Research Papers and Publications
Research papers and publications address topics related to monetary policy, regional economic and fiscal issues, public policy, banking, and finance. They are intended for researchers, policymakers, economists, bankers, and opinion leaders.
Papers and publications from all the Boston Fed's research groups are listed by year and in order of release.
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- Sovereign Default Risk and Uncertainty Premia
by Demian Pouzo and Ignacio Presno
Working Paper No. 12-11 - Fiscal Devaluations
by Emmanuel Farhi, Gita Gopinath, and Oleg Itskhoki
Working Paper No. 12-10 - Potential Effects of the Great Recession on the U.S. Labor Market
by William T. Dickens and Robert K. Triest
Working Paper No. 12-9 - U.S. Household Deleveraging: What Do the Aggregate and Household-Level Data Tell Us?
by Daniel Cooper
Public Policy Brief No. 12-2 - Core Competencies, Matching, and the Structure of Foreign Direct Investment: An Update
by Federico J. Díez and Alan C. Spearot
Working Paper No. 12-8 - Foreclosure Externalities: Some New Evidence
by Kristopher S. Gerardi, Eric Rosenblatt, Paul S. Willen, and Vincent W. Yao
Public Policy Discussion Paper No. 12-5 - Knightian Uncertainty and Interbank Lending
by Matthew Pritsker
RPA Working Paper No. 12-4 - The Stability of Prime Money Market Mutual Funds:
Sponsor Support from 2007 to 2011
by Steffanie A. Brady, Ken E. Anadu, and Nathaniel R. Cooper
RPA Working Paper No. 12-3 - Shifting Confidence in Homeownership: The Great Recession
by Anat Bracha and Julian C. Jamison
Public Policy Discussion Paper No. 12-4 - Measuring Household Spending and Payment Habits: The Role of
'Typical' and 'Specific' Time Frames in Survey Questions
by Marco Angrisani, Arie Kapteyn, and Scott Schuh
Working Paper No. 12-7 - Relative Pay and Labor Supply
by Anat Bracha and Uri Gneezy
Working Paper No. 12-6 - Selecting Public Goods Institutions: Who Likes to Punish and Reward?
by Michalis Drouvelis and Julian C. Jamison
Working Paper No. 12-5 - The Supplemental Security Income Program and Welfare Reform
by Lucie Schmidt
Public Policy Discussion Paper No. 12-3 - Why Did So Many People Make So Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis
by Christopher L. Foote, Kristopher S. Gerardi, and Paul S. Willen
Public Policy Discussion Paper No. 12-2 - Investment in Customer Recognition and Information Exchange
by Oz Shy and Rune Stenbacka
Working Paper No. 12-4 - Long-Term Inequality and Mobility
by Katharine Bradbury
Public Policy Brief No. 12-1 - When the Tide Goes Out: Unemployment Insurance Trust Funds and the Great Recession, Lessons for and from New England
by Jennifer Weiner
NEPPC Research Report No. 12-1 - Bank Diversification, Market Structure and Bank Risk Taking: Theory and Evidence from U.S. Commercial Banks
by Martin Goetz
QAU Working Paper No. 12-2 - Valuable Cheap Talk and Equilibrium Selection
by Julian C. Jamison
Working Paper No. 12-3 - How Consumers Pay: Adoption and Use of Payments
by Scott Schuh and Joanna Stavins
Working Paper No. 12-2 - Evaluating the Impact of Fair Value Accounting on Financial Institutions: Implications for Accounting Standards Setting and Bank Supervision
by Sanders Shaffer
QAU Working Paper No. 12-1 - Effects of Credit Scores on Consumer Payment Choice
by Fumiko Hayashi and Joanna Stavins
Public Policy Discussion Paper No. 12-1 - Are American Homeowners Locked into Their Houses? The Impact of Housing Market Conditions on State-to-State Migration
by Alicia Sasser Modestino and Julia Dennett
Working Paper No. 12-1
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- Inflation Dynamics When Inflation is Near Zero
by Jeffrey C. Fuhrer, Giovanni P. Olivei, and Geoffrey M. B. Tootell
Working Paper No. 11-17 - The Great Recession and Bank Lending to Small Businesses
by Judit Montoriol-Garriga and J. Christina Wang
