Finance and Economics Discussion Series
		1998 FEDS papers FEDS ordering information

1998-52 (December)
Asset Pooling, Credit Rationing, and Growth
Andreas Lehnert
Abstract | Full paper (462 KB PDF) | Full paper (608 KB Postscript)

1998-51 (December)
Bank Risk Rating of Business Loans
William B. English and William R. Nelson
Abstract | Full paper (3163 KB PDF)

1998-50 (November)
Monetary Policy Evaluation with Noisy Information
Athanasios Orphanides
Abstract | Full paper (430 KB PDF) | Full paper (303 KB Postscript)

1998-49 (November)
Unemployment Risk, Precautionary Saving, and Durable Goods Purchase Decisions
Wendy E. Dunn
Abstract | Full paper (335 KB PDF) | Full paper (505 KB Postscript)

1998-48 (November)
A Rational Expectations Model of Financial Contagion
Laura E. Kodres and Matthew Pritsker
Abstract | Full paper (477 KB PDF)
This is a new version dated April 2001; previous version was dated August 2000. This paper has been published in the Journal of Finance.

1998-47 (December)
A Comparative Anatomy of Credit Risk Models
Michael B. Gordy
Abstract | Full paper (624 KB PDF) | Full paper (333 KB Postscript)

1998-46 (November)
The Consolidation of the Financial Services Industry: Causes, Consequences, and Implications for the Future
Allen N. Berger, Rebecca S. Demsetz, and Philip E. Strahan
Abstract | Full paper (6085 KB PDF)

1998-45 (November)
Robustness of Simple Monetary Policy Rules under Model Uncertainty
Andrew Levin, Volker Wieland, and John C. Williams
Abstract | Full paper (197 KB PDF) | Full paper (464 KB Postscript)

1998-44 (November)
Investment, Capacity, and Output: A Putty-Clay Approach
John C. Williams and Simon Gilchrist
Abstract | Full paper (424 KB PDF) | Full paper (658 KB Postscript)

1998-43 (November)
Inflation Expectations and the Transmission of Monetary Policy
John M. Roberts
Abstract | Full paper (2897 KB PDF)

1998-42 (October)
Bubbles or Noise? Reconciling the Results of Broad-Dividend Variance-Bounds Tests
Garrett H. TeSelle
Abstract | Full paper (758 KB PDF) | Full paper (984 KB Postscript)

1998-41 (October)
Currency Ratios and U.S. Underground Economic Activity
Richard D. Porter and Gretchen C. Weinbach
Abstract | Full paper (747 KB PDF)

1998-40 (September)
Consumption and Asset Prices with Recursive Preferences
Mark Fisher and Christian Gilles
Abstract | Full paper (805 KB PDF) | Full paper (1421 KB Postscript)

1998-39 (August)
Adjustment Costs of Investment in General Equilibrium: Analytic Results
Jinill Kim
Abstract | Full paper (185 KB PDF) | Full paper (169 KB Postscript)

1998-38 (August)
Indeterminacy and Investment Adjustment Costs
Jinill Kim
Abstract | Full paper (82 KB PDF)
This is a new version of this paper dated June 1999; previous version was March 27, 1998

1998-37 (August)
Rational Error Correction
P.A. Tinsley
Abstract | Full paper (237 KB PDF) | Full paper (341 KB Postscript)

1998-36 (August)
Certainty Equivalence and the Non-Vertical Long Run Phillips Curve
Yvan Lengwiler
Abstract | Full paper (333 KB PDF)

1998-35 (August)
Price Stability and Monetary Policy Effectiveness when Nominal Interest Rates are Bounded at Zero
Athanasios Orphanides and Volker Wieland
Abstract | Full paper (742 KB PDF) | Full paper (1485 KB Postscript)

1998-34 (August)
Uncertainty, Learning, and Gradual Monetary Policy
Brian Sack
Abstract | Full paper (799 KB PDF) | Full paper (4202 KB Postscript)

1998-33 (August)
Dealer Polling in the Presence of Possibly Noisy Reporting
Jeremy Berkowitz
Abstract | Full paper (321 KB PDF) | Full paper (450 KB Postscript)

1998-32 (August)
Comparing Market and Supervisory Assessments of Bank Performance: Who Knows What When?
Allen N. Berger, Sally M. Davies, and Mark J. Flannery
Abstract | Full paper (3869 KB PDF)

1998-31 (August)
Interbank Payments and the Daily Federal Funds Rate
Craig Furfine
Abstract | Full paper (1720 KB PDF)

1998-30 (June)
Putty-Clay and Investment: A Business Cycle Analysis
Simon Gilchrist and John C. Williams
Abstract | Full paper (688 KB PDF) | Full paper (957 KB Postscript)

1998-29 (June)
Monetary Policy and Multiple Equilibria
Jess Benhabib, Stephanie Schmitt-Grohe, and Martin Uribe
Abstract | Full paper (336 KB PDF) | Full paper (325 KB Postscript)

1998-28 (June)
The Multiple Unit Auction with Variable Supply
Yvan Lengwiler
Abstract | Full paper (418 KB PDF) | Full paper (240 KB Postscript)

1998-27 (May)
Monetary Policy under Neoclassical and New-Keynesian Phillips Curves, with an Application to Price Level and Inflation Targeting
Michael T. Kiley
Abstract | Full paper (67 KB PDF) | Full paper (163 KB Postscript)

