Finance and Economics Discussion Series
		1997 FEDS papers FEDS ordering information

1997-59
Interest Rates and M2 in an Error-Correction Macro Model
William Whitesell
Abstract | Full paper (1586 KB PDF)

1997-58
The Subsidy Provided by the Federal Safety Net: Theory, Measurement, and Containment
Myron L. Kwast and S. Wayne Passmore
Abstract | Full paper (1965 KB PDF)

1997-57
The Wage Curve and the Phillips Curve
John M. Roberts
Abstract | Full paper (571 KB PDF)

1997-56
Exploring the Robustness of the Oil Price-Macroeconomy Relationship
Mark Hooker
Abstract | Full paper (125 KB PDF) | Full paper (778 KB Postscript)

1997-55
Pensions, Social Security, and the Distribution of Wealth
Arthur B. Kennickell and Annika E. Sunden
Abstract | Full paper (1870 KB PDF)

1997-54
Unemployment and the Durational Structure of Exit Rates
Karl Whelan
Abstract | Full paper (542 KB PDF) | Full paper (828 KB Postscript)

1997-53
Inflation, Taxes, and the Durability of Capital
Darrel Cohen and Kevin Hassett
Abstract | Full paper (47 KB PDF) | Full paper (102 KB Postscript)

1997-52
Market Definition and the Analysis of Antitrust in Banking
Myron L. Kwast, Martha Starr-McCluer, and John D. Wolken
Abstract | Full paper (87 KB PDF) | Full paper (350 KB Postscript)

1997-51
Wage Curve vs. Phillips Curve: Are There Macroeconomic Implications?
Karl Whelan
Abstract | Full paper (205 KB PDF) | Full paper (192 KB Postscript)

1997-50
Consistency Conditions for Regulatory Analysis of Financial Institutions: A Comparison of Frontier Efficiency Methods
Paul W. Bauer, Allen N. Berger, Gary D. Ferrier, and David B. Humphrey
Abstract | Full paper (2580 KB PDF)

1997-49
Misspecification versus Bubbles in Hyperinflation Data: Monte Carlo and Interwar European Evidence
Mark A. Hooker
Abstract | Full paper (1645 KB PDF)

1997-48
The Sources of Worker Anxiety: Evidence from the Michigan Survey
Maria Ward Otoo
Abstract | Full paper (254 KB PDF) | Full paper (490 KB Postscript)

1997-47
Restraining the Leviathan: Property Tax Limitation in Massachusetts
David M. Cutler, Douglas W. Elmendorf, and Richard Zeckhauser
Abstract | Full paper (246 KB PDF) | Full paper (431 KB Postscript)

1997-46
Staggered Price Setting and Real Rigidities
Michael T. Kiley
Abstract | Full paper (93 KB PDF) | Full paper (270 KB Postscript)

1997-45
The Supply of Skilled Labor and Skill-Biased Technological Progress
Michael T. Kiley
Abstract | Full paper (44 KB PDF) | Full paper (121 KB Postscript)

1997-44
The Effects of Two-Year College on the Labor Market and Schooling Experiences of Young Men
Brian J. Surette
Abstract | Full paper (2476 KB PDF)

1997-43
The GMM Parameter Normalization Puzzle
Charles A. Fleischman
Abstract | Full paper (738 KB PDF) | Full paper (1089 KB Postscript)

1997-42
Expectations, Learning and the Costs of Disinflation: Experiments using the FRB/US Model
Antulio Bomfim, Robert Tetlow, Peter von zur Muehlen, and John C. Williams
Abstract | Full paper (126 KB PDF) | Full paper (322 KB Postscript)

1997-41
Trading Volume and Information Distribution in a Market-Clearing Framework
Dominique Y. Dupont
Abstract | Full paper (697 KB PDF) | Full paper (2184 KB Postscript)

1997-40
Analyzing Alternative Intraday Credit Policies in Real-Time Gross Settlement Systems
Craig H. Furfine and Jeff Stehm
Abstract | Full paper (1308 KB PDF)

1997-39
Internal Capital Markets and Investment: Do the Cash Flow Constraints Really Bind?
Calvin Schnure
Abstract | Full paper (848 KB PDF)

1997-38
The Effects of Interest Rates and Taxes on New Car Prices
Maura P. Doyle
Abstract | Full paper (305 KB PDF) | Full paper (297 KB Postscript)

1997-37
Risk, Entrepreneurship, and Human Capital Accumulation
Murat F. Iyigun and Ann L. Owen
Abstract | Full paper (998 KB PDF)

1997-36
A Quantitative Exploration of the Opportunistic Approach to Disinflation
Athanasios Orphanides, David H. Small, Volker Wieland, and David W. Wilcox
Abstract | Full paper (519 KB PDF) | Full paper (1052 KB Postscript)

1997-35
Who Uses Electronic Banking? Results from the 1995 Survey of Consumer Finances
Arthur B. Kennickell and Myron L. Kwast
Abstract | Full paper (178 KB PDF)

1997-34
Racial Differences in Short-Run Earnings Stability and Implications for Credit Markets
Raphael W. Bostic
Abstract | Full paper (202 KB PDF) | Full paper (477 KB Postscript)

1997-33
Premiums in Private versus Public Bank Branch Sales
James A. Berkovec, John J. Mingo, and Xuechun Zhang
Abstract | Full paper (2106 KB PDF)

1997-32
Social Security Privatization: What It Can and Cannot Accomplish
Randall P. Mariger
Abstract | Full paper (114 KB PDF) | Full paper (234 KB Postscript)

1997-31
Asymmetric Adjustments of Price and Output
P.A. Tinsley and Reva Krieger
Abstract | Full paper (268 KB PDF) | Full paper (309 KB Postscript)

1997-30
Declining Required Reserves and the Volatility of the Federal Funds Rate
James A. Clouse and Douglas W. Elmendorf
Abstract | Full paper (239 KB PDF) | Full paper (372 KB Postscript)

1997-29
The Evolution of Macro Models at the Federal Reserve Board
Flint Brayton, Andrew Levin, Ralph Tryon, and John C. Williams
Abstract | Full paper (234 KB PDF) | Full paper (634 KB Postscript)

1997-28
The Effects of Bank Mergers and Acquisitions on Small Business Lending
Allen N. Berger, Anthony Saunders, Joseph M. Scalise, and Gregory F. Udell
Abstract | Full paper (678 KB PDF) | Full paper (1202 KB Postscript)

1997-27
Default Correlation: An Analytical Result
Chunsheng Zhou
Abstract | Full paper (245 KB PDF) | Full paper (243 KB Postscript)

1997-26
Nonparametric Density Estimation and Tests of Continuous Time Interest Rate Models
Matt Pritsker
Abstract | Full paper (1020 KB PDF) | Full paper (2045 KB Postscript)

1997-25
Small Business Lending by Banks Involved in Mergers
Nicholas A. Walraven
Abstract | Full paper (205 KB PDF) | Full paper (399 KB Postscript)

1997-24
Efficiency Wages, Nominal Rigidities, and the Cyclical Behavior of Real Wages and Marginal Cost
Michael T. Kiley
Abstract | Full paper (20 KB PDF) | Full paper (53 KB Postscript)

1997-23
Dynamic Equilibrium Economies: A Framework for Comparing Models and Data
Francis X. Diebold, Lee E. Ohanian, and Jeremy Berkowitz
Abstract | Full paper (3038 KB PDF)

1997-22
Margin Requirements, Volatility, and Market Integrity: What Have We Learned since the Crash?
Paul H. Kupiec
Abstract | Full paper (265 KB PDF) | Full paper (264 KB Postscript)

1997-21
`Home' Base and Monetary Base Rules: Elementary Evidence from the 1980s and 1990s
Philip N. Jefferson
Abstract | Full paper (216 KB PDF) | Full paper (210 KB Postscript)

1997-20
Extracting Information from Trading Volume
Dominique Y. Dupont
Abstract | Full paper (332 KB PDF) | Full paper (367 KB Postscript)

1997-19
The Effect of Automated Underwriting on the Profitability of Mortgage Securitization
Wayne Passmore and Roger Sparks
Abstract | Full paper (201 KB PDF) | Full paper (312 KB Postscript)

1997-18
Three Sources of Increasing Returns to Scale
Jinill Kim
Abstract | Full paper (443 KB PDF) | Full paper (504 KB Postscript)

1997-17
Price Level Determinacy and Monetary Policy under a Balanced Budget Requirement
Stephanie Schmitt-Grohe and Martin Uribe
Abstract | Full paper (228 KB PDF) | Full paper (304 KB Postscript)

1997-16
Path-Dependent Option Valuation when the Underlying Path Is Discontinuous
Chunsheng Zhou
Abstract | Full paper (218 KB PDF) | Full paper (201 KB Postscript)

1997-15
A Jump-Diffusion Approach to Modeling Credit Risk and Valuing Defaultable Securities
Chunsheng Zhou
Abstract | Full paper (357 KB PDF) | Full paper (397 KB Postscript)

1997-14
The Pre-Commitment Approach: Using Incentives to Set Market Risk Capital Requirements
Paul H. Kupiec and James M. O'Brien
Abstract | Full paper (570 KB PDF) | Full paper (535 KB Postscript)

1997-13
Credit Derivatives in Banking: Useful Tools for Managing Risk?
Gregory R. Duffee and Chunsheng Zhou
Abstract | Full paper (190 KB PDF) | Full paper (202 KB Postscript)

1997-12
Measuring the Social Return to R&D
Charles I. Jones and John C. Williams
Abstract | Full paper (111 KB PDF) | Full paper (118 KB Postscript)

1997-11
Efficiency of Financial Institutions: International Survey and Directions for Future Research
Allen N. Berger and David B. Humphrey
Abstract | Full paper (4627 KB PDF)

1997-10
Inside the Black Box: What Explains Differences in the Efficiencies of Financial Institutions?
Allen N. Berger and Loretta J. Mester
Abstract | Full paper (3060 KB PDF)

1997-9
The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function
Jalal D. Akhavein, Allen N. Berger, and David B. Humphrey
Abstract | Full paper (2825 KB PDF)

1997-8
Problem Loans and Cost Efficiency in Commercial Banks
Allen N. Berger and Robert DeYoung
Abstract | Full paper (103 KB PDF) | Full paper (426 KB Postscript)

1997-7
The Community Reinvestment Act and the Profitability of Mortgage-Oriented Banks
Glenn Canner and Wayne Passmore
Abstract | Full paper (110 KB PDF) | Full paper (176 KB Postscript)

1997-6
Earnings Forecasts and the Predictability of Stock Returns: Evidence from Trading the S&P
Joel Lander, Athanasios Orphanides, and Martha Douvogiannis
Abstract | Full paper (421 KB PDF) | Full paper (436 KB Postscript)

1997-5
Computationally Convenient Distributional Assumptions for Common Value Auctions
Michael B. Gordy
Abstract | Full paper (229 KB PDF) | Full paper (229 KB Postscript)

1997-4
Information Sharing and Competition in the Motor Vehicle Industry
Maura P. Doyle and Christopher M. Snyder
Abstract | Full paper (1880 KB PDF)

1997-3
Estimating Dynamic Panel Data Models: A Practical Guide for Macroeconomists
Ruth A. Judson and Ann L. Owen
Abstract | Full paper (343 KB PDF) | Full paper (588 KB Postscript)

1997-2
The Role of Race in Mortgage Lending: Revisiting the Boston Fed Study
Raphael W. Bostic
Abstract | Full paper (679 KB PDF) | Full paper (591 KB Postscript)

1997-1
Movements of Wages over the Business Cycle: An Intra-Firm View
Beth Anne Wilson
Abstract | Full paper (736 KB PDF)