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Federal Reserve Bank of Chicago
(31 results)-
White Papers
Are Mobile Payments the Smart Cards of the Aughts?
July 1, 2007, 12:00am PDT
In the past few years, payment networks and banks have begun to follow in the footsteps of start-up companies and offer mobile platforms, meaning in-person or remote payments via a mobile phone or...
Provided by Federal Reserve Bank of Chicago
-
White Papers
The Cyclicality Of Cash Flow And Investment In U.S. Manufacturing
January 31, 2008, 12:00am PST
It is well-known that investment is the most cyclical component of GNP. In addition, the procyclicality of investment is extremely important in accounting for the "Shortfalls" of GNP during...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Financial Regulation In The Post-Crisis Environment
September 1, 2010, 12:00am PDT
Congress has recently passed a financial reform bill. Many of the components of that bill center on the issues discussed in this paper. Importantly, the legislation leaves many of the details to...
Provided by Federal Reserve Bank of Chicago
-
White Papers
The Reaction Of Consumer Spending And Debt To Tax Rebates? Evidence From Consumer Credit Data
November 1, 2007, 12:00am PDT
The authors use a new panel dataset of credit card accounts to analyze how consumers responded to the 2001 Federal income tax rebates. They estimate the monthly response of credit card payments,...
Provided by Federal Reserve Bank of Chicago
-
White Papers
The Tradeoff Between Mortgage Prepayments And Tax-Deferred Retirement Savings
August 1, 2006, 12:00am PDT
The authors show that a significant number of households can perform a tax arbitrage by cutting back on their additional mortgage payments and increasing their contributions to Tax-Deferred...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Mergers And Risk
September 1, 2006, 12:00am PDT
This paper examines the impact of mergers on default risk, finding that, on average, a merger increases the default risk of the acquiring firm. This is surprising for two reasons: risk reduction...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Information Acquisition In Financial Markets: A Correction
April 24, 2007, 12:00am PDT
In this 2000 paper "Information Acquisition In Financial Markets," the authors argued that contrary to the conventional wisdom set forth in Grossman and Stiglitz (1980), it was theoretically...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Monetary Policy, Output Composition And The Great Moderation
December 10, 2007, 12:00am PST
This paper investigates the role of monetary policy in two related aspects of the great moderation: the mid 1980’s decline of US output volatility and the decoupling of household investment...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Conflict Of Interest And Certification In The U.S. IPO Market
July 1, 2007, 12:00am PDT
The authors examine the long-run performance and valuation of IPOs underwritten by relation-ship banks. They find that over one-to three-year horizons these IPOs do not underperform similar stocks...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Identification Of Models Of The Labor Market
September 23, 2010, 12:00am PDT
This chapter discusses identification of common selection models of the labor market. The authors start with the classic Roy model and show how it can be identified with exclusion restrictions....
Provided by Federal Reserve Bank of Chicago
-
White Papers
Complex Mortgages
November 24, 2010, 12:00am PST
Complex mortgages became a popular borrowing instrument during the bullish housing market of the early 2000s but vanished rapidly during the subsequent downturn. These non-traditional loans...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Public Pensions And Labor Supply Over The Life Cycle
August 31, 2010, 12:00am PDT
Virtually all developed countries face projected budget shortfalls for their public pension programs. The shortfalls arise for two reasons. First, populations in developed countries are aging...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Explaining Asset Pricing Puzzles Associated With The 1987 Market Crash
November 8, 2008, 12:00am PST
The 1987 market crash was associated with a dramatic and permanent steepening of the implied volatility curve for equity index options, despite minimal changes in aggregate consumption. The...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Cognitive Abilities And Household Financial Decision Making
November 23, 2010, 12:00am PST
The authors analyze the effects of cognitive abilities on two examples of consumer financial decisions where suboptimal behavior is well defined. The first example refers to consumers who transfer...
Provided by Federal Reserve Bank of Chicago
-
White Papers
The Impact Of The Originate-Todistribute Model On Banks Before And During The Financial Crisis
November 1, 2010, 12:00am PDT
The growth of securitization made it easier for banks to sell home mortgage loans that they originated. The author explores how mortgage sales affected banks in the years leading up to the...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Too Much Right Can Make A Wrong: Setting The Stage For The Financial Crisis
November 1, 2009, 12:00am PDT
The financial crisis that started in 2007 exposed a number of flaws in the financial system. Many of these flaws were associated with financial instruments that were issued by the shadow banking...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Monetary Policy And Uncertainty In An Empirical Small Open Economy Model
March 14, 2008, 12:00am PDT
This paper explores optimal policy design in an estimated model of three small open economies: Australia, Canada and New Zealand. Within a class of generalized Taylor rules, the authors show that...
