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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2013 Staff Reports

World Welfare Is Rising: Estimation Using Nonparametric Bounds on Welfare Measures
Maxim L. Pinkovskiy
December  Number 662

Liquidity Policies and Systemic Risk
Tobias Adrian and Nina Boyarchenko
December  Number 661

The Over-the-Counter Theory of the Fed Funds Market: A Primer
Gara Afonso and Ricardo Lagos
December  Number 660

No Guarantees, No Trade: How Banks Affect Export Patterns
Friederike Niepmann and Tim Schmidt-Eisenlohr
December  Number 659
Revised October 2014

More on U.S. Treasury Term Premiums: Spot and Expected Measures
Previous title: “Another View on U.S. Treasury Term Premiums”
J. Benson Durham
December  Number 658
Revised May 2014

Momentum and the Term Structure of Interest Rates
J. Benson Durham
December  Number 657

Arbitrage-Free Models of Stocks and Bonds
J. Benson Durham
December  Number 656

Fundamental Disagreement
Previous title: “Noisy Information and Fundamental Disagreement”
Philippe Andrade, Richard K. Crump, Stefano Eusepi, and Emanuel Moench
December  Number 655
Revised November 2014

ECB Monetary Operations and the Interbank Repo Market
Peter G. Dunne, Michael J. Fleming, and Andrey Zholos
December  Number 654

Coordinating Monetary and Macroprudential Policies
Bianca De Paoli and Matthias Paustian
November  Number 653

The Effects of Policy Guidance on Perceptions of the Fed’s Reaction Function
Katherine Femia, Steven Friedman, and Brian Sack
November  Number 652

Intermediary Balance Sheets
Tobias Adrian and Nina Boyarchenko
November  Number 651

Did Liquidity Providers Become Liquidity Seekers?
Jaewon Choi and Or Shachar
October  Number 650

Fiscal Foundations of Inflation: Imperfect Knowledge
Stefano Eusepi and Bruce Preston
October  Number 649

The Effects of the Saving and Banking Glut on the U.S. Economy
Alejandro Justiniano, Giorgio E. Primiceri, and Andrea Tambalotti
October  Number 648

The FRBNY DSGE Model
Marco Del Negro, Stefano Eusepi, Marc Giannoni, Argia Sbordone, Andrea Tambalotti, Matthew Cocci, Raiden Hasegawa, and M. Henry Linder
October  Number 647

Unemployment Benefits and Unemployment in the Great Recession: The Role of Equilibrium Effects
Previous title: "Unemployment Benefits and Unemployment in the Great Recession: The Role of Macro Effects"
Marcus Hagedorn, Fatih Karahan, Iourii Manovskii, and Kurt Mitman
October  Number 646
Revised September 2019

Fire-Sale Spillovers and Systemic Risk
Fernando Duarte and Thomas M. Eisenbach
October  Number 645
Revised December 2019

The Capital Structure and Governance of a Mortgage Securitization Utility
Patricia C. Mosser, Joseph Tracy, and Joshua Wright
October  Number 644

Did Cuts in State Aid during the Great Recession Lead to Changes in Local Property Taxes?
Rajashri Chakrabarti, Max Livingston, and Joydeep Roy
October  Number 643

Federal Reserve Tools for Managing Rates and Reserves
Antoine Martin, James McAndrews, Ali Palida, and David Skeie
September  Number 642
Revised April 2019

Merit Aid, Student Mobility, and the Role of College Selectivity
Rajashri Chakrabarti and Joydeep Roy
September  Number 641
Revised January 2022

Banking Globalization, Transmission, and Monetary Policy Autonomy
Linda S. Goldberg
September  Number 640

Accounting for Breakout in Britain: The Industrial Revolution through a Malthusian Lens
Alexander Tepper and Karol Jan Borowiecki
September  Number 639

Shadow Bank Monitoring
Tobias Adrian, Adam B. Ashcraft, and Nicola Cetorelli
September  Number 638

Heterogeneity and Stability: Bolster the Strong, Not the Weak
Dong Beom Choi
September  Number 637

Negative Equity and Housing Investment
Andrew Haughwout, Sarah Sutherland, and Joseph Tracy
September  Number 636

Auctions Implemented by the Federal Reserve Bank of New York during the Great Recession
Olivier Armantier and John Sporn
September  Number 635

Financial Education and the Debt Behavior of the Young
Meta Brown, John Grigsby, Wilbert van der Klaauw, Jaya Wen, and Basit Zafar
September  Number 634
Revised September 2015

International Trade, Risk, and the Role of Banks
Previous title: “Banks in International Trade Finance: Evidence from the U.S.”
Friederike Niepmann and Tim Schmidt-Eisenlohr
September  Number 633
Revised November 2014

Still Not Out of the Woods? New Jersey Schools during the Recession and Beyond
Rajashri Chakrabarti and Max Livingston
September  Number 632

The Long Road to Recovery: New York Schools in the Aftermath of the Great Recession
Rajashri Chakrabarti and Max Livingston
September  Number 631

The Fragility of Short-Term Secured Funding Markets
Antoine Martin, David Skeie, and Ernst-Ludwig von Thadden
September  Number 630

Evaluating the Quality of Fed Funds Lending Estimates Produced from Fedwire Payments Data
Anna Kovner and David Skeie
September  Number 629

The Macroeconomics of Trend Inflation
Guido Ascari and Argia M. Sbordone
August  Number 628
Revised May 2014

Preferences and Biases in Educational Choices and Labor Market Expectations: Shrinking the Black Box of Gender
Ernesto Reuben, Matthew Wiswall, and Basit Zafar
August  Number 627

