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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2012 Staff Reports

Liquidity and Volatility in the U.S. Treasury Market
Previous title: "Liquidity, Volatility, and Flights to Safety in the U.S. Treasury Market: Evidence from a New Class of Dynamic Order Book Models"
Giang Nguyen, Robert Engle, Michael Fleming, and Eric Ghysels
December  Number 590
Revised November 2018

No Good Deals—No Bad Models
Nina Boyarchenko, Mario Cerrato, John Crosby, and Stewart Hodges
December  Number 589
Revised March 2013

The Measurement and Behavior of Uncertainty: Evidence from the ECB Survey of Professional Forecasters
Robert Rich, Joseph Song, and Joseph Tracy
December  Number 588

Agglomeration and Job Matching among College Graduates
Jaison R. Abel and Richard Deitz
December  Number 587
Revised December 2014

Importers, Exporters, and Exchange Rate Disconnect
Mary Amiti, Oleg Itskhoki, and Jozef Konings
December  Number 586

Rare Shocks, Great Recessions
Vasco Cúrdia, Marco Del Negro, and Daniel Greenwald
December  Number 585
Revised June 2013

Exchange Rate Pass-Through, Markups, and Inventories
Adam Copeland and James A. Kahn
December  Number 584
Revised December 2012

Discussion of “An Integrated Framework for Multiple Financial Regulations”
Tobias Adrian
November  Number 583

Payment Size, Negative Equity, and Mortgage Default
Andreas Fuster and Paul S. Willen
November  Number 582
Revised January 2015

Forecasting through the Rear-View Mirror: Data Revisions and Bond Return Predictability
Eric Ghysels, Casidhe Horan, and Emanuel Moench
November  Number 581

Shadow Banking: A Review of the Literature
Tobias Adrian and Adam B. Ashcraft
October  Number 580

When Is There a Strong Transfer Risk from the Sovereigns to the Corporates? Property Rights Gaps and CDS Spreads
Jennie Bai and Shang-Jin Wei
October  Number 579

Have Financial Markets Become More Informative?
Jennie Bai, Thomas Philippon, and Alexi Savov
October  Number 578

On Bounding Credit Event Risk Premia
Jennie Bai, Pierre Collin-Dufresne, Robert S. Goldstein, and Jean Helwege
October  Number 577

Banking across Borders
Friederike Niepmann
October  Number 576
Revised October 2013

Assessing the Quality of “Furfine-based” Algorithms
Olivier Armantier and Adam Copeland
October  Number 575

The Forward Guidance Puzzle
Marco Del Negro, Marc Giannoni, and Christina Patterson
October  Number 574
Revised December 2015

Abbott and Bacon Districts: Education Finances during the Great Recession
Rajashri Chakrabarti and Sarah Sutherland
September  Number 573

Doing Well by Doing Good? Community Development Venture Capital
Anna Kovner and Josh Lerner
September  Number 572

Information Acquisition and Financial Intermediation
Nina Boyarchenko
September  Number 571
Revised June 2014

Decomposing Real and Nominal Yield Curves
Previous title: Pricing TIPS and Treasuries with Linear Regressions
Michael Abrahams, Tobias Adrian, Richard K. Crump, and Emanuel Moench
September  Number 570
Revised February 2015

A New Look at Second Liens
Donghoon Lee, Christopher Mayer, and Joseph Tracy
August  Number 569

Do Informal Referrals Lead to Better Matches? Evidence from a Firm's Employee Referral System
Meta Brown, Elizabeth Setren, and Giorgio Topa
August  Number 568
Revised June 2013

Intermediary Leverage Cycles and Financial Stability
Tobias Adrian and Nina Boyarchenko
August  Number 567
Revised February 2015

Mismatch Unemployment
Aysegul Sahin, Joseph Song, Giorgio Topa, and Giovanni L. Violante
August  Number 566
Revised June 2013

Housing Markets and Residential Segregation: Impacts of the Michigan School Finance Reform on Inter- and Intra-District Sorting
Rajashri Chakrabarti and Joydeep Roy
August  Number 565

The Minimum Balance at Risk: A Proposal to Mitigate the Systemic Risks Posed by Money Market Funds
Patrick E. McCabe, Marco Cipriani, Michael Holscher, and Antoine Martin
July  Number 564

Federal Reserve Liquidity Provision during the Financial Crisis of 2007-2009
Michael J. Fleming
July  Number 563

