Finance and Economics Discussion Series
2009 FEDS Papers 
2009-49 (December)
Monetary Policy and the Housing Bubble
Jane Dokko, Brian Doyle, Michael T. Kiley, Jinill Kim, Shane Sherlund, Jae Sim, and Skander Van den Heuvel
Abstract | Full paper (728 KB PDF) | Full paper (Screen Reader Version)
Monetary Policy and the Housing Bubble
Jane Dokko, Brian Doyle, Michael T. Kiley, Jinill Kim, Shane Sherlund, Jae Sim, and Skander Van den Heuvel
Abstract | Full paper (728 KB PDF) | Full paper (Screen Reader Version)
2009-48 (December)
A Dynamic Analysis of Consolidation in the Broadcast Television Industry
Jessica C. Stahl
Abstract | Full paper (379 KB PDF) | Full paper (Screen Reader Version)
A Dynamic Analysis of Consolidation in the Broadcast Television Industry
Jessica C. Stahl
Abstract | Full paper (379 KB PDF) | Full paper (Screen Reader Version)
2009-47 (November)
Information Sharing and Stock Market Participation: Evidence from Extended Families
Geng Li
Abstract | Full paper (153 KB PDF) | Full paper (Screen Reader Version)
Information Sharing and Stock Market Participation: Evidence from Extended Families
Geng Li
Abstract | Full paper (153 KB PDF) | Full paper (Screen Reader Version)
2009-46 (November)
Firm Volatility and Banks: Evidence from U.S. Banking Deregulation
Ricardo Correa and Gustavo A. Suarez
Abstract | Full paper (219 KB PDF) | Full paper (Screen Reader Version)
Firm Volatility and Banks: Evidence from U.S. Banking Deregulation
Ricardo Correa and Gustavo A. Suarez
Abstract | Full paper (219 KB PDF) | Full paper (Screen Reader Version)
2009-45 (November)
Household Response to the 2008 Tax Rebates: Survey Evidence and Aggregate Implications
Claudia R. Sahm, Matthew D. Shapiro, and Joel Slemrod
Abstract | Full paper (200 KB PDF) | Full paper (Screen Reader Version)
Household Response to the 2008 Tax Rebates: Survey Evidence and Aggregate Implications
Claudia R. Sahm, Matthew D. Shapiro, and Joel Slemrod
Abstract | Full paper (200 KB PDF) | Full paper (Screen Reader Version)
2009-44 (November)
Assessing the Systemic Risk of a Heterogeneous Portfolio of Banks During the Recent Financial Crisis
Xin Huang, Hao Zhou, and Haibin Zhu
Abstract | Full paper (359 KB PDF) | Full paper (Screen Reader Version)
Assessing the Systemic Risk of a Heterogeneous Portfolio of Banks During the Recent Financial Crisis
Xin Huang, Hao Zhou, and Haibin Zhu
Abstract | Full paper (359 KB PDF) | Full paper (Screen Reader Version)
2009-43 (October)
Designing Loan Modifications to Address the Mortgage Crisis and the Making Home Affordable Program
Larry Cordell, Karen Dynan, Andreas Lehnert, Nellie Liang, and Eileen Mauskopf
Abstract | Full paper (26 KB PDF) | Full paper (Screen Reader Version)
Designing Loan Modifications to Address the Mortgage Crisis and the Making Home Affordable Program
Larry Cordell, Karen Dynan, Andreas Lehnert, Nellie Liang, and Eileen Mauskopf
Abstract | Full paper (26 KB PDF) | Full paper (Screen Reader Version)
2009-42 (October)
Reversing the Trend: The Recent Expansion of the Reverse Mortgage Market
Hui Shan
Abstract | Full paper (363 KB PDF) | Full paper (Screen Reader Version)
Reversing the Trend: The Recent Expansion of the Reverse Mortgage Market
Hui Shan
Abstract | Full paper (363 KB PDF) | Full paper (Screen Reader Version)
2009-41 (October)
Education's Role in China's Structural Transformation
Soohyung Lee and Benjamin A. Malin
Abstract | Full paper (491 KB PDF) | Full paper (Screen Reader Version)
