Staff Reports
Technical working papers intended for publication in leading finance and economics journals. The Research Papers series predated Staff Reports and was discontinued in 1998. Both series are available only online.
Browse Staff Reports:
Browse Research Papers:
Browse recently revised staff reports»
2016 Staff Reports

Intraday Market Making with Overnight Inventory Costs
Tobias Adrian, Agostino Capponi, Erik Vogt, and Hongzhong Zhang
October  Number 799

Home Price Expectations and Behavior: Evidence from a Randomized Information Experiment
Luis Armona, Andreas Fuster, and Basit Zafar
October  Number 798

Auto Credit and the 2005 Bankruptcy Reform: The Impact of Eliminating Cramdowns
Rajashri Chakrabarti and Nathaniel Pattison
October  Number 797

Market Liquidity after the Financial Crisis
Tobias Adrian, Michael Fleming, Or Shachar, and Erik Vogt
October  Number 796
Revised October 2016

Bad Credit, No Problem? Credit and Labor Market Consequences of Bad Credit Reports
Will Dobbie, Paul Goldsmith-Pinkham, Neale Mahoney, and Jae Song
October  Number 795

Vulnerable Growth
Tobias Adrian, Nina Boyarchenko, Domenico Giannone
September  Number 794

International Banking and Cross-Border Effects of Regulation: Lessons from the United States
Jose Berrospide, Ricardo Correa, Linda Goldberg, and Friederike Niepmann
September  Number 793

Human Capital Investments and Expectations about Career and Family
Matthew Wiswall and Basit Zafar
August  Number 792

Financial Aid, Debt Management, and Socioeconomic Outcomes: Post-College Effects of Merit-Based Aid
Judith Scott-Clayton and Basit Zafar
August  Number 791

A Pilot Survey of Agent Securities Lending Activity
Viktoria Baklanova, Cecilia Caglio, Frank Keane, and Burt Porter
August  Number 790

Global Variance Term Premia and Intermediary Risk Appetite
Peter Van Tassel and Erik Vogt
August  Number 789

Characteristic-Sorted Portfolios: Estimation and Inference
Matias D. Cattaneo, Richard K. Crump, Max H. Farrell, Ernst Schaumburg
August  Number 788
Revised October 2016

Tracking and Stress-Testing U.S. Household Leverage
Andreas Fuster, Benedict Guttman-Kenney, and Andrew Haughwout
August  Number 787

Global Price of Risk and Stabilization Policies
Tobias Adrian, Daniel Stackman, and Erik Vogt
August  Number 786

Trading Activity in the Indian Government Bond Market
Michael Fleming, Seema Saggar, and Samita Sareen
August  Number 785
Revised August 2016

Trends in Credit Market Arbitrage
Nina Boyarchenko, Pooja Gupta, Nick Steele, and Jacqueline Yen
July  Number 784
Revised July 2016

The First Debt Ceiling Crisis
Kenneth D. Garbade
June  Number 783

The Science of Monetary Policy: An Imperfect Knowledge Perspective
Stefano Eusepi and Bruce Preston
June  Number 782

Health Spending Slowed Down in Spite of the Crisis
Marco DiMaggio, Andrew Haughwout, Amir Kermani, Matthew Mazewski, and Maxim Pinkovskiy
June  Number 781

Repurchase Agreements as an Instrument of Monetary Policy at the Time of the Accord
Kenneth D. Garbade
June  Number 780

The Payment System Benefits of High Reserve Balances
James McAndrews and Alexander Kroeger
June  Number 779

Newer Need Not Be Better: Evaluating the Penn World Tables and the World Development Indicators Using Nighttime Lights
Maxim Pinkovskiy and Xavier Sala-i-Martin
June  Number 778

The Early Years of the Primary Dealer System
Kenneth Garbade
June  Number 777

How to Escape a Liquidity Trap with Interest Rate Rules
Fernando Duarte
May  Number 776

The Term Structure of Expectations and Bond Yields
Richard Crump, Stefano Eusepi, and Emanuel Moench
May  Number 775

Term Structures of Asset Prices and Returns
David Backus, Nina Boyarchenko, and Mikhail Chernov
April  Number 774

The Federal Reserve and Market Confidence
Nina Boyarchenko, Valentin Haddad, and Matthew C. Plosser
April  Number 773

Organizational Complexity and Balance Sheet Management in Global Banks
Nicola Cetorelli and Linda S. Goldberg
March  Number 772

International Shocks and Domestic Prices: How Large Are Strategic Complementarities?
Mary Amiti, Oleg Itskhoki, and Jozef Konings
March  Number 771

Parsing the Content of Bank Supervision
Paul Goldsmith-Pinkham, Beverly Hirtle, and David Lucca
March  Number 770

The Economics of Bank Supervision
Thomas M. Eisenbach, David O. Lucca, and Robert M. Townsend
March  Number 769

The Impact of Supervision on Bank Performance
Beverly Hirtle, Anna Kovner, and Matthew Plosser
March  Number 768
Revised July 2016

Preference for the Workplace, Investment in Human Capital, and Gender
Matthew Wiswall and Basit Zafar
March  Number 767

A Simple Model of Subprime Borrowers and Credit Growth
Alejandro Justiniano, Giorgio E. Primiceri, and Andrea Tambalotti
February  Number 766

Liquidity Traps, Capital Flows
Sushant Acharya and Julien Bengui
January  Number 765

An Anatomy of U.S. Personal Bankruptcy under Chapter 13
Hülya Eraslan, Gizem Koşar, Wenli Li, and Pierre-Daniel Sarte
January  Number 764

Interbank Market and Central Bank Policy
Jung-Hyun Ahn, Vincent Bignon, Régis Breton, and Antoine Martin
January  Number 763

The Role of Start-Ups in Structural Transformation
Robert C. Dent, Fatih Karahan, Benjamin Pugsley, and Ayşegül Şahin
January  Number 762

Merger Options and Risk Arbitrage
Peter Van Tassel
January  Number 761

Hidden Cost of Better Bank Services: Carefree Depositors in Riskier Banks?
Dong Beom Choi and Ulysses Velasquez
January  Number 760

The Effect of Monetary Policy on Bank Wholesale Funding
Dong Beom Choi and Hyun-Soo Choi
January  Number 759

A New Survey of the U.S. Bilateral Repo Market: A Snapshot of Broker-Dealer Activity
Viktoria Baklanova, Cecilia Caglio, Marco Cipriani, and Adam Copeland
January  Number 758

Working Hard in the Wrong Place: A Mismatch-Based Explanation to the UK Productivity Puzzle
Christina Patterson, Ayşegül Şahin, Giorgio Topa, and
Giovanni L. Violante
January  Number 757

Do Long-Haul Truckers Undervalue Future Fuel Savings?
Jacob Adenbaum, Adam Copeland, and John Stevens
January  Number 756
Revised July 2016