Provided by Federal Reserve Bank of Chicago
-
White Papers
A New Social Compact: How University Engagement Can Fuel Innovation
October 11, 2006, 12:00am PDT
Richard K. Lester feels that colleges and universities, because they are immobile, can replace local institutions whose leadership has been eroded by globalization. However, university attempts to...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Two Flaws In Business Cycle Accounting
October 18, 2006, 12:00am PDT
Using 'Business Cycle Accounting' (BCA), Chari, Kehoe and McGrattan (2006) (CKM) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Estate Taxation, Entrepreneurship, And Wealth
December 10, 2007, 12:00am PST
The authors study the effects of abolishing estate taxation in a quantitative and realistic framework that includes the key features that policy makers are worried about: business investment,...
Provided by Federal Reserve Bank of Chicago
-
White Papers
A Conversation with 590 Nascent Entrepreneurs
November 1, 2007, 12:00am PDT
This paper summarizes interviews from 1998 with 590 individuals trying to create a business centered on five questions: "Who are you?", "What are you trying to accomplish?", "What have you and...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Do Financial Counseling Mandates Improve Mortgage Choice And Performance? Evidence From A Legislative Experiment
October 1, 2009, 12:00am PDT
The authors explore the effects of mandatory third-party review of mortgage contracts on the terms, availability, and performance of mortgage credit. This paper is based on a legislative...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Using Stock Returns To Identify Government Spending Shocks
August 24, 2009, 12:00am PDT
This paper explores a new approach to identifying government spending shocks which avoids many of the shortcomings of existing approaches. The new approach is to identify government spending...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Regulating Two-Sided Markets: An Empirical Investigation
April 12, 2010, 12:00am PDT
Two-sided market theory predicts that platforms may subsidize the participation of one type of agent by extracting surplus from another type to internalize indirect network externalities. However,...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Demand Volatility And The Lag Between The Growth Of Temporary And Permanent Employment
November 1, 2007, 12:00am PDT
The growth rate of temporary help service employment is often considered to be a leading business cycle indicator because the firing and hiring of temporary help workers typically lead that of...
Provided by Federal Reserve Bank of Chicago
-
White Papers
After The Financial Crisis: The Future Of Payment Innovations
September 1, 2010, 12:00am PDT
The participants at this year's Payments Conference discussed how evolving technology and emerging payment products both challenge and complement legacy payments while providing opportunities for...
Provided by Federal Reserve Bank of Chicago
-
White Papers
The Financial Labor Supply Accelerator
June 1, 2011, 12:00am PDT
The financial labor supply accelerator links hours worked to minimum down payments for durable goods purchases. When these constrain a household's debt, a persistent wage increase generates a...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Federal Reserve Policies And Financial Market Conditions During The Crisis
July 1, 2011, 12:00am PDT
During the recent financial crisis, the Federal Reserve implemented a series of extraordinary and unconventional policies to alleviate the impact of the crisis on financial markets and the...
Provided by Federal Reserve Bank of Chicago
-
White Papers
What Are The Implications Of Rising Commodity Prices For Inflation And Monetary Policy?
May 1, 2011, 12:00am PDT
The recent run-ups in oil and other commodity prices and their implications for inflation and monetary policy have grabbed the attention of many commentators in the media. Clearly, higher prices...
Provided by Federal Reserve Bank of Chicago
-
Software
The Fed 1.0 (Mobile)
September 19, 2011, 12:00am PDT
The official app of the United States Federal Reserve System is now available for your iPad! It allows you access to a wide range of information from the Federal Reserve System Board of Governors...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Vulnerabilities in First-Generation RFID-Enabled Credit Cards
February 2, 2009, 12:00am PST
An increasing number of credit cards now contain a tiny wireless computer chip and antenna based on RFID (radio frequency identification) and contactless smart card technology. The RFID-enabled...
