Forthcoming Papers

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  • Net Debt Supply Shocks in the Euro Area and the Implications for QE"  Tobias S. Blattner and Michael Joyce
  • "Financial Dampening"  Johannes F. Wieland and Mu-Jeung Yang
     
  • "The Local Aggregate Effects of Minimun Wage Increases"  Daniel Cooper, Maria Jose Lungo-Prado, and Jonathan A. Parker
     
  • "The Role of Inflation Target Adjustment in Stabilization Policy"  Yunjong Eo and Denny Lie
     
  • "Observing and Shaping the Market:  The Dilemma of Central Banks"  Romain Baeriswyl, Camille Cornand, and Bruno Ziliotto
     
  • "Monetary News Shocks"  Nadav Ben Zeev, Christopher Gunn, and Hashmat Khan
     
  • "FX Interventional in the New Keynesian Model"  Zineddine Alla, Raphael A. Espinoza, and Atish R. Ghosh
     
  • "Mad About Austerity?  The Effect of Fiscal Consolidation on Public Opinion"  Livio Stracca and Anna Kalbhenn
     
  • "Identifying Price Reviews by Firms: An Econometric Approach"  Mark Harris, Herve Le Bihan, and Patrick Sevestre
     
  • "Monetary Credit and Banking and the Cost of Financial Activity"  Paoel Boel and Gabriele Camera
     
  • "Debt and Financial Vulnerability on the Verge of Retirement"  Annamaria Lusardi, Olivia S. Mitchell, and Noemi Oggero
     
  • "Banks' Funding Stress, Lending Supply and Consumption Expenditure"  H. Evren Damar, Reint Gropp, and Adi Mordel
     
  • "Firms' Management of Infrequent Shocks"  Benjamin L. Collier, Andrew H. Haughwout, Howard C. Kunreuther, and Erwann O. Michel-Kerjan
     
  • "Uncertainty, Incentives and Misallocation" Seungjun Baek
  • "The Collateral Costs of Clearing"  Cyril Monnet and Thomas Nellen
     
  • "A Liquidity-Based Resolution of the Uncovered Interest Parity Puzzle"  Seungduck Lee and Kuk Mo Jung
     
  • "(In)Efficient Interbank Networks"  Fabio Castiglionesi and Noemi Navarro
     
  • "Macroprudential Policies in a Low Interest-Rate Environment"  Margarita Rubio and Fang Yao
     
  • "Flow Effects of Central Bank Asset Purchases on Sovereign Bond Prices:  Evidence from a Natural Experiment"  Roberto A. De Santis and Federic Holm-Hadulla
     
  • "U.S. Banking Sector Operational Losses and the Macroeconomic Environment"  Azamat Abdymomunov, Filippo Curti, and Atanas Mihov
     
  • "Official Demand for U.S. Debt:  Implications for U.S. Real Rates"  Iryna Kaminska and Gabriele Zinna
     
  • "Cultural Determinants of Household Saving Behavior"  Nicola Fucsh-Schundeln, Paolo Masella, and Hannahh Paule- Paludkiewicz
     
  • "On the Relationship Between Domestic Saving and the Current Account;  Evidence and Theory for Developing Countries"  Markus Brueckner and Evi Pappa
     
  • "Monetary Policy Uncertainty and the Response of the Yield Curve to Policy Shocks" Peter Tillmann
     
  • "On What States Do Prices Depend?  Answers from Ecuador" Craig Benedict, Mario Crucini, and Anthony Landry
     
  • "A Welfare-Based Analysis of International Monetary Policy Spillovers at the Zero Lower Bound"  Alex Haberis and Anna Lipinska
     
  • "M-Press-CreditRisk:  Microprudential and Macroprudential Capital Requirement for Credit Risk under Systemic Stress"  Natalia Tente, Natalja von Westerhagen, and Ulf Slopek
     
  • "Harmful Pro-Competitive Effects of Trade in Presence of Credit Market Frictions"  Reto Foellmi and Manuel Oeschslin
     
  • "Nonlinearities of Mortgage Spreads over the Business Cycle"  Chak Hung Jack Cheng and Ching-Wai (Jeremy) Chiu
     
  • "Money, Asset Prices, and the Liquidity Premium" Seungduck Lee
     
  • "Labor Market and Financial Shocks:  A Time-Varying Analysis"  (Appendix), Francesco Corsello and Valerio Nispi Landi
     
  • "On Targeting Frameworks and Optimal Monetary Policy"  Martin Bodenstein and Junzhu Zhao
     
  • "Real Estate Prices and Corporate Investment:  Theory and Evidence of Heterogeneous Effects Across Firms"  Denis Fougere, Remy Lecat, and Simon Ray
     
  • "Endogenous Growth and Real Effects of Monetary Policy:  R&D and Physical Capital Complementarities"  Gustavo Iglesias, and Pedro Mazeda Gil
     
  • "Effective Macroprudential Policy:  Cross-Sector Substitution from Price and Quantity Measures"  Janko Cizel, Jon Frost, Aerdt Houben, and Peter Wierts
     
  • "Can Stock Volatility Be Benign?  New Measurements and Macroeocnomic Implications"  Yu-fan Huang and Sui Luo
     
  • "Do Stronger Patents Stimulate or Stiffle Innovation?  The Crucial Role of Financial Development"  Angus C. Chu, Guido Cozzi, Haichao Fan, Shiyuan Pan, and Mengbo Zhang
     
  • "Fiscal Policy and Occupational Employment Dynamics"  Christian Bredemeier, Falko Juessen, and Roland Winkler
     
  • "Evaluating the Macroeconomic Effects of the ECB's Unconventional Monetary Policies"  Sarah Mouabbi and Jean-Guillaume Sahuc
     