1998-26 (May)
P* Revisited: Money-Based Inflation Forecasts with a Changing Equilibrium Velocity
Athanasios Orphanides and Richard Porter
Abstract | Full paper (316 KB PDF) | Full paper (460 KB Postscript)

1998-25 (May)
Is Mortgage Lending by Savings Associations Special?
Wayne Passmore and Elizabeth Laderman
Abstract | Full paper (2754 KB PDF)

1998-24 (May)
The Effect of Stock Prices on the Demand for Money Market Mutual Funds
James P. Dow, Jr., and Douglas W. Elmendorf
Abstract | Full paper (149 KB PDF) | Full paper (221 KB Postscript)

1998-23 (May)
Equilibrium Price with Institutional Investors and with Naive Traders
Dominique Y. Dupont
Abstract | Full paper (349 KB PDF) | Full paper (1066 KB Postscript)

1998-22 (May)
Monetary Policy and Uncertainty about the Natural Unemployment Rate
Volker Wieland
Abstract | Full paper (363 KB PDF) | Full paper (437 KB Postscript)

1998-21 (May)
Nominal Wage Rigidity and Real Wage Cyclicality
Marcello M. Estevao and Beth Anne Wilson
Abstract | Full paper (130 KB PDF) | Full paper (218 KB Postscript)

1998-20 (May)
Stock Market Wealth and Consumer Spending
Martha Starr-McCluer
Abstract | Full paper (106 KB PDF) | Full paper (201 KB Postscript)

1998-19 (May)
Endogenous Business Cycles and the Dynamics of Output, Hours, and Consumption
Stephanie Schmitt-Grohe
Abstract | Full paper (349 KB PDF) | Full paper (362 KB Postscript)

1998-18 (April)
A Generalization of Generalized Beta Distributions
Michael B. Gordy
Abstract | Full paper (301 KB PDF) | Full paper (339 KB Postscript)

1998-17 (March)
Does the Fed Act Gradually? A VAR Analysis
Brian Sack
Abstract | Full paper (325 KB PDF) | Full paper (393 KB Postscript)

1998-16 (March)
Part-Time Work and Industry Growth
Bruce C. Fallick
Abstract | Full paper (65 KB PDF) | Full paper (388 KB Postscript)

1998-15 (March)
The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle
Allen N. Berger and Gregory F. Udell
Abstract | Full paper (4077 KB PDF)

1998-14 (February)
Divestiture as an Antitrust Remedy in Bank Mergers
Jim Burke
Abstract | Full paper (46 KB PDF) | Full paper (79 KB Postscript)

1998-13 (February)
Who Holds Cash? And Why?
Calvin Schnure
Abstract | Full paper (1640 KB PDF)

1998-12 (February)
The Effects of Social Security Privatization on Household Saving: Evidence from the Chilean Experience
Julia Lynn Coronado
Abstract | Full paper (1577 KB PDF)

1998-11 (February)
The Auctions of Swiss Government Bonds: Should the Treasury Price Discriminate or Not?
Daniel Heller and Yvan Lengwiler
Abstract | Full paper (225 KB PDF) | Full paper (286 KB Postscript)

1998-10 (February)
Deposit Insurance, Bank Incentives, and the Design of Regulatory Policy
Paul H. Kupiec and James M. O'Brien
Abstract | Full paper (424 KB PDF) | Full paper (420 KB Postscript)

1998-9 (February)
Government Debt
Douglas W. Elmendorf and N. Gregory Mankiw
Abstract | Full paper (181 KB PDF) | Full paper (351 KB Postscript)

1998-8 (February)
A Discrete Model of Discriminatory Price Auctions--An Alternative to Menezes-Monteiro
Hans Haller and Yvan Lengwiler
Abstract | Full paper (231 KB PDF) | Full paper (241 KB Postscript)

1998-7 (January)
Bankruptcy Exemptions and the Market for Mortgage Loans
Richard M. Hynes and Jeremy Berkowitz
Abstract | Full paper (485 KB PDF) | Full paper (691 KB Postscript)

1998-6 (January)
Pricing the Strategic Value of Poison Put Bonds
Alexander David
Abstract | Full paper (619 KB PDF) | Full paper (993 KB Postscript)

1998-5 (January)
Cleaning up the Errors in the Monthly "Employment Situation" Report: A Multivariate State-Space Approach
Mark W. French
Abstract | Full paper (70 KB PDF) | Full paper (197 KB Postscript)

1998-4 (January)
Good News and Bad News about Share Repurchases
George W. Fenn and Nellie Liang
Abstract | Full paper (108 KB PDF) | Full paper (224 KB Postscript)

1998-3 (January )
Monetary Policy Rules Based on Real-Time Data
Athanasios Orphanides
Abstract | Full paper (650 KB PDF) | Full paper (634 KB Postscript)

1998-2 (January)
Monetary Policy in a Stochastic Equilibrium Model with Real and Nominal Rigidities
Jinill Kim
Abstract | Full paper (560 KB PDF) | Full paper (628 KB Postscript)

1998-1 (January)
Opportunistic and Deliberate Disinflation under Imperfect Credibility
Antulio N. Bomfim and Glenn D. Rudebusch
Abstract | Full paper (156 KB PDF) | Full paper (223 KB Postscript)