Provided by Federal Reserve Bank of Chicago
-
Software
The Fed 1.0 (Mobile)
September 19, 2011, 12:00am PDT
The official app of the United States Federal Reserve System is now available for your iPad! It allows you access to a wide range of information from the Federal Reserve System Board of Governors...
Provided by Federal Reserve Bank of Chicago
-
White Papers
What Are The Implications Of Rising Commodity Prices For Inflation And Monetary Policy?
May 1, 2011, 12:00am PDT
The recent run-ups in oil and other commodity prices and their implications for inflation and monetary policy have grabbed the attention of many commentators in the media. Clearly, higher prices...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Federal Reserve Policies And Financial Market Conditions During The Crisis
July 1, 2011, 12:00am PDT
During the recent financial crisis, the Federal Reserve implemented a series of extraordinary and unconventional policies to alleviate the impact of the crisis on financial markets and the...
Provided by Federal Reserve Bank of Chicago
-
White Papers
The Financial Labor Supply Accelerator
June 1, 2011, 12:00am PDT
The financial labor supply accelerator links hours worked to minimum down payments for durable goods purchases. When these constrain a household's debt, a persistent wage increase generates a...
Provided by Federal Reserve Bank of Chicago
-
White Papers
After The Financial Crisis: The Future Of Payment Innovations
September 1, 2010, 12:00am PDT
The participants at this year's Payments Conference discussed how evolving technology and emerging payment products both challenge and complement legacy payments while providing opportunities for...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Demand Volatility And The Lag Between The Growth Of Temporary And Permanent Employment
November 1, 2007, 12:00am PDT
The growth rate of temporary help service employment is often considered to be a leading business cycle indicator because the firing and hiring of temporary help workers typically lead that of...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Regulating Two-Sided Markets: An Empirical Investigation
April 12, 2010, 12:00am PDT
Two-sided market theory predicts that platforms may subsidize the participation of one type of agent by extracting surplus from another type to internalize indirect network externalities. However,...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Using Stock Returns To Identify Government Spending Shocks
August 24, 2009, 12:00am PDT
This paper explores a new approach to identifying government spending shocks which avoids many of the shortcomings of existing approaches. The new approach is to identify government spending...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Do Financial Counseling Mandates Improve Mortgage Choice And Performance? Evidence From A Legislative Experiment
October 1, 2009, 12:00am PDT
The authors explore the effects of mandatory third-party review of mortgage contracts on the terms, availability, and performance of mortgage credit. This paper is based on a legislative...
Provided by Federal Reserve Bank of Chicago
-
White Papers
A Conversation with 590 Nascent Entrepreneurs
November 1, 2007, 12:00am PDT
This paper summarizes interviews from 1998 with 590 individuals trying to create a business centered on five questions: "Who are you?", "What are you trying to accomplish?", "What have you and...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Estate Taxation, Entrepreneurship, And Wealth
December 10, 2007, 12:00am PST
The authors study the effects of abolishing estate taxation in a quantitative and realistic framework that includes the key features that policy makers are worried about: business investment,...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Two Flaws In Business Cycle Accounting
October 18, 2006, 12:00am PDT
Using 'Business Cycle Accounting' (BCA), Chari, Kehoe and McGrattan (2006) (CKM) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not...
Provided by Federal Reserve Bank of Chicago
-
White Papers
A New Social Compact: How University Engagement Can Fuel Innovation
October 11, 2006, 12:00am PDT
Richard K. Lester feels that colleges and universities, because they are immobile, can replace local institutions whose leadership has been eroded by globalization. However, university attempts to...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Monetary Policy And Uncertainty In An Empirical Small Open Economy Model
March 14, 2008, 12:00am PDT
This paper explores optimal policy design in an estimated model of three small open economies: Australia, Canada and New Zealand. Within a class of generalized Taylor rules, the authors show that...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Too Much Right Can Make A Wrong: Setting The Stage For The Financial Crisis
November 1, 2009, 12:00am PDT
The financial crisis that started in 2007 exposed a number of flaws in the financial system. Many of these flaws were associated with financial instruments that were issued by the shadow banking...
