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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2014 Staff Reports

Grown-Up Business Cycles
Benjamin Pugsley and Ayşegül Şahin
December  Number 707
Revised September 2015

Option-Implied Term Structures
Erik Vogt
December  Number 706
Revised January 2016

Hybrid Intermediaries
Nicola Cetorelli
December  Number 705

Banks' Incentives and the Quality of Internal Risk Models
Matthew C. Plosser and João A. C. Santos
December  Number 704

Horizon-Dependent Risk Aversion and the Timing and Pricing of Uncertainty
Previous title: "Asset Pricing with Horizon-Dependent Risk Aversion"
Marianne Andries, Thomas M. Eisenbach, and Martin C. Schmalz
December  Number 703
Revised January 2024

The Sensitivity of Housing Demand to Financing Conditions: Evidence from a Survey
Andreas Fuster and Basit Zafar
November  Number 702
Revised August 2015

When Does a Central Bank’s Balance Sheet Require Fiscal Support?
Marco Del Negro and Christopher A. Sims
November  Number 701
Revised March 2015

Tuition, Jobs, or Housing: What's Keeping Millennials at Home?
Previous title: "Debt, Jobs, or Housing: What’s Keeping Millennials at Home?"
Zachary Bleemer, Meta Brown, Donghoon Lee, and Wilbert van der Klaauw
November  Number 700
Revised July 2017

Population Aging, Migration Spillovers, and the Decline in Interstate Migration
Fatih Karahan and Serena Rhee
November  Number 699
Revised April 2017

Costly Information, Planning Complementarities and the Phillips Curve
Sushant Acharya
November  Number 698

CDS and Equity Market Reactions to Stock Issuances in the U.S. Financial Industry: Evidence from the 2002-13 Period
Marcia Millon Cornett, Hamid Mehran, Kevin Pan, Minh Phan, and Chenyang Wei
November  Number 697
Revised December 2014

Supervisory Stress Tests
Beverly Hirtle and Andreas Lehnert
November  Number 696

Dynamic Prediction Pools: An Investigation of Financial Frictions and Forecasting Performance
Marco Del Negro, Raiden B. Hasegawa, and Frank Schorfheide
October  Number 695

Counterparty Risk in Material Supply Contracts
Nina Boyarchenko and Anna M. Costello
October  Number 694
Revised January 2015

Bank Heterogeneity and Capital Allocation: Evidence from “Fracking” Shocks
Matthew C. Plosser
October  Number 693
Revised February 2015

How Does Risk Management Influence Production Decisions?
Evidence from a Field Experiment

Shawn Cole, Xavier Giné, and James Vickery
September  Number 692

What Predicts U.S. Recessions?
Weiling Liu and Emanuel Moench
September  Number 691

Monetary Policy, Financial Conditions, and Financial Stability
Tobias Adrian and Nellie Liang
September  Number 690
Revised December 2016

Job Search Behavior over the Business Cycle
Toshihiko Mukoyama, Christina Patterson, Ayşegül Şahin
August  Number 689

A Leverage-Based Measure of Financial Instability
Tobias Adrian, Karol Jan Borowiecki, and Alexander Tepper
August  Number 688
Revised February 2021

Shifts in the Beveridge Curve
Peter A. Diamond and Ayşegül Şahin
August  Number 687

Africa Is on Time
Maxim Pinkovskiy and Xavier Sala-i-Martin
August  Number 686

Information Heterogeneity and Intended College Enrollment
Zachary Bleemer and Basit Zafar
August  Number 685

Direct Purchases of U.S. Treasury Securities by Federal Reserve Banks
Kenneth D. Garbade
August  Number 684

University Choice: The Role of Expected Earnings, Non-pecuniary Outcomes, and Financial Constraints
Adeline Delavande and Basit Zafar
August  Number 683

Educational Assortative Mating and Household Income Inequality
Lasse Eika, Magne Mogstad, and Basit Zafar
August  Number 682
Revised March 2017

What Determines the Composition of International Bank Flows?
Cornelia Kerl and Friederike Niepmann
July  Number 681

Central Bank Macroeconomic Forecasting during the Global Financial Crisis: The European Central Bank and Federal Reserve Bank of New York Experiences
Lucia Alessi, Eric Ghysels, Luca Onorante, Richard Peach, and Simon Potter
July  Number 680

The Effect of State Pension Cut Legislation on Bank Values
Lee Cohen, Marcia Millon Cornett, Hamid Mehran, and Hassan Tehranian
June  Number 679

The Revolving Door and Worker Flows in Banking Regulation
David Lucca, Amit Seru, and Francesco Trebbi
June  Number 678

A Simple and Reliable Way to Compute Option-Based
Risk-Neutral Distributions

Allan M. Malz
June  Number 677

Liquidity Risk and U.S. Bank Lending at Home and Abroad
Ricardo Correa, Linda Goldberg, and Tara Rice
June  Number 676

International Banking and Liquidity Risk Transmission:
Lessons from across Countries

Claudia M. Buch and Linda S. Goldberg
May  Number 675

Understanding Mortgage Spreads
Nina Boyarchenko, Andreas Fuster, and David O. Lucca
May  Number 674
Revised June 2018

Dealer Financial Conditions and Lender-of-Last-Resort Facilities
Viral V. Acharya, Michael J. Fleming, Warren B. Hrung,
and Asani Sarkar
May  Number 673

The FRBNY Staff Underlying Inflation Gauge: UIG
Marlene Amstad, Simon Potter, and Robert Rich
April  Number 672

A Primer on the GCF Repo® Service
Paul Agueci, Leyla Alkan, Adam Copeland, Isaac Davis, Antoine Martin, Kate Pingitore, Caroline Prugar, and Tyisha Rivas
April  Number 671
Revised May 2014

Gates, Fees, and Preemptive Runs
Marco Cipriani, Antoine Martin, Patrick McCabe, and Bruno M. Parigi
April  Number 670

Lights, Camera,...Income! Estimating Poverty Using National Accounts, Survey Means, and Lights
Maxim Pinkovskiy and Xavier Sala-i-Martin
April  Number 669
Revised January 2015

Measuring Student Debt and Its Performance
Donghoon Lee, Wilbert van der Klaauw, Andrew Haughwout, Meta Brown, and Joelle Scally
April  Number 668

LIBOR: Origins, Economics, Crisis, Scandal, and Reform
David Hou and David Skeie
March  Number 667

Bank Holding Company Dividends and Repurchases during
the Financial Crisis

Beverly Hirtle
March  Number 666
Revised April 2016

Arbitrage-Free Affine Models of the Forward Price of Foreign Currency
J. Benson Durham
February  Number 665
Revised April 2015

Financial Stability Policies for Shadow Banking
Tobias Adrian
February  Number 664

Assessing Financial Stability: The Capital and Loss Assessment under Stress Scenarios (CLASS) Model
Previous title: "The Capital and Loss Assessment under Stress Scenarios (CLASS) Model"
Beverly Hirtle, Anna Kovner, James Vickery, and Meru Bhanot
February  Number 663
Revised July 2015

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