  • "Measuring Inflation Anchoring and Uncertainty:  A US and Euro Area Comparison"  Olesya V. Grishchenko, Sarah Mouabbi, and Jean-Paul Renne
     
  • "The Effects of State Mandated Financial Education on College Financing Behaviors"  Christiana Stoddard and Carly Urban
     
  • "On Complicated Dynamics in Simple Monetary Models"  Chao He and Randall Wright
     
  • "On the Effectiveness of Loan-to-Value Regulation in a Multiconstraint Framework"  Anna Grodecka
     
  • "Monetary Policy and the Asset Risk-taking Channel"  Angela Abbate and Dominik Thaler
     
  • "Nominal GDP Targeting with Heterogeneous Labor Supply"  James Bullard and Aarti Singh
     
  • "A Note of Caution on Shadow Rate Estimates"  Leo Krippner
     
  • "How Unsecured Credit Policies Influence Mortgage and Unsecured Loan Defaults" Jiseob Kim
     
  • "The Dynamics of Capital Flow Episodes"  Christian Friedrich and Pierre Guerin
     
  • "Trade Credit Use as Firms Approach Default"  Emilia Garcia-Appendini and Judity Montroil-Garriga
     
  • "Tax Evasion, Investment Shocks and the Consumption Puzzle:  A DSGE Analysis with Financial Frictions" Bruno Chiarini, Maria Ferrara, and Elisabetta Marzano
     
  • "On the Value of Virtual Currencies"  Wilko Bolt and Maarten R.C. van Oordt
  • "Employment in the Great Recession:  How IMportant Were Household Credit Supply Shocks?"  Daniel Garcia
     
  • "Foreign Direct Investment and Debt Financing in Emerging Economies"  Paul Luk and Tianxiao Zheng
     
  • "The Role of Durables Replacement and Second-Hand Markets in a Business-Cycle Model"  Hyunseung Oh
     
  • "Inflation-indexed Bonds and Nominal Bonds:  Financial Innovation and Precautionary Motives"  Minwook Kang
     
  • "Valuing Government Obligations When Markets are Incomplete"  Jasima Hasanhodzic and LaurenceJ. Kotlikoff
     
  • "Optimal Structure of Fiscal and Monetary Authories"  David S. Miller
     
  • "Monetary Policy Implementation in a Negative Rate Environment"  Michael Boutros and Jonathan Witmer
     
  • "Monetary Policy Transmission with Interbank Market Fragmentation"  Miklos Vari
     
  • "Nominal GDP Targeing and the Taylor Rule on an Even Playing Field"  David Beckworth and Joshua Henderickson
     
  • "Financial Shocks and Corporate Investment in Emerging Markets"  Delong Li, Nicolas E. Magud, and Fabian Valencia
     
  • "Capital Regulaton with Two Banking Sectors:  Cyclicality and Implementation"  Taejin Kim and Vishal Mangala
     
  • "The Effectiveness of Consumption Taxes and Transfers as Insrance against Idiosyncratic Risk"  Tomoyuki Nakajima and Shuhei Takashi
  • "How Much Are Car Purchases Driven by Home Equity Withdrawl?"  Brett A. McCully, Karen Pence and Daniel J. Vine
     
  • "Estimating Trend Inflation Based on Unobserved Componenets Models:  Is It Correlated with the Inflation Gap?"  Shih-Tang Hwu and Chang-Jin Kim
     
  • "Credit Crunches from Occasionally Binding Bank Borrowing Constraints"  Tom D. Holden, Paul Levine, and Jonathan M. Swarbrick
     
  • "Cyclical Changes in Firm Volatility" Emmanuel De Veirman and Andrew Levin
     
  • "Sovereign to Corporate Risk Spillovers"  Patrick Augustin, Hamid Boustainfar, Johannes Breckenfelder, and Jan Schnitzler
     
  • "How Much of Bank Credit Risk Is Sovereign Risk?  Evience from Europe"  Junye Li and Gabriele Zinna
     
  • "On the Contagion Effect in the US Banking Sector"  Gabriel Pino and Subhash C. Sharma
     
  • "The Relative Effectiveness of Spot and Derivatives-based Interventions"  Milian Nedeljkovic and Christian Saborowski
     
  • "State-Dependent Transmisison of Monetary Policy in the Euro Area"  Jan Pablo Burgard, Matthias Neuenkirch, and Matthias Nockel
     
  • "The Heterogeneous Responses of Consumption between Poor and Rich to Government Spending Shocks" (Appendix),  Eunseong Ma
     
  • "Asymmetry, Complementarities, and State Dependence in Federal Reserve Forecasts" Julieta Caunedo, Riccardo DiCecio, Ivana Komunjer, and Michael T. Owyang
     
  • "Seven Fallacies Concerning Milton Friedman's "The Role of Monetary Policy""  Edward Nelson
     
  • "Quantitative Easing in the 1930s"  Christopher Hanes
     
  • "Long-Run Inflation and the Distorting Effects of Sticky Wages and Technicial Change"  Louis Phaneuf and Jean Gardy 
     
  • "Fiscal Requirements for Dynamic and Real Determinacies in Economies with Private Provision of Liquidity:  A Monetarist Assessment"  Pedro Gomis-Porqueras
     
  • "Predicting Long-Term Financial Returns: VAR vs DSGE Model -- A Horse-Race"  Eric Jondeau and Micael Rockinger
     
  • "Identifying Noise Shocks:  A VAR with Data Revisions"  Riccardo M. Masolo and Alessia Paccagnini
     
  • "Entrepreneurship, College and Credit:  The Golden Triangle"  Roberto M. Samaniego and Juliana Yu Sun
     
