Revised Staff Reports
Technical working papers revised to incorporate new data, comments from outside readers, and refinements to the line of argument. The new version of the staff report retains the original production number, but carries the date of revision as well as the original date of release.
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Browse revised staff reports:
Staff Reports Revised in 2016
Nonlinearity and Flight to Safety in the Risk-Return Trade-Off for Stocks and Bonds
Tobias Adrian, Richard Crump, and Erik Vogt
April 2015 Number 723
Revised November 2017
Vulnerable Growth
Tobias Adrian, Nina Boyarchenko, and Domenico Giannone
September 2016 Number 794
Revised November 2017
Time-Varying Inflation Risk and the Cross Section of Stock Returns
Previous title: "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 November 2017
Watering a Lemon Tree: Heterogeneous Risk Taking and Monetary Policy Transmission
Dong Beom Choi, Thomas M. Eisenbach, and Tanju Yorulmazer
April 2015 Number 724
Revised November 2017
The Use of Collateral in Bilateral Repurchase and Securities Lending Agreements
Previous title: "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 2016 Number 758
Revised October 2017
Financial Vulnerability and Monetary Policy
Tobias Adrian and Fernando Duarte
December 2016 Number 804
Revised September 2017
Regional Heterogeneity and Monetary Policy
Martin Beraja, Andreas Fuster, Erik Hurst, and Joseph Vavra
June 2015 Number 731
Revised August 2017
The Time-Varying Price of Financial Intermediation in the Mortgage Market
Andreas Fuster, Stephanie H. Lo, and Paul S. Willen
January 2017 Number 805
Revised August 2017
Tuition, Jobs, or Housing: What’s Keeping Millennials at Home?
Previous title: "Debt, Jobs, or Housing: What's Keeping Millenials at Home?"
Zachary Bleemer, Meta Brown, Donghoon Lee, and Wilbert van der Klaauw
November 2014 Number 700
Revised July 2017
Market Liquidity after the Financial Crisis
Tobias Adrian, Michael Fleming, Or Shachar, and Erik Vogt
October 2016 Number 796
Revised June 2017
Nonlinearity and Flight to Safety in the Risk-Return Trade-Off for Stocks and Bonds
Tobias Adrian, Richard Crump, and Erik Vogt
April 2015 Number 723
Revised June 2017
Bad Credit, No Problem? Credit and Labor Market Consequences of Bad Credit Reports
Will Dobbie, Paul Goldsmith-Pinkham, Neale Mahoney, and Jae Song
October 2016 Number 795
Revised May 2017
Characteristic-Sorted Portfolios: Estimation and Inference
Matias D. Cattaneo, Richard K. Crump, Max H. Farrell, and Ernst Schaumburg
August 2016 Number 788
Revised May 2017
Understanding Mortgage Spreads
Nina Boyarchenko, Andreas Fuster, and David O. Lucca
May 2014 Number 674
Revised April 2017
The Effect of Monetary Policy on Bank Wholesale Funding
Dong Beom Choi and Hyun-Soo Choi
January 2016 Number 759
Revised April 2017
Population Aging, Migration Spillovers, and the Decline in Interstate Migration
Fatih Karahan and Serena Rhee
November 2014 Number 699
Revised April 2017
Credit Spreads, Financial Crises, and Macroprudential Policy
Ozge Akinci and Albert Queralto
November 2016 Number 802
Revised April 2017
The Federal Reserve and Market Confidence
Nina Boyarchenko, Valentin Haddad, and Matthew C. Plosser
April 2016 Number 773
Revised April 2017
The Use of Collateral in Bilateral Repurchase and Securities Lending Agreements
Previous title: "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 2016 Number 758
Revised April 2017
Financial Vulnerability and Monetary Policy
Tobias Adrian and Fernando Duarte
December 2016 Number 804
Revised March 2017
Dealer Balance Sheets and Bond Liquidity Provision
Tobias Adrian, Nina Boyarchenko, and Or Shachar
December 2016 Number 803
Revised March 2017
Regional Heterogeneity and Monetary Policy
Martin Beraja, Andreas Fuster, Erik Hurst, and Joseph Vavra
June 2015 Number 731
Revised March 2017
Horizon-Dependent Risk Aversion and the Timing and Pricing of Uncertainty
Marianne Andries, Thomas M. Eisenbach, and Martin C. Schmalz
December 2014 Number 703
Revised March 2017
Preference for the Workplace, Investment in Human Capital, and Gender
Matthew Wiswall and Basit Zafar
March 2016 Number 767
Revised March 2017
The Microstructure of a U.S. Treasury ECN: The BrokerTec Platform
Michael J. Fleming, Bruce Mizrach, and Giang Nguyen
July 2009 Number 381
Revised March 2017
Educational Assortative Mating and Household Income Inequality
Lasse Eika, Magne Mogstad, and Basit Zafar
August 2014 Number 682
Revised March 2017
Credit Supply and the Rise in College Tuition: Evidence from the Expansion in Federal Student Aid Programs
David O. Lucca, Taylor Nadauld, and Karen Shen
July 2015 Number 733
Revised February 2017
Watering a Lemon Tree: Heterogeneous Risk Taking and Monetary Policy Transmission
Dong Beom Choi, Thomas M. Eisenbach, and Tanju Yorulmazer
April 2015 Number 724
