Finance and Economics Discussion Series
2008 FEDS Papers 
2008-43 (September)
Distress in the Financial Sector and Economic Activity
Mark A. Carlson, Thomas B. King, and Kurt F. Lewis
Abstract | Full paper (399 KB PDF) | Full paper (Screen Reader Version)
Distress in the Financial Sector and Economic Activity
Mark A. Carlson, Thomas B. King, and Kurt F. Lewis
Abstract | Full paper (399 KB PDF) | Full paper (Screen Reader Version)
2008-42 (September)
Borrowing From Yourself: 401(k) Loans and Household Balance Sheets
Geng Li and Paul A. Smith
Abstract | Full paper (244 KB PDF) | Full paper (Screen Reader Version)
Borrowing From Yourself: 401(k) Loans and Household Balance Sheets
Geng Li and Paul A. Smith
Abstract | Full paper (244 KB PDF) | Full paper (Screen Reader Version)
2008-41 (September)
The Causes and Consequences of Economic Restructuring: Evidence from the Early 21st Century
Andrew Figura and William Wascher
Abstract | Full paper (279 KB PDF) | Full paper (Screen Reader Version)
The Causes and Consequences of Economic Restructuring: Evidence from the Early 21st Century
Andrew Figura and William Wascher
Abstract | Full paper (279 KB PDF) | Full paper (Screen Reader Version)
2008-40 (September)
Effects of Liquidity on the Nondefault Component of Corporate Yield Spreads: Evidence from Intraday Transactions Data
Song Han and Hao Zhou
Abstract | Full paper (446 KB PDF) | Full paper (Screen Reader Version)
Effects of Liquidity on the Nondefault Component of Corporate Yield Spreads: Evidence from Intraday Transactions Data
Song Han and Hao Zhou
Abstract | Full paper (446 KB PDF) | Full paper (Screen Reader Version)
2008-39 (August)
The High-Frequency Impact of News on Long-Term Yields and Forward Rates: Is It Real?
Meredith J. Beechey and Jonathan H. Wright
Abstract | Full paper (239 KB PDF) | Full paper (Screen Reader Version)
The High-Frequency Impact of News on Long-Term Yields and Forward Rates: Is It Real?
Meredith J. Beechey and Jonathan H. Wright
Abstract | Full paper (239 KB PDF) | Full paper (Screen Reader Version)
2008-38 (August)
Estimating the common trend rate of inflation for consumer prices and consumer prices excluding food and energy prices
Michael T. Kiley
Abstract | Full paper (163 KB PDF) | Full paper (Screen Reader Version)
Estimating the common trend rate of inflation for consumer prices and consumer prices excluding food and energy prices
Michael T. Kiley
Abstract | Full paper (163 KB PDF) | Full paper (Screen Reader Version)
2008-37 (August)
Temporal Risk Aversion and Asset Prices
Skander J. Van den Heuvel
Abstract | Full paper (244 KB PDF) | Full paper (Screen Reader Version)
Temporal Risk Aversion and Asset Prices
Skander J. Van den Heuvel
Abstract | Full paper (244 KB PDF) | Full paper (Screen Reader Version)
2008-36 (August)
Insider Rates vs. Outsider Rates in Lending
Lamont K. Black
Abstract | Full paper (533 KB PDF) | Full paper (Screen Reader Version)
Insider Rates vs. Outsider Rates in Lending
Lamont K. Black
Abstract | Full paper (533 KB PDF) | Full paper (Screen Reader Version)
2008-35 (August)
Banking Market Definition: Evidence from the Survey of Consumer Finances
Dean F. Amel, Arthur B. Kennickell, and Kevin B. Moore
Abstract | Full paper (119 KB PDF) | Full paper (Screen Reader Version)
Banking Market Definition: Evidence from the Survey of Consumer Finances
Dean F. Amel, Arthur B. Kennickell, and Kevin B. Moore
Abstract | Full paper (119 KB PDF) | Full paper (Screen Reader Version)
2008-34 (July)
Does Distance Matter in Banking?
Kenneth P. Brevoort and John D. Wolken
Abstract | Full paper (165 KB PDF) | Full paper (Screen Reader Version)
Does Distance Matter in Banking?