Education's Role in China's Structural Transformation
Soohyung Lee and Benjamin A. Malin
Abstract | Full paper (491 KB PDF) | Full paper (Screen Reader Version)
2009-40 (October)
Bayesian Analysis of Stochastic Volatility Models with Levy Jumps: Application to Risk Analysis
Pawel J. Szerszen
Abstract | Full paper (767 KB PDF) | Full paper (Screen Reader Version)
Bayesian Analysis of Stochastic Volatility Models with Levy Jumps: Application to Risk Analysis
Pawel J. Szerszen
Abstract | Full paper (767 KB PDF) | Full paper (Screen Reader Version)
2009-39 (October)
Credit Card Redlining Revisited
Kenneth P. Brevoort
Abstract | Full paper (2 MB PDF) | Full paper (Screen Reader Version)
Credit Card Redlining Revisited
Kenneth P. Brevoort
Abstract | Full paper (2 MB PDF) | Full paper (Screen Reader Version)
2009-38 (October)
Intergenerational Aspects of Health Care
Louise Sheiner
Abstract | Full paper (210 KB PDF) | Full paper (Screen Reader Version)
Intergenerational Aspects of Health Care
Louise Sheiner
Abstract | Full paper (210 KB PDF) | Full paper (Screen Reader Version)
2009-37 (September)
A Framework for Assessing the Systemic Risk of Major Financial Institutions
Xin Huang, Hao Zhou, and Haibin Zhu
Abstract | Full paper (332 KB PDF) | Full paper (Screen Reader Version)
A Framework for Assessing the Systemic Risk of Major Financial Institutions
Xin Huang, Hao Zhou, and Haibin Zhu
Abstract | Full paper (332 KB PDF) | Full paper (Screen Reader Version)
2009-36 (September)
The Evolution of a Financial Crisis: Panic in the Asset-Backed Commercial Paper Market
Daniel M. Covitz, Nellie Liang, and Gustavo A. Suarez
Abstract | Full paper (261 KB PDF) | Full paper (Screen Reader Version)
The Evolution of a Financial Crisis: Panic in the Asset-Backed Commercial Paper Market
Daniel M. Covitz, Nellie Liang, and Gustavo A. Suarez
Abstract | Full paper (261 KB PDF) | Full paper (Screen Reader Version)
2009-35 (August)
Vacancy Posting, Job Separation and Unemployment Fluctuations
Regis Barnichon
Abstract | Full paper (428 KB PDF) | Full paper (Screen Reader Version)
Vacancy Posting, Job Separation and Unemployment Fluctuations
Regis Barnichon
Abstract | Full paper (428 KB PDF) | Full paper (Screen Reader Version)
2009-34 (August)
And Banking for All?
Michael S. Barr, Jane K. Dokko, and Benjamin J. Keys
Abstract | Full paper (249 KB PDF) | Full paper (Screen Reader Version)
And Banking for All?
Michael S. Barr, Jane K. Dokko, and Benjamin J. Keys
Abstract | Full paper (249 KB PDF) | Full paper (Screen Reader Version)
2009-33 (July)
Determinants of the Locations of Payday Lenders, Pawnshops and Check-Cashing Outlets
Robin A. Prager
Abstract | Full paper (2 MB PDF) | Full paper (Screen Reader Version)
Determinants of the Locations of Payday Lenders, Pawnshops and Check-Cashing Outlets
Robin A. Prager
Abstract | Full paper (2 MB PDF) | Full paper (Screen Reader Version)
2009-32 (July)
Improving Real-Time Estimates of the Output Gap
Thomas M. Trimbur
Abstract | Full paper (389 KB PDF) | Full paper (Screen Reader Version)
Improving Real-Time Estimates of the Output Gap
Thomas M. Trimbur
Abstract | Full paper (389 KB PDF) | Full paper (Screen Reader Version)
2009-31 (July)
Do Self-Insurance and Disability Insurance Prevent Consumption Loss on Disability?
Steffan G. Ball and Hamish W. Low
Abstract | Full paper (180 KB PDF) | Full paper (Screen Reader Version)
Do Self-Insurance and Disability Insurance Prevent Consumption Loss on Disability?