Payment Changes and Default Risk: The Impact of Refinancing on Expected Credit Losses
Joseph Tracy and Joshua Wright
June  Number 562

Estimating a Structural Model of Herd Behavior in Financial Markets
Marco Cipriani and Antonio Guarino
May  Number 561

How "Unconventional" Are Large-Scale Asset Purchases? The Impact of Monetary Policy on Asset Prices
Carlo Rosa
May  Number 560

Shadow Banking Regulation
Tobias Adrian and Adam B. Ashcraft
April  Number 559

Information and Anti-American Attitudes
Previous Title: "How Deeply Held Are Anti-American Attitudes among Pakistani Youth? Evidence Using Experimental Variation in Information"
Adeline Delavande and Basit Zafar
April  Number 558
Revised September 2015

An Analysis of OTC Interest Rate Derivatives Transactions: Implications for Public Reporting
Michael Fleming, John Jackson, Ada Li, Asani Sarkar, and Patricia Zobel
March  Number 557
Revised October 2012

The Supply Side of the Housing Boom and Bust of the 2000s
Andrew Haughwout, Richard W. Peach, John Sporn, and Joseph Tracy
March  Number 556
Revised October 2012

Securities Lending
Paul C. Lipson, Bradley K. Sabel, and Frank M. Keane
March  Number 555

DSGE Model-Based Forecasting
Marco Del Negro and Frank Schorfheide
March  Number 554

The Private Premium in Public Bonds
Anna Kovner and Chenyang Wei
March  Number 553

Workforce Skills across the Urban-Rural Hierarchy
Jaison R. Abel, Todd M. Gabe, and Kevin Stolarick
February  Number 552
Deficits, Public Debt Dynamics, and Tax and Spending Multipliers
Matthew Denes, Gauti B. Eggertsson, and Sophia Gilbukh
February  Number 551
Revised September 2012
An Empirical Study of Trade Dynamics in the Interbank Market
Previous title: An Empirical Study of Trade Dynamics in the Fed Funds Market
Gara Afonso and Ricardo Lagos
February  Number 550
Revised June 2014
Trade Dynamics in the Market for Federal Funds
Gara Afonso and Ricardo Lagos
February  Number 549
Leverage and Asset Prices: An Experiment
Marco Cipriani, Ana Fostel, and Daniel Houser
February  Number 548
Long-Term Debt Pricing and Monetary Policy Transmission under Imperfect Knowledge
Stefano Eusepi, Marc Giannoni, and Bruce Preston
February  Number 547
Optimal Interest Rate Rules and Inflation Stabilization versus Price-Level Stabilization
Marc P. Giannoni
February  Number 546
Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
Nicola Cetorelli and Linda S. Goldberg
February  Number 545
Defaults and Losses on Commercial Real Estate Bonds during the Great Depression Era
Tyler Wiggers and Adam B. Ashcraft
February  Number 544
The Price Is Right: Updating of Inflation Expectations in a Randomized Price Information Experiment
Olivier Armantier, Scott Nelson, Giorgio Topa, Wilbert van der Klaauw, and Basit Zafar
January  Number 543
Revised January 2013
Crime, House Prices, and Inequality: The Effect of UPPs in Rio
Claudio Frischtak and Benjamin R. Mandel
January  Number 542
House Price Booms, Current Account Deficits, and Low Interest Rates
Andrea Ferrero
January  Number 541
Revised February 2012
Is Increased Price Flexibility Stabilizing? Redux
Saroj Bhattarai, Gauti Eggertsson, and Raphael Schoenle
January  Number 540
Corporate Governance of Financial Institutions
Hamid Mehran and Lindsay Mollineaux
January  Number 539
Revised February 2012
Precarious Slopes? The Great Recession, Federal Stimulus, and New Jersey Schools
Rajashri Chakrabarti and Sarah Sutherland
January  Number 538
Revised September 2012
Missing Import Price Changes and Low Exchange Rate Pass-Through
Previous title: The Hitchhiker's Guide to Missing Import Price Changes and Pass-Through
Etienne Gagnon, Benjamin R. Mandel, and Robert J. Vigfusson
January  Number 537
Revised July 2012
Heterogeneous Inflation Expectations, Learning, and Market Outcomes
Previous title: Heterogeneous Inflation Expectations, Learning,
and Market Outcomes
Carlos Madeira and Basit Zafar
January  Number 536
Revised June 2014
Optimal Target Criteria for Stabilization Policy
Marc P. Giannoni and Michael Woodford
January  Number 535
Revised October 2016
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