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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2008 Staff Reports
Rethinking the Measurement of Household Inflation Expectations: Preliminary Findings
Wilbert van der Klaauw, Wändi Bruine de Bruin, Giorgio Topa, Simon Potter, and Michael Bryan
December  Number 359
Seismic Effects of the Bankruptcy Reform
Donald P. Morgan, Benjamin Iverson, and Matthew Botsch
November  Number 358
Revised February 2009
The Federal Home Loan Bank System: The Lender of Next-to-Last Resort?
Adam B. Ashcraft, Morten L. Bech, and W. Scott Frame
November  Number 357
Which Bank Is the “Central” Bank? An Application of Markov Theory to the Canadian Large Value Transfer System
Morten L. Bech, James T. E. Chapman, and Rod Garratt
November  Number 356
Imperfectly Credible Disinflation under Endogenous Time-Dependent Pricing
Marco Bonomo and Carlos Carvalho
November  Number 355
Revised May 2010
The Topology of the Federal Funds Market
Morten L. Bech and Enghin Atalay
November  Number 354
The Case for TIPS: An Examination of the Costs and Benefits
Jennifer Roush, William Dudley, and Michelle Steinberg Ezer
October  Number 353
Precautionary Demand and Liquidity in Payment Systems
Previous title: “Systemic Risk and Liquidity in Payment Systems”
Gara M. Afonso and Hyun Song Shin
October  Number 352
Revised August 2010
Aggregation and the PPP Puzzle in a Sticky-Price Model
Carlos Carvalho and Fernanda Nechio
October  Number 351
Revised November 2008
Housing Busts and Household Mobility
Fernando Ferreira, Joseph Gyourko, and Joseph Tracy
October  Number 350
Liquidity and Congestion
Gara M. Afonso
October  Number 349
Revised November 2010
CoVaR
Tobias Adrian and Markus K. Brunnermeier
September  Number 348
Revised September 2014
ESOP Fables: The Impact of Employee Stock Ownership Plans on Labor Disputes
Peter Cramton, Hamid Mehran, and Joseph Tracy
September  Number 347
Financial Intermediaries, Financial Stability, and Monetary Policy
Tobias Adrian and Hyun Song Shin
September  Number 346
What Drives Housing Prices?
James A. Kahn
September  Number 345
Have Amenities Become Relatively More Important Than Firm Productivity Advantages in Metropolitan Areas?
Richard Deitz and Jaison R. Abel
September  Number 344
Stabilizing Expectations under Monetary and Fiscal Policy Coordination
Stefano Eusepi and Bruce Preston
September  Number 343
Central Bank Transparency and Nonlinear Learning Dynamics
Stefano Eusepi
September  Number 342
Juvenile Delinquent Mortgages: Bad Credit or Bad Economy?
Andrew Haughwout, Richard Peach, and Joseph Tracy
August  Number 341
Pricing the Term Structure with Linear Regressions
Tobias Adrian, Richard K. Crump, and Emanuel Moench
August  Number 340
Revised April 2013
The Advantage of Flexible Targeting Rules
Andrea Ferrero
July  Number 339
Procyclical Leverage and Value-at-Risk
Previous title: “Financial Intermediary Leverage and Value-at-Risk”
Tobias Adrian and Hyun Song Shin
July  Number 338
Revised August 2013
Should There Be Intraday Money Markets?
Antoine Martin and James McAndrews
July  Number 337
A Study of Competing Designs for a Liquidity-Saving Mechanism
Antoine Martin and James McAndrews
July  Number 336
The Effect of the Term Auction Facility on the London Interbank Offered Rate
James McAndrews, Asani Sarkar, and Zhenyu Wang
July  Number 335
Revised January 2017
Interpreting the Great Moderation: Changes in the Volatility of Economic Activity at the Macro
and Micro Levels

Steven J. Davis and James A. Kahn
July  Number 334
Banking Globalization and Monetary Transmission
Previous title: “Banking Globalization, Monetary Transmission, and the Lending Channel”
Nicola Cetorelli and Linda S. Goldberg
July  Number 333
Revised February 2009
Human Capital and Economic Activity in Urban America
Jaison R. Abel and Todd M. Gabe
July  Number 332
Revised February 2010
The Welfare Effects of a Liquidity-Saving Mechanism
Enghin Atalay, Antoine Martin, and James McAndrews
June  Number 331
Revised January 2010
Corporate Performance, Board Structure, and Their Determinants in the Banking Industry
Reneé B. Adams and Hamid Mehran
June  Number 330
Revised October 2011
Inflation Dynamics in a Small Open-Economy Model under Inflation Targeting: Some Evidence from Chile
Marco Del Negro and Frank Schorfheide
June  Number 329
Liquidity and Leverage
Tobias Adrian and Hyun Song Shin
May  Number 328
Revised December 2010
Revisiting Useful Approaches to Data-Rich Macroeconomic Forecasting
Jan J. J. Groen and George Kapetanios
May  Number 327
Revised October 2015
Dynamic Factor Models with Time-Varying Parameters: Measuring Changes in International Business Cycles
Marco Del Negro and Christopher Otrok
May  Number 326
Durable Goods Inventories and the Great Moderation
James A. Kahn
May  Number 325
Globalization and Inflation Dynamics: The Impact of Increased Competition
Argia M. Sbordone
April  Number 324
Optimal Monetary Policy under Sudden Stops
Vasco Cúrdia
April  Number 323
Revised April 2009
Investment Shocks and Business Cycles
Alejandro Justiniano, Giorgio E. Primiceri, and Andrea Tambalotti
March  Number 322
Monetary Policy Analysis with Potentially Misspecified Models
Marco Del Negro and Frank Schorfheide
March  Number 321
Forming Priors for DSGE Models (and How It Affects the Assessment of Nominal Rigidities)
Marco Del Negro and Frank Schorfheide
March  Number 320
Settlement Delays in the Money Market
Leonardo Bartolini, Spence Hilton, and James McAndrews
March  Number 319
Understanding the Securitization of Subprime Mortgage Credit
Adam B. Ashcraft and Til Schuermann
March  Number 318
Forecasting Economic and Financial Variables with Global VARs
M. Hashem Pesaran, Til Schuermann, and L. Vanessa Smith
February  Number 317
Macroeconomic Interdependence and the International Role of the Dollar
Linda Goldberg and Cédric Tille
February  Number 316
Impact of Voucher Design on Public School Performance: Evidence from Florida and Milwaukee Voucher Programs
Rajashri Chakrabarti
January  Number 315
What Can We Learn from Privately Held Firms about Executive Compensation?
Rebel A. Cole and Hamid Mehran
January  Number 314
Monetary Policy Implementation Frameworks: A Comparative Analysis
Antoine Martin and Cyril Monnet
January  Number 313
Revised October 2009
Run Equilibria in a Model of Financial Intermediation
Huberto M. Ennis and Todd Keister
January  Number 312
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