Provided by Federal Reserve Bank of Chicago
-
White Papers
The Impact Of The Originate-Todistribute Model On Banks Before And During The Financial Crisis
November 1, 2010, 12:00am PDT
The growth of securitization made it easier for banks to sell home mortgage loans that they originated. The author explores how mortgage sales affected banks in the years leading up to the...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Cognitive Abilities And Household Financial Decision Making
November 23, 2010, 12:00am PST
The authors analyze the effects of cognitive abilities on two examples of consumer financial decisions where suboptimal behavior is well defined. The first example refers to consumers who transfer...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Explaining Asset Pricing Puzzles Associated With The 1987 Market Crash
November 8, 2008, 12:00am PST
The 1987 market crash was associated with a dramatic and permanent steepening of the implied volatility curve for equity index options, despite minimal changes in aggregate consumption. The...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Public Pensions And Labor Supply Over The Life Cycle
August 31, 2010, 12:00am PDT
Virtually all developed countries face projected budget shortfalls for their public pension programs. The shortfalls arise for two reasons. First, populations in developed countries are aging...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Complex Mortgages
November 24, 2010, 12:00am PST
Complex mortgages became a popular borrowing instrument during the bullish housing market of the early 2000s but vanished rapidly during the subsequent downturn. These non-traditional loans...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Identification Of Models Of The Labor Market
September 23, 2010, 12:00am PDT
This chapter discusses identification of common selection models of the labor market. The authors start with the classic Roy model and show how it can be identified with exclusion restrictions....
Provided by Federal Reserve Bank of Chicago
-
White Papers
Conflict Of Interest And Certification In The U.S. IPO Market
July 1, 2007, 12:00am PDT
The authors examine the long-run performance and valuation of IPOs underwritten by relation-ship banks. They find that over one-to three-year horizons these IPOs do not underperform similar stocks...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Monetary Policy, Output Composition And The Great Moderation
December 10, 2007, 12:00am PST
This paper investigates the role of monetary policy in two related aspects of the great moderation: the mid 1980’s decline of US output volatility and the decoupling of household investment...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Information Acquisition In Financial Markets: A Correction
April 24, 2007, 12:00am PDT
In this 2000 paper "Information Acquisition In Financial Markets," the authors argued that contrary to the conventional wisdom set forth in Grossman and Stiglitz (1980), it was theoretically...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Mergers And Risk
September 1, 2006, 12:00am PDT
This paper examines the impact of mergers on default risk, finding that, on average, a merger increases the default risk of the acquiring firm. This is surprising for two reasons: risk reduction...
Provided by Federal Reserve Bank of Chicago
-
White Papers
The Tradeoff Between Mortgage Prepayments And Tax-Deferred Retirement Savings
August 1, 2006, 12:00am PDT
The authors show that a significant number of households can perform a tax arbitrage by cutting back on their additional mortgage payments and increasing their contributions to Tax-Deferred...
Provided by Federal Reserve Bank of Chicago
-
White Papers
The Reaction Of Consumer Spending And Debt To Tax Rebates? Evidence From Consumer Credit Data
November 1, 2007, 12:00am PDT
The authors use a new panel dataset of credit card accounts to analyze how consumers responded to the 2001 Federal income tax rebates. They estimate the monthly response of credit card payments,...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Financial Regulation In The Post-Crisis Environment
September 1, 2010, 12:00am PDT
Congress has recently passed a financial reform bill. Many of the components of that bill center on the issues discussed in this paper. Importantly, the legislation leaves many of the details to...
Provided by Federal Reserve Bank of Chicago
-
White Papers
The Cyclicality Of Cash Flow And Investment In U.S. Manufacturing
January 31, 2008, 12:00am PST
It is well-known that investment is the most cyclical component of GNP. In addition, the procyclicality of investment is extremely important in accounting for the "Shortfalls" of GNP during...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Are Mobile Payments the Smart Cards of the Aughts?
July 1, 2007, 12:00am PDT
In the past few years, payment networks and banks have begun to follow in the footsteps of start-up companies and offer mobile platforms, meaning in-person or remote payments via a mobile phone or...
Provided by Federal Reserve Bank of Chicago
-
White Papers
Vulnerabilities in First-Generation RFID-Enabled Credit Cards
February 2, 2009, 12:00am PST
An increasing number of credit cards now contain a tiny wireless computer chip and antenna based on RFID (radio frequency identification) and contactless smart card technology. The RFID-enabled...
Provided by Federal Reserve Bank of Chicago
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