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Volume 45 (2013)

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ARTICLES

Bianca De Paoli and Pawel Zabczyk, "Cyclical Risk Aversion, Precautionary Saving and Monetary Policy"

Marek Rusnak, Tomas Havranek and Roman Horvath, "How to Solve the Price Puzzle?  A Meta-Analysis"

Ondra Kamenik, Heesun Kiem, Vladimir Klyuev and Douglas Laxton, "Why is Canada’s Price Level So Predictable?"

Antoine Martin and Bruno Parigi, "Bank Capital Regulation and Structured Finance" 

Jun Ma, "Long-Run Risk and Its Implications for the Equity Premium Puzzle:  New Evidence from a Multivariate Framework"

Luc Laeven and Fabian Valencia, "The Real Effects of Financial Sector Interventions During Crises"

Alexei Karas, William Pyle, and Koen Schoors, "Deposit Insurance, Banking Crises and Market Discipline:  Evidence from a Natual Experiment on Deposit Flows and Rates"

 

SHORTER PAPERS, DISCUSSIONS, AND LETTERS

YongSeung Jung and Tack Yun, "Inventory Investment and the Empirical Phillips Curve"

Angus Chu and Ching-Chong Lai, "Money and Welfare Cost of Inflation in a R&D Growth Model"

 

ARTICLES

Fredrik Andersson, Souphala Chomsisengphet, Dennis Glennon and Feng Li, "The Changing Pecking Order of Consumer Defaults"

Massimo Antonini, Kevin Lee and Jacinta Pires, "Public Sector Debt Dynamics:  The Persistence and Sources of Shocks to Debt in Ten EU Countries"

Hiro Ishise and Nao Sudo, "Inventory-Theoretic Money Demand and Relative Price Dynamics"

James Chapman, Jonathan Chiu and Miguel Molico, A Model of Tiered Settlement Networks"

Kazuya Kamiya and Takashi Shimizu, "Dynamic Action Market with Fiat Money"

Matthew S. Jarmeski, "State Banks and the National Banking Acts: Measuring the Response to Increased Financial Regulation, 1860-1870"

Ben R. Craig and Joseph G. Haubrich, "Gross Loan Flows"

João Ricardo Faria and Peter McAdam, "Anticipation of Future Consumption: A Monetary Perspective"

 

SHORTER PAPERS, DISCUSSIONS, AND LETTERS

Francesco Ravazzolo and Philip Rothman, "Oil and US GDP: A Real-Time Out-of-Sample Examination"

Kyungho Jang, "Alternative Maximum Likelihood Estimation of Structural Vector Autoregressive Models Partially Identified with Short-Run Restrictions"

Brent W. Ambrose, Piet Eichholtz and Thies Lindenthal, "Home Prices and Fundamentals:  355 Years of Evidence"

John V. Duca, "The Money Market Meltdown of the Great Depression"

Theodore M. Crone, N. Neil K. Khettry, Loretta J. Mester and Jason A. Novak, "Core Measures of Inflation as Predictors of Total Inflation"

Gerald Carlino, Robert DeFina and Keith Sill, "The Long and Large Decline in State Employment Growth Volatility"

ARTICLES

Haroon Mumtaz and Francesco Zanetti, "The Impact of the Volatility of Monetary Policy Shocks"

Chadi S. Abdallah and William D. Lastrapes, "Evidence on the Relationship between Housing and Consumption in the US:  A State-Level Analysis"

Sumit Agarwal, John C. Driscoll and David I. Labison, "Optimal Mortgage Refinancing:  A Closed Form Solution"

Hui Guo, Zijun Wang and Jian Yang, "Time-Varying Risk-Return Tradeoff in the Stock Market"

James T. E. Chapman and Antoine Martin, "Rediscounting under Aggregate Risk with Moral Hazard" 

Roland Kirstein and Eva Schliephake, "Strategic Effects of Regulatory Capital Requirements in Imperfect Banking Competition" 

Pedro Gomis-Porqueras and Daniel Sanches, "Optimal Montary Policy in a Model of Money and Credit" 

 

SHORTER PAPERS, DISCUSSIONS, AND LETTERS

Alina Barnett and Martin Ellison, "Learning by Disinflating"

John W. Keating, "Interpreting Permanent and Transitory Shocks to Output When Aggregate Demand May Not be Neutral in the Long-Run"

ARTICLES

Religion, Corruption, and the Rule of Law, Charles M. North, Hakim Orman, and Carl R. Gwin
   
Liquidity and Information Flow Around Monetary Policy Announcements, Kee Ho Chung, John Elder, and Jang-Chul Kim
 
Inflation and Welfare in Retail Markets:  Prior Production and Imperfectly Directed Search, Adrian Masters  
    
Real Exchange Rates and Fundamentals:  A Cross-Country Perspective, Luca Ricca, Gianmaria Milesi-Ferretti, and Jaewoo Lee
 
Do Sales of Foreign Exchange Reserves Lead to Currency Appreciation?, Rasmus Fatum, Kathryn M.E. Dominguez, and Pavel Vacek
 
Stock Market Comovements and Industrial Structure, Ilian Mihov and Pushan Dutt
 
International Evidence on the New Keynesian Phillips Curve Using Aggregate and Disaggregate Data, Joseph P. Byrne, Alexandros Kontonikas, and Alberto Montagnoli

