Revised Staff Reports
Technical working papers revised to incorporate new data, comments from outside readers, and refinements to the line of argument. The new version of the staff report retains the original production number, but carries the date of revision as well as the original date of release.
Available only online
Browse revised staff reports:
Staff Reports Revised in 2010
Repo Runs
Antoine Martin, David Skeie, and Ernst-Ludwig von Thadden
April 2010  Number 444
Revised December 2010
Prices and Quantities in the Monetary Policy Transmission Mechanism
Tobias Adrian and Hyun Song Shin
October 2009  Number 396
Revised December 2010
Liquidity and Leverage
Tobias Adrian and Hyun Song Shin
May 2008  Number 328
Revised December 2010
Vouchers, Public School Response, and the Role of Incentives
Previous title: "Vouchers, Public School Response, and the Role of Incentives: Evidence from Florida"
Rajashri Chakrabarti
October 2007  Number 306
Revised November 2010
Real-Time Inflation Forecasting in a Changing World
Jan J. J. Groen, Richard Paap, and Francesco Ravazzolo
August 2009  Number 388
Revised November 2010
Liquidity and Congestion
Gara M. Afonso
October 2008  Number 349
Revised November 2010
Caught between Scylla and Charybdis? Regulating Bank Leverage When There Is Rent Seeking and Risk Shifting
Viral V. Acharya, Hamid Mehran, and Anjan Thakor
September 2010  Number 469
Revised November 2010
Do Underwriters Matter? The Impact of the Near Loss
of an Equity Underwriter

Anna Kovner
July 2010  Number 459
Revised November 2010
Financial Amplification of Foreign Exchange Risk Premia
Tobias Adrian, Erkko Etula, and Jan J. J. Groen
July 2010  Number 461
Revised November 2010
CoVaR
Tobias Adrian and Markus K. Brunnermeier
September 2008  Number 348
Revised November 2010
How Do College Students Form Expectations?
Basit Zafar
July 2009  Number 378
Revised October 2010
Performance Maximization of Actively Managed Funds
Paolo Guasoni, Gur Huberman, and Zhenyu Wang
January 2010  Number 427
Revised September 2010
Broker-Dealer Risk Appetite and Commodity Returns
Erkko Etula
November 2009  Number 406
Revised September 2010
Stressed, Not Frozen: The Federal Funds Market in the Financial Crisis
Gara Afonso, Anna Kovner, and Antoinette Schoar
March 2010  Number 437
Revised September 2010
Financial Intermediation, Asset Prices, and Macroeconomic Dynamics
Tobias Adrian, Emanuel Moench, and Hyun Song Shin
January 2010  Number 422
Revised September 2010

The Determinants of the International Use of U.S. Cash Dollars
Previous title: "The Determinants of International Flows of U.S. Currency"
Rebecca Hellerstein and William Ryan
October 2009  Number 400
Revised September 2010

Second Chances: Subprime Mortgage Modification
and Re-Default

Andrew Haughwout, Ebiere Okah, and Joseph Tracy
December 2009  Number 417
Revised August 2010
The Cross-Sectional Distribution of Price Stickiness Implied by Aggregate Data
Previous title: “Estimating the Cross-Sectional Distribution of Price Stickiness from Aggregate Data”
Carlos Carvalho and Niels Arne Dam
December 2009  Number 419
Revised August 2010
The Term Structure of Inflation Expectations
Tobias Adrian and Hao Wu
February 2009  Number 362
Revised August 2010
Financial Amplification of Foreign Exchange Risk Premia
Tobias Adrian, Erkko Etula, and Jan J. J. Groen
July 2010  Number 461
Revised August 2010
A Structural Approach to Identifying the Sources of Local Currency Price Stability
Previous title: “A Framework for Identifying the Sources of Local Currency Price Stability with an Empirical Application”
Pinelopi K. Goldberg and Rebecca Hellerstein
June 2007  Number 287
Revised August 2010
Precautionary Demand and Liquidity in Payment Systems
Previous title: “Systemic Risk and Liquidity in Payment Systems”
Gara Afonso and Hyun Song Shin
October 2008  Number 352
Revised August 2010
Pricing the Term Structure with Linear Regressions
Tobias Adrian and Emanuel Moench
August 2008  Number 340
Revised July 2010
Monetary Regime Change and Business Cycles
Vasco Cúrdia and Daria Finocchiaro
July 2007  Number 294
Revised July 2010
Design of Contingent Capital with a Stock Price Trigger forMandatory Conversion
Suresh Sundaresan and Zhenyu Wang
May 2010  Number 448
Revised June 2010
Outsourcing and Pass-Through
Previous title: “Arm’s-Length Transactions as a Source of Incomplete Cross-Border Transmission: The Case of Autos”
Rebecca Hellerstein and Sofia Berto Villas-Boas
April 2006  Number 251
Revised June 2010
The Federal Reserve’s Commercial Paper Funding Facility
Tobias Adrian, Karin Kimbrough, and Dina Marchioni
January 2010  Number 423
Revised June 2010
Imperfectly Credible Disinflation under Endogenous
Time-Dependent Pricing

Marco Bonomo and Carlos Carvalho
November 2008  Number 355
Revised May 2010
Repo Runs
Antoine Martin, David Skeie, and Ernst-Ludwig von Thadden
April 2010  Number 444
Revised May 2010
Financial Intermediaries and Monetary Economics
Tobias Adrian and Hyun Song Shin
October 2009  Number 398
Revised May 2010
Risk Appetite and Exchange Rates
Previous title: “Global Liquidity and Exchange Rates”
Tobias Adrian, Erkko Etula, and Hyun Song Shin
January 2009  Number 361
Revised May 2010
The Changing Nature of Financial Intermediation
and the Financial Crisis of 2007-09

Tobias Adrian and Hyun Song Shin
March 2010  Number 439
Revised April 2010
The Persistent Effects of a False News Shock
Carlos Carvalho, Nicholas Klagge, and Emanuel Moench
May 2009  Number 374
Revised March 2010
Broker-Dealer Risk Appetite and Commodity Returns
Erkko Etula
November 2009  Number 406
Revised March 2010
Financial Amplification Mechanisms and the Federal Reserve’s Supply of Liquidity during the Crisis
Asani Sarkar and Jeffrey Shrader
February 2010  Number 431
Revised March 2010
Stressed, Not Frozen: The Federal Funds Market in the Financial Crisis
Gara Afonso, Anna Kovner, and Antoinette Schoar
March 2010  Number 437
Revised March 2010
Policy Perspectives on OTC Derivatives Market Infrastructure
Darrell Duffie, Ada Li, and Theo Lubke
January 2010  Number 424
Revised March 2010
The Paradox of Toil
Gauti Eggertsson
February 2010  Number 433
Revised March 2010
Financial Intermediaries and Monetary Economics
Tobias Adrian and Hyun Song Shin
October 2009  Number 398
Revised February 2010
Human Capital and Economic Activity in Urban America
Jaison R. Abel and Todd M. Gabe
July 2008  Number 332
Revised February 2010
Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs
Linda S. Goldberg, Craig Kennedy, and Jason Miu
January 2010  Number 429
Revised February 2010
Labor Market Pooling and Occupational Agglomeration
Todd M. Gabe and Jaison R. Abel
September 2009  Number 392
Revised January 2010
The Welfare Effects of a Liquidity-Saving Mechanism
Enghin Atalay, Antoine Martin, and James McAndrews
June 2008  Number 331
Revised January 2010
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