Federal Reserve Bank of Philadelphia
Working Papers
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2007
- 07-33 Net worth and housing equity in retirement
by Todd Sinai & Nicholas Souleles - 07-32 Payment network scale economies, SEPA, and cash replacement
by Wilko Bolt & David Humphrey - 07-31 The anatomy of U.S. personal bankruptcy under Chapter 13
by Hülya Eraslan & Wenli Li & Pierre-Daniel Sarte - 07-30 Private risk premium and aggregate uncertainty in the model of uninsurable investment risk
by Francisco Covas & Shigeru Fujita - 07-29 Pricing-to-market and the failure of absolute PPP
by George Alessandria & Joseph Kaboski - 07-27 Interest rate versus money supply instruments: on the implementation of Markov-perfect optimal monetary policy
by Michael Dotsey & Andreas Hornstein - 07-26 Optimal pricing of payment services when cash is an alternative
by Cyril Monnet & William Roberds - 07-25 Innovation, cities, and new work
by Jeffrey Lin - 07-24 Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics
by Aubhik Khan & Julia K. Thomas - 07-23 Thick-market effects and churning in the labor market: evidence from U.S. cities
by Hoyt Bleakley & Jeffrey Lin - 07-22 A dynamic model of the payment system
by Thorsten Koeppl & Cyril Monnet & Ted Temzelides - 07-20 Intellectual property rights and standard setting in financial services: the case of the Single European Payments Area
by Robert M. Hunt & Samuli Simojoki & Tuomas Takalo - 07-19 The cyclicality of separation and job finding rates
by Shigeru Fujita & Garey Ramey - 07-18 The relationship between the establishment age distribution and urban growth
by R. Jason Faberman - 07-17 Establishment heterogeneity, exporter dynamics, and the effects of trade liberalization
by George Alessandria & Horag Choi - 07-16 A quantitative theory of unsecured consumer credit with risk of default
by Satyajit Chatterjee & Dean Corbae & Makoto Nakajima & Jose-Victor Rios-Rull - 07-15 Spin-offs and the market for ideas
by Satyajit Chatterjee & Esteban Rossi-Hansberg - 07-14 A finite-life private-information theory of unsecured consumer debt
by Satyajit Chatterjee & Dean Corbae & José-Víctor Ríos-Rull - 07-13 A comparison of poverty trends and policy impacts for working families using different poverty indexes
by Robert H. DeFina - 07-11 The long and large decline in state employment growth volatility
by Gerald Carlino & Robert DeFina & Keith Sill - 07-10 Bankruptcy: Is it enough to forgive or must we also forget?
by Ronel Elul & Piero Gottardi - 07-9 Competitive effects of Basel II on U.S. bank credit card lending
by William W. Lang & Loretta J. Mester & Todd A. Vermilyea - 07-8 Mismeasured personal saving and the permanent income hypothesis
by Leonard I. Nakamura & Tom Stark - 07-7 Matching externalities and inventive productivity
by Robert M. Hunt - 07-6 Economics and the design of patent systems
by Robert M. Hunt - 07-5 The cyclicality of worker flows: new evidence from the SIPP
by Shigeru Fujita & Christopher J. Nekarda & Garey Ramey - 07-4 Capital and macroeconomic instability in a discrete-time model with forward-looking interest rate rules
by Kevin X. D. Huang & Qinglai Meng - 07-3 Overconfidence in financial markets and consumption over the life cycle
by Frank Caliendo & Kevin X. D. Huang - 07-2 Reassessing the Shimer facts
by Shigeru Fujita & Garey Ramey - 07-1 Inflation and interest rates with endogenous market segmentation
by Aubhik Khan & Julia Thomas
2006
- 06-22 Immigration and the neighborhood
by Albert Saiz & Susan Wachter - 06-21 Owning versus leasing: do courts matter?
by Pablo Casas-Arce & Albert Saiz - 06-20 A quantitative assessment of the role of agglomeration economies in the spatial concentration of U.S. employment
by Satyajit Chatterjee - 06-19 An evaluation of inflation forecasts from surveys using real-time data
by Dean Croushore - 06-18 On the aggregate welfare cost of Great Depression unemployment
by Satyajit Chatterjee & Dean Corbae - 06-17 The cyclicality of job loss and hiring
by Shigeru Fujita & Garey Ramey - 06-16 A tale of two states: Maharashtra and West Bengal
by Amartya Lahiri & Kei-Mu Yi - 06-15 Capitalization of the quality of local public schools: what do home buyers value?