Kenneth P. Brevoort and John D. Wolken
Abstract | Full paper (165 KB PDF) | Full paper (Screen Reader Version)
2008-33 (July)
Monetary Policy in a Forward-Looking Input-Output Economy
Brad E. Strum
Abstract | Full paper (674 KB PDF) | Full paper (Screen Reader Version)
Monetary Policy in a Forward-Looking Input-Output Economy
Brad E. Strum
Abstract | Full paper (674 KB PDF) | Full paper (Screen Reader Version)
2008-32 (July)
Consumer Switching Costs and Firm Pricing: Evidence From Bank Pricing of Deposit Accounts
Timothy H. Hannan
Abstract | Full paper (141 KB PDF) | Full paper (Screen Reader Version)
Consumer Switching Costs and Firm Pricing: Evidence From Bank Pricing of Deposit Accounts
Timothy H. Hannan
Abstract | Full paper (141 KB PDF) | Full paper (Screen Reader Version)
2008-31 (June)
Zero Bound, Option-Implied PDFs, and Term Structure Models
Don H. Kim
Abstract | Full paper (404 KB PDF) | Full paper (Screen Reader Version)
Zero Bound, Option-Implied PDFs, and Term Structure Models
Don H. Kim
Abstract | Full paper (404 KB PDF) | Full paper (Screen Reader Version)
2008-30 (June)
Tips from TIPS: the informational content of Treasury Inflation-Protected Security prices
Stefania D'Amico, Don H. Kim, and Min Wei
Abstract | Full paper (790 KB PDF) | Full paper (Screen Reader Version)
Tips from TIPS: the informational content of Treasury Inflation-Protected Security prices
Stefania D'Amico, Don H. Kim, and Min Wei
Abstract | Full paper (790 KB PDF) | Full paper (Screen Reader Version)
2008-29 (June)
Subprime Mortgages: What, Where, and to Whom?
Chris Mayer and Karen Pence
Abstract | Full paper (605 KB PDF) | Full paper (Screen Reader Version)
Subprime Mortgages: What, Where, and to Whom?
Chris Mayer and Karen Pence
Abstract | Full paper (605 KB PDF) | Full paper (Screen Reader Version)
2008-28 (June)
Market Conditions and Hedge Fund Survival
Mark Carlson and Jason Steinman
Abstract | Full paper (533 KB PDF) | Full paper (Screen Reader Version)
Market Conditions and Hedge Fund Survival
Mark Carlson and Jason Steinman
Abstract | Full paper (533 KB PDF) | Full paper (Screen Reader Version)
2008-27 (June)
Lifecycle Dynamics of Income Uncertainty and Consumption
James Feigenbaum and Geng Li
Abstract | Full paper (401 KB PDF) | Full paper (Screen Reader Version)
Lifecycle Dynamics of Income Uncertainty and Consumption
James Feigenbaum and Geng Li
Abstract | Full paper (401 KB PDF) | Full paper (Screen Reader Version)
2008-26 (June)
Starting Small and Ending Big -- The Effect of Monetary Incentives on Response Rates in the 2003 Survey of Small Business Finances: An Observational Experiment
Traci L. Mach, Lieu N. Hazelwood, and John D. Wolken
Abstract | Full paper (457 KB PDF) | Full paper (Screen Reader Version)
Starting Small and Ending Big -- The Effect of Monetary Incentives on Response Rates in the 2003 Survey of Small Business Finances: An Observational Experiment
Traci L. Mach, Lieu N. Hazelwood, and John D. Wolken
Abstract | Full paper (457 KB PDF) | Full paper (Screen Reader Version)
2008-25 (May)
Term Premiums and Inflation Uncertainty: Empirical Evidence from an International Panel Dataset
Jonathan H. Wright
Abstract | Full paper (581 KB PDF) | Full paper (Screen Reader Version)
Term Premiums and Inflation Uncertainty: Empirical Evidence from an International Panel Dataset
Jonathan H. Wright
Abstract | Full paper (581 KB PDF) | Full paper (Screen Reader Version)
2008-24 (May)
The Effect of Taxation on Lifecycle Labor Supply: Results from a Quasi-Experiment
Jane K. Dokko
Abstract | Full paper (960 KB PDF) | Full paper (Screen Reader Version)
The Effect of Taxation on Lifecycle Labor Supply: Results from a Quasi-Experiment
Jane K. Dokko
Abstract | Full paper (960 KB PDF) | Full paper (Screen Reader Version)
2008-23 (May)
Are Long-Run Inflation Expectations Anchored More Firmly in the Euro Area than in the United States?
Meredith J. Beechey, Benjamin K. Johannsen, and Andrew T. Levin
Abstract | Full paper (152 KB PDF) | Full paper (Screen Reader Version)
Are Long-Run Inflation Expectations Anchored More Firmly in the Euro Area than in the United States?
Meredith J. Beechey, Benjamin K. Johannsen, and Andrew T. Levin
Abstract | Full paper (152 KB PDF) | Full paper (Screen Reader Version)
2008-22 (May)
The Two-Period Rational Inattention Model: Accelerations and Analyses
Kurt F. Lewis
Abstract | Full paper (312 KB PDF) | Full paper (Screen Reader Version)
The Two-Period Rational Inattention Model: Accelerations and Analyses
Kurt F. Lewis
Abstract | Full paper (312 KB PDF) | Full paper (Screen Reader Version)
2008-21 (April)
Nested Simulation in Portfolio Risk Measurement
Michael B. Gordy and Sandeep Juneja
Abstract | Full paper (323 KB PDF) | Full paper (Screen Reader Version)
Nested Simulation in Portfolio Risk Measurement
Michael B. Gordy and Sandeep Juneja
Abstract | Full paper (323 KB PDF) | Full paper (Screen Reader Version)
2008-20 (June)
A New Look at the Wealth Adequacy of Older U.S. Households
David A. Love, Paul A. Smith, and Lucy C. McNair
Abstract | Full paper (309 KB PDF) | Full paper (Screen Reader Version)
A New Look at the Wealth Adequacy of Older U.S. Households
David A. Love, Paul A. Smith, and Lucy C. McNair
Abstract | Full paper (309 KB PDF) | Full paper (Screen Reader Version)
2008-19 (April)
Happiness Maintenance and Asset Prices
Antonio Falato
Abstract | Full paper (316 KB PDF) | Full paper (Screen Reader Version)
Happiness Maintenance and Asset Prices
Antonio Falato
Abstract | Full paper (316 KB PDF) | Full paper (Screen Reader Version)
2008-18 (April)
Exchange Rates, Optimal Debt Composition, and Hedging in Small Open Economies
Jose Berrospide
Abstract | Full paper (305 KB PDF) | Full paper (Screen Reader Version)
Exchange Rates, Optimal Debt Composition, and Hedging in Small Open Economies
Jose Berrospide
Abstract | Full paper (305 KB PDF) | Full paper (Screen Reader Version)
2008-17 (April)
Expectations of Risk and Return Among Household Investors: Are Their Sharpe Ratios Countercyclical?
Gene Amromin and Steven A. Sharpe
Abstract | Full paper (374 KB PDF) | Full paper (Screen Reader Version)
Expectations of Risk and Return Among Household Investors: Are Their Sharpe Ratios Countercyclical?
Gene Amromin and Steven A. Sharpe
Abstract | Full paper (374 KB PDF) | Full paper (Screen Reader Version)
2008-16 (April)
Corporate Hedging, Investment and Value
Jose M. Berrospide, Amiyatosh Purnanandam, and Uday Rajan
Abstract | Full paper (263 KB PDF) | Full paper (Screen Reader Version)
Corporate Hedging, Investment and Value
Jose M. Berrospide, Amiyatosh Purnanandam, and Uday Rajan
Abstract | Full paper (263 KB PDF) | Full paper (Screen Reader Version)
2008-15 (April)
Lack of Signal Error (LoSE) and Implications for OLS Regression: Measurement Error for Macro Data
Jeremy J. Nalewaik
Abstract | Full paper (301 KB PDF) | Full paper (Screen Reader Version)
Lack of Signal Error (LoSE) and Implications for OLS Regression: Measurement Error for Macro Data
Jeremy J. Nalewaik
Abstract | Full paper (301 KB PDF) | Full paper (Screen Reader Version)
2008-14 (March)
Firm Dynamics with Infrequent Adjustment and Learning
Eugenio Pinto
Abstract | Full paper (426 KB PDF) | Full paper (Screen Reader Version)
Firm Dynamics with Infrequent Adjustment and Learning
Eugenio Pinto
Abstract | Full paper (426 KB PDF) | Full paper (Screen Reader Version)
2008-13 (March)
The Trajectory of Wealth in Retirement
David A. Love, Michael G. Palumbo, and Paul A. Smith
Abstract | Full paper (23 KB PDF) | Full paper (Screen Reader Version)
The Trajectory of Wealth in Retirement
David A. Love, Michael G. Palumbo, and Paul A. Smith
Abstract | Full paper (23 KB PDF) | Full paper (Screen Reader Version)
2008-12 (March)
The Effect of Satellite Entry on Product Quality for Cable Television
Chenghuan Sean Chu
Abstract | Full paper (518 KB PDF) | Full paper (Screen Reader Version)
The Effect of Satellite Entry on Product Quality for Cable Television
Chenghuan Sean Chu
Abstract | Full paper (518 KB PDF) | Full paper (Screen Reader Version)
2008-11 (March)
Paying to Save: Tax Withholding and Asset Allocation Among Low- and Moderate-Income Taxpayers
Michael S. Barr and Jane K. Dokko
Abstract | Full paper (281 KB PDF) | Full paper (Screen Reader Version)
Paying to Save: Tax Withholding and Asset Allocation Among Low- and Moderate-Income Taxpayers
Michael S. Barr and Jane K. Dokko
Abstract | Full paper (281 KB PDF) | Full paper (Screen Reader Version)
2008-10 (March)
Does the NEA Crowd Out Private Charitable Contributions to the Arts?
Jane K. Dokko
Abstract | Full paper (297 KB PDF) | Full paper (Screen Reader Version)
Does the NEA Crowd Out Private Charitable Contributions to the Arts?
Jane K. Dokko
Abstract | Full paper (297 KB PDF) | Full paper (Screen Reader Version)
2008-09 (March)
The Human Capital That Matters: Expected Returns and the Income of Affluent Households
Sean D. Campbell and George M. Korniotis
Abstract | Full paper (186 KB PDF) | Full paper (Screen Reader Version)
The Human Capital That Matters: Expected Returns and the Income of Affluent Households
Sean D. Campbell and George M. Korniotis
Abstract | Full paper (186 KB PDF) | Full paper (Screen Reader Version)
2008-08 (February)
The "Growing Pains" of TIPS Issuance
Jennifer E. Roush
Abstract | Full paper (96 KB PDF) | Full paper (Screen Reader Version)
The "Growing Pains" of TIPS Issuance
Jennifer E. Roush
Abstract | Full paper (96 KB PDF) | Full paper (Screen Reader Version)
2008-07 (February)
Alternatives for Distressed Banks and the Panics of the Great Depression
Mark Carlson
Abstract | Full paper (264 KB PDF) | Full paper (Screen Reader Version)
Alternatives for Distressed Banks and the Panics of the Great Depression
Mark Carlson
Abstract | Full paper (264 KB PDF) | Full paper (Screen Reader Version)
2008-06 (February)
Challenges in Macro-Finance Modeling
Don Kim
Abstract | Full paper (445 KB PDF) | Full paper (Screen Reader Version)
Challenges in Macro-Finance Modeling
Don Kim
Abstract | Full paper (445 KB PDF) | Full paper (Screen Reader Version)
2008-05 (July)
The TIPS Yield Curve and Inflation Compensation
Refet S. Gürkaynak, Brian Sack, and Jonathan H. Wright
Abstract | Full paper (287 KB PDF) | Full paper (Screen Reader Version) | Data - Excel file (1.8 MB XLS) | Data - Screen reader
The TIPS Yield Curve and Inflation Compensation
Refet S. Gürkaynak, Brian Sack, and Jonathan H. Wright
Abstract | Full paper (287 KB PDF) | Full paper (Screen Reader Version) | Data - Excel file (1.8 MB XLS) | Data - Screen reader
2008-04 (June)
Footnotes Aren't Enough: The Impact of Pension Accounting on Stock Values
Julia Coronado, Olivia S. Mitchell, Steven A. Sharpe, and S. Blake Nesbitt
Abstract | Full paper (391 KB PDF) | Full paper (Screen Reader Version)
Footnotes Aren't Enough: The Impact of Pension Accounting on Stock Values
Julia Coronado, Olivia S. Mitchell, Steven A. Sharpe, and S. Blake Nesbitt
Abstract | Full paper (391 KB PDF) | Full paper (Screen Reader Version)
2008-03 (February)
Monetary Policy Actions and Long-Run Inflation Expectations
Michael T. Kiley
Abstract | Full paper (150 KB PDF) | Full paper (Screen Reader Version)
Monetary Policy Actions and Long-Run Inflation Expectations
Michael T. Kiley
Abstract | Full paper (150 KB PDF) | Full paper (Screen Reader Version)
2008-02 (January)
Recent Trends in the Number and Size of Bank Branches: An Examination of Likely Determinants
Timothy H. Hannan and Gerald A. Hanweck
Abstract | Full paper (131 KB PDF) | Full paper (Screen Reader Version)
Recent Trends in the Number and Size of Bank Branches: An Examination of Likely Determinants
Timothy H. Hannan and Gerald A. Hanweck
Abstract | Full paper (131 KB PDF) | Full paper (Screen Reader Version)
2008-01 (January)
The Jumbo-Conforming Spread: A Semiparametric Approach
Shane M. Sherlund
Abstract | Full paper (403 KB PDF) | Full paper (Screen Reader Version)
The Jumbo-Conforming Spread: A Semiparametric Approach
Shane M. Sherlund
Abstract | Full paper (403 KB PDF) | Full paper (Screen Reader Version)