institutions are required to keep in cash...
Provided by Federal Reserve Board
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White Papers
Documentation Of The Research And Statistics Divisions Estimated DSGE Model Of The U.S. Economy: 2006 Version
September 18, 2007, 12:00am PDT
This paper provides documentation for the large-scale estimated DSGE model of the U.S. economy used in Edge, Kiley, and Laforte (2007). The model represents part of an ongoing research project...
Provided by Federal Reserve Board
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White Papers
Do High Debt Payments Hinder Household Consumption Smoothing?
July 1, 2007, 12:00am PDT
Over the past fifteen years, U.S. households have committed a rising share of their disposable personal income to required principal and interest payments on household debt. The direct link...
Provided by Federal Reserve Board
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White Papers
The Effects Of Past Entry, Market Consolidation, And Expansion By Incumbents On The Probability Of Entry
July 24, 2007, 12:00am PDT
The threat of entry is an important factor in the evaluation of the potential competitive effects of proposed mergers and acquisitions. In the evaluation of proposed bank mergers, a high...
Provided by Federal Reserve Board
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White Papers
Choice Of Mortgage Contracts: Evidence From The Survey Of Consumer Finances
August 30, 2007, 12:00am PDT
This paper revisits the empirical question of determinants of the choice between fixed- and adjustable-rate mortgages using more comprehensive data from the Survey of Consumer Finances (SCF) that...
Provided by Federal Reserve Board
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White Papers
Habit Persistence, Non-Separability Between Consumption And Leisure, Or Rule-Of-Thumb Consumers
August 1, 2007, 12:00am PDT
Research documenting violations of the permanent-income hypothesis has been a staple of applied work for nearly thirty years. As illustrated by Hall (1978), the most basic model of intertemporal...
Provided by Federal Reserve Board
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White Papers
Cracking The Conundrum
October 4, 2007, 12:00am PDT
Between June 29, 2004 and February 2, 2005, the Federal Open Market Committee increased the target federal funds rate by 150 bps (basis points) or 1.5 percentage points. Over the same period, the...
Provided by Federal Reserve Board
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White Papers
Does Health Affect Portfolio Choice?
August 22, 2007, 12:00am PDT
Health considerations are often paramount in the decision-making of older households. A sudden stroke or a cancer diagnosis can upset a household's expectations about the future, including...
Provided by Federal Reserve Board
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White Papers
Will Monetary Policy Become More Of A Science?
September 1, 2007, 12:00am PDT
Over the past three decades, one has seen a remarkable change in the performance of monetary policy. By the end of the 1970s, inflation had risen to very high levels, with many countries in the...
Provided by Federal Reserve Board
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White Papers
The 'Elusive' Capital-User Cost Elasticity Revisited
May 15, 2009, 12:00am PDT
This paper sheds new light on the estimation of the long-run elasticity of the demand for business capital-for a measure that includes both equipment and structures-to changes in its user cost...
Provided by Federal Reserve Board
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White Papers
Corporate Asset Purchases And Sales: Theory And Evidence
May 30, 2007, 12:00am PDT
Purchases and sales of operating assets by firms generated $162 billion for shareholders over the past 20 years. This contrasts sharply with the evidence on mergers. This paper characterizes the...
Provided by Federal Reserve Board
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White Papers
Employer-to-Employer Flows In The United States: Estimates Using Linked Employer-Employee Data
June 1, 2007, 12:00am PDT
An enormous amount of worker and job reallocation continually takes place in the U.S. economy. For example, Davis, Faberman and Haltiwanger (2006) (hereafter DFH) report that the quarterly job...
Provided by Federal Reserve Board
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White Papers
The Cross Section Of Money Market Fund Risks And Financial Crises
September 12, 2010, 12:00am PDT
This paper examines the relationship between Money Market Fund (MMF) risks and outcomes during crises, with a focus on the ABCP crisis in 2007 and the run on money funds in 2008. The author...