Working Paper No. 11-16 - Account-to-Account Electronic Money Transfers: Recent Developments in the United States
by Oz Shy
Public Policy Discussion Paper No. 11-10 - Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process
by Kristopher Gerardi, Lauren Lambie-Hanson, and Paul S. Willen
Public Policy Discussion Paper No. 11-9 - Games with Synergistic Preferences
by Julian C. Jamison
Working Paper No. 11-15 - Managing Self-Confidence: Theory and Experimental Evidence
by Markus M. Möbius, Muriel Niederle, Paul Niehaus, and Tanya S. Rosenblat
Working Paper No. 11-14 - Core Competencies, Matching, and the Structure of Foreign Direct Investment
by Federico J. Díez and Alan C. Spearot
Working Paper No. 11-13 - A More Equitable Approach to Cutting State Aid
by Bo Zhao and David Coyne
NEPPC Policy Brief No. 11-2 - Further Investigations into the Origin of Credit Score Cutoff Rules
by Ryan Bubb and Alex Kaufman
Working Paper No. 11-12 - Economic Literacy and Inflation Expectations: Evidence from a Laboratory Experiment
by Mary A. Burke and Michael Manz
Public Policy Discussion Paper No. 11-8 - The Role of Expectations in U.S. Inflation Dynamics
by Jeffrey C. Fuhrer
Working Paper No. 11-11 - Trends in U.S. Family Income Mobility, 1969–2006
by Katharine Bradbury
Working Paper 11-10 - Quantifying the Role of Federal and State Taxes in Mitigating Income Inequality
by Daniel H. Cooper, Byron F. Lutz, and Michael G. Palumbo
Public Policy Discussion Paper 11-7 - State Foreclosure Prevention Efforts: Mediation and Financial Assistance
by Robert Clifford
NEPPC Research Report 11-3 - Potential Effects of an Increase in Debit Card Fees
by Joanna Stavins
Public Policy Brief No. 11-3 - Securitization and Moral Hazard: Evidence from Credit Score Cutoff Rules
by Ryan Bubb and Alex Kaufman
Public Policy Discussion Paper 11-6 - Classroom Peer Effects and Student Achievement
by Mary A. Burke and Tim R. Sass
Public Policy Discussion Paper 11-5 - Trade Adjustment and Productivity in Large Crises
by Gita Gopinath and Brent Neiman
Working Paper 11-9 - Childhood Lead and Academic Performance in Massachusetts
by Jessica W. Reyes
NEPPC Working Paper 11-3 - Designing Formulas for Distributing Reductions in State Aid
by Bo Zhao and David Coyne
NEPPC Working Paper 11-2 - On the Distribution of College Dropouts: Household Wealth and Uninsurable Idiosyncratic Risk
by Ali K. Ozdagli and Nicholas Trachter
Working Paper No. 11-8 - Customer Recognition and Competition
by Oz Shy and Rune Stenbacka
Working Paper No. 11-7
- An Economic Analysis of the 2010 Proposed Settlement between the Department of Justice and Credit Card Networks
by Scott Schuh, Oz Shy, Joanna Stavins, and Robert Triest
Public Policy Discussion Paper No. 11-4 - House Price Growth When Kids are Teenagers: A Path to Higher Intergenerational Achievement?
by Daniel Cooper and María José Luengo-Prado
Working Paper No. 11-6 - Self-Employment in the Global Economy
by Federico J. Díez and Ali K. Ozdagli
Working Paper No. 11-5 - Municipal Aid Evaluation and Reform
by Bo Zhao
NEPPC Working Paper No. 11-1 - A Response to Cogley and Sbordone's Comment on "Closed-Form Estimates of the New Keynesian Phillips Curve with Time-Varying Trend Inflation"
by Fabià Gumbau-Brisa, Denny Lie, and Giovanni P. Olivei
Working Paper No. 11-4 - Estimation of Forward-Looking Relationships in Closed Form: An Application to the New Keynesian Phillips Curve
by Michelle L. Barnes, Fabià Gumbau-Brisa, Denny Lie, and Giovanni P. Olivei
Working Paper No. 11-3 - Oil and the Macroeconomy in a Changing World: A Conference Summary
by Christopher L. Foote and Jane S. Little
Public Policy Discussion Paper No. 11-3 - Explaining Gender-Specific Racial Differences in Obesity Using Biased Self-Reports of Food Intake and Physical Activity
by Mary A. Burke and Frank W. Heiland
Working Paper No. 11-2 - The Bank of North Dakota: A Model for Massachusetts and Other States?