Steffan G. Ball and Hamish W. Low
Abstract | Full paper (180 KB PDF) | Full paper (Screen Reader Version)
2009-30 (July)
Does Tax Policy Affect Executive Compensation? Evidence from Postwar Tax Reforms
Carola Frydman and Raven S. Molloy
Abstract | Full paper (248 KB PDF) | Full paper (Screen Reader Version)
Does Tax Policy Affect Executive Compensation? Evidence from Postwar Tax Reforms
Carola Frydman and Raven S. Molloy
Abstract | Full paper (248 KB PDF) | Full paper (Screen Reader Version)
2009-29 (July)
Does Speculation Affect Spot Price Levels? The Case of Metals with and without Futures Markets
George M. Korniotis
Abstract | Full paper (212 KB PDF) | Full paper (Screen Reader Version)
Does Speculation Affect Spot Price Levels? The Case of Metals with and without Futures Markets
George M. Korniotis
Abstract | Full paper (212 KB PDF) | Full paper (Screen Reader Version)
2009-28 (July)
The Role of the Securitization Process in the Expansion of Subprime Credit
Taylor D. Nadauld and Shane M. Sherlund
Abstract | Full paper (294 KB PDF) | Full paper (Screen Reader Version)
The Role of the Securitization Process in the Expansion of Subprime Credit
Taylor D. Nadauld and Shane M. Sherlund
Abstract | Full paper (294 KB PDF) | Full paper (Screen Reader Version)
2009-27 (June)
Confidence Intervals for Long-Horizon Predictive Regressions via Reverse Regressions
Min Wei and Jonathan Wright
Abstract | Full paper (177 KB PDF) | Full paper (Screen Reader Version)
Confidence Intervals for Long-Horizon Predictive Regressions via Reverse Regressions
Min Wei and Jonathan Wright
Abstract | Full paper (177 KB PDF) | Full paper (Screen Reader Version)
2009-26 (July)
What is the Chance that the Equity Premium Varies Over Time? Evidence from Predictive Regressions
Jessica A. Wachter and Missaka Warusawitharana
Abstract | Full paper (451 KB PDF) | Full paper (Screen Reader Version)
What is the Chance that the Equity Premium Varies Over Time? Evidence from Predictive Regressions
Jessica A. Wachter and Missaka Warusawitharana
Abstract | Full paper (451 KB PDF) | Full paper (Screen Reader Version)
2009-25 (June)
Whither the Liquidity Effect: The Impact of Federal Reserve Open Market Operations in Recent Years
Ruth Judson and Elizabeth Klee
Abstract | Full paper (287 KB PDF) | Full paper (Screen Reader Version)
Whither the Liquidity Effect: The Impact of Federal Reserve Open Market Operations in Recent Years
Ruth Judson and Elizabeth Klee
Abstract | Full paper (287 KB PDF) | Full paper (Screen Reader Version)
2009-24 (June)
Demand-driven Job Separation: Reconciling Search Models with the Ins and Outs of Unemployment
Regis Barnichon
Abstract | Full paper (386 KB PDF) | Full paper (Screen Reader Version)
Demand-driven Job Separation: Reconciling Search Models with the Ins and Outs of Unemployment
Regis Barnichon
Abstract | Full paper (386 KB PDF) | Full paper (Screen Reader Version)
2009-23 (June)
Interchange Fees and Payment Card Networks: Economics, Industry Developments, and Policy Issues
Robin A. Prager, Mark D. Manuszak, Elizabeth K. Kiser, and Ron Borzekowski
Abstract | Full paper (1155 KB PDF) | Full paper (Screen Reader Version)
Interchange Fees and Payment Card Networks: Economics, Industry Developments, and Policy Issues
Robin A. Prager, Mark D. Manuszak, Elizabeth K. Kiser, and Ron Borzekowski
Abstract | Full paper (1155 KB PDF) | Full paper (Screen Reader Version)
2009-22 (June)
A Study of U.S. Monetary Policy Implementation: Demand for Reserves on a Period Average Basis
Ruth Judson and Elizabeth Klee
Abstract | Full paper (190 KB PDF) | Full paper (Screen Reader Version)
A Study of U.S. Monetary Policy Implementation: Demand for Reserves on a Period Average Basis
Ruth Judson and Elizabeth Klee
Abstract | Full paper (190 KB PDF) | Full paper (Screen Reader Version)
2009-21 (June)
Do Constraints on Market Work Hours Change Home Production Efforts?
Geng Li
Abstract | Full paper (239 KB PDF) | Full paper (Screen Reader Version)
Do Constraints on Market Work Hours Change Home Production Efforts?
