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Staff Reports/Research Papers

Technical working papers intended for publication in leading finance and economics journals. The Research Papers series predated Staff Reports and was discontinued in 1998. Both series are available only online.

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2008 Staff Reports

Rethinking the Measurement of Household Inflation Expectations: Preliminary Findings Wilbert van der Klaauw, Wändi Bruine de Bruin, Giorgio Topa, Simon Potter, and Michael Bryan December   Number 359

Seismic Effects of the Bankruptcy Reform Donald P. Morgan, Benjamin Iverson, and Matthew Botsch November   Number 358

The Federal Home Loan Bank System: The Lender of Next-to-Last Resort? Adam B. Ashcraft, Morten L. Bech, and W. Scott Frame November   Number 357

Which Bank Is the “Central” Bank? An Application of Markov Theory to the Canadian Large Value Transfer System Morten L. Bech, James T. E. Chapman, and Rod Garratt November   Number 356

Imperfectly Credible Disinflation under Endogenous Time-Dependent Pricing Marco Bonomo and Carlos Carvalho November   Number 355

The Topology of the Federal Funds Market Morten L. Bech and Enghin Atalay November   Number 354

The Case for TIPS: An Examination of the Costs and Benefits Jennifer Roush, William Dudley, and Michelle Steinberg Ezer October   Number 353

Systemic Risk and Liquidity in Payment Systems Gara M. Afonso and Hyun Song Shin October   Number 352

Aggregation and the PPP Puzzle in a Sticky-Price Model Carlos Carvalho and Fernanda Nechio October   Number 351 Revised November 2008

Housing Busts and Household Mobility Fernando Ferreira, Joseph Gyourko, and Joseph Tracy October   Number 350

Liquidity and Congestion Gara M. Afonso October   Number 349

CoVaR Tobias Adrian and Markus K. Brunnermeier September   Number 348

ESOP Fables: The Impact of Employee Stock Ownership Plans on Labor Disputes Peter Cramton, Hamid Mehran, and Joseph Tracy September   Number 347

Financial Intermediaries, Financial Stability, and Monetary Policy Tobias Adrian and Hyun Song Shin September   Number 346

What Drives Housing Prices? James A. Kahn September   Number 345

Have Amenities Become Relatively More Important Than Firm Productivity Advantages in Metropolitan Areas? Richard Deitz and Jaison R. Abel September   Number 344

Stabilizing Expectations under Monetary and Fiscal Policy Coordination Stefano Eusepi and Bruce Preston September   Number 343

Central Bank Transparency and Nonlinear Learning Dynamics Stefano Eusepi September   Number 342

Juvenile Delinquent Mortgages: Bad Credit or Bad Economy? Andrew Haughwout, Richard Peach, and Joseph Tracy August   Number 341

Pricing the Term Structure with Linear Regressions Tobias Adrian and Emanuel Moench August   Number 340 Revised October 2008

The Advantage of Flexible Targeting Rules Andrea Ferrero July   Number 339

Financial Intermediary Leverage and Value-at-Risk Tobias Adrian and Hyun Song Shin July   Number 338 Revised August 2008

Should There Be Intraday Money Markets? Antoine Martin and James McAndrews July   Number 337

A Study of Competing Designs for a Liquidity-Saving Mechanism Antoine Martin and James McAndrews July   Number 336

The Effect of the Term Auction Facility on the London Inter-Bank Offered Rate James McAndrews, Asani Sarkar, and Zhenyu Wang July   Number 335

Interpreting the Great Moderation: Changes in the Volatility of Economic Activity at the Macro and Micro Levels Steven J. Davis and James A. Kahn July   Number 334

Banking Globalization, Monetary Transmission, and the Lending Channel Nicola Cetorelli and Linda S. Goldberg July   Number 333

Human Capital and Economic Activity in Urban America Jaison R. Abel and Todd M. Gabe July   Number 332

The Welfare Effects of a Liquidity-Saving Mechanism Enghin Atalay, Antoine Martin, and James McAndrews June   Number 331

Corporate Performance, Board Structure, and Their Determinants in the Banking Industry Renée B. Adams and Hamid Mehran June   Number 330

Inflation Dynamics in a Small Open-Economy Model under Inflation Targeting: Some Evidence from Chile Marco Del Negro and Frank Schorfheide June   Number 329

Liquidity and Leverage Tobias Adrian and Hyun Song Shin May   Number 328

Revisiting Useful Approaches to Data-Rich Macroeconomic Forecasting Jan J. J. Groen and George Kapetanios May   Number 327 Revised October 2008

Dynamic Factor Models with Time-Varying Parameters: Measuring Changes in International Business Cycles Marco Del Negro and Christopher Otrok May   Number 326

Durable Goods Inventories and the Great Moderation James A. Kahn May   Number 325

Globalization and Inflation Dynamics: The Impact of Increased Competition Argia M. Sbordone April   Number 324

Optimal Monetary Policy under Sudden Stops Vasco Cúrdia April   Number 323

Investment Shocks and Business Cycles Alejandro Justiniano, Giorgio E. Primiceri, and Andrea Tambalotti March   Number 322

Monetary Policy Analysis with Potentially Misspecified Models Marco Del Negro and Frank Schorfheide March   Number 321

Forming Priors for DSGE Models (and How It Affects the Assessment of Nominal Rigidities) Marco Del Negro and Frank Schorfheide March   Number 320

Settlement Delays in the Money Market Leonardo Bartolini, Spence Hilton, and James McAndrews March   Number 319

Understanding the Securitization of Subprime Mortgage Credit Adam B. Ashcraft and Til Schuermann March   Number 318

Forecasting Economic and Financial Variables with Global VARs M. Hashem Pesaran, Til Schuermann, and L. Vanessa Smith February   Number 317

Macroeconomic Interdependence and the International Role of the Dollar Linda Goldberg and Cédric Tille February   Number 316

Impact of Voucher Design on Public School Performance: Evidence from Florida and Milwaukee Voucher Programs Rajashri Chakrabarti January   Number 315

What Can We Learn from Privately Held Firms about Executive Compensation? Rebel A. Cole and Hamid Mehran January   Number 314

Monetary Policy Implementation Frameworks: A Comparative Analysis Antoine Martin and Cyril Monnet January   Number 313

Run Equilibria in a Model of Financial Intermediation Huberto M. Ennis and Todd Keister January   Number 312