by Yolanda K. Kodrzycki and Tal Elmatad
NEPPC Research Report No. 11-2 - Adopting, Using, and Discarding Paper and Electronic Payment Instruments: Variation by Age and Race
by Ronald J. Mann
Public Policy Discussion Paper No. 11-2 - The Estimated Macroeconomic Effects of the Federal Reserve's Large-Scale Treasury Purchase Program
by Jeffrey C. Fuhrer and Giovanni P. Olivei
Public Policy Brief No. 11-2 - Do Commodity Price Spikes Cause Long-Term Inflation?
by Geoffrey M.B. Tootell
Public Policy Brief No. 11-1 - The Middle-Skills Gap: Ensuring an Adequate Supply of Skilled Labor in Northern and Southern New England
by Julia Dennett and Alicia Sasser Modestino
NEPPC Policy Brief No. 11-1 - The 2009 Survey of Consumer Payment Choice
by Kevin Foster, Erik Meijer, Scott Schuh, and Michael A. Zabek
Public Policy Discussion Paper No. 11-1 - How Does New Hampshire Do It? An Analysis of Spending and Revenues in the Absence of a Broad-based Income or Sales Tax
by Jennifer Weiner
NEPPC Research Report No. 11-1 - Real Output of Bank Services: What Counts Is What Banks Do, Not What They Own
by Robert Inklaar and J. Christina Wang
Working Paper No. 11-1
- Reforming Municipal Aid in Massachusetts: The Case for a Gap-Based Formula
by Bo Zhao and David Coyne
NEPPC Policy Brief No. 10-2 - The Financial Structure of Startup Firms: The Role of Assets, Information, and Entrepreneur Characteristics
by Paroma Sanyal and Catherine L. Mann
Working Paper 10-17 - Affective Decision Making: A Theory of Optimism Bias
by Anat Bracha and Donald J. Brown
Working Paper 10-16 - Internal Sources of Finance and the Great Recession
by Michelle L. Barnes and N. Aaron Pancost
Working Paper 10-15 - Characterizing the Amount and Speed of Discounting Procedures
by Dean T. Jamison and Julian C. Jamison
Working Paper 10-14 - The Distress Premium Puzzle
by Ali K. Ozdagli
Working Paper 10-13 - Evidence of a Credit Crunch? Results from the 2010 Survey of First District Community Banks
by Jihye Jeon, Judit Montoriol-Garriga, Robert K. Triest, J. Christina Wang
Public Policy Brief No. 10-3 - Imputing Household Spending in the Panel Study of Income Dynamics: A Comparison of Approaches
by Daniel Cooper
Working Paper 10-12 - Branching of Banks and Union Decline
by Alexey Levkov
QAU Working Paper 10-7 - Some Evidence on the Importance of Sticky Wages
by Alessandro Barattieri, Susanto Basu, and Peter Gottschalk
Working Paper 10-11 - Mismatch in the Labor Market? Ensuring an Adequate Supply of Skilled Labor in New England
by Alicia Sasser Modestino
NEPPC Research Report 10-2 - New England Economic Indicators
Quarter 3, 2010 - President's Report to the Board of Directors
November 2010 - Financing Constraints and Unemployment: Evidence from the Great Recession
by Burcu Duygan-Bump, Alexey Levkov, and Judit Montoriol-Garriga
QAU Working Paper 10-6 - Strategic Choice of Preferences: The Persona Model
by David H. Wolpert, Julian Jamison, David Newth, and Michael Harre
Working Paper 10-10 - Risk, Returns, and Multinational Production
by José L. Fillat and Stefania Garetto
QAU Working Paper 10-5 - Addressing the Pro-cyclicality of Capital Requirements with a Dynamic Loan Loss Provision System
by José L. Fillat and Judit Montoriol-Garriga
QAU Working Paper 10-4 - A Profile of the Mortgage Crisis in a Low-and-Moderate-Income Community
by Lynn Fisher, Lauren Lambie-Hanson, and Paul S. Willen
Public Policy Discussion Paper 10-6
- New England Economic Indicators
Quarter 2, 2010
- Reasonable People Did Disagree: Optimism and Pessimism About the U.S. Housing Market Before the Crash
by Kristopher S. Gerardi, Christopher L. Foote, and Paul S. Willen
Public Policy Discussion Paper 10-5 - $1.25 Trillion is Still Real Money: Some Facts About the Effects of the Federal Reserve’s Mortgage Market Investments
by Andreas Fuster and Paul S. Willen
Public Policy Discussion Paper 10-4 - Research Review
Issue No. 13
Summary of research from January-June 2010 - In Search of Real Rigidities
by Gita Gopinath and Oleg Itskhoki