by Theodore M. Crone - 06-14 Urban density and the rate of invention
by Gerald Carlino & Satyajit Chatterjee & Robert Hunt - 06-13 Job matching and propagation
by Shigeru Fugita & Garey Ramey - 06-12 Monetary and financial forces in the Great Depression
by Satyajit Chatterjee & Dean Corbae - 06-11 National income accounts
by Leonard I. Nakamura - 06-10 Labor supply and personal computer adoption
by Mark Doms & Ethan Lewis - 06-9 Nontraded goods, market segmentation, and exchange rates
by Michael Dotsey & Margarida Duarte - 06-8 A Phillips curve with an Ss foundation
by Mark Gertler & John Leahy - 06-7 The CPI for rents: a case of understated inflation
by Theodore M. Crone & Leonard I. Nakamura & Richard Voith - 06-6 When do more patents reduce R&D?
by Robert M. Hunt - 06-5 Bayesian analysis of DSGE models
by Sungbae An & Frank Schorfheide - 06-3 Non-stationary hours in a DSGE model
by Yongsung Chang & Taeyoung Doh & Frank Schorfheide - 06-2 Predatory lending in rational world
by Philip Bond & David K. Musto & Bilge Yilmaz - 06-1 Macroeconomic volatility and the equity premium
by Keith Sill
2005
- 08-2 Optimal industrial structure in banking
by Loretta J. Mester - 06-4 Monetary policy analysis with potentially misspecified models
by Marco Del Negro & Frank Schorfheide - 05-29 Potential competitive effects on U.S. bank credit card lending from the proposed bifurcated application of Basel II
by William W. Lang & Loretta J. Mester & Todd A. Vermilyea - 05-28 The effect of transaction pricing on the adoption of electronic payments: a cross-country comparison
by Wilko Bolt & David Humphrey & Roland Uittenbogaard - 05-27 Courts and contractual innovation: a preliminary analysis
by Mitchell Berlin & Yaron Leitner - 05-26 Risk-adjusted performance measures at bank holding companies with section 20 subsidiaries
by Victoria Geyfman - 05-25 A portfolio view of consumer credit
by David K. Musto & Nicholas Souleles - 05-24 Vertical specialization and the border effect puzzle
by Kei-Mu Yi - 05-23 Collateral, credit history, and the financial decelerator
by Ronel Elul - 05-22 The dynamic Beveridge curve
by Shigeru Fujita & Garey Ramey - 05-21 Special purpose vehicles and securitization
by Gary Gorton & Nicholas S. Souleles - 05-20 Do sunk costs of exporting matter for net export dynamics?
by George Alessandria & Horag Choi - 05-19 Resolving the puzzle of the underissuance of national bank notes
by Charles W. Calomiris & Joseph R. Mason - 05-17 Banks in the securities business: market-based risk implications of section 20 subsidiaries
by Victoria Geyfman - 05-16 Switching costs and adverse selection in the market for credit cards: new evidence
by Paul S. Calem & Michael B. Gordy & Loretta J. Mester - 05-15 Vertical production and trade interdependence and welfare
by Kevin X.D. Huang & Zheng Liu - 05-14 Transactions accounts and loan monitoring
by Loretta J. Mester & Leonard I. Nakamura - 05-13 A century of consumer credit reporting in America
by Robert M. Hunt - 05-12 A theory of an intermediary with nonexclusive contracting
by Yaron Leitner - 05-11 Advertising, intangible assets, and unpriced entertainment
by Leonard I. Nakamura - 05-10 Owner-occupied housing as a hedge against rent risk
by Todd Sinai & Nicholas S. Souleles - 05-9 Consumer search, price dispersion, and international relative price volatility
by George Alessandria - 05-8 Immigration, skill mix, and the choice of technique
by Ethan Lewis - 05-7 The life-cycle effects of house price changes
by Wenli Li & Rui Yao - 05-6 Benchmark revisions and the U.S. personal saving rate
by Leonard Nakamura & Tom Stark - 05-5 Do technological improvements in the manufacturing sector raise or lower employment?
by Yongsung Chang & Jay H. Hong - 05-4 Pricing, production, and persistence
by Michael Dotsey & Robert G. King - 05-3 Can the standard international business cycle model explain the relation between trade and comovement?
