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.
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1995 Research Papers
New York Merchandise Exports
Howard Howe and Mark Leary
December Number 9529
Regime-Switching Monetary Policy and Real Business Cycle Fluctuations
Fangxiong Gong
November Number 9528
Multiple Ratings and Credit Standards: Differences of Opinion in the Credit Rating Industry
Richard Cantor and Frank Packer
November Number 9527
The Term Structure of Interest Rates and Its Role in Monetary Policy for the European Central Bank
Arturo Estrella and Frederic S. Mishkin
November Number 9526
Forecast Evaluation and Combination
Francis X. Diebold and Jose A. Lopez
November Number 9525
Evaluating the Predictive Accuracy of Volatility Models
Jose A. Lopez
November Number 9524
The Short End of the Forward Convergence Curve and Asymmetric Cat's Tail Convergence
Eli M. Remolona, Joseph Dziwura, and Irene Pedraza
October Number 9523
Modeling Volatility Dynamics
Francis X. Diebold and Jose A. Lopez
October Number 9522
Using Regional Variation to Explain Widening Earnings Differentials by Educational Attainment
David A. Brauer
October Number 9521
Stock Market Valuation Indicators:
Is This Time Different?

Jean Helwege, David Laster, and Kevin Cole
October Number 9520
Fiscal Consolidation in Europe
Michel Aglietta and Merih Uctum
September Number 9519
Modelling U.S. Services Trade Flows:
A Cointegration-ECM Approach

Juann H. Hung and Sandra Viana
August Number 9518
Defined Contribution Plans: The Role of Income, Age, and Match Rates
William Basset
August Number 9517
Board Structure, Antitakeover Provisions, and Stockholder Wealth
Chamu Sundaramurthy, James M. Mahoney, and Joseph T. Mahoney
July Number 9516
Intervention Strategies and Exchange Rate Volatility: A Noise Trading Perspective
Juann H. Hung
June Number 9515
The Literature on Privatization
Warren Moskowitz and Stephen Yeaple
June Number 9514
The Finance-Growth Nexus: Evidence from Bank Branch Deregulation
Jith Jayaratne and Philip E. Strahan
June Number 9513
The Differential Impact on Stockholder Wealth of Various Antitakeover Provisions
James M. Mahoney, Chamu Sundaramurthy, and Joseph T. Mahoney
June Number 9512
The Transition to E.M.U.: Structural and Strategic Aspects
Michel Aglietta
June Number 9511
Industrial Capacity and Industrial Investment
Charles Steindel
May Number 9510
Industry Restructuring Measures and Productivity: Evidence from the1980s
S. Brock Blomberg and Charles Steindel
May Number 9509
Federal Grants during the Eighties
Ronnie Lowenstein
May Number 9508
Tax Policy, Lump-Sum Pension Distributions, and Household Saving
Angela E. Chang
April Number 9507
Diversification, Size, and Risk at Bank Holding Companies
Rebecca S. Demsetz and Philip E. Strahan
April Number 9506
Perspectives on U.S. External Deficits
M. A. Akhtar
March Number 9505
Expected Repo Specialness Costs and the Treasury Auction Cycle
Frank Keane
March Number 9504
New Evidence on the Effectiveness of the Proxy Mechanism
Michael J. Fleming
March Number 9503
The Evolution and Determinants of Corporate Profits: An International Comparison
Merih Uctum
March Number 9502
Taylor, Black, and Scholes: Series Approximations and Risk Management Pitfalls
Arturo Estrella
March Number 9501