Staff Reports

Technical working papers intended for publication in leading finance and economics journals. The Research Papers series predated StaffReports and was discontinued in 1998. Both series are available only online.
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2011 Staff Reports
The Impact of the Great Recession on School District Finances: Evidence from New York
Rajashri Chakrabarti and Elizabeth Setren
December  Number 534
Dodd-Frank One Year On: Implications for Shadow Banking
Tobias Adrian
December  Number 533
Financial Intermediary Balance Sheet Management
Tobias Adrian and Hyun Song Shin
December  Number 532
Some Unpleasant General Equilibrium Implications of Executive Incentive Compensation Contracts
John B. Donaldson, Natalia Gershun, and Marc P. Giannoni
December  Number 531
What Do Drug Monopolies Cost Consumers in Developing Countries?
Rebecca Hellerstein
December  Number 530
Repo and Securities Lending
Tobias Adrian, Brian Begalle, Adam Copeland, and Antoine Martin
December  Number 529
Revised February 2013
Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-09
Tobias Adrian, Paolo Colla, and Hyun Song Shin
December  Number 528
Revised May 2012
The Macroeconomic Effects of Large-Scale Asset Purchase Programs
Han Chen, Vasco Cúrdia, and Andrea Ferrero
December  Number 527
Housing Busts and Household Mobility: An Update
Fernando Ferreira, Joseph Gyourko, and Joseph Tracy
November  Number 526
Incentives and Responses under No Child Left Behind: Credible Threats and the Role of Competition
Rajashri Chakrabarti
November  Number 525
Optimal Disinflation under Learning
Timothy Cogley, Christian Matthes, and Argia M. Sbordone
November  Number 524
Revised May 2014
Do We Know What We Owe? A Comparison of Borrower- and Lender-Reported Consumer Debt
Meta Brown, Andrew Haughwout, Donghoon Lee, and Wilbert van der Klaauw
October  Number 523
Revised October 2013
The International Role of the Dollar: Does It Matter if This Changes?
Linda Goldberg
October  Number 522
Early Contract Renegotiation: An Analysis of U.S. Labor Contracts from 1970 to 1995
Robert Rich and Joseph Tracy
October  Number 521
Revised July 2012
The Great Escape? A Quantitative Evaluation of the Fed’s Liquidity Facilities
Marco Del Negro, Gauti Eggertsson, Andrea Ferrero, and Nobuhiro Kiyotaki
October  Number 520
Expectations versus Fundamentals: Does the Cause of Banking Panics Matter for Prudential Policy?
Todd Keister and Vijay Narasiman
October  Number 519
Market Declines: Is Banning Short Selling the Solution?
Robert Battalio, Hamid Mehran, and Paul Schultz
September  Number 518
An Analysis of CDS Transactions: Implications for Public Reporting
Kathryn Chen, Michael Fleming, John Jackson, Ada Li, and Asani Sarkar
September  Number 517
How Do College Students Respond to Public Information about Earnings?
Previous title: “Belief Updating among College Students: Evidence from Experimental Variation in Information”
Matthew Wiswall and Basit Zafar
September  Number 516
Revised January 2013
Learning the Fiscal Theory of the Price Level: Some Consequences of Debt Management Policy
Stefano Eusepi and Bruce Preston
September  Number 515
Real Estate Investors, the Leverage Cycle, and the Housing Market Crisis
Andrew Haughwout, Donghoon Lee, Joseph Tracy, and Wilbert van der Klaauw
September  Number 514
Decomposing Short-Term Return Reversal
Zhi Da, Qianqiu Liu, and Ernst Schaumburg
September  Number 513
The Pre-FOMC Announcement Drift
David O. Lucca and Emanuel Moench
September  Number 512
Revised August 2013
Liquidity Management of U.S. Global Banks: Internal Capital Markets in the Great Recession
Nicola Cetorelli and Linda Goldberg
August  Number 511
Revised May 2012
Evaluating Interest Rate Rules in an Estimated DSGE Model
Vasco Cúrdia, Andrea Ferrero, Ging Cee Ng, and Andrea Tambalotti
August  Number 510
Inflation Expectations and Behavior: Do Survey Respondents Act on Their Beliefs?