  • "Interventions in Markets with Adverse Selection:  Implications for Discount Window Stigma"  (Appendix), Huberto M. Ennis
     
  • "Redenomination Risk" (Appendix), Roberto A. De Santis
     
  • "Do SMEs Benefit from Unconventional Monetary Policy and How?  Micro-Evidence from the Eurozone"  Annalisa Ferrando, Alexander Popov, and Gregory F. Udell
  • "International Business Cycle and Financial Intermediation"  Tamas Z. Csabafi, Max Gillman, and Ruthira Naraidoo
     
  • "Voluntary Reserve Targets"  Garth Baughman and Francesca Carapella
     
  • "Fiscal and Monetary Policy Coordination, Macroeconomic Stability, and Sovereign Risk"  Dennis Bonam and Jasper Lukkezen
     
  • "How Do Central Bank Governors Matter?  Regulation adn the Financial Sector"  Prachi Mishra and Ariell Reshef
     
  • "Global Economic Divergence and Portfolio Capital Flows to Emerging Markets"  Zeyyad Mandalinci and Haroon Mumtaz
     
  • "Credit Reallocation, Deleveraging, and Financial Crises"  Junghwan Hyun and Raoul Minetti
     
  • "Temperature and Growth:  A Panel Analysis of the United States"  Riccardo Colacito, Bridget Hoffmann, and Toan Phan
     
  • "Macroeconomic Effects of Credit Deepening in Latin America" Carlos Carvalho, Nilda Pasca, Laura Souza, and Eduardo Zilberman
     
  • "Welfare Cost of Fluctuations When Labor Market Search Interactions with FInancial Frictions"  Eleni Iliopulos, Francois Langot, and Thepthida Sopraseuth
     
  • "Lock-In Effects in Relationship Lending:  Evidence from DIP Loans" Iftekhar Hasan, Gabriel Ramirez, and Gaiyan Zhang
     
  • "Where is the GE?  Consumption Dynamics in DSGEs"  Jean-Paul L'Huillier and Donghoon Yoo
     
  • "Mood Swings and Business Cycles:  Evidence fromr Sign Restrictions"  Deokwoo Nam and Jian Wang
     
  • "Liquidity Constraints, Wealth Transfers and Home Ownership"  Martin Brown and Kristian Blickle
     
  • "Credit Traps and Macroprudential Leverage" (Appendix), Angus Foulis, Benjamin Nelson and Misa Tanaka
  • "Job Duration Over the Business Cycle" (Appendix), Jose Mustre-del-Rio
     
  • "Uncertainty and Fiscal Cliffs"  Troy Davig and Andrew Foerster
     
  • "Financial Contagion in the Laboratory:  Does Network Structure Matter?"  John Duffy, Aikaterini Karadimitropoulou, and Melanie Parravano
     
  • "A Tale of Two Growth Engines:  Interactive Effects of Monetary Policy and Intellectual Property Rights"  Angus C. Chu, Ching-chong Lai, and Chih-Hsing Liao
     
  • "Safe Assets as Commodity Money"  Maya Eden and Benjamin S. Kay
     
  • "Macroeconomic Effects of Government Spending:  The Great Recession was (Really) Different"  Matthias Klein and Ludger Linnemann
     
  • "Logit Price Dynamics" (Appendix), James Costain and Anton Nakov
     
  • "Inter-Enterprise Credit and Adjustment During Financial Crises: The Role of Firm Size" (Appendix), Fabrizio Coricelli and Marco Frigerio
     
  • "Notes on the Underground:  Monetary Policy in Resource-Rich Economies"  Andrea Ferrero and Martin Seneca
     
  • "Interest Rates and the Market for New Light Vehicles"  (Appendix), Adam Copeland, George Hall, and Louis J. Maccini
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  • "Financial Frictions, Financial Shocks, and Aggregate Volatility" Cristina Fuentes-Albero
     

  • "Search, Financial Market Frictions, and Monetary Transmission"  Victor E. Li
     

  • "Household Debt Overhang and Transmission of Monetary Policy" (Appendix), Sami Alpanda and Sarah Zubairy
     

  • "Bridging the Gaps:  Credits, Adoption, and Inequality"  Maria Elisa Farias, Javier Scavia, and Raul Fuentes
     

  • "Balanced-Budget Rules and Aggregate Instability: The Role of Endogenous Capital Utilization"  Kevin X.D. Huang, Qinglai Meng, and Jianpo Xue
     

  • "One Size Fits All?  Monetary Policy and Asymmetric Household Debt Cycles in US States" (Appendix), Bruno Albuquerque
     

  • "The Demand for Assets and Optimal Monetary Aggregation"  Ali Jadizadeh and Apostolos Serletis
     

  • "Nonlinear Pricing and the Market for Settling Payments" Adam Copeland and Rodney Garratt
     

  • "Dealing with TIme-Inconsistency:  Inflation Targeting vs. Exchange Rate Targeting" , J. Scott Davis, Ippei Fujiwara, and Jiao Wang
     

  • "Contracting Sequentially with Multiple Lenders:  The Role of Menus"  Andrea Attar, Catherine Casmatta, Arnold Chassagnon, and Jean Paul Decamps
     

  • "Mortgage Default during the U.S. Mortgage Crisis" (Appendix), Thomas Schelkle
     

  • "Big Banks and Macroeconomic Outcomes:  Theory and Cross-Country Evidence of Granularity"  Franziska Bremus, Claudia M. Buch, Katheryn N. Russ, and Monika Schnitzer
     

  • "Monetary Policy and Financial Stability:  Cross-Country Evidence"  Christian Friedrich, Kristina Hess, and Rose Cunningham
     

  • "The Interaction of Monetary and Macroprudential Policies"  Aino Silvo
     

  • "Interest Rate Pegs in New Keynesian Models"  George W. Evans and Bruce McGough
     

