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Central Bank Research Hub - New York Fed Staff reports



The Federal Home Loan Bank System:The Lender of Next-to-Last Resort? (JEL E40, E59, G21, G28)

by Adam B. Ashcraft, Morten L. Bech, and W. Scott Frame357
(Nov 2008)
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Which Bank Is the "Central" Bank?An Application of Markov Theory to the CanadianLarge Value Transfer System (JEL C11, E50, G20)

by Morten L. Bech356
(Nov 2008)
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Imperfectly Credible Disinflation under EndogenousTime-Dependent Pricing (JEL E31, E52)

by Marco Bonomo and Carlos Carvalho355
(Nov 2008)
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The Topology of the Federal Funds Market (JEL E40, E58, E59, G10)

by Morten L. Bech and Enghin Atalay354
(Nov 2008)
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Systemic Risk and Liquidity in Payment Systems (JEL D85, E44, E58, G21)

by Gara M. Afonso and Hyun Song Shin352
(Oct 2008)
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The Case for TIPS: An Examination of the Costsand Benefits (JEL E6, G10, H63)

by Jennifer Roush, William Dudley, and Michelle Steinberg Ezer353
(Oct 2008)
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Aggregation and the PPP Puzzle in a Sticky-Price Model (JEL E00, F30, F41)

by Carlos Carvalho and Fernanda Nechio351
(Oct 2008)
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Housing Busts and Household Mobility (JEL R21, R23, R51)

by Fernando Ferreira, Joseph Gyourko, and Joseph Tracy350
(Oct 2008)
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Liquidity and Congestion (JEL D40, G12)

by Gara M. Afonso349
(Oct 2008)
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CoVaR (JEL G10, G18, G20)

by Tobias Adrian and Markus K. Brunnermeier348
(Sep 2008)
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ESOP Fables: The Impact of Employee Stock Ownership Plans on Labor Disputes (JEL C78, D82, J52)

by Peter Cramton, Hamid Mehran, and Joseph Tracy347
(Sep 2008)
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Financial Intermediaries, Financial Stability,and Monetary Policy (JEL E50, G20)

by Tobias Adrian and Hyun Song Shin346
(Sep 2008)
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What Drives Housing Prices? (JEL E22, E32, O41, O51)

by James A. Kahn345
(Sep 2008)
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Stabilizing Expectations under Monetary and FiscalPolicy Coordination (JEL D83, D84, E52)

by Stefano Eusepi and Bruce Preston343
(Sep 2008)
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Have Amenities Become Relatively More Important Than Firm Productivity Advantages in Metropolitan Areas? (JEL R23, R30)

by Richard Deitz and Jaison R. Abel344
(Sep 2008)
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Central Bank Transparency and Nonlinear Learning Dynamics (JEL D83, D84, E52, E58)

by Stefano Eusepi342
(Sep 2008)
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Pricing the Term Structure with Linear Regressions (JEL G10, G12)

by Tobias Adrian and Emanuel Moench340
(Aug 2008)
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Juvenile Delinquent Mortgages: Bad Credit or Bad Economy? (JEL G21, R21)

by Andrew Haughwout, Richard Peach, and Joseph Tracy341
(Aug 2008)
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The Advantage of Flexible Targeting Rules (JEL E61, E63)

by Andrea Ferrero339
(Jul 2008)
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Financial Intermediary Leverage and Value-at-Risk (JEL D02, G20, G32)

by Tobias Adrian and Hyun Song Shin338
(Jul 2008)
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Should There Be Intraday Money Markets? (JEL E44, E58)

by Antoine Martin and James McAndrews337
(Jul 2008)
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A Study of Competing Designs for a Liquidity-Saving Mechanism (JEL E42, E58, G21)

by Antoine Martin and James McAndrews336
(Jul 2008)
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Interpreting the Great Moderation: Changes in the Volatility of Economic Activity at the Macro and Micro Levels (JEL E20, E32)

by Steven J. Davis and James A. Kahn334
(Jul 2008)
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The Effect of the Term Auction Facilityon the London Inter-Bank Offered Rate (JEL G10, G12, G18, G19)

by James McAndrews, Asani Sarkar, and Zhenyu Wang335
(Jul 2008)
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Banking Globalization, Monetary Transmission,and the Lending Channel

by Nicola Cetorelli and Linda S. Goldberg333
(Jul 2008)
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Human Capital and Economic Activity in Urban America (JEL J24, O40, R11)

by Jaison R. Abel and Todd M. Gabe332
(Jul 2008)
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The Welfare Effects of a Liquidity-Saving Mechanism (JEL E42, E58, G21)

by Enghin Atalay, Antoine Martin, and James McAndrews331
(Jun 2008)
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Corporate Performance, Board Structure, and Their Determinants in the Banking Industry (JEL G21, G34, J41, L22)

by Renée B. Adams and Hamid Mehran330
(Jun 2008)
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Inflation Dynamics in a Small Open-Economy Model under Inflation Targeting: Some Evidence from Chile (JEL C11, C32, E52, F41)

by Marco Del Negro and Frank Schorfheide329
(Jun 2008)
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Liquidity and Leverage (JEL E32, E44, G10, G20)

by Tobias Adrian and Hyun Song Shin328
(May 2008)
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Dynamic Factor Models with Time-Varying Parameters: Measuring Changes in International Business Cycles (JEL C11, C32, F02)

by Marco Del Negro and Christopher Otrok326
(May 2008)
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Revisiting Useful Approaches to Data-Rich Macroeconomic Forecasting (JEL C22, C53, E37, E47)

by Jan J. J. Groen and George Kapetanios327
(May 2008)
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Durable Goods Inventories and the Great Moderation (JEL D21, E20, N12)

by James A. Kahn325
(May 2008)
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Globalization and Inflation Dynamics: The Impact of Increased Competition (JEL E31)

by Argia M. Sbordone324
(Apr 2008)
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Optimal Monetary Policy under Sudden Stops (JEL E52, F30, F41)

by Vasco Cúrdia323
(Apr 2008)
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Monetary Policy Analysis with Potentially Misspecified Models (JEL C32)

by Marco Del Negro and Frank Schorfheide321
(Mar 2008)
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Understanding the Securitization of SubprimeMortgage Credit (JEL G24, G28)

by Adam B. Ashcraft and Til Schuermann318
(Mar 2008)
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Investment Shocks and Business Cycles (JEL C11, E22, E30)

by Alejandro Justiniano, Giorgio E. Primiceri, and Andrea Tambalotti322
(Mar 2008)
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Forming Priors for DSGE Models (and How It Affectsthe Assessment of Nominal Rigidities) (JEL C32, E30)

by Marco Del Negro and Frank Schorfheide320
(Mar 2008)
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Settlement Delays in the Money Market (JEL C78, G21, L14)

by Leonardo Bartolini, Spence Hilton, and James McAndrews319
(Mar 2008)
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Macroeconomic Interdependence and the International Role of the Dollar (JEL F41, F42)

by Linda Goldberg and Cédric Tille316
(Feb 2008)
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Forecasting Economic and Financial Variableswith Global VARs (JEL C32, C51, C53)

by M. Hashem Pesaran, Til Schuermann, and L. Vanessa Smith317
(Feb 2008)
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Impact of Voucher Design on Public School Performance: Evidence from Florida and Milwaukee Voucher Programs (JEL H40, I21, I28)

by Rajashri Chakrabarti315
(Jan 2008)
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What Can We Learn from Privately Held Firms about Executive Compensation? (JEL G32, H24, H25, J33)

by Rebel A. Cole and Hamid Mehran314
(Jan 2008)
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Investment Principles and Practices of the Federal Reserve's Domestic Securities Portfolio (JEL E52, E58)

by Jerry H. Tempelman313
(Jan 2008)
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Run Equilibria in a Model of Financial Intermediation (JEL D82, D84, G21)

by Huberto M. Ennis and Todd Keister312
(Jan 2008)
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2007

Is There Still an Added-Worker Effect? (JEL C1, E2, J0)

by Chinhui Juhn and Simon Potter310
(Dec 2007)
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The Effect of Employee Stock Options on Bank Investment Choice, Borrowing, and Capital (JEL G21, G28, G32, J33, M41)

by Hamid Mehran and Joshua Rosenberg305
(Oct 2007)
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Buybacks in Treasury Cash and Debt Management (JEL G2, H6)

by Kenneth D. Garbade and Matthew Rutherford304
(Oct 2007)
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The Microstructure of Cross-Autocorrelations (JEL G10, G14)

by Tarun Chordia, Asani Sarkar, and Avanidhar Subrahmanyam303
(Sep 2007)
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Patterns of Rainfall Insurance Participation in Rural India (JEL G2, G22, O10, O16)

by Xavier Giné, Robert Townsend, and James Vickery302
(Sep 2007)
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Can Increasing Private School Participation and Monetary Loss in a Voucher Program Affect Public School Performance? Evidence from Milwaukee (JEL H4, I21, I28)

by Rajashri Chakrabarti300
(Sep 2007)
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How Do Treasury Dealers Manage Their Positions? (JEL G12, G20, G24)

by Michael J. Fleming and Joshua V. Rosenberg299
(Aug 2007)
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Job-Finding and Separation Rates in the OECD (JEL C78, D21, E24, J6, L26)

by Bart Hobijn and Aysegül Sahin298
(Aug 2007)
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Vesting and Control in Venture Capital Contracts (JEL D23, G24, G32, J33, M52)

by David R. Skeie297
(Aug 2007)
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The Long-Run Determinants of U.S. External Imbalances (JEL F21, F32, F41)

by Andrea Ferrero295
(Jul 2007)
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Monetary Regime Change and Business Cycles (JEL C1, C5, E5, F4)

by Vasco Cúrdia and Daria Finocchiaro294
(Jul 2007)
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Public Disclosure, Risk, and Performance at Bank Holding Companies

by Beverly Hirtle293
(Jul 2007)
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Market Sidedness: Insights into Motives for Trade Initiation (JEL G10, G14, G34)

by Asani Sarkar and Robert A. Schwartz292
(Jul 2007)
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Hedge Funds, Financial Intermediation, and Systemic Risk (JEL G12, G21)

by John Kambhu, Til Schuermann, and Kevin J. Stiroh291
(Jul 2007)
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Has the Credit Derivative Swap MarketLowered the Cost of Corporate Debt? (JEL G24, G32)

by Adam B. Ashcraft and João A. C. Santos290
(Jul 2007)
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Extracting Business Cycle Fluctuations:What Do Time Series Filters Really Do? (JEL C22, E32)

by Arturo Estrella289
(Jun 2007)
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Generalized Canonical Regression (JEL C22, C51)

by Arturo Estrella288
(Jun 2007)
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A Framework for Identifying the Sources of Local Currency Price Stability with an Empirical Application (JEL E30, F10, F30, L10)

by Pinelopi K. Goldberg and Rebecca Hellerstein287
(Jun 2007)
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Inflation Persistence: Alternative Interpretations and Policy Implications (JEL E31, E52)

by Argia M. Sbordone286
(May 2007)
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A Flexible Approach to Parametric Inference in Nonlinear Time Series Models (JEL C11, C22, E17)

by Gary Koop and Simon Potter285
(May 2007)
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Reserve Levels and Intraday Federal Funds Rate Behavior (JEL E5, G21)

by Spence Hilton and Warren B. Hrung284
(May 2007)
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Why Are Switzerland's Foreign Assets so Low? The Growing Financial Exposure of a Small Open Economy (JEL F32, F33, F36)

by Nicolas Stoffels and Cédric Tille283
(Apr 2007)
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Liquidity-Saving Mechanisms (JEL E42, E58, G21)

by Antoine Martin and James McAndrews282
(Apr 2007)
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Why Does Overnight Liquidity Cost More Than Intraday Liquidity? (JEL E31, E51, E58)

by Joydeep Bhattacharya, Joseph H. Haslag, and Antoine Martin281
(Apr 2007)
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International Capital Flows (JEL F32, F36, F41)

by Cédric Tille and Eric van Wincoop280
(Mar 2007)
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The Bankruptcy Abuse Prevention and Consumer Protection Act: Means-Testing or Mean Spirited? (JEL G33, K35)

by Adam B. Ashcraft, Astrid A. Dick, and Donald P. Morgan279
(Mar 2007)
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Monetary Policy under Sudden Stops (JEL E5, F3, F4)

by Vasco Cúrdia278
(Mar 2007)
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A Retrospective Look at the U.S. Productivity Growth Resurgence (JEL O3, O4)

by Dale W. Jorgenson, Mun S. Ho, and Kevin J. Stiroh277
(Feb 2007)
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Credit Derivatives and Bank Credit Supply (JEL G21, G32)

by Beverly Hirtle276
(Feb 2007)
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How Wages Change: Micro Evidence from the International Wage Flexibility Project (JEL E3, J3, J5)

by William T. Dickens, Lorenz Goette, Erica L. Groshen, Steinar Holden, Julian Messina, and Mark E. Schweitzer275
(Feb 2007)
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Commitment and Equilibrium Bank Runs (JEL E61, G21, G28)

by Huberto M. Ennis and Todd Keister274
(Jan 2007)
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Defining and Detecting Predatory Lending (JEL D14, D18, D82, G18, G21)

by Donald P. Morgan273
(Jan 2007)
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Personal Bankruptcy and Credit Market Competition (JEL G2, K3, L1)

by Astrid Dick and Andreas Lehnert272
(Jan 2007)
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2006

Trend Inflation and Inflation Persistence in the New Keynesian Phillips Curve (JEL E31)

by Timothy Cogley and Argia M. Sbordone270
(Dec 2006)
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Borrowing without Debt? Understanding the U.S. International Investment Position (JEL F32, F34, F36, F41)

by Matthew Higgins, Thomas Klitgaard, and Cédric Tille271
(Dec 2006)
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Disagreement and Learning in a Dynamic Contracting Model (JEL D0, D8, G0)

by Tobias Adrian and Mark M. Westerfield269
(Dec 2006)
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Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis (JEL E66, F32, F47)

by Hamid Faruqee, Douglas Laxton, Dirk Muir, and Paolo Pesenti268
(Dec 2006)
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Deflationary Shocks and Monetary Rules: An Open-Economy Scenario Analysis (JEL E17, E52, F41)

by Douglas Laxton, Papa N’Diaye, and Paolo Pesenti267
(Dec 2006)
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Y2K Options and the Liquidity Premium in TreasuryBond Markets (JEL G1, G13, G18)

by Suresh Sundaresan and Zhenyu Wang266
(Nov 2006)
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Empirical Evaluation of Asset Pricing Models:Arbitrage and Pricing Errors over Contingent Claims (JEL G1, G12)

by Zhenyu