Olivier Armantier, Wändi Bruine de Bruin, Giorgio Topa, Wilbert van der Klaauw, and Basit Zafar
August  Number 509
The Dynamics and Differentiation of Latin American Metal Exports
Benjamin Mandel
August  Number 508
Mapping Change in the Federal Funds Market
Morten L. Bech, Carl T. Bergstrom, Rodney J. Garratt, and Martin Rosvall
August  Number 507
Repo Runs: Evidence from the Tri-Party Repo Market
Adam Copeland, Antoine Martin, and Michael Walker
July  Number 506
Revised March 2012
Sustainable Social Security: Four Options
Sagiri Kitao
July  Number 505
The Empirical Content of Models with Multiple Equilibria in Economies with Social Interactions
Alberto Bisin, Andrea Moro, and Giorgio Topa
July  Number 504
The Production Impact of “Cash-for-Clunkers”: Implications for Stabilization Policy
Adam Copeland and James Kahn
July  Number 503
Corporate Governance and Banks: What Have We Learned from the Financial Crisis? Top-Ten Downloads
Hamid Mehran, Alan Morrison, and Joel Shapiro
June  Number 502
Stereotypes and Madrassas: Experimental Evidence from Pakistan
Adeline Delavande and Basit Zafar
June  Number 501
Revised January 2013
Determinants of College Major Choice: Identification Using an Information Experiment
Matthew Wiswall and Basit Zafar
June  Number 500
Revised January 2013
Global Bond Risk Premiums
Rebecca Hellerstein
June  Number 499
A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets
Viral V. Acharya and David Skeie
May  Number 498
Bank Lending in Times of Large Bank Reserves
Previous title: “A Note on Bank Lending in Times of Large Bank Reserves”
Antoine Martin, James McAndrews, and David Skeie
May  Number 497
Revised June 2013
Central Bank Transparency, the Accuracy of Professional Forecasts, and Interest Rate Volatility
Menno Middeldorp
May  Number 496
Sectoral Price Facts in a Sticky-Price Model
Carlos Carvalho and Jae Won Lee
May  Number 495
Are Credit Default Swaps Associated with Higher Corporate Defaults?
Stavros Peristiani and Vanessa Savino
May  Number 494
Regression-Based Estimation of Dynamic Asset Pricing Models
Previous title: “Efficient Regression-Based Estimation of Dynamic Asset Pricing Models”
Tobias Adrian, Richard K. Crump, and Emanuel Moench
May  Number 493
Revised June 2014
Bank Capital Regulation and Structured Finance
Antoine Martin and Bruno M. Parigi
May  Number 492
Revised July 2011
FOMC Communication Policy and the Accuracy of Fed Funds Futures
Menno Middeldorp
April  Number 491
Robust Capital Regulation
Viral Acharya, Hamid Mehran, Til Schuermann, and Anjan Thakor
April  Number 490
Revised June 2011
Expectations of Inflation: The Biasing Effect of Thoughts about Specific Prices
Wändi Bruine de Bruin, Wilbert van der Klaauw, and Giorgio Topa
April  Number 489
Liquidity Hoarding
Douglas Gale and Tanju Yorulmazer
March  Number 488
Central Bank Transparency and the Crowding Out of Private Information in an Experimental Asset Market
Menno Middeldorp and Stephanie Rosenkranz
March  Number 487
Vouchers, Responses, and the Test-Taking Population: Regression Discontinuity Evidence from Florida
Rajashri Chakrabarti
March  Number 486
BASEL III: Long-Term Impact on Economic Performance and Fluctuations
Paolo Angelini, Laurent Clerc, Vasco Cúrdia, Leonardo Gambacorta, Andrea Gerali, Alberto Locarno, Roberto Motto, Werner Roeger, Skander Van den Heuvel, and Jan Vlček
February  Number 485
Is There an S&P 500 Index Effect?
Previous title: Comovement Revisited
Maria Kasch and Asani Sarkar
February  Number 484
Revised November 2012
Discount Window Stigma during the 2007-2008 Financial Crisis
Previous Title: “Stigma in Financial Markets: Evidence from Liquidity Auctions and Discount Window Borrowing during the Crisis”
Olivier Armantier, Eric Ghysels, Asani Sarkar, and Jeffrey Shrader
January  Number 483
Revised September 2013
Household Debt and Saving during the 2007 Recession
Rajashri Chakrabarti, Donghoon Lee, Wilbert van der Klaauw, and Basit Zafar
January  Number 482
Responses to the Financial Crisis, Treasury Debt, and the Impact on Short-Term Money Markets
Warren B. Hrung and Jason S. Seligman
January  Number 481