Staff Reports

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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2015 Staff Reports

The Affordable Care Act and the Labor Market: A First Look
Maxim Pinkovskiy
October  Number 746

An Interest Rate Rule to Uniquely Implement the Optimal Equilibrium in a Liquidity Trap
Fernando Duarte and Anna Zabai
October  Number 745

Evaluating the Information in the Federal Reserve Stress Tests
Mark Flannery, Beverly Hirtle, and Anna Kovner
October  Number 744

The Cyclicality of Leverage
Tobias Adrian, Nina Boyarchenko, and Hyun Song Shin
October  Number 743

Macroprudential Policy: Case Study from a Tabletop Exercise
Tobias Adrian, Patrick de Fontnouvelle, Emily Yang, and Andrei Zlate
September  Number 742

Interest Rates and the Market for New Light Vehicles
Adam Copeland, George Hall, and Louis Maccini
September  Number 741

Reference Guide to U.S. Repo and Securities Lending Markets
Viktoria Baklanova, Adam Copeland, and Rebecca McCaughrin
September  Number 740

Intended College Attendance: Evidence from an Experiment on College Returns and Costs
Zachary Bleemer and Basit Zafar
September  Number 739

Good News Is Bad News: Leverage Cycles and Sudden Stops
Ozge Akinci and Ryan Chahrour
September  Number 738

Nonlinear Pricing with Competition: The Market for Settling Payments
Adam Copeland and Rodney Garratt
August  Number 737

The Term Structure of the Price of Variance Risk
Marianne Andries, Thomas Eisenbach, Martin Schmalz,
and Yichuan Wang
August  Number 736

The Price Effects of Cash versus In-Kind Transfers
Jesse M. Cunha, Giacomo De Giorgi, and Seema Jayachandran
August  Number 735

Subjective Intertemporal Substitution
Richard K. Crump, Stefano Eusepi, Andrea Tambalotti,
and Giorgio Topa
July  Number 734

Credit Supply and the Rise in College Tuition: Evidence from the Expansion in Federal Student Aid Programs
David O. Lucca, Taylor Nadauld, and Karen Shen
July  Number 733

Determinants of Mortgage Default and Consumer Credit Use:
The Effects of Foreclosure Laws and Foreclosure Delays

Sewin Chan, Andrew Haughwout, Andrew Hayashi, and
Wilbert van der Klaauw
June  Number 732

Regional Heterogeneity and Monetary Policy
Martin Beraja, Andreas Fuster, Erik Hurst, and Joseph Vavra
June  Number 731

Segregated Balance Accounts
Rodney Garratt, Antoine Martin, James McAndrews, and Ed Nosal
May  Number 730
Revised August 2015

Supervising Large, Complex Financial Institutions: What Do Supervisors Do?
Thomas Eisenbach, Andrew Haughwout, Beverly Hirtle, Anna Kovner, David Lucca, and Matthew Plosser
May  Number 729

Small Firms’ Formalization: The Stick Treatment
Giacomo De Giorgi, Matthew Ploenzke, and Aminur Rahman
May  Number 728

Asset Price Effects of Peer Benchmarking: Evidence from a Natural Experiment
Sushant Acharya and Alvaro Pedraza
May  Number 727

Intermediaries as Information Aggregators: An Application to U.S. Treasury Auctions
Nina Boyarchenko, David O. Lucca, and Laura Veldkamp
April  Number 726

Insolvency after the 2005 Bankruptcy Reform
Stefania Albanesi and Jaromir Nosal
April  Number 725

Watering a Lemon Tree: Heterogeneous Risk Taking and Monetary Policy Transmission
Dong Beom Choi, Thomas M. Eisenbach, and Tanju Yorulmazer
April  Number 724
Revised August 2015

Nonlinearity and Flight to Safety in the Risk-Return Trade-Off for Stocks and Bonds
Tobias Adrian, Richard Crump, and Erik Vogt
April  Number 723

Discussion of “Systemic Risk and the Solvency-Liquidity Nexus of Banks”
Tobias Adrian
April  Number 722

The Gender Gap in Mathematics: Evidence from a Middle-Income Country
Prashant Bharadwaj, Giacomo De Giorgi, David Hansen, and Christopher Neilson
March  Number 721

Gender Roles and Medical Progress
Stefania Albanesi and Claudia Olivetti
March  Number 720

The Rescue of Fannie Mae and Freddie Mac
W. Scott Frame, Andreas Fuster, Joseph Tracy, and James Vickery
March  Number 719

Gender and Dynamic Agency: Theory and Evidence on the Compensation of Top Executives
Stefania Albanesi, Claudia Olivetti, and María José Prados
March  Number 718

Does Central Clearing Reduce Counterparty Risk in Realistic Financial Networks?
Rodney Garratt and Peter Zimmerman
March  Number 717

Business Cycle Fluctuations and the Distribution of Consumption
Giacomo De Giorgi and Luca Gambetti
March  Number 716

Informational Contagion in the Laboratory
Marco Cipriani, Antonio Guarino, Giovanni Guazzarotti, Federico Tagliati, and Sven Fischer
March  Number 715

The Equity Risk Premium: A Review of Models
Fernando Duarte and Carlo Rosa
February  Number 714

How Mortgage Finance Affects the Urban Landscape
Sewin Chan, Andrew Haughwout, and Joseph Tracy
February  Number 713

Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations
Joshua Frost, Lorie Logan, Antoine Martin, Patrick McCabe, Fabio Natalucci, and Julie Remache
February  Number 712

Anxiety, Overconfidence, and Excessive Risk-Taking
Thomas M. Eisenbach and Martin C. Schmalz
February  Number 711
Revised May 2015

What Do Data on Millions of U.S. Workers Reveal about Life-Cycle Earnings Risk?
Fatih Guvenen, Fatih Karahan, Serdar Ozkan, and Jae Song
February  Number 710

Credit Supply and the Housing Boom
Alejandro Justiniano, Giorgio E. Primiceri, and Andrea Tambalotti
February  Number 709

Betting against Beta (and Gamma) Using Government Bonds
J. Benson Durham
January  Number 708