Revised February 2017
The Term Structure of Expectations and Bond Yields
Richard Crump, Stefano Eusepi, and Emanuel Moench
May 2016 Number 775
Revised February 2017
Financial Vulnerability and Monetary Policy
Tobias Adrian and Fernando Duarte
December 2016 Number 804
Revised February 2017
Dealer Balance Sheets and Bond Liquidity Provision
Tobias Adrian, Nina Boyarchenko, and Or Shachar
December 2016 Number 803
Revised February 2017
Market Liquidity after the Financial Crisis
Tobias Adrian, Michael Fleming, Or Shachar, and Erik Vogt
October 2016 Number 796
Revised January 2017
Horizon-Dependent Risk Aversion and the Timing and Pricing of Uncertainty
Marianne Andries, Thomas Eisenbach, and Martin C. Schmalz
December 2014 Number 703
Revised January 2017
Competition, Reach for Yield, and Money Market Funds
Gabriele La Spada
December 2015 Number 753
Revised January 2017
Hidden Cost of Better Bank Services: Carefree Depositors in Riskier Banks?
Dong Beom Choi and Ulysses Velasquez
January 2016 Number 760
Revised January 2017
The Economics of Bank Supervision
Thomas M. Eisenbach, David O. Lucca, and Robert M. Townsend
March 2016 Number 769
Revised January 2017
The Effect of the Term Auction Facility on the London Interbank Offered Rate
James McAndrews, Asani Sarkar, and Zhenyu Wang
July 2008 Number 335
Revised January 2017
On the Scale of Financial Intermediaries
Previous Title: "The Cyclicality of Leverage"
Tobias Adrian, Nina Boyarchenko, and Hyun Song Shin
October 2015 Number 743
Revised December 2016
How to Escape a Liquidity Trap with Interest Rate Rules
Fernando Duarte
May 2016 Number 776
Revised December 2016
Monetary Policy, Financial Conditions, and Financial Stability
Tobias Adrian and Nellie Liang
September 2014 Number 690
Revised December 2016
Regional Heterogeneity and Monetary Policy
Martin Beraja, Andreas Fuster, Erik Hurst, and Joseph Vavra
June 2015 Number 731
Revised November 2016
Tracking and Stress-Testing U.S. Household Leverage
Andreas Fuster, Benedict Guttman-Kenney, and Andrew Haughwout
August 2016 Number 787
Revised November 2016
Optimal Target Criteria for Stabilization Policy
Marc P. Giannoni and Michael Woodford
January 2012  Number 535
Revised October 2016
Dynamic Effects of Credit Shocks in a Data-Rich Environment
Jean Boivin, Marc P. Giannoni, and Dalibor Stevanović
May 2013  Number 615
Revised October 2016
Rollover Risk as Market Discipline: A Two-Sided Inefficiency
Thomas M. Eisenbach
February 2013  Number 597
Revised October 2016
Market Liquidity after the Financial Crisis
Tobias Adrian, Michael Fleming, Or Shachar, and Erik Vogt
October 2016 Number 796
Revised October 2016
Characteristic-Sorted Portfolios: Estimation and Inference
Matias D. Cattaneo, Richard K. Crump, Max H. Farrell, and Ernst Schaumburg
August 2016 Number 788
Revised October 2016
Credit Supply and the Rise in College Tuition: Evidence from the Expansion in Federal Student Aid Programs
David O. Lucca, Taylor Nadauld, and Karen Shen
July 2015 Number 733
Revised October 2016
Underemployment in the Early Careers of College Graduates Following the Great Recession
Jaison R. Abel and Richard Deitz
December 2015 Number 749
Revised September 2016
Trading Activity in the Indian Government Bond Market
Michael Fleming, Seema Saggar, Samita Sareen
August 2016 Number 785
Revised August 2016
The Microstructure of a U.S. Treasury ECN:The BrokerTec Platform
Michael J. Fleming, Bruce Mizrach, and Giang Nguyen
July 2009 Number 381
Revised August 2016
Evaluating the Information in the Federal Reserve Stress Tests
Mark Flannery, Beverly Hirtle, Anna Kovner
October 2015 Number 744
Revised August 2016
Trends in Credit Market Arbitrage
Nina Boyarchenko, Pooja Gupta, Nick Steele, Jacqueline Yen
July 2016 Number 784
Revised July 2016
Time-Varying Inflation Risk and the Cross Section of Stock Returns
Previous Title: "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 July 2016
Do Long-Haul Truckers Undervalue Future Fuel Savings?
Jacob Adenbaum, Adam Copeland, and John Stevens
January Number 756
Revised July 2016
The Impact of Supervision on Bank Performance
Beverly Hirtle, Anna Kovner, and Matthew Plosser
March  Number 768
Revised July 2016
Monetary Policy, Financial Conditions, and Financial Stability
Tobias Adrian and Nellie Liang
September  Number 690
Revised July 2016
Watering a Lemon Tree: Heterogeneous Risk Taking and Monetary Policy Transmission
Dong Beom Choi, Thomas M. Eisenbach, and Tanju Yorulmazer
April 2015  Number 724
Revised May 2016
Nonlinearity and Flight to Safety in the Risk-Return Trade-Off for Stocks and Bonds
Tobias Adrian, Richard Crump, and Erik Vogt
April 2015  Number 723
Revised May 2016
The Great Escape? A Quantitative Evaluation of the Fed’s Liquidity Facilities
Marco Del Negro, Gauti Eggertsson, Andrea Ferrero, and Nobuhiro Kiyotaki
October 2011  Number 520
Revised May 2016

Effect of Constraints on Tiebout Competition: Evidence from a School Finance Reform in the United States
Rajashri Chakrabarti and Joydeep Roy
September 2010  Number 471
Revised April 2016

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 2013  Number 623
Revised April 2016

Bank Holding Company Dividends and Repurchases during the Financial Crisis
Beverly Hirtle
March 2014  Number 666
Revised April 2016

Evaluating the Information in the Federal Reserve Stress Tests
Mark Flannery, Beverly Hirtle, and Anna Kovner
October 2015  Number 744
Revised March 2016

Taking Orders and Taking Notes: Dealer Information Sharing in Financial Markets
Previous title: "Intermediaries as Information Aggregators: An Application to U.S. Treasury Auctions"
Nina Boyarchenko, David O. Lucca, and Laura Veldkamp
April  Number 726
Revised March 2016

Credit Supply and the Rise in College Tuition: Evidence from the Expansion in Federal Student Aid Programs
David O. Lucca, Taylor Nadauld, and Karen Shen
July  Number 733
Revised March 2016

Rollover Risk as Market Discipline: A Two-Sided Inefficiency
Thomas M. Eisenbach
February 2013  Number 597
Revised March 2016
Option-Implied Term Structures
Erik Vogt
December 2014  Number 706
Revised January 2016
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