2004-70 (January 2005) The Magnitude and Cyclical Behavior of Financial Market Frictions
Andrew T. Levin, Fabio M. Natalucci, and Egon Zakrajsek Abstract
| Full paper (387 KB PDF)
2004-69 (January 2005) Alternative Estimates of the Presidential Premium
Sean D. Campbell and Canlin Li Abstract
| Full paper (417 KB PDF)
2004-68 (December) The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time
Athanasios Orphanides and Simon van Norden Abstract
| Full paper (238 KB PDF)
2004-66 (December) Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements
Refet Gurkaynak, Brian Sack, Eric Swanson Abstract
| Full paper (613 KB PDF)
2004-65 (November) Measuring Capital and Technology: An Expanded Framework
Carol Corrado, Charles Hulten, and Daniel Sichel Abstract
| Full paper (316 KB PDF)
2004-64 (October) Reading the Minds of Investors: An Empirical Term Structure Model for Policy Analysis
Jim Clouse Abstract
| Full paper (982 KB PDF)
2004-61 (October) The Liquidity Effect in the Federal Funds Market: Evidence from Daily Open Market Operations
Seth Carpenter and Selva Demiralp Abstract
| Full paper (212 KB PDF)
2004-60 (October) Debt Maturity, Risk, and Asymmetric Information
Allen N. Berger, Marco A. Espinosa-Vega, W. Scott Frame, and Nathan H. Miller Abstract
| Full paper (474 KB PDF)
2004-58 (October) Diverging Measures of Capacity Utilization: An Explanation
Norman Morin and John J. Stevens Abstract
| Full paper (227 KB PDF)
2004-57 (October) Quantitative Monetary Easing and Risk in Financial Asset Markets
Takeshi Kimura and David Small Abstract
| Full paper (1063 KB PDF)
2004-56 (October) Dynamic Estimation of Volatility Risk Premia and Investor Risk Aversion from Option-Implied and Realized Volatilities
Tim Bollerslev, Michael Gibson, and Hao Zhou Abstract
| Full paper (392 KB PDF)
2004-55 (October) A Consistent Accounting of U.S. Productivity Growth
Eric J. Bartelsman and J. Joseph Beaulieu Abstract
| Full paper (375 KB PDF)
2004-54 (October) Integrated Macroeconomic Accounts for the United States: Draft SNA-USA
Rochelle Antoniewicz, Susan Hume McIntosh, Charles Ian Mead, Karin Moses, Brent Moulton, Michael Palumbo, Genevieve Solomon, and Albert M. Teplin Abstract
| Full paper (359 KB PDF)
2004-53 (October) Market Discipline in Banking Reconsidered: The Roles of Funding Manager Decisions and Deposit Insurance Reform
Daniel M. Covitz, Diana Hancock, and Myron L. Kwast Abstract
| Full paper (645 KB PDF)
2004-52 (October) Macroeconomic Volatility, Predictability and Uncertainty in the Great Moderation: Evidence from the Survey of Professional Forecasters
Sean D. Campbell Abstract
| Full paper (656 KB PDF)
2004-51 (October) Consumer Sentiment, the Economy, and the News Media
Mark Doms and Norman Morin Abstract
| Full paper (1171 KB PDF)
2004-50 (September) The Long-Run Relationship between House Prices and Rents
Joshua Gallin Abstract
| Full paper (317 KB PDF)
2004-49 (September) Estimating Capacity Utilization from Survey Data
Norman Morin and John Stevens Abstract
| Full paper (322 KB PDF)
2004-48 (September) Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment
Ben S. Bernanke, Vincent R. Reinhart, and Brian P. Sack Abstract
| Full paper (586 KB PDF)
2004-47 (September) Convenience or Necessity? Understanding the Recent Rise in Credit Card Debt
Kathleen W. Johnson Abstract
| Full paper (456 KB PDF)
2004-46 (August) Competition, Product Differentiation and Quality Provision: An Empirical Equilibrium Analysis of Bank Branching Decisions
Andrew Cohen and Michael J. Mazzeo Abstract
| Full paper (395 KB PDF)
2004-45 (August) Expectation Traps in a New Keynesian Open Economy Model
David M. Arseneau Abstract
| Full paper (878 KB PDF)
2004-44 (August) Monetary Policy and the Information Content of the Yield Spread
Michael Feroli Abstract
| Full paper (318 KB PDF)
2004-41 (August) Limited Network Connections and the Distribution of Wages
Kenneth J. Arrow and Ron Borzekowski Abstract
| Full paper (189 KB PDF)
2004-40 (August) The Scope of Monetary Policy Actions Authorized under the Federal Reserve Act
David H. Small and James A. Clouse Abstract
| Full paper (221 KB PDF)
2004-39 (August) Integrating Expenditure and Income Data: What To Do With the Statistical Discrepancy?
J. Joseph Beaulieu and Eric J. Bartelsman Abstract
| Full paper (734 KB PDF)
2004-38 (June) Multimarket Bank Pricing: An Empirical Investigation of Deposit Interest Rates
Timothy H. Hannan and Robin A. Prager Abstract
| Full paper (135 KB PDF)
2004-37 (June) The Price and Quantity of Residential Land in the United States
Morris A. Davis and Jonathan Heathcote Abstract
| Full paper (425 KB PDF)
2004-35 (June) Transparency and Monetary Policy: What Does the Academic Literature Tell Policymakers?