ARTICLES

Editor’s Introduction, Joe Peek and Kenneth D. West
   
Non-Core Bank Liabilities and Financial Vulnerability, Joon-Ho Hahm, Hyun Song Shin, and Kwanho Shin
 
Taming SIFIS, Xavier Freixas and Jean-Charles Rochet
    
The Impact of the 2008 Liquidity Shock on Bank Jumbo Mortgage Lending, Paul Calem, Francisco Covas, and Jason Wu
 
Ratings Competition in the CMBS Market, Andrew Cohen and Mark Manuszak
 

SHORTER PAPERS, DISCUSSIONS, AND LETTERS

What is Systemic Risk?, Franklin Allen and Elena Carletti
 
Systemic Risk Monitoring and Financial Stability, Nellie Liang

ARTICLES

Declining Effects of Oil Price Shocks, Munechika Katayama
   
Non-Uniform Staggered Prices and Output Persistence, Johan Söderberg
 
News on Inflation and the Epidemiology of Inflation Expectations, Damjan Pfajfar and Emiliano Santoro
    
The Most Beautiful Variations on Fair Wages and the Phillips Curve, Andrea Vaona
 
The Impact of House Prices on Consumer Credit:  Evidence from an Internet Bank, Rodney Ramcharan and Christopher Crowe
 
Equity Returns and Business Cycles in Small Open Economies, Mohammad R. Jahan-Pravar, Xuan Liu and Philip Rothman
 

SHORTER PAPERS, DISCUSSIONS, AND LETTERS

Bank Capital:  Lessons from the Financial Crisis”, Asli Demirguc-Kunk, Enrica Detragiache, and Ouarda Merrouche
 
Asymmetric Labor Market Institutions in the EMU and the Volatility of Inflation and Unemployment Differentials, Mirko Abbritti and Andreas Mueller
 
Fiscal Data Revisions in Europe, Francisco De Castro Fernández, Javier Pérez, and Marta Rodríguez-Vives

ARTICLES

Asset Prices, News Shocks and the Trade Balance), Marcel Fratzscher and Roland Straub
   
Does Inflation Targeting Help Reduce Financial Dollarization?, Shu Lin and Haichun Ye
 
Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries, Samir Jahjah, Ben Wei, and Vivian Yue
    
Foreign Banks and the Dual Effect of Financial Liberalization, Leo Ferraris and Raoul Minetti
 
Optimal Monetary and Fiscal Policy with a Zero Bound on Nominal Interest Rates, Sebastian Schmidt
 
A Generalized Unobserved Components Model That Yields Business and Medium-Run Cycle , Jun Ma and Mark E. Wohar
 
How Do Anticipated Changes to Short-Term Market Rates Influence Banks’ Retail Interest Rates? Evidence from the Four Major Euro Area Economies, Anindya Banerjee, Victor Bystrov, and Paul Mizen
 

SHORTER PAPERS, DISCUSSIONS, AND LETTERS

Cost Savings from Check 21 Electronic Payment Legislation, David B. Humphrey and Robert Hunt
 
On the Asymmetric U-shaped Relationship between Inflation, Inflation Uncertainty and Relative Price Skewness in the UK, Kausik Chaudhuri, Matthew Greenwood-Nimmo, Minjoo Kim and Yongcheol Shin

ARTICLES

Bayesian Evaluation of DSGE Models with Financial Frictions, Michaƚ Brzoza-Brzezina and Marcin Kolasa
 
Fiscal Sustainability in a New Keynesian Model, Campbell Leith and Simon Wren-Lewis
 
Real Effect of Money Growth and Optimal Rate of Inflation in a Cash-in-Advance Economy with Labor-Market Frictions, Ping Wang and Danyang Xie
    
Technology, Utilization, and Inflation:  What Drives the New Keynesian Phillips Curve?, Peter McAdam and Alpo Williams
 
Do Public Banks Compete with Private Banks?  Evidence from Concentrated Local Markets in Brazil, Christiano A. Coelho, João M.P. De Mello, and Rezende Leonardo
 
Securitization and Bank Performance, Barbara Casu, Andrew Clare, Anna Sarkisyan, and Stephen Thomas
 
Do Central Banks React to House Prices?, Daria Finnocchiaro and Virginia Queijo von Heideken

 

SHORTER PAPERS, DISCUSSIONS, AND LETTERS

Separation of Unit of Account from Medium of Exchange, Young Sik Kim and Manjong Lee

The Bank Lending Channel:  A FAVAR Analysis, Chetan Dave, Scott J. Dressler, and Lei Zhang

ARTICLES

Editors’ Introduction, Robert Kollmann and Kenneth D. West
   
When Credit Bites Back, Òscar Jordá, Moritz Schularick, and Alan M. Taylor
 
The Impact of the Federal Reserve’s Large-Scale Asset Purchase Programs on Corporate Credit Risk, Simon Gilchrist and Egon Zakrajšek
    
Balance Sheet Shocks and Recapitalizations, Damiano Sandri and Fabian V. Valencia
 
Banking Competition, Collateral Constraints and Optimal Monetary Policy, Javier Andrés, Óscar J. Arce, and Carlos Thomas
 
Financial Exposure and the International Transmission of Financial Shocks, Günes Kamber and Christoph Thoenissen
 
Global Banks, Financial Shocks and International Business Cycles:  Evidence from an Estimated Model Robert Kollmann