Provided by Federal Reserve Board
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White Papers
Creating A Linchpin For Financial Data: Toward A Universal Legal Entity Identifier
January 20, 2011, 12:00am PST
The financial industry runs on information and data. Although financial data are made up of innumerable complex and idiosyncratic components, a fundamental building block for analysis is reference...
Provided by Federal Reserve Board
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White Papers
Surveying The Aftermath Of The Storm: Changes In Family Finances From 2007 To 2009
March 1, 2011, 12:00am PST
From 2007 to 2009, wealth declined for most families across the initial 2007 wealth spectrum, and it declined very substantially for some. Yet many families saw only small changes and a...
Provided by Federal Reserve Board
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White Papers
Cointegration Test With Stationary Covariates And The CDS-Bond Basis During The Financial Crisis
March 28, 2011, 12:00am PDT
This paper proposes a residual based cointegration test with improved power. Based on the idea of Hansen (1995) and Elliott & Jansson (2003) in the unit root testing case, stationary covariates...
Provided by Federal Reserve Board
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White Papers
The First Line Of Defense: The Discount Window During The Early Stages Of The Financial Crisis
January 25, 2011, 12:00am PST
This paper develops a theoretical model of trading in the federal funds market that captures characteristics of discount window borrowing and the federal funds market during the first year of the...
Provided by Federal Reserve Board
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White Papers
Financial Capital And The Macroeconomy: A Quantitative Framework
May 5, 2011, 12:00am PDT
Financial intermediation transforms short-term liquid assets into long-term capital assets. As a result, risk taking, in the form of long-term commitments despite unresolved short-term funding...
Provided by Federal Reserve Board
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White Papers
Financial Capital And The Macroeconomy: Policy Considerations
May 5, 2011, 12:00am PDT
The authors develop a macroeconomic model in which the balance sheet/liquidity condition of financial institutions plays an important role in the determination of asset prices and economic...
Provided by Federal Reserve Board
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White Papers
U.S. Domestic And International Financial Reform Policy: Are G20 Commitments And The Dodd-Frank Act In Sync?
July 1, 2011, 12:00am PDT
The Dodd-Frank Act of 2010 is the keystone policy response directed at reforming U.S. financial system activities and oversight in the wake of the 2007-2009 financial crisis. The United States...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Trade Credit And International Trade During The 2008-09 Global Financial Crisis
June 11, 2011, 12:00am PDT
This paper studies the role of the credit crunch in the severe contraction of trade and economic activity at the height of the 2008-09 global financial crisis, using firm-level data from six...
Provided by Federal Reserve Board
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White Papers
Is There A Fiscal Free Lunch In A Liquidity Trap?
July 1, 2010, 12:00am PDT
This paper uses a DSGE model to examine the effects of an expansion in government spending in a liquidity trap. If the liquidity trap is very prolonged, the spending multiplier can be much larger...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Input And Output Inventories In General Equilibrium
July 1, 2010, 12:00am PDT
The authors build and estimate a two-sector (goods and services) dynamic stochastic general equilibrium model with two types of inventories: materials (input) inventories facilitate the production...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Has International Financial Co-movement Changed? Emerging Markets In The 2007-2009 Financial Crisis
September 1, 2010, 12:00am PDT
Emerging Market (EM) assets have historically been regarded as inherently risky and particularly vulnerable to international shocks that result in a general increase in investor risk perceptions....
Provided by Board of Governors of the Federal Reserve System
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White Papers
Could Asymmetric Information Alone Have Caused The Collapse Of Private-label Securitization?
October 1, 2010, 12:00am PDT
A key feature of the 2007-2008 financial crisis is that for some classes of securities trade has ceased. And where trade does occur, it appears that market prices are well below what one might...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Fiscal Positions And Government Bond Yields In OECD Countries
December 1, 2010, 12:00am PST
The authors examine the impact of fiscal positions, both the level of debt and the fiscal balance, on long-term government bond yields in the OECD. In order to control for the endogenity of fiscal...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Asymmetric Shocks In A Currency Union With Monetary And Fiscal Handcuffs?