Geng Li
Abstract | Full paper (239 KB PDF) | Full paper (Screen Reader Version)
2009-20 (May)
Should Risky Firms Offer Risk-Free DB Pensions?
David A. Love, Paul A. Smith, and David Wilcox
Abstract | Full paper (1460 KB PDF) | Full paper (Screen Reader Version)
Should Risky Firms Offer Risk-Free DB Pensions?
David A. Love, Paul A. Smith, and David Wilcox
Abstract | Full paper (1460 KB PDF) | Full paper (Screen Reader Version)
2009-19 (May)
New Evidence on 401(k) Borrowing and Household Balance Sheets
Geng Li and Paul A. Smith
Abstract | Full paper (242 KB PDF) | Full paper (Screen Reader Version)
New Evidence on 401(k) Borrowing and Household Balance Sheets
Geng Li and Paul A. Smith
Abstract | Full paper (242 KB PDF) | Full paper (Screen Reader Version)
2009-18 (May)
Fiscal Amenities, School Finance Reform and the Supply Side of the Tiebout Market
Byron F. Lutz
Abstract | Full paper (595 KB PDF) | Full paper (Screen Reader Version)
Fiscal Amenities, School Finance Reform and the Supply Side of the Tiebout Market
Byron F. Lutz
Abstract | Full paper (595 KB PDF) | Full paper (Screen Reader Version)
2009-17 (May)
Household Borrowing after Personal Bankruptcy
Song Han and Geng Li
Abstract | Full paper (282 KB PDF) | Full paper (Screen Reader Version)
Household Borrowing after Personal Bankruptcy
Song Han and Geng Li
Abstract | Full paper (282 KB PDF) | Full paper (Screen Reader Version)
2009-16 (May)
Reset Price Inflation and the Impact of Monetary Policy Shocks
Mark Bils, Peter J. Klenow, and Benjamin A. Malin
Abstract | Full paper (539 KB PDF) | Full paper (Screen Reader Version)
Reset Price Inflation and the Impact of Monetary Policy Shocks
Mark Bils, Peter J. Klenow, and Benjamin A. Malin
Abstract | Full paper (539 KB PDF) | Full paper (Screen Reader Version)
2009-15 (May)
Inflation Expectations, Uncertainty, the Phillips Curve, and Monetary Policy
Michael T. Kiley
Abstract | Full paper (148 KB PDF) | Full paper (Screen Reader Version)
Inflation Expectations, Uncertainty, the Phillips Curve, and Monetary Policy
Michael T. Kiley
Abstract | Full paper (148 KB PDF) | Full paper (Screen Reader Version)
2009-14 (May)
Household Welfare, Precautionary Saving, and Social Insurance under Multiple Sources of Risk
Ivan Vidangos
Abstract | Full paper (731 KB PDF) | Full paper (Screen Reader Version)
Household Welfare, Precautionary Saving, and Social Insurance under Multiple Sources of Risk
Ivan Vidangos
Abstract | Full paper (731 KB PDF) | Full paper (Screen Reader Version)
2009-13 (March)
Ponds and Streams: Wealth and Income in the U.S., 1989 to 2007
Arthur B. Kennickell
Abstract | Full paper (2334 KB PDF) | Full paper (Screen Reader Version)
Ponds and Streams: Wealth and Income in the U.S., 1989 to 2007
Arthur B. Kennickell
Abstract | Full paper (2334 KB PDF) | Full paper (Screen Reader Version)
2009-12 (March)
Heterogeneous Car Buyers: A Stylized Fact
Ana Aizcorbe, Benjamin Bridgman, and Jeremy Nalewaik
Abstract | Full paper (91 KB PDF) | Full paper (Screen Reader Version)
Heterogeneous Car Buyers: A Stylized Fact
Ana Aizcorbe, Benjamin Bridgman, and Jeremy Nalewaik
Abstract | Full paper (91 KB PDF) | Full paper (Screen Reader Version)
2009-11 (February)
Salience and Taxation: Theory and Evidence
Raj Chetty, Adam Looney, and Kory Kroft
Abstract | Full paper (804 KB PDF) | Full paper (Screen Reader Version)
Salience and Taxation: Theory and Evidence
Raj Chetty, Adam Looney, and Kory Kroft
Abstract | Full paper (804 KB PDF) | Full paper (Screen Reader Version)
2009-10 (February)
A Comparison of Forecast Performance Between Federal Reserve Staff Forecasts, Simple Reduced-Form Models, and a DSGE Model
