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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2005 Staff Reports
A Review of Core Inflation and an Evaluation of Its Measures
Robert Rich and Charles Steindel
December  Number 236
Optimal Monetary and Fiscal Policy under Discretion in the New Keynesian Model: A Technical Appendix to "Great Expectations and the End of the Depression"
Gauti B. Eggertsson
December  Number 235
Great Expectations and the End of the Depression
Gauti B. Eggertsson
December  Number 234
The Return to Retail and the Performance of U.S. Banks
Beverly J. Hirtle and Kevin J. Stiroh
December  Number 233
One-Sided Test for an Unknown Breakpoint: Theory, Computation, and Application to Monetary Theory
Arturo Estrella and Anthony P. Rodrigues
November  Number 232
Establishing Credibility: Evolving Perceptions of the European Central Bank
Linda S. Goldberg and Michael W. Klein
November  Number 231
Does the Time Inconsistency Problem Make Flexible Exchange Rates Look Worse Than You Think?
Roc Armenter and Martin Bodenstein
November  Number 230
Can U.S. Monetary Policy Fall (Again) into an Expectation Trap?
Roc Armenter and Martin Bodenstein
November  Number 229
Time-Varying Pass-Through from Import Prices to Consumer Prices: Evidence from an Event Study with Real-Time Data
Marlene Amstad and Andreas M. Fischer
November  Number 228
Money Market Integration
Leonardo Bartolini, Spence Hilton, and Alessandro Prati
October  Number 227
Financial Integration and the Wealth Effect of Exchange Rate Fluctuations
Cédric Tille
October  Number 226
Optimality of the Friedman Rule in an Overlapping Generations Model with Spatial Separation
Joseph H. Haslag and Antoine Martin
October  Number 225
Optimal Monetary Policy and Economic Growth
Previous title: “The Tobin Effect and the Friedman Rule”
Joydeep Bhattacharya, Joseph Haslag, and Antoine Martin
October  Number 224
Revised August 2006
Why Is the U.S. Treasury Contemplating Becoming a Lender of Last Resort for Treasury Securities?
Kenneth D. Garbade and John E. Kambhu
October  Number 223
Revised April 2006
Trade Invoicing in the Accession Countries: Are They Suited to the Euro?
Linda S. Goldberg
October  Number 222
Barriers to Network-Specific Innovation
Antoine Martin and Michael J. Orlando
September  Number 221
Too Big to Fail after All These Years
Donald P. Morgan and Kevin J. Stiroh
September  Number 220
Exchange Rate Pass-Through to Import Prices in the Euro Area
José Manuel Campa, Linda S. Goldberg,
and José M. González-Mínguez
September  Number 219
Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions
Charles Himmelberg, Christopher Mayer, and Todd Sinai
September  Number 218
Reconciling Bagehot with the Fed’s Response to September 11
Antoine Martin
August  Number 217
Revised May 2008
Arbitrage Pricing Theory
Gur Huberman and Zhenyu Wang
August  Number 216
How and Why Do Small Firms Manage Interest Rate Risk? Evidence from Commercial Loans
James Vickery
August  Number 215
Revised September 2006
The Cost of Business Cycles for Unskilled Workers
Toshihiko Mukoyama and Ayşegül Şahin
July  Number 214
Selection Bias, Demographic Effects, and Ability Effects
in Common Value Auction Experiments

Marco Casari, John C. Ham, and John H. Kagel
June  Number 213
Propensity Score Matching, a Distance-Based Measure of Migration, and the Wage Growth of Young Men
John C. Ham, Xianghong Li, and Patricia B. Reagan
June  Number 212
The Impact of Network Size on Bank Branch Performance
Beverly Hirtle
June  Number 211
Banks, Markets, and Efficiency
Falko Fecht and Antoine Martin
June  Number 210
The Simple Geometry of Transmission and Stabilization in Closed and Open Economies
Giancarlo Corsetti and Paolo Pesenti
May  Number 209
Who Is Afraid of the Friedman Rule?
Joydeep Bhattacharya, Joseph Haslag, Antoine Martin, and Rajesh Singh
May  Number 208
The Joint Dynamics of Liquidity, Returns, and Volatility across Small and Large Firms
Tarun Chordia, Asani Sarkar, and Avanidhar Subrahmanyam
April  Number 207
Shock Identification of Macroeconomic Forecasts Based on Daily Panels
Marlene Amstad and Andreas M. Fischer
April  Number 206
Dynamic Incentives and the Optimal Delegation of Political Power
Previous title: “The Politics of Central Bank Independence: A Theory of Pandering and Learning in Government”
Gauti Eggertsson and Eric Le Borgne
March  Number 205
Revised November 2006
Do Expected Future Marginal Costs Drive Inflation Dynamics?
Argia M. Sbordone
March  Number 204
A Search for a Structural Phillips Curve
Timothy Cogley and Argia M. Sbordone
March  Number 203
Reexamining the Consumption-Wealth Relationship: The Role of Model Uncertainty
Gary Koop, Simon M. Potter, and Rodney W. Strachan
March  Number 202
Productivity Spillovers, Terms of Trade, and the "Home Market Effect"
Giancarlo Corsetti, Philippe Martin, and Paolo Pesenti
February  Number 201
Vehicle Currency Use in International Trade
Linda S. Goldberg and Cédric Tille
January  Number 200
Central Bank Transparency under Model Uncertainty
Stefano Eusepi
January  Number 199
Comparing Forecast-Based and Backward-Looking Taylor Rules: A "Global" Analysis
Stefano Eusepi
January  Number 198
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