December 1, 2010, 12:00am PST
This paper investigates the impact of the asymmetric shocks within a currency union in a framework that takes account of the zero bound constraint on policy rates, and also allows for constraints...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Nonlinearities In The Oil Price-output Relationship
January 1, 2011, 12:00am PST
It is customary to suggest that the asymmetry in the transmission of oil price shocks to real output is well established. Much of the empirical work cited as being in support of asymmetries,...
Provided by Board of Governors of the Federal Reserve System
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White Papers
International Capital Flows And The Returns To Safe Assets In The United States, 2003-2007
February 1, 2011, 12:00am PST
A broad array of domestic institutional factors - including problems with the originate-to-distribute model for mortgage loans, deteriorating lending standards, deficiencies in risk management,...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Explaining The Energy Consumption Portfolio In A Cross-section Of Countries: Are The BRICs Different?
February 1, 2011, 12:00am PST
This paper uses disaggregated data from a broad cross-section of countries to empirically assess differences in energy consumption profiles across countries. The authors find empirical support for...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Where Are Global And U.S. Trade Heading In The Aftermath Of The Trade Collapse: Issues And Alternative Scenarios
March 1, 2011, 12:00am PST
Global and U.S. trade declined dramatically in the wake of the global financial crisis in late 2008 and early 2009. The subsequent recovery in trade, while vigorous at first, gradually lost...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Bank Size And Small Business Finance: Tests Of The Current Paradigm
September 1, 2007, 12:00am PDT
Under the current paradigm in small business lending research, small banks have comparative advantages in lending to the smallest, least informationally transparent firms using lending...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Sum Capacity of Multi-Source Linear Finite-Field Relay Networks With Fading
May 11, 2009, 12:00am PDT
The authors study a fading linear finite-field relay network having multiple source-destination pairs. Because of the interference created by different unicast sessions, the problem of finding its...
Provided by The Board of Regents of the Washington State University
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White Papers
Interagency Statement On Meeting The Credit Needs Of Creditworthy Small Business Borrowers
May 14, 2010, 12:00am PDT
The federal financial institutions regulatory agencies and the state supervisors are issuing this Interagency Statement on Meeting the Credit Needs of Creditworthy Small Business Borrowers to...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Recent Trends In The Number And Size Of Bank Branches: An Examination Of Likely Determinants
October 15, 2007, 12:00am PDT
In this paper, the author examines the role of market characteristics in explaining the much discussed phenomenon of growth in the number of banking institution branches over time, and the much...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Monetary Policy Actions And Long-Run Inflation Expectations
December 1, 2007, 12:00am PST
The degree to which inflation expectations are anchored at long horizons is important for many issues in macroeconomics and finance. There has been little research examining observable measures of...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Footnotes Aren't Enough: The Impact Of Pension Accounting On Stock Values
January 1, 2008, 12:00am PST
Some research has suggested that companies with defined benefit (DB) pensions are sometimes significantly misvalued by the market. This is because the measures of pension cost and pension net...
Provided by Board of Governors of the Federal Reserve System
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White Papers
The TIPS Yield Curve And Inflation Compensation
November 12, 2007, 12:00am PST
For over ten years, the U.S. Treasury has issued index-linked debt. Federal Reserve Board staff have fitted a yield curve to these indexed securities at the daily frequency from the start of 1999...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Challenges In Macro-Finance Modeling
November 23, 2007, 12:00am PST
This paper discusses various challenges in the specification and implementation of "Macro-finance" models in which macroeconomic variables and term structure variables are modeled together in a...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Alternatives For Distressed Banks And The Panics Of The Great Depression
December 10, 2007, 12:00am PST
Several studies have explored whether the banking panics of the Great Depression caused some institutions to fail that might otherwise have survived. This paper adopts a different approach and...