by M. Ayhan Kose & Kei-Mu Yi - 05-2 Implications of state-dependent pricing for dynamic macroeconomic models
by Michael Dotsey & Robert G. King - 05-1 Schooling and the AFQT: evidence from school entry laws
by Elizabeth Cascio & Ethan Lewis - 04-21 On the stability of employment growth: a postwar view from the U.S. states
by Gerald Carlino & Robert DeFina & Keith Sill - 04-16 Matching and learning in cities: urban density and the rate of invention
by Gerald Carlino & Satyajit Chatterjee & Robert Hunt - 04-14 Bankruptcy exemptions, credit history, and the mortgage market
by Souphala Chomsisengphet & Ronel Elul - 04-7 Specific factors meet intermediate inputs: implications for strategic complementarities and persistence
by Kevin X. D. Huang
2004
- 04-24 Financial intermediaries, markets, and growth
by Falko Fecht & Kevin X. D. Huang & Antoine Martin - 04-23 Vacancy persistence
by Shigeru Fujita - 04-22 Hedonic estimates of the cost of housing services: rental and owner-occupied units
by Theodore M. Crone & Leonard I. Nakamura & Richard P. Voith - 04-20 Transactions accounts and loan monitoring
by Loretta J. Mester & Leonard I. Nakamura & Micheline Renault - 04-19 Violating purchasing power parity
by Geoorge Alessandria & Joseph Kaboski - 04-18 Trade and the (dis)incentive to reform labor markets: the case of reform in the European Union
by George Alessandria & Alain Delacroix - 04-17 The CPI for rents: a case of understated inflation
by Theodore M. Crone & Leonard I. Nakamura & Richard Voith - 04-15 Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics
by Aubhik Khan & Julia K. Thomas - 04-13 Modeling inventories over the business cycle
by Aubhik Khan & Julia K. Thomas - 04-12 A redefinition of economic regions in the U.S
by Theodore M. Crone - 04-11 Inventories and the business cycle: an equilibrium analysis of (S,s) policies
by Aubhik Khan & Julia K. Thomas - 04-10 Life insurance and household consumption
by Jay H. Hong & Jose-Victor Rios-Rull - 04-9 Consistent economic indexes for the 50 states
by Theodore M. Crone & Alan Clayton-Matthews - 04-8 Multiple stages of processing and the quantity anomaly in international business cycle models
by Kevin X. D. Huang & Zheng Liu - 04-6 Inflation targeting: what inflation rate to target?
by Kevin X. D. Huang & Zheng Liu - 04-5 Fresh start or head start? The effect of filing for personal bankruptcy on the labor supply
by Song Han & Wenli Li - 04-4 Why is manufacturing trade rising even as manufacturing output is falling?
by Raphael Bergoeing & Timothy J. Kehoe & Vanessa Strauss-Kahn & Kei-Mu Yi - 04-3 How did the Miami labor market absorb the Mariel immigrants?
by Ethan Lewis - 03-17 An empirical look at software patents
by James Bessen & Robert M. Hunt - 02-9 Financial networks: contagion, commitment, and private sector bailouts
by Yaron Leitner
2003
- 04-2 The rise of the skilled city
by Edward L. Glaeser & Albert Saiz - 04-1 Local, open economies within the U.S.: how do industries respond to immigration?
by Ethan Lewis - 03-23 An alternative definition of economic regions in the U.S. based on similarities in state business cycles
by Theodore M. Crone - 03-22 Monetary policy, oil shocks, and TFP: accounting for the decline in U.S. volatility
by Sylvain Leduc & Keith Sill - 03-21 The evolution of the Philadelphia Stock Exchange: 1964-2002
by John P. Caskey - 03-20 On the welfare gains of eliminating a small likelihood of economic crises: A case for stabilization policies?
by Satyajit Chatterjee & Dean Corbae - 03-19 International risk-sharing and the transmission of productivity shocks
by Giancarlo Corsetti & Luca Dedola & Sylvain Leduc - 03-18 Postwar period changes in employment volatility: new evidence from state/industry panel data
by Gerald Carlino & Robert DeFina & Keith Sill - 03-16 Cost savings from electronic payments and ATMs in Europe
by David Humphrey & Magnus Willesson & Goran Bergendahl & Ted Lindblom - 03-15 Growth effects of progressive taxes
by Wenli Li & Pierre-Daniel Sarte - 03-14 The macroeconomics of U.S. consumer bankruptcy choice: Chapter 7 or Chapter 13?