Rochelle M. Edge, Michael T. Kiley, and Jean-Philippe Laforte
Abstract | Full paper (445 KB PDF) | Full paper (Screen Reader Version)
A Comparison of Forecast Performance Between Federal Reserve Staff Forecasts, Simple Reduced-Form Models, and a DSGE Model
Rochelle M. Edge, Michael T. Kiley, and Jean-Philippe Laforte
Abstract | Full paper (445 KB PDF) | Full paper (Screen Reader Version)
2009-09 (February)
Fluctuations in Individual Labor Income: A Panel VAR Analysis
Ivan Vidangos
Abstract | Full paper (306 KB PDF) | Full paper (Screen Reader Version)
Fluctuations in Individual Labor Income: A Panel VAR Analysis
Ivan Vidangos
Abstract | Full paper (306 KB PDF) | Full paper (Screen Reader Version)
2009-08 (February)
Modeling Earnings Dynamics
Joseph Altonji, Anthony Smith, and Ivan Vidangos
Abstract | Full paper (1137 KB PDF) | Full paper (Screen Reader Version)
Modeling Earnings Dynamics
Joseph Altonji, Anthony Smith, and Ivan Vidangos
Abstract | Full paper (1137 KB PDF) | Full paper (Screen Reader Version)
2009-07 (January)
Factor Intensity and Price Rigidity: Evidence and Theory
Ekaterina V. Peneva
Abstract | Full paper (377 KB PDF) | Full paper (Screen Reader Version)
Factor Intensity and Price Rigidity: Evidence and Theory
Ekaterina V. Peneva
Abstract | Full paper (377 KB PDF) | Full paper (Screen Reader Version)
2009-06 (January)
The Economics of the Mutual Fund Trading Scandal
Patrick E. McCabe
Abstract | Full paper (567 KB PDF) | Full paper (Screen Reader Version)
The Economics of the Mutual Fund Trading Scandal
Patrick E. McCabe
Abstract | Full paper (567 KB PDF) | Full paper (Screen Reader Version)
2009-05 (January)
State and Local Finances and the Macroeconomy: The High-Employment Budget and Fiscal Impetus
Glenn Follette, Andrea Kusko, and Byron Lutz
Abstract | Full paper (375 KB PDF) | Full paper (Screen Reader Version)
State and Local Finances and the Macroeconomy: The High-Employment Budget and Fiscal Impetus
Glenn Follette, Andrea Kusko, and Byron Lutz
Abstract | Full paper (375 KB PDF) | Full paper (Screen Reader Version)
2009-04 (January)
The Shimer Puzzle and the Identification of Productivity Shocks
Regis Barnichon
Abstract | Full paper (350 KB PDF) | Full paper (Screen Reader Version)
The Shimer Puzzle and the Identification of Productivity Shocks
Regis Barnichon
Abstract | Full paper (350 KB PDF) | Full paper (Screen Reader Version)
2009-03 (July)
GSE Activity and Mortgage Supply in Lower-Income and Minority Neighborhoods: The Effect of the Affordable Housing Goals
Neil Bhutta
Abstract | Full paper (855 KB PDF) | Full paper (Screen Reader Version)
GSE Activity and Mortgage Supply in Lower-Income and Minority Neighborhoods: The Effect of the Affordable Housing Goals
Neil Bhutta
Abstract | Full paper (855 KB PDF) | Full paper (Screen Reader Version)
2009-02 (January)
Firms' Relative Sensitivity to Aggregate Shocks and the Dynamics of Gross Job Flows
Eugenio P. Pinto
Abstract | Full paper (284 KB PDF) | Full paper (Screen Reader Version)
Firms' Relative Sensitivity to Aggregate Shocks and the Dynamics of Gross Job Flows
Eugenio P. Pinto
Abstract | Full paper (284 KB PDF) | Full paper (Screen Reader Version)
2009-01 (January)
Revisiting the Supply-Side Effects of Government Spending
Vasia Panousi and George-Marios Angeletos
Abstract | Full paper (598 KB PDF) | Full paper (Screen Reader Version)
Revisiting the Supply-Side Effects of Government Spending
Vasia Panousi and George-Marios Angeletos
Abstract | Full paper (598 KB PDF) | Full paper (Screen Reader Version)