Provided by Board of Governors of the Federal Reserve System
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White Papers
The "Growing Pains" Of TIPS Issuance
October 16, 2007, 12:00am PDT
This paper provides updated calculations of the relative cost to the U.S. Treasury of previously issued TIPS by comparing the payment stream on each security to that of hypothetical nominal...
Provided by Board of Governors of the Federal Reserve System
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White Papers
The Human Capital That Matters: Expected Returns And The Income Of Affluent Households
September 14, 2007, 12:00am PDT
An important critique of the capital asset pricing model (CAPM), first levied by Mayers (1973) and Roll (1977), is that traditional measures of the market portfolio are incomplete since they do...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Does The NEA Crowd Out Private Charitable Contributions To The Arts?
November 1, 2007, 12:00am PDT
This paper investigates the mechanism by which the federal government's funding of the arts through National Endowment for the Arts (NEA) displaces private charitable contributions to non-profit...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Paying To Save: Tax Withholding And Asset Allocation Among Low - And Moderate-Income Taxpayers
December 1, 2007, 12:00am PST
The author analyzes the phenomenon that low- and moderate-income (LMI) tax filers exhibit a "preference for over-withholding" their taxes, a measure the author derives from a unique set of...
Provided by Board of Governors of the Federal Reserve System
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White Papers
The Effect Of Satellite Entry On Product Quality For Cable Television
January 1, 2008, 12:00am PST
In vertically differentiated markets, the effects of firm entry are contingent upon whether incumbent firms can respond to entry by adjusting product quality in addition to simply lowering prices....
Provided by Board of Governors of the Federal Reserve System
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White Papers
Research and development, Profits And Firm Value: A Structural Estimation
September 16, 2008, 12:00am PDT
Is the return to private R&D as high as believed? This paper identifies a flaw in the production function approach to estimating the return to R&D. The author provides new estimates based on a...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Revisiting The Supply-Side Effects Of Government Spending
February 1, 2009, 12:00am PST
The author revisits the macroeconomic effects of government consumption in the neoclassical growth model when agents face uninsured idiosyncratic investment risk. Under complete markets, a...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Firms' Relative Sensitivity To Aggregate Shocks And The Dynamics Of Gross Job Flows
November 1, 2008, 12:00am PDT
The author proposes a measure for the importance of aggregate shocks for fluctuations in job flows at the firm level. Using data for the Portuguese economy, it's found that large and old firms...
Provided by Board of Governors of the Federal Reserve System
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White Papers
GSE Activity And Mortgage Supply In Lower-Income And Minority Neighborhoods: The Effect Of The Affordable Housing Goals
April 17, 2009, 12:00am PDT
In the 1990's Congress promoted policies to increase credit access and homeownership among lower-income and minority neighborhoods and households. Beliefs that credit access and homeownership...
Provided by Board of Governors of the Federal Reserve System
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White Papers
The Shimer Puzzle And The Identification Of Productivity Shocks
October 25, 2008, 12:00am PDT
Shimer (2005) argues that the Mortensen-Pissarides (MP) model of unemployment lacks an amplification mechanism because it generates less than 10 percent of the observed business cycle fluctuations...
Provided by Board of Governors of the Federal Reserve System
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White Papers
State And Local Finances And The Macroeconomy: The High-Employment Budget And Fiscal Impetus
October 28, 2008, 12:00am PDT
The author examines the interplay of the economy and state and local budgets by developing and examining two measures of fiscal policy: the high-employment budget and fiscal impetus. The author...
Provided by Board of Governors of the Federal Reserve System
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White Papers
Factor Intensity And Price Rigidity: Evidence And Theory
December 10, 2008, 12:00am PST
This paper establishes a new empirical finding: the degree of labor intensity and the degree of price flexibility are negatively correlated across industrial sectors. I model this in an economy...
Provided by Board of Governors of the Federal Reserve System
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