Working Paper 10-9 - Who Gains and Who Loses from Credit Card Payments? Theory and Calibrations
by Scott Schuh, Oz Shy, and Joanna Stavins
Public Policy Discussion Paper No. 10-3 - Does Springfield Receive Its Fair Share of Municipal Aid? Implications for Aid Formula Reform in Massachusetts
by Bo Zhao with Marques Benton, Lynn Browne, Prabal Chakrabarti, DeAnna Green, Yolanda K. Kodrzycki, Ana Patricia Muñoz, and Richard Walker
NEPPC Working Paper 10-4 - Population Aging and State Pensions in New England
by Richard Woodbury
NEPPC Research Report 10-1 - Wage Setting Patterns and Monetary Policy: International Evidence
by Giovanni Olivei and Silvana Tenreyro
Working Paper 10-8 - The Sensitivity of Long-Term Interest Rates to Economic News: Comment
by Michelle L. Barnes and N. Aaron Pancost
Working Paper 10-7 - Moral Hazard, Peer Monitoring, and Microcredit: Field Experimental Evidence from Paraguay
by Jeffrey Carpenter and Tyler Williams
Working Paper 10-6 - Public and Private Values
by Dan Ariely, Anat Bracha, and Jean-Paul L’Huillier
Working Paper 10-5 - The Role of Expectations and Output in the Inflation Process: An Empirical Assessment
by Jeffrey C. Fuhrer and Giovanni P. Olivei
Public Policy Brief 10-2 - The Asymmetric Effects of Tariffs on Intra-Firm Trade and Offshoring Decisions
by Federico J. Díez
Working Paper No 10-4 - The Housing Bust and Housing Affordability
by Robert Clifford
NEPPC Discussion Paper No. 10-1 - Unaffordable Housing and Local Employment Growth
by Ritashree Chakrabarti and Junfu Zhang
NEPPC Working Paper 10-3 - New England Economic Indicators
Q1 2010 - Mobile Payments in the United States at Retail Point of Sale: Current Market and Future Prospects
by Marianne Crowe, Marc Rysman, and Joanna Stavins
Public Policy Discussion Paper 10-2 - How Effective Were the Federal Reserve Emergency Liquidity Facilities? Evidence from the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility
by Burcu Duygan-Bump, Patrick M. Parkinson, Eric S. Rosengren, Gustavo A. Suarez, Paul S. Willen
QAU Working Paper 10-3 - A Short Survey of Network Economics
by Oz Shy
Working Paper 10-3 - What Explains Differences in Foreclosure Rates? A Response to Piskorski, Seru, and Vig
by Manuel Adelino, Kristopher Gerardi, and Paul S. Willen
Working Paper 10-2 - Optimal Portfolio Choice with Predictability in House Prices and Transaction Costs
by Stefano Corradin, José L. Fillat, and Carles Vergara-Alert
QAU Working Paper 10-2 - Insuring Consumption Using Income-Linked Assets
by Andreas Fuster and Paul S. Willen
Working Paper 10-1 - Did Easy Credit Lead to Overspending? Home Equity Borrowing and Household Behavior in the Early 2000s
by Daniel Cooper
Public Policy Discussion Paper 09-7 - Person-to-Person Electronic Funds Transfers: Recent Developments and Policy Issues
by Oz Shy
Public Policy Discussion Paper 10-1 - Evaluating Business Tax Credits: Reading Between the Lines
by Jennifer Weiner
NEPPC Public Policy Brief 10-1 - State Government Budgets and the Recovery Act
by Katharine Bradbury
Public Policy Brief 10-1
- The Fiscal Impact of Potential Local Option Taxes in Massachusetts
by Bo Zhao
NEPPC Working Paper 10-2 - Fair Value Accounting: Villain or Innocent Victim? Exploring the Links Between Fair Value Accounting, Bank Regulatory Capital, and the Recent Financial Crisis
by Sanders Shaffer
QAU Working Paper 10-1 - Policymaking Insights from Behavioral Economics
Book based on Boston Fed's 2007 conference "Implications of Behavioral Economics for Economic Policy" - Spatial Competition and Cross-Border Shopping
by Brian Knight, Brown University and NEPPC Visiting Scholar and Nathan Schiff, University of Bristish Columbia
NEPPC Working Paper 10-1
- Jobs in Springfield, Massachusetts: Understanding and Remedying the Causes of Low Resident Employment Rates
by Yolanda K. Kodrzycki and Ana Patricia Muñoz with Lynn Browne, DeAnna Green, Marques Benton, Prabal Chakrabarti, Richard Walker, and Bo Zhao
Public Policy Discussion Paper No. 09-11 - Seeds to Succeed: Sequential Giving to Public Projects