  • "A Model of Monetary Policy Shocks for Financial Crises and Normal Conditions"  John W. Keating, Logan J. Kelly, A. Lee Smith, and Victor J. Valcarcel
     

  • "Endogenous Life-Cycle Housing Investment and Portfolio Allocation"  Denis Pelletier and Cengiz Tunc
     

  • "Monetary Policy and Investment Dynamics:  Evidence from Disaggregate Data"  Gregory E. Givens and Robert R. Reed
     

  • "Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Systemic Risk?"  Mark Carlson and David C. Wheelock
     

  • "Growth and Public Debt:  What Are the Relevant Tradeoffs?"  Arnaud Cheron, Kazuo Nishimura, Carine Nourry, Thomas Seegmuller, and Alain Venditti
     

  • "Using Market Expectations to Test for Speculative Bubbles in the Crude Oil Market"  Efthymios G. Pavlidis, Ivan Paya, and David Peel
     

  • "Optimal Fiscal Policy with Consumption Taxation"  Giorgio Motta and Raffaele Rossi
     

  • "Consumer Search, Incomplete Exchange Rate Pass-Through and Optimal Interest Rate Policy"  Dudley Cooke
     

  • "Analysis of Stigma and Bank Behavior"  Angela Vossmeyer
     

  • "Inflation and Innovation in a Schumpeterian Economy with North-South Technology Transfer"  Angus C. Chu, Guido Cozzi, Yuichi Furukawa, and Chih-Hsing Liao
     

  • "Moral Hazard in Lending and Labor Market Volatility" Manoj Atolia, John Gibson, and Milton Harrison Marquis
     

  • "A Phillips Curve with Anchaored Expectations and Short-Term Unemployment"  Laurence Ball and Sandeep Mazumder
     

  • "A Note on Simple Strategic Bargaining for Models of Money or Credit" Yu Zhu
     

  • "Uncertainty, Financial Frictions, and Nominal Rigidities:  A Quantitative Investigation" Ambrogio Cesa-Bianchi and Emilio Fernandez-Corugedo
     

  • "Unconventional Monetary Policy and International Risk Premia"  John H. Rogers, Chiara Scotti, and Jonathan H. Wright
     

  • "Explaining the Boom-Bust Cycle ini the U.S. Housing Market:  A Reverse Engineering Approach"  Paolo Gelain, Kevin J. Lansing, and Gisle J. Natvik
     

  • "Competition, Loan Rates and Information Dispersion in Nonprofit and For-profit Microcredit Markets" Guillermo Baquero, Malika Hamadi, and Andreas Heinen
     

  • "Optimal Dynamic Capital Requirements"  Caterina Mendicino, Kalin Nikolov, Javier Suarez, and Dominik Supera
     

  • "Propagation Mechanisms for Government Spending Shocks:  A Bayesian Comparison"  Anna Kormilitsina and Sarah Zubairy
     

  • "Credit Default Swaps in General Equilibrium:  Endogenous Default and Credit-Spread Spillovers"  R. Matthew Darst and Ehraz Refayet
     

  • "The State-Level Impact of Uncertainty Shocks"  Haroon Mumtaz, Laura Sunder-Plassmann, and Angeliki Theophilopoulou
     

  • "Time-varying Capital Requirements and Dislosure Rules:  Effects on Capitalization and Lending Decisions"  Bjorn Imbierowicz, Jonas Kragh, and Jesper Rangvid
     

  • "Sticky Price Models, Durable Goods, & Real Wage Rigidities" M. Alper Cenesiz and Luis Guimaraes
     

  • "How Robust are Popular Models of Nominal Frictions?"  Benjamin D. Keen and Evan Koenig
     

  • "US Monetary Regimes and Optimal Monetary Policy in the Euro Area"  Kostas Mavromatis
     

  • "The Effects of Oil Supply and Demand Shocks on U.S. Consumer Sentiment"  Jochen H.F. Guentner and Katharina Linsbauer
     

  • "The Risk-taking Channel of Monetary Policy:  Exploring All Avenues"  Diana Bonfim and Carla Soares
     

  • "Effects of Monetary and Macroprudential Policies--Evidence from Four Inflation Targeting Economies"  Soyoung Kim and Aaron Mehrotra
     

  • "Hot Money and Quantitative Easing:  The Spillover Effects of U.S. Money Policy on the Chinese Economy" Steven Wei Ho, Ji Zhang, and Hao Zhou
     

  • "Financial Stress Regimes and the Macroeconomy"  Ana Beatriz Galvao and Michael T. Owyang
     

  • "Cross-Border Acution Cycle Effects of Sovereign Bond Issuance in the Euro Area"  Roel Beetsma, Massimo Guiliodori, Jesper Hanson, and Frank de Jong
     

  • "Measuring Inflation Expectations Uncertainty Using High-Frequency Data"  Joshua Chan and Yong Song
     

  • "The Real-Time Properties of the Bank of Canada's Staff Output Gap Estimates" Julien Champagne, Guillaume Poulin-Bellisle, and Rodrigo M. Sekkel
     

  • "An Inflation-Predicting Measure of the Output Gap in the Euro Area"  Marek Jarocinski, and Michele Lenza
     

  • High-Cost Credit and Consumpton Smoothing"  Christine L. Dobridge
     

  • "Spending Reversals and Fiscal Multipliers under an Interest Rate Peg"  Rong Li and Xiaohui Tian
     

  • "Reserve Requirements, Liquidity Risk, and Bank Lending Behavior"  Koray Alper, Mahir Binici, Selva Demiralp, Hakan Kara, and Pinar Ozlu
     

  • "The Government Spending Multiplier in a (Mis-)Managed Liquidity Trap"  Jordan Roulleau-Pasdeloup
     

  • "The Legacy of the Tyranny of Time:  Exit and Re-Entry of Sovereigns to International Capital Markets"  Luca Angello, Vitor Castro, and Ricardo M. Sousa
     

  • "Monetary Policy, Trend Inflation and Unemployment Volatility"  Sergio A. Lago Alves
     

  • "Do Macro-Forecasters Herd?"  Michael P. Clements
     

  • "A New Model of Inflation, Trend Inflation, and Long-Run Inflation Expectations"  Joshua C.C. Chan, Todd Clark, and Gary Koop
     

  • "Liquidity Risk, Bak Networks, and the Value of Joining the Federal Reserve System"  Haelim Anderson, Charles W. Calomiris, Matthew Jaremski, and Gary Richardson
     

  • "On the Instability of Long-run Money Demand and th eWelfare Cost of Inflation in the U.S."  Matteo Mogliani and Giovanni Urga
     

  • "The Welfare Consequences of Gradual Disinflation in Emerging Economies"  Enes Sunel (Appendix)
     

  • "The Credit Channel at the Zero Lower Bound Through the Lens of Equity Prices"  Wenbin Wu
     

  • "Durable Goods, Investment Shocks and the Comovement Problem"  Been-Lon Chen and Shian-Yu Liao
     

  • "Greenspan's Conundrum and the Fed's Ability to Affect Long-Term Yields"  Daniel L. Thornton
     

  • "Countercyclial Policy and the Speed of Recovery After Recessions "Neville Francis, Laura E. Jackson, and Michael Owyang
     

  • "How Friedman and Schwartz Became Monetarists" James R. Lothian and Goerge S. Tavlas
     

  • "Asset Pricing with a Bank Risk Factor" Joao Pedro Pereira and Antonio Rua
     

  • "Evolution of Bilateral Capital Flows to Developing Countries at Intensive and Extensive Margins" Juliana D. Araujo, Povilas Lastauskas, and Chris Papageorgiou
     

  • "Overaccumulaton, Interest and Prices"  Christopher Gunn
     

  • "On Qality and Variety Bias in Aggregate Prices"  Masashige Hamano and Francesco Zanetti
     

  • "Time Aggregation Bias and teh Relationship between Inflation and Money Growth"  Janice Boucher Breuer, John McDermott, and Warren E. Weber
     

  • “Short-term Corporate Debt Around the World” Marco Sorge, Chendi Zhang, and Kostas Koufopoulos (Appendix)
     

  • "Alternative Methods for Solving Heterogeneous Firms Models" Stephen Terry
     

  • "Inflation Announcements and Social Dynamics" Kinda Hachem and Jing Cynthia Wu
     

  • "Money Creation:  Tax or Public Liquidity"  Pietro Reichlin
     

  • "Fiscal Multipliers at the Zero Lower Bound:  The Role of Policy Inertia"  Timothy Hills and Taisuke Nakata
     

  • "Okun's Law:  Fit at 50?"  Laurence Ball, Daniel Leigh, and Prakash Loungani
     

  • "Working Less and Bargain Hunting More:  Macro Implications of Sales during Japan's Lost Decades"  Nao Sudo, Kozo Ueda, Kota Watanabe, and Tsutomu Watanabe
     

  • "International Transmission Channels of U.S. Quantitative Easing:  Evidence from Canada" Tatjana Dahlhause, Kristina Hess, and Abner Reza
     

  • "Household Optimism and Overborrowing"  Ari Hyytinen and Hanna Putkuri
     

  • "Ben Bernanke in Doha:  The Effect of Monetary Policy on Optimal Tariffs"  Wolfgang Lechthaler
     

  • "The Passthrough of Labor Costs to Price Inflation"  Ekaterina V. Peneva and Jeremy B. Rudd
     

  • "Inter-sectoral Labor Immobility, Sectoral Comovement, and News Shocks"  Munechika Katayama and Kwang Hwan Kim
     

  • “Bank Capital Regulation of Trading Portfolios: An Assessment of the Basel Framework”  Gordon J. Alexander and Alexandre M. Baptista (Appendix)
     

  • "The Pitch Rather Than the Pit: Investor Inattention, Trading Activity, and FIFA World Cup Matches"  Michael Ehrmann and David-Jan Jansen
     

  • "Institutional Investors and the QE Portfolio Balance Channel"  Michael Joyce, Zhuoshi Liu, and Ian Tonks
     

  • "The Bullionist Controversy:  Theory and New Evidence"  Joshua R. Hendrickson
     

  • "Net Settlement and Counterparty Risk:  Evidence form the Formation of the NYSE's First Clearinghouse"  Bernard McSherry, Berry K. Wilson, and James J. McAndrews
     

  • "Microdata Evidence on the Empirical Importance of Selection Effects in Menu-Cost Models"  Mikael Carlsson
     

  • "The Role of Oil Price Shocks in Causing U.S. Recessions"  Lutz Kilian and Robert Vigfusson
     

  • "Assessing the Macroeconomic Effects of LTROS during the Great Recession"  Christophe Cahn, Julien Matheron, and Jean-Guillaume Sahuc
     

  • "Identifying the Stance of Monetary Policy at the Zero Lower Bound:  A Markov-Switching Estimation Exploiting Monetary-Fiscal Policy Interdependence"  Manuel Gonzalez-Astudillo
     

  • "Estimating Monetary Policy Rules When Nominal Interest Rates Are Stuck at Zero"  Jinill Kim and Seth Pruitt
     

  • "Inflation Targeting, Recursive Inattentiveness and Heterogeneous Beliefs"  Anna Agliari,  Domenico Massaro, Nicolo Pecora, and Alessandro Spelta
     

  • "Capital Over the Business Cycle:  Renting versus Ownership"  Peter N. Gal and Gabor Pinter
     

  • "Raise Rates to Raise Inflation?  Neo-Fisherianism in the New Keynesian Model"  Julio Garin, Robert Lester, and Eric Sims
     

  • "The Contractionary Effect of Bad Economic News"  Zhaochen He
     

  • "Waking Up from the American Dream:  On the Experience of Young Americans During the Housing Boom of 2000s"  Luc Laeven and Alexander Popov
     

  • "Shadow Banks and Macroeconomic Instability" Roland Meeks, Benjamin Nelson, and Piergiorgio Alessandri
     

  • "Austerity and Private Debt"  Mathias Klein
     

  • "Co-ordinating Monetary and Macroprudential Policies"  Bianca De Paoli and Matthias Paustain
     

  • "What is the Economic Cost of the Investment Home Bias?"  Haim Levy
     

  • "Central Bank Policy Paths and Market Forward Rates:  A Simple Model"  Ferre De Graeve and Jens Iversen
     

  • "The Creditor Channel of Liquidity Crises"  Xuewen Liu and Antonio S. Mello
     

  • "Supply-Side Policies in the Dpression:  Evidence from France"  Jeremie Cohen-Setton, Joshua K. Hausman, and Johannes F. Weiland
     

  • "Nowcasting U.S. Headline and Core Inflation"  Edward S. Knotek II and Saeed Zaman
     

  • "Short-term Corporate Debt Around the World" Marco Sorge, Chendi Zhang, and Kostas Koufopoulos
     

  • "Liquidity Provision, Bank Capital, and the Macroeconomy"  Gary Gorton and Andrew Winton
     

  • "House Prices and Government Spending Shocks"  Hashmat Kahn and Abeer Reza
     

  • "Profitability, Value and Stock Returns in a Production-Based Asset Pricing without Frictions"  Ronald J. Balvers, Li Gu, and Dayong Huang
     

  • "Should the Federal Reserve Pay Competitive on Reserves?"  Matthew Canzoneri, Robert Cumby, and Behzad Diba

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  • "Foreign Bank Behavior during Financial Crises"  Jonathon Adams-Kanes, Julian Caballero, and Jamus Lim
     
  • "Precautionary Saving of Chinese and US Households"  Horag Choi, Steven Lugauer, and Nelson C. Mark
     
  • "Bank Capital Regulation of Trading Portfolios:  An Assessment of the Basel Framework"  Gordon J. Alexander and Alexandre M.Baptista
     
  • "A New Time-Varying Parameter Autoregressive Model for U.S. Inflation Expectations"  Markku Lanne and Jani Luoto
     
  • "Macro Credit Policy and the Financial Accelerator"  Charles T. Carlstrom and Timothy S. Fuerst
     
  • "Unstable Inflation Targets"  William A. Branch and George W. Evans
     
  • "Consumer Attitudes and Their Forecasting Power for Consumer Spending" Michelle L. Barnes and Giovanni P. Olivei
     
  • "The Pitch Rather Than the Pit:  Investor Inattention, Trading Activity, and FIFA World Cup Matches"  Michael Ehrmann and David-Jan Jansen
     
  • "Do Data Revisions Matter for DSGE Estimation?"  Gregory E. Givens
     
  • "Costly Information, PLanning Complementarities and the Phillips Curve"  Sushant Acharya
     
  • "Financial Development, Credit and Business Cycles" Tiago Pinheiro, Francisco Rivadeneyra, and Marc Teignier (Code Guide) (Computer Codes)
     
  • "Fiscal Activism and the Zero Nominal Interest Rate Bound"  Sebastian Schmidt
     
  • "A Bayesian Model Comparison for Trend-Cycle Decompositions of Output"  Angelia L. Grant and Joshua C.C. Chan
     
  • "Mortgage Choice in the Euro Area--Macroeocnomic Determinants and the Effect of Monetary Policy on Debt Burdens"  Michael Ehrmann and Michael Ziegelmeyer
     
  • "Uncertainty in an Interconnected Financial System, Contagion, and Market Freezes"  Mei Li, Frank Milne, and Junfeng Qui (Appendix)
     
  • "Fiscal Adjustment and Inflation Targeting in Less Developed Countries"  Edward F. Buffie and Manoj Atolia
     
  • "When Preferences for a Stable Interest Rate Become Self-Defeating"  Ragna Alstadheim and Oistein Roisland
     
  • "Household Wealth and Macroeconomic Activity:  2008-2013"  Ray C. Fair
     
  • “Bank Recapitalization, Regulatory Intervention, and Repayment" Thomas Kick, Michael Koetter, and Tigran Poghosyan (Appendix)
     
  • "On the Credibility of the Euro/Swiss Franc Floor:  A Financial Market Perspective"  Markus Hertrich and Heinz Zimmermann
     
  • "Changes in the Federal Reserve Communication Strategy:  A Structural Investigation"  Yasuo Hirose and Takushi Kurozumi
     
  • "Financial Markets' Views about the Euro-Swiss Franc Floor"  Urban Jermann
     
  • "Two Monetary Models with Alternating Markets" Gabriela Camera and YiLi Chen (Appendix)
     
  • "The Cross-Market Spillover of Economic Shocks through Multimarket Banks" Jose M. Berrospide, Lamont K. Black, and William R. Keeton (Appendix)
     
  • "A New Measure of Equity and Cash Flow Duration: The Duration-based Explanation of the Value Premium Revisited" David Schroeder and Florian Esterer (Appendix)
     
  • "Why Do Shoppers Use Cash? Evidence from Shopping Diary Data"  Naoki Wakamori and Angelika Welte
     
  • "What Moves Investment Growth?" Long Chen, Zhi Da, and Borja Larrain
     
  • "The Effects of Regulating Hidden Add-on Costs"  K. Jeremy Ko and Jared Williams
     
  • "Regime Shifts in Price-dividend Ratios and Expected Stock Returns:  A Present Value Approach"  Kwan Hun Choi, Chang-Jin Kim, and Cheolbeom Park
     
  • "What Drives the Owner-Occupied and Rental Housing Markets?  Evidence from an Estimated DSGE Model"  Xiaojin Sun and Kwok Ping Tsang
     
  • "On the Persistence of Cross-Country Inequality Measures"  Dimitris Christopoulos and Peter McAdam
     
  • "Credit Availability and Asset Pricing Dynamics in Illiquid Markets:  Evidence from Commercial Real Estate Markets"  David C. Ling, Andy Naranjo, and Benjamin Scheick
     
  • "Bank Leverage Cycles and the External Finance Premium"  Ansgar Rannenberg
     
  • "A Reexamination of Credit Rationing in the Stiglitz and Weiss Model"  Xunhua Su and Li Zhang
     
  • "Heterogeneous Consumers and Fiscal Policy Shocks"  Emily Anderson, Atsushi Inoue, and Barbara Rossi
     
  • "Local Trends in Price-to-Dividend Ratios--Assessment, Predictive Value and Determants"  Helmut Herwartz, Malte Rengel, and Fang Xu
     
  • "Capital Regulation and Endogenous Competition as a Moderator for Stability"  Eva Schliephake
     
  • "Rational Inattention in Uncertain Business Cycles"  Fang Zhang
     
  • "Interest Rates in Trade Credit Markets"  Kleino Barbosa, Humberto Moreira, and Walter Novaes
     
  • "Lumpy Investment, Lumpy Inventories" Ruediger Bachmann and Lin Ma
     
  • "The Federal Reserve's Tools for Policy Normalization in a Prefereed Habitat Model of Financial Markets"  Han Chen, Jim Clouse, Jane Ihrig, and Elizabeth Klee
     
  • "Gender Bias and Credit Access" Steven Ogena and Alexander Popov
     
  • "Rollover Risk, Liquidity and Macroprudential Regulation"  Toni Ahnert
     
  • "A Model of the Confidence Channel of Fiscal Policy"  Bernardo Guimaraes, Caio Machado, and Marcel Ribeiro
     
  • "Understanding post-Euro Law-of-One-Price Deviations" Marina Glushenkova and Marios Zachariadis
     
  • "Mixed Integer Programming Revealed Preference Tests of Utility Maximization and Weak Separability of Consumption, Leisure and Money"  Per Hjertstrand, James L. Swofford, and Gerald A. Whitney
     
  • "Bank Recapitalization, Regulatory Intervention, and Repayment"  Thomas Kick, Michael Koetter, and Tigran Poghosyan
     
  • "Optimal Monetary Policy and Transparency under Informational Frictions"  Wataru Tamura
     
  • "Re-Use of Collateral in the Repo Market"  Lucas Marc Fuhrer, Basil Guggenheim, and Silvio Schumacher
     
  • "The Cross-Market Spillover of Economic Shocks through Multi-Market Banks"  Jose M. Berrospide, Lamont K. Black, and William R. Keeton
     
  • "The Roles of Corporate Governance in Bank Failures during the Recent Financial Crisis," (Online Appendix), Allen N. Berger, Bjorn Imbierowicz, and Christian Rauch
     
  • "Second Chances:  Subprime Mortgage Modification and Redefault"  Andrew Haughwout, Ebiere Okah, and Joseph Tracey
     
  • "The CARD Act and Young Borrowers:  The Effects and the Affected"  Andra Ghent, Peter Debbaut, and Mariana Kudlyak
     
  • "Corridor System and Interest Rates:  Volatility and Asymmetry"  Jiho Lee
     
  • "Monetary Policy Expectatins at the Zero Lower Bound"  Mihcael D. Bauer and Glenn Dr. Rudebusch
     
  • "Two Extensive Martings of Credit and Loan-to-Value Policies"  Pedro Gete and Michael Reher
     
  • Money and Output:  Friedman and Schwartz Revisited"  Michael T. Belongia and Peter N. Ireland
     
  • "Carry Trades, Order Flow and the Forward Bias Puzzle"  Francis, Breedon, Dagfinn Rime, and Paolo Vitale
     
  • "Preferential Regulatory Treatment and Banks' Demand for Government Bonds"  Clemens Bonner
     
  • "Two Monetary Models with Alternating Markets"  Gabriele Camera and YiLi Chien
     
  • "Can We Prove a Bank Guilty of Creating Systemic Risk?  A Minority Report"  John Danielsson, Kevin James, Marcela Valenzuela and Ilknur Zer
     
  • "A New Measure of Equity and Cash Flow Duration:  The Duration-based Explanation of the Value Premium Revisited"  David Schroeder, and Florian Esterer
     
  • "Announcement of Interest Rate Forecasts:  Do Policymakers Stick to Them?"  Nikola Mirkov and Gisle Natvik
     
  • "Improving Overnight Loan Identification in Payment Systems"  Mark Rempel
     
  • "Like Father like Sons?  The Cost of Sovereign Defaults in Reduced Credit to the Private Sector"  Rui Esteves and Joao Rovar Jalles
     
  • "Trade Credit, the Financial Crisis, and SME Access to Finance"  Santiago Carbo-Valverde, Francisco Ridriguez-Fernandez, and Gregory F. Udell
     
  • "Saving and Portfolio Allocation Before and After Job Loss"  Christoph Basten, Andreas Fageren, and Kjetil Telle
     
  • "Uncertainty in an Interconnected Financial System, Contagion, and Market Freezes"  Mei Li, Frank Milne, and Jungeng Qiu
     
  • "On Freezing Depositior Funds at Financially Distressed Banks:  An Experimental Analysis"  Douglas D. Davis and Robert J. Reilly
     
  • "Evaluating the Efficiency of the FOMC's New Economic Projections"  Natsuki Arai
     
  • "The Changing International Transmission of Financial Shocks:  Evidence from a Classical Time-Varying FVAR"  Angela Abbate, Sandra Eickmeier, Wolfgang Lemke, and Massimiliano Marcellino
     
  • "Endogenous Price Stickiness, Trend Inflation, and Macroeconomic Stability" Takushi Kurozumi
     
  • "Managing Beliefs About Monetary Policy under Discretion"  Elmar Mertens
     
  • "House Price Expectations, Alternative Mortgage Products, and Default"  Jan K. Brueckner, Paul S. Calem, Leonard I Nakamura
     
  • "Congress and the Federal Reserve"  Gregory D. Hess and Cameron A. Shelton
     
  • "Stock Market Participation:  Responses Before and During the Great Recession"  Bing Chen and Frank P Stafford
     
  • "An Experiment on Retail Payment Systems"  Gabriele Camera, Marco Casari, and Stefania Bortolotti
     
  • "Debt, Taxes, and Banks"  Michale Keen and Rudd de Mooij
     
  • "Inventory Shocks and the Great Moderation"  James Morley and Aarti Singh
     
  • "Measuring the Macroeconomic Impact of Monetary Polivy at the Zero Lower Bound"  Jing Cynthia Wu and Fan Dora Xia
     
  • "Determinants of Mortgage Defaul and Consumer Credit Use:  The Effects of Foreclosure Laws and Foreclosure Delays"  Sewin Chan, Andrew Haughwout, Andrew Hayashi, and Wilbert van der Klaauw
     
  • "Foreign Ownership and Market Power in Banking:  Evidence from a World Sample"  Manthos D. Delis, Sotirios Kokas, and Steven Ongena
     
  • "Monetary Policy, Asset Prices, and Liquidity in Over-the-Counter Markets"  Athanasios Germichalos and Lucas Herrenbrueck
     
  • "Investment Horizon and Repo in the Over-the-Counter Market" Hajime Tomura
     
  • "Housing and Tax Policy"  Sami Alpanda and Sarah Zubairy
     
  • "Credit Availability and the Collapse of the Banking Sector in the 1930s"  Mark Carlson and Jonathan Rose
     
  • "Investment-Specific News Shocks and U.S. Business Cycles"  Nadav Ben Zeev and Hashmat Khan
     
  • "Are Market-Based Measures of Global Systemic Importance of Financial Institutions Useful to Regulators and Supervisors?"  Qi Zhang, Franceco Vallascas, Kevin Keasey, and Charlie X. Cai
     
  • "Jointly Optimal Regulation of Bank Capital and Maturity Structure"  Ansgar Walther
     
  • Saving the Euro: Mitigating Financial or Trade Spillovers?"  Stijn Claessens, Hui Tong, and Igor Zuccardi
     
  • "Optimal Bank Transparency"  Diego Moreno and Tuomas Takalo
     
  • "News Shocks in the Data:  Olympic Games and their Macroeconomic Effects"  Markus Bruckner and Evi Pappa
     
  • "Distressed Debt Restructuring in the Presence of Credit Default Swaps"  Mascia Bedendo, Lara Cathcart, and Lina El-Jahel
     
  • "Learning and the Yield Curve"  Arunima Sinha
     
  • "Understanding Housing Market Volatility"  Joseph Fairchild, Jun Ma, and Shu Wu
     
  • "Learning, Monetary Policy and Asset Prices"  Marco Airaudo, Salvatore Nistico and Luis-Felipe Zanna
     
  • "Long-run Consumption Risk and Asset Allocation under Recursive Utility and Rational Inattention"  Yulei Luo and Eric R. Young
     
  • "Private Money and Banking Regulation"  Cyrill Monnet and Daniel Sanches
     
  • "The Dynamics of Gasoline Prices:  Evidence from Daily French Micro Data"  Erwan Gautier and Ronan LeSaout
     
  • "The Age of the Dragon:  The Effect of Imports from China on Firm-Level Prices" Matteo Bugamelli, Silvia Fabiani, and Enrico Sette
     
  • "Optimal Monetary Policy with Labor Market Frictions:  The Role of the Wage Channel"  Takeki Sunakawa
     
  • Responding to a Shadow Banking Crisis:  The Lessons of 1763"  Stephen Quinn and William Roberds
     
  • "OTC Clearing Arrangements for Bank Systemic Risk Regulation:  A Simulation Approach" Olga Lewandowska
     
  • "The Influence of Foreclosure Delays on Borrowers' Default Behavior"  Shuang Zhu and R. Kelly Pace
     
  • "The Impact of Uncertainty Shocks under Measurement Error.  A Proxy SVAR Approach"  Andrea Carrier, Haroon Mumtaz, Konstantinos Theodoridis, and Angeliki Theophilopulou
     
  • "The Risk-taking Channel of Monetary Policy in the US:  Evidence from Loan-level Data"  Manthos D. Delis, Iftekhar Hasan, and Nikolaos Mylonidis
     
  • "Intrinsic Persistence of Wage Inflation in New Keynesian Models of the Business Cycles"  Giovanni Di Bartolomeo and Marco Di Pietro
     
  • "Variations in Market Liquidity and the Intraday Interest Rate"  Puriya Abbassi, Falko Fecht, and Johannes Tischer