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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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2009 Staff Reports

How Rigid Are Producer Prices? Pinelopi Koujianou Goldberg and Rebecca Hellerstein November   Number 407

Broker-Dealer Risk Appetite and Commodity Returns Erkko Etula November   Number 406

Micro, Macro, and Strategic Forces in International Trade Invoicing Linda S. Goldberg and Cédric Tille November   Number 405

Conventional and Unconventional Monetary Policy Vasco Cúrdia and Michael Woodford November   Number 404

A Bayesian Approach to Estimating Tax and Spending Multipliers Matthew Denes and Gauti B. Eggertsson November   Number 403

What Fiscal Policy Is Effective at Zero Interest Rates? Gauti B. Eggertsson November   Number 402

Do Colleges and Universities Increase Their Region’s Human Capital? Jaison R. Abel and Richard Deitz October   Number 401

The Determinants of International Flows of U.S. Currency Rebecca Hellerstein and William Ryan October   Number 400

Labor Supply Heterogeneity and Macroeconomic Comovement Stefano Eusepi and Bruce Preston October   Number 399

Financial Intermediaries and Monetary Economics Tobias Adrian and Hyun Song Shin October   Number 398

Monetary Tightening Cycles and the Predictability of Economic Activity Tobias Adrian and Arturo Estrella October   Number 397

Prices and Quantities in the Monetary Policy Transmission Mechanism Tobias Adrian and Hyun Song Shin October   Number 396 Revised October 2009

Are Market Makers Uninformed and Passive? Signing Trades in the Absence of Quotes Michel van der Wel, Albert J. Menkveld, and Asani Sarkar September   Number 395

The Dynamics of Automobile Expenditures Adam Copeland September   Number 394

Capital Constraints, Counterparty Risk, and Deviations from Covered Interest Rate Parity Niall Coffey, Warren B. Hrung, and Asani Sarkar September   Number 393 Revised October 2009

Labor Market Pooling and Occupational Agglomeration Todd M. Gabe and Jaison R. Abel September   Number 392

Price-Increasing Competition: The Curious Case of Overdraft versus Deferred Deposit Credit Brian T. Melzer and Donald P. Morgan September   Number 391

Bank Capital and Value in the Cross Section Hamid Mehran and Anjan Thakor September   Number 390

Liquidity Risk, Credit Risk, and the Federal Reserve’s Responses to the Crisis Asani Sarkar September   Number 389

Real-Time Inflation Forecasting in a Changing World Jan J. J. Groen, Richard Paap, and Francesco Ravazzolo August   Number 388

Commodity Prices, Commodity Currencies, and Global Economic Developments Jan J. J. Groen and Paolo A. Pesenti August   Number 387

Parsimonious Estimation with Many Instruments Jan J. J. Groen and George Kapetanios August   Number 386

Credit Spreads and Monetary Policy Vasco Cúrdia and Michael Woodford August   Number 385

Prestigious Stock Exchanges: A Network Analysis of International Financial Centers Nicola Cetorelli and Stavros Peristiani August   Number 384

Gender and the Availability of Credit to Privately Held Firms: Evidence from the Surveys of Small Business Finances Rebel A. Cole and Hamid Mehran August   Number 383

The Shadow Banking System: Implications for Financial Regulation Tobias Adrian and Hyun Song Shin July   Number 382

The Microstructure of a U.S. Treasury ECN: The BrokerTec Platform Michael J. Fleming and Bruce Mizrach July   Number 381

Why Are Banks Holding So Many Excess Reserves? Todd Keister and James McAndrews July   Number 380

Do Vouchers Lead to Sorting under Random Private-School Selection? Evidence from the Milwaukee Voucher Program Rajashri Chakrabarti July   Number 379

How Do College Students Form Expectations? Basit Zafar July   Number 378

Globalized Banks: Lending to Emerging Markets in the Crisis Nicola Cetorelli and Linda S. Goldberg June   Number 377

Financial Visibility and the Decision to Go Private Hamid Mehran and Stavros Peristiani June   Number 376

Credit Quantity and Credit Quality: Bank Competition and Capital Accumulation Nicola Cetorelli and Pietro F. Peretto June   Number 375

The Persistent Effects of a False News Shock Carlos Carvalho, Nicholas Klagge, and Emanuel Moench May   Number 374

Barriers to Household Risk Management: Evidence from India Shawn Cole, Xavier Giné, Jeremy Tobacman, Petia Topalova, Robert Townsend, and James Vickery May   Number 373

Credit Default Swap Auctions  Jean Helwege, Samuel Maurer, Asani Sarkar, and Yuan Wang May   Number 372

Bank Liquidity, Interbank Markets, and Monetary Policy  Xavier Freixas, Antoine Martin, and David Skeie May   Number 371 Revised September 2009

Precautionary Reserves and the Interbank Market Adam Ashcraft, James McAndrews, and David Skeie May   Number 370

The Impact of Tax Law Changes on Bank Dividend Policy, Sell-offs, Organizational Form, and Industry Structure Hamid Mehran and Michael Suher April   Number 369

Subprime Mortgage Pricing: The Impact of Race, Ethnicity, and Gender on the Cost of Borrowing  Andrew Haughwout, Christopher Mayer, and Joseph Tracy April   Number 368

CONDI: A Cost-of-Nominal-Distortions Index Stefano Eusepi, Bart Hobijn, and Andrea Tambalotti March   Number 367

Credit Market Competition and the Nature of Firms Nicola Cetorelli March   Number 366 Revised July 2009

An Experimental Investigation of Why Individuals Conform Basit Zafar February   Number 365

College Major Choice and the Gender Gap Basit Zafar February   Number 364

Model Selection Criteria for Factor-Augmented Regressions Jan J. J. Groen and George Kapetanios February   Number 363

The Term Structure of Inflation Expectations Tobias Adrian and Hao Wu February   Number 362

Risk Appetite and Exchange Rates Previous title: “Global Liquidity and Exchange Rates” Tobias Adrian, Erkko Etula, and Hyun Song Shin January   Number 361 Revised March 2009

Money, Liquidity, and Monetary Policy  Tobias Adrian and Hyun Song Shin January   Number 360