Time Variation in Asset Price Responses to Macro Announcements
Linda S. Goldberg and Christian Grisse
August  Number 626

Dynamic Leverage Asset Pricing
Previous title: “Leverage Asset Pricing”
Tobias Adrian, Emanuel Moench, and Hyun Song Shin
August  Number 625
Revised December 2014

Price and Size Discovery in Financial Markets: Evidence from the U.S. Treasury Securities Market
Previous title: "Order Flow Segmentation and the Role of Dark Trading in the Price Discovery of U.S. Treasury Securities"
Michael Fleming and Giang Nguyen
August  Number 624
Revised August 2018

How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007
Viral V. Acharya, Gara Afonso, and Anna Kovner
August  Number 623
Revised April 2016

The Microstructure of China's Government Bond Market
Jennie Bai, Michael Fleming, and Casidhe Horan
May  Number 622

Time-Varying Inflation Risk and Stock Returns
Previous title: "Time-Varying Inflation Risk and the Cross Section of Stock Returns"
Martijn Boons, Fernando M. Duarte, Frans de Roon, and Marta Szymanowska
May 2013 Number 621
Revised April 2019

Trading Partners in the Interbank Lending Market
Gara Afonso, Anna Kovner, and Antoinette Schoar
May  Number 620
Revised October 2014

Time-Varying Structural Vector Autoregressions and Monetary Policy: A Corrigendum
Marco Del Negro and Giorgio Primiceri
May  Number 619
Revised October 2014

Inflation in the Great Recession and New Keynesian Models
Marco Del Negro, Marc P. Giannoni, and Frank Schorfheide
May  Number 618
Revised April 2014

The Impact of Housing Markets on Consumer Debt: Credit Report Evidence from 1999 to 2012
Meta Brown, Sarah Stein, and Basit Zafar
May  Number 617
Revised September 2013

The Risk of Fire Sales in the Tri-Party Repo Market
Brian Begalle, Antoine Martin, James McAndrews, and Susan McLaughlin
May  Number 616

Dynamic Effects of Credit Shocks in a Data-Rich Environment
Jean Boivin, Marc P. Giannoni, and Dalibor Stevanović
May  Number 615
Revised October 2016

Going Global: Markups and Product Quality in the Chinese Art Market
Jennie Bai, Jia Guo, and Benjamin Mandel
May  Number 614
Revised September 2013

The Gender Unemployment Gap
Stefania Albanesi and Ayşegül Şahin
April  Number 613

Shared Knowledge and the Coagglomeration of Occupations
Todd M. Gabe and Jaison R. Abel
April  Number 612

A Bargaining Theory of Trade Invoicing and Pricing
Linda Goldberg and Cédric Tille
April  Number 611

Anxiety in the Face of Risk
Previous title: “Up Close It Feels Dangerous: "Anxiety" in the
Face of Risk”
Thomas M. Eisenbach and Martin C. Schmalz
April  Number 610
Revised December 2015

Banking across Borders with Heterogeneous Banks
Friederike Niepmann
April  Number 609

The Inflation-Output Trade-Off Revisited
Gauti Eggertsson and Marc P. Giannoni
March  Number 608
Revised May 2013

Risk-Neutral Systemic Risk Indicators
Allan M. Malz
March  Number 607

Buyout Activity: The Impact of Aggregate Discount Rates
Valentin Haddad, Erik Loualiche, and Matthew Plosser
March  Number 606
Revised August 2015

Geographical Reallocation and Unemployment during the Great Recession: The Role of the Housing Bust
Fatih Karahan and Serena Rhee
March  Number 605

How Much Do Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data
Mary Amiti and David E. Weinstein
March  Number 604
Revised July 2013

Identifying Term Interbank Loans from Fedwire Payments Data
Dennis Kuo, David Skeie, James Vickery, and Thomas Youle
March  Number 603
Revised August 2014

Household Leveraging and Deleveraging
Alejandro Justiniano, Giorgio E. Primiceri, and Andrea Tambalotti
March  Number 602

Financial Stability Monitoring
Tobias Adrian, Daniel Covitz, and Nellie J. Liang
February  Number 601
Revised June 2014

Capital Controls: A Normative Analysis
Bianca De Paoli and Anna Lipińska
February  Number 600

Money Market Funds Intermediation and Bank Instability
Previous title: “Money Market Funds Intermediation, Bank Instability, and Contagion”
Marco Cipriani, Antoine Martin, and Bruno M. Parigi
February  Number 599
Revised May 2013

The High-Frequency Response of Energy Prices to Monetary Policy: Understanding the Empirical Evidence
Carlo Rosa
February  Number 598

Rollover Risk as Market Discipline: A Two-Sided Inefficiency
Thomas M. Eisenbach
February  Number 597
Revised October 2016

A Sampling-Window Approach to Transactions-Based Libor Fixing
Darrell Duffie, David Skeie, and James Vickery
February  Number 596

Estimating the Impacts of U.S. LSAPs on Emerging Market Economies’ Local Currency Bond Markets
Jeffrey Moore, Sunwoo Nam, Myeongguk Suh, and Alexander Tepper
January  Number 595

Securitization and the Fixed-Rate Mortgage
Andreas Fuster and James Vickery
January  Number 594
Revised June 2014

Gender Discrimination and Social Identity: Experimental Evidence from Urban Pakistan
Adeline Delavande and Basit Zafar
January  Number 593

A Boost in the Paycheck: Survey Evidence on Workers’ Response to the 2011 Payroll Tax Cuts
Grant Graziani, Wilbert van der Klaauw, and Basit Zafar
January  Number 592

Chinese Exports and U.S. Import Prices
Benjamin R. Mandel
January  Number 591

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