Seth B. Carpenter Abstract
| Full paper (213 KB PDF)
2004-34 (October 2008) Employer-to-Employer Flows in the U.S. Labor Market: The Complete Picture of Gross Worker Flows
Bruce Fallick and Charles A. Fleischman Abstract
| Full paper (326 KB PDF)
| Data
2004-33 (June) To Leave or Not to Leave: The Distribution of Bequest Motives
Wojciech Kopczuk and Joseph P. Lupton Abstract
| Full paper (421 KB PDF)
2004-32 (June) The Decline in Household Saving and the Wealth Effect
F. Thomas Juster, Joseph P. Lupton, James P. Smith, and Frank Stafford Abstract
| Full paper (193 KB PDF)
2004-31 (June) How Fast Do Personal Computers Depreciate? Concepts and New Estimates
Mark E. Doms, Wendy E. Dunn, Stephen D. Oliner, and Daniel E. Sichel Abstract
| Full paper (421 KB PDF)
2004-30 (May) Technology, Capital Spending, and Capacity Utilization
Cynthia Bansak, Norman Morin, and Martha Starr Abstract
| Full paper (674 KB PDF)
2004-29 (June) Overnight Interbank Loan Markets
Selva Demiralp, Brian Preslopsky, and William Whitesell Abstract
| Full paper (433 KB PDF)
2004-28 (June) Fresh Start or Head Start? The Effect of Filing for Personal Bankruptcy on the Labor Supply
Song Han and Wenli Li Abstract
| Full paper (277 KB PDF)
2004-27 (May) Loan Commitments and Private Firms
Sumit Agarwal, Souphala Chomsisengphet, and John C. Driscoll Abstract
| Full paper (441 KB PDF)
2004-26 (May) Cross-Border Diversification in Bank Asset Portfolios
Claudia M. Buch, John C. Driscoll, and Charlotte Ostergaard Abstract
| Full paper (321 KB PDF)
2004-25 (June) Optimal Inflation in an Open Economy with Imperfect Competition
David M. Arseneau Abstract
| Full paper (999 KB PDF)
2004-24 (June) Commercial Lending and Distance: Evidence from Community Reinvestment Act Data
Kenneth P. Brevoort and Timothy H. Hannan Abstract
| Full paper (175 KB PDF)
2004-23 (May) 401(k) Matching Contributions in Company Stock: Costs and Benefits for Firms and Workers
Jeffrey R. Brown, Nellie Liang, and Scott Weisbenner Abstract
| Full paper (1627 KB PDF)
2004-22 (April) The Geography of Stock Market Participation: The Influence of Communities and Local Firms
Jeffrey R. Brown, Zoran Ivkovic, Paul A. Smith, and Scott Weisbenner Abstract
| Full paper (295 KB PDF)
2004-21 (April) Learning and Shifts in Long-Run Productivity Growth
Rochelle M. Edge, Thomas Laubach, and John C. Williams Abstract
| Full paper (204 KB PDF)
2004-20 (April) Uncertainty and Investment: An Empirical Investigation Using Data on Analysts' Profits Forecasts
Stephen R. Bond and Jason G. Cummins Abstract
| Full paper (536 KB PDF)
2004-19 (April) What Does the Yield on Subordinated Bank Debt Measure?
Urs W. Birchler and Diana Hancock Abstract
| Full paper (1312 KB PDF)
2004-18 (April) The Term Structure of Commercial Paper Rates
Chris Downing and Stephen Oliner Abstract
| Full paper (391 KB PDF)
2004-16 (April) What Explains the Stock Market's Reaction to Federal Reserve Policy?
Ben S. Bernanke and Kenneth N. Kuttner Abstract
| Full paper (299 KB PDF)
2004-14 (April) The Effects of Technology on the Age Distribution of Health Spending: A Cross-Country Perspective
Louise Sheiner Abstract
| Full paper (215 KB PDF)
2004-13 (March) Will the Proposed Application of Basel II in the United States Encourage Increased Bank Merger Activity? Evidence from Past Merger Activity
Timothy H. Hannan and Steven J. Pilloff Abstract
| Full paper (247 KB PDF)
2004-12 (March) Potential Competitive Effects of Basel II on Banks in SME Credit Markets in the United States
Allen N. Berger Abstract
| Full paper (1035 KB PDF)
2004-07 (February) Modeling the Whole Firm: The Effect of Multiple Inputs and Financial Intermediation on Bank Deposit Rates
Elizabeth K. Kiser Abstract
| Full paper (723 KB PDF)
2004-06 (February) Federal Reserve Transparency and Financial Market Forecasts of Short-Term Interest Rates
Eric T. Swanson Abstract
| Full paper (252 KB PDF)
2004-05 (February) The Effects of the 1986 and 1993 Tax Reforms on Self-Employment
Kevin Moore Abstract
| Full paper (512 KB PDF)
2004-04 (February) Market Structure and Competition Among Retail Depository Institutions
Andew Cohen and Michael Mazzeo Abstract
| Full paper (661 KB PDF)
2004-03 (January) Measuring the Effects of Monetary Policy: A Factor-Augmented Vector Autoregressive (FAVAR) Approach
Ben S. Bernanke, Jean Boivin, and Piotr Eliasz Abstract
| Full paper (376 KB PDF)
2004-02 (January) Market Structure and Market Definition: The Case of Small Market Banks and Thrifts
Andrew Cohen Abstract
| Full paper (271 KB PDF)
2004-01 (January) Monetary Policy in Deflation: The Liquidity Trap in History and Practice
Athanasios Orphanides Abstract
| Full paper (243 KB PDF)