by Wenli Li & Pierre-Daniel Sarte - 03-13 Applying efficiency measurement techniques to central banks
by Loretta J. Mester - 03-12 Immigration and housing rents in American cities
by Albert Saiz - 03-11 A note on global warfare in pharmaceutical patenting
by F. M. Scherer - 03-10 An introduction to the economics of payment card networks
by Robert M. Hunt - 03-9 Urban decline and housing reinvestment: the role of construction costs and the supply side
by Joseph Gyourko & Albert Saiz - 03-8 A short-term model of the Fed's portfolio choice
by Dean Croushore - 03-7 Credit card securitization and regulatory arbitrage
by Charles W. Calomiris & Joseph R. Mason - 03-6 What is the value of recourse to asset backed securities? A clinical study of credit card banks
by Eric J. Higgins & Joseph R. Mason - 03-5 How strong is co-movement in employment over the business cycle? Evidence from state/industry data
by Gerald A. Carlino & Robert H. DeFina - 03-4 Backward-looking interest-rate rules, interest-rate smoothing, and macroeconomic instability
by Jess Benhabib & Stephanie Schmitt-Grohe & Martin Uribe - 03-3 Non-exclusive contracts, collateralized trade, and a theory of an exchange
by Yaron Leitner - 03-1 Data revisions and the identification of monetary policy shocks
by Dean Croushore & Charles L. Evans
2002
- 03-2 The effects of a baby boom on stock prices and capital accumulation in the presence of Social Security
by Andrew B. Abel - 02-22 Collateral and competition
by Mitchell Berlin & Alexander Butler - 02-21 The development and regulation of consumer credit reporting in America
by Robert M. Hunt - 02-20 Inventories and the business cycle: an equilibrium analysis of (S,s) policies
by Aubhik Khan & Julia K. Thomas - 02-19 Optimal monetary policy
by Aubhik Khan & Robert King & Alexander L. Wolman - 02-18 Technology flows matrix estimation revisited
by F. M. Scherer - 02-17 Democracy to the road: the political economy of potholes
by Albert Saiz - 02-16 The returns to speaking a second language
by Albert Saiz & Elena Zoido - 02-15 Forecasting coin demand
by Dean Croushore & Tom Stark - 02-14 The cyclical behavior of state employment during the postwar period
by Gerald Carlino & Robert DeFina & Keith Sill - 02-13 Self-fulfilling expectations and the inflation of the 1970s: evidence from the Livingston Survey
by Sylvain Leduc & Keith Sill & Tom Stark - 02-12 Compensating differentials and the social benefits of the NFL
by Gerald Carlino & N. Edward Coulson - 02-11 Why are business cycles alike across exchange-rate regimes?
by Luca Dedola & Sylvain Leduc - 02-10 Why do households without children support local public schools? linking house price capitalization to school spending
by Christian A. L. Hilber & Christopher J. Mayer - 02-8 The impact of unemployment on alternative poverty measures
by Robert H. DeFina - 02-7 Consistent economic indexes for the 50 states
by Theodore M. Crone - 02-5 Enduring relationships in an economy with capital
by Aubhik Khan & B. Ravikumar - 02-4 Check-cashing outlets in a changing financial system
by John P. Caskey - 02-3 Is macroeconomic research robust to alternative data sets?
by Dean Croushore & Tom Stark - 02-2 Do bankers sacrifice value to build empires? managerial incentives, industry consolidation, and financial performance
by Joseph P. Hughes & William W. Lang & Loretta J. Mester & Choon-Geol Moon & Michael S. Pagano - 02-1 An overall perspective on banking regulation
by Xavier Freixas & Anthony M. Santomero - 01-13 Patentability, industry structure, and innovation
by Robert M. Hunt - 01-6 Explaining the dramatic changes in performance of U.S. banks: technological change, deregulation, and dynamic changes in competition
by Allen N. Berger & Loretta J. Mester
2001
- 01-16 The pitfalls of discretionary monetary policy
by Aubhik Khan & Robert G. King & Alexander L. Wolman - 01-15 What is the U.S. gross investment in intangibles? (At least) one trillion dollars a year!
by Leonard Nakamura - 01-14 Knowledge spillovers and the new economy of cities
by Gerald A. Carlino & Satyajit Chatterjee & Robert Hunt - 01-12 Expectations and the effects of monetary policy
by Laurence Ball & Dean Croushore - 01-11 A quantitative welfare analysis of the trade-off between the current regime and macroeconomic stabilization
by Luca Dedola & Sylvain Leduc - 01-10 Forecasting with a real-time data set for macroeconomists
by Tom Stark & Dean Croushore - 01-9 A quantitative analysis of oil-price shocks, systematic monetary policy, and economic downturns
by Sylvain Leduc & Keith Sill - 01-8 Measuring American rents: a revisionist history
by Theodore M. Crone & Leonard I. Nakamura & Richard Voith - 01-7 Banking and finance in Argentina in the period 1900-35
by Leonard Nakamura & Carlos E.J.M. Zarazaga - 01-5 Optimal monetary policy
by Aubhik Khan & Robert G. King & Alexander L. Wolman - 01-4 Employment deconcentration: a new perspective on America's postwar urban evolution
by Gerald Carlino & Satyajit Chatterjee - 01-3 Checking accounts and bank monitoring
by Loretta J. Mester & Leonard I. Nakamura & Micheline Renault - 01-2 Will bequests attenuate the predicted meltdown in stock prices when baby boomers retire?
by Andrew B. Abel - 01-1 An exploration of the effects of pessimism and doubt on asset returns
by Andrew B. Abel - 00-13R Education and training in an era of creative destruction
by Leonard I. Nakamura
2000
- 00-14 On the welfare gains of reducing the likelihood of economic crises
by Satyajit Chatterjee & Dean Corbae - 00-12 Capitalization of federal taxes, the relative price of housing, and urban form: density and sorting effects
by Richard Voith & Joseph Gyourko - 00-11 Exchange-rate puzzles in a model with arbitrage
by Sylvain Leduc - 00-10 Nonconvex factor adjustments in equilibrium business cycle models: do nonlinearities matter?
by Aubhik Khan & Julia K. Thomas - 00-9 Sectoral shocks and metropolitan employment growth
by Gerald A. Carlino & Robert H. DeFina & Keith Sill - 00-8 Regional income fluctuations: common trends and common cycles
by Gerald Carlino & Keith Sill - 00-7 Costly technology adoption and capital accumulation
by Aubhik Khan & B. Ravikumar - 00-6 A real-time data set for macroeconomists: does data vintage matter for forecasting?
by Dean Croushore & Tom Stark - 00-5 Recovering risky technologies using the almost ideal demand system: an application to U.S. banking
by Joseph P. Hughes & William W. Lang & Loretta J. Mester & Choon-Geol Moon - 00-4 Are scale economies in banking elusive or illusive? Evidence obtained by incorporating capital structure and risk-taking into models of bank production
by Joseph P. Hughes & Loretta J. Mester & Choon-Geol Moon - 00-3 Incomplete markets, borrowing constraints, and the foreign exchange risk premium
by Sylvain Leduc - 00-2 Does current-quarter information improve quarterly forecasts for the U.S. economy?
by Tom Stark - 00-1 Optimal financial contracts for large investors: the role of lender liability
by Mitchell Berlin & Loretta J. Mester
1999
- 99-22 Does the tax treatment of housing create an incentive for exclusionary zoning and increased decentralization?
by Richare Voith - 99-21 A real-time data set for marcoeconomists: does the data vintage matter?
by Dean Croushore & Tom Stark - 99-20 Schumpeterian growth and endogenous business cycles
by Kerk Phillips & Jeffrey Wrase - 99-19 Using state indexes to define economic regions in the U.S
by Theodore M. Crone - 99-18 Competitive theories for economies with general transactions technology
by Satyajit Chatterjee & Dean Corbae - 99-17 Regime-switching in expectations over the business cycle
by Gwen Eudey & Roberto Perli - 99-16 On exchange rate regimes, exchange rate fluctuations, and fundamentals
by Luca Dedola & Sylvain Leduc - 99-15 Does data vintage matter for forecasting?
by Dean Croushore & Tom Stark - 99-14 Solving and simulating a simple open-economy model with Markov-switching driving processes and rational learning
by Keith Sill & Jeffrey Wrase - 99-13 Exchange rates and monetary policy regimes in Canada and the U.S
by Keith Sill & Jeffrey Wrase - 99-12 Growth and risk-sharing with private information
by Aubhik Khan & B. Ravikumar - 99-11 Financial development and economic growth
by Aubhik Khan - 99-10 Postwar trends in metropolitan employment growth: decentralization and deconcentration
by Gerald Carlino & Satyajit Chatterjee - 99-9 Measuring housing services inflation
by Theodore M. Crone & Leonard I. Nakamura & Richard Voith - 99-8 Financial contracts and the legal treatment of informed investors
by Mitchell Berlin & Loretta J. Mester - 99-7 A Bayesian VAR forecasting model for the Philadelphia Metropolitan Area
by Theodore M. Crone & Michael P. McLaughlin - 99-6 Exchange rates, monetary policy regimes, and beliefs
by Keith Sill & Jeff Wrase - 99-5 Quantitative asset pricing implications of endogenous solvency constraints
by Fernando Alvarez & Urban J. Jermann - 99-4 A real-time data set for macroeconomists
by Dean Croushore & Tom Stark - 99-3 Nonobviousness and the incentive to innovate: an economic analysis of intellectual property reform
by Robert M. Hunt - 99-2 A welfare comparison of pre- and post-WWII business cycles: some implications for the role of postwar macroeconomic policies
by Satyajit Chatterjee & Dean Corbae