by Anat Bracha, Michael Menietti, and Lise Vesterlund
Working Paper No. 09-21 - State-Dependent Pricing and Optimal Monetary Policy
by Denny Lie
Working Paper No. 09-20
- The 2008 Survey of Consumer Payment Choice
by Kevin Foster, Erik Meijer, Scott Schuh, and Michael A. Zabek
Public Policy Discussion Paper No. 09-10 - Productivity, Welfare, and Reallocation: Theory and Firm-Level Evidence
by Susanto Basu, Luigi Pascali, Fabio Schiantarelli, and Luis Serven
Working Paper No. 09-19 - The Valuation Channel of External Adjustment
by Fabio Ghironi, Jaewoo Lee, and Alessandro Rebucci
Working Paper No. 09-18 - Multiple Selves in Intertemporal Choice
by Julian Jamison and Jon Wegener
Working Paper No. 09-17 - Estimating Demand in Search Markets: The Case of Online Hotel Bookings
by Sergei Koulayev
Working Paper No. 09-16
- Closed-Form Estimates of the New Keynesian Phillips Curve with Time-Varying Trend Inflation
by Michelle L. Barnes, Fabià Gumbau-Brisa, Denny Lie, and Giovanni P. Olivei
Working Paper No. 09-15 - State Business Tax Incentives: Examining Evidence of their Effectiveness
by Jennifer Weiner
NEPPC Discussion Paper No. 09-3 - Inflation Persistence
by Jeffrey C. Fuhrer
Working Paper No. 09-14 - Impending U.S. Spending Bust? The Role of Housing Wealth as Borrowing Collateral
by Daniel Cooper
Public Policy Discussion Paper No. 09-9 - Financial Leverage, Corporate Investment, and Stock Returns
by Ali K. Ozdagli
Working Paper No. 09-13 - Housing and Debt Over the Life Cycle and Over the Business Cycle
by Matteo Iacoviello and Marina Pavan
Working Paper No. 09-12
- TIPS Scorecard: Are TIPS Accomplishing What They Were Supposed to Accomplish? Can They Be Improved?
by Michelle L. Barnes, Zvi Bodie, Robert K. Triest, and J. Christina Wang
Public Policy Discussion Paper No. 09-8 - The Struggle for Tax Reform in Maine, 2003-2009
by Richard Woodbury
NEPPC Discussion Paper No. 09-2 - Reinvigorating Springfield’s Economy: Lessons from Resurgent Cities
by Yolanda K. Kodrzycki and Ana Patricia Muñoz
with Lynn Browne, DeAnna Green, Marques Benton, Prabal Chakrabarti, David Plasse, Richard Walker, and Bo Zhao
Public Policy Discussion Paper No. 09-6 - Social and Private Learning with Endogenous Decision Timing
by Julian Jamison, David Owens, and Glenn Woroch
Working Paper No. 09-11 - Securitization and Moral Hazard: Evidence from a Lender Cutoff Rule
by Ryan Bubb and Alex Kaufman
Public Policy Discussion Paper No. 09-5 - Estimating the Border Effect: Some New Evidence
by Gita Gopinath, Pierre-Olivier Gourinchas, Chang-Tai Hsieh, and Nicholas Li
Working Paper No. 09-10 - Efficient Organization of Production: Nested versus Horizontal Outsourcing
by Oz Shy and Rune Stenbacka
Working Paper No. 09-9 - Real Estate Brokers and Commission: Theory and Calibrations
by Oz Shy
Working Paper No. 09-8 - Your House or Your Credit Card, Which Would You Choose? Personal Delinquency Tradeoffs and Precautionary Liquidity Motives
by Ethan Cohen-Cole and Jonathan Morse
QAU Working Paper No. 09-5 - Trends in U.S. Family Income Mobility, 1967–2004
by Katharine Bradbury and Jane Katz
Working Paper No. 09-7 - Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization
by Manuel Adelino, Kristopher Gerardi, and Paul S. Willen
Public Policy Discussion Paper No. 09-4 - The Role of the Housing Market in the Migration Response to Employment Shocks
by Jeffrey Zabel
NEPPC Working Paper No. 09-2 - A Proposal to Help Distressed Homeowners: A Government Payment-Sharing Plan
by Chris Foote, Jeff Fuhrer, Eileen Mauskopf, and Paul Willen
Public Policy Brief No. 09-1 - Voting with Their Feet? Local Economic Conditions and Migration Patterns in New England
by Alicia Sasser
NEPPC Working Paper No. 09-1 - Reviving Mortgage Securitization: Lessons from the Brady Plan and Duration Analysis
by Fabià Gumbau-Brisa and Catherine L. Mann
Public Policy Discussion Paper No. 09-3 - The Optimal Level of Deposit Insurance Coverage
by Michael Manz
Working Paper No. 09-6 - A Question of Liquidity: The Great Banking Run of 2008?
by Judit Montoriol-Garriga and Evan Sekeris
QAU Working Paper No. 09-4 - Market Proxies, Correlation, and Relative Mean-Variance Efficiency: Still Living with the Roll Critique
by Todd Prono
QAU Working Paper 09-3 - Geographic Variations in a Model of Physician Treatment Choice with Social Interactions
by Mary A. Burke, Gary M. Fournier, and Kislaya Prasad
Working Paper No. 09-5 - Empirical Estimates of Changing Inflation Dynamics
by Jeff Fuhrer, Giovanni Olivei, and Geoffrey M. B. Tootell
Working Paper No. 09-4 - Revenue Forecasting Processes in New England
by Yael Shavit
NEPPC Brief No. 09-4
- Towards a More Prosperous Springfield, Massachusetts: Project Introduction and Motivation
by Lynn Browne, DeAnna Green, with Marques Benton, Prabal Chakrabarti, Yolanda Kodrzycki, Ana Patricia Muñoz, David Plasse, Richard Walker
Public & Community Affairs Discussion Paper No. 09-1 - Has Overweight Become the New Normal? Evidence of a Generational Shift in Body Weight Norms
by Mary A. Burke, Frank Heiland, and Carl Nadler
Working Paper No. 09-3 - Forgive and Forget: Who Gets Credit after Bankruptcy and Why?
by Ethan Cohen-Cole, Burcu Duygan-Bump, and Judit Montoriol-Garriga
QAU Working Paper No. 09-2
- Reducing Foreclosures
by Christopher L. Foote, Kristopher S. Gerardi, Lorenz Goette, and Paul S. Willen
Public Policy Discussion Paper No. 09-2 - Lasting Connections: Using Internships to Retain Recent College Graduates in New England
by Alicia Sasser
NEPPC Policy Brief No. 09-3
- The Option Value of Consumer Bankruptcy
by Ethan Cohen-Cole
QAU Working Paper No. 09-1 - Another Hidden Cost of Incentives: The Detrimental Effect on Norm Enforcement
by Andreas Fuster and Stephan Meier
Working Paper No. 09-2
- Why Are (Some) Consumers (Finally) Writing Fewer Checks? The Role of Payment Characteristics
by Scott Schuh and Joanna Stavins
Working Paper No. 09-1 - Making Sense of the Subprime Crisis
by Kristopher S. Gerardi, Andreas Lehnert, Shane M. Sherlund, and Paul S. Willen
Public Policy Discussion Paper No. 09-1 - Retention of Recent College Graduates in New England
by Alicia Sasser
NEPPC Policy Brief No. 09-2 - The Supply of Recent College Graduates in New England
by Alicia Sasser
NEPPC Policy Brief 09-1
- Employing the Region's Assets: Baby Boomers Meeting New England's Skilled Workforce Needs
by Heather Brome and Sandra Hackman
NEPPC Conference Report No. 08-1 - Subprime Mortgages, Foreclosures, and Urban Neighborhoods
by Kristopher S. Gerardi and Paul S. Willen
Public Policy Discussion Paper No. 08-6 - Race, Obesity, and the Puzzle of Gender Specificity
by Mary A. Burke and Frank Heiland
Working Paper No. 08-8 - The Balance Sheet Channel
by Ethan Cohen-Cole and Enrique Martinez-Garcia
QAU Working Paper 08-7 - Household Bankruptcy Decision: The Role of Social Stigma vs. Information Sharing
by Ethan Cohen-Cole and Burcu Duygan-Bump
QAU Working Paper No. 08-6 - The Responsiveness of Married Women's Labor Force Participation to Income and Wages: Recent Changes and Possible Explanations
by Katharine Bradbury and Jane Katz
Working Paper No. 08-7 - A Portrait of New England's Immigrants
by Antoniya Owens
NEPPC Research Report No. 08-2
- Global Imbalances and the Evolving World Economy
Book based on the Bank's 51st economic conference - Looking Behind the Aggregates: A Reply to “Facts and Myths about the Financial Crisis of 2008”
by Ethan Cohen-Cole, Burcu Duygan-Bump, José Fillat, and Judit Montoriol-Garriga
Working Paper QAU08-5
- Summary of the Workshop on Consumer Behavior and Payment Choice
by Scott Schuh and Joanna Stavins
Public Policy Discussion Paper No. 08-5 - Inflation Targeting—Central Bank Practice Overseas
by Jane Sneddon Little and Teresa Foy Romano
Public Policy Brief B08-1 - The Impact of Immigration on Occupational Wages: Evidence from Britain
by Stephen Nickell and Jumana Saleheen
Working Paper No. 08-6 - Labor Supply in the New Century
Book based on the Boston Fed's 52nd economic conference - The Future of the Skilled Labor Force in New England: The Supply of Recent College Graduates
by Alicia Sasser
NEPPC Research Report No. 08-1 - GARCH-Based Identification and Estimation of Triangular Systems
by Todd Prono
Working Paper QAU08-4
- Classroom Peer Effects and Student Achievement
by Mary A. Burke and Tim R. Sass
Working Paper No. 08-5 - Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective
Papers and presentations from the Boston Fed's 53rd economic conference - Public-Private Partnerships, Cooperative Agreements, and the Production of Public Services in Small and Rural Municipalities
by Robert D. Mohr, Steven Deller, and John Halstead
NEPPC Working Paper No. 08-4 - Financing Municipalities in New England:
Revisiting the State-Local Relationship
by Robert Clifford
New England Public Policy Center Conference Report No. 07-1 - The Value of Risk: Measuring the Service Output of U.S. Commercial Banks
by Susanto Basu, Robert Inklaar, and J. Christina Wang
Working Paper No. 08-4 - Blood Donations and Incentives: Evidence from a Field Experiment
by Lorenz Goette and Alois Stutzer
Working Paper No. 08-3 - A New Approach to Raising Social Security’s Earliest Eligibility Age
by Kelly Haverstick, Margarita Sapozhnikov, Robert K. Triest, and Natalia Zhivan
Public Policy Discussion Paper No. 08-4
- The Lengthening of Childhood
by David Deming and Susan Dynarski
Public Policy Discussion Paper No. 08-3
- Negative Equity and Foreclosure: Theory and Evidence
by Christopher L. Foote, Kristopher Gerardi, and Paul S. Willen
Working Paper NEPPC08-3 - Subprime Facts: What (We Think) We Know about the Subprime Crisis and What We Don’t
by Christopher L. Foote, Kristopher Gerardi, Lorenz Goette, and Paul S. Willen
Public Policy Discussion Paper No. 08-2 - Credit Card Debt and Payment Use
by Charles Sprenger and Joanna Stavins
Working Paper No. 08-2 - Household Debt Repayment Behaviour: What Role Do Institutions Play?
by Burcu Duygan-Bump and Charles Grant
QAU Working Paper No. 08-3
- Designing State Aid Formulas: The Case of a New Formula for Distributing Municipal Aid in Massachusetts
by Bo Zhao and Katharine Bradbury
Working Paper No. 08-1 / NEPPC 08-2 - Is Obesity Contagious? Social Networks vs. Environmental Factors in the Obesity Epidemic
by Ethan Cohen-Cole and Jason M. Fletcher
QAU Working Paper No. 08-2 - Why Does Unemployment Hurt the Employed? Evidence from the Life Satisfaction Gap between the Public and Private Sectors
by Simon Luechinger, Stephan Meier, and Alois Stutzer
Public Policy Discussion Paper No. 08-1 - Credit Card Redlining
by Ethan Cohen-Cole
QAU Working Paper No. 08-1 - The Dynamic between Municipal Revenue Sources and the State-Local Relationship in New England
by Richard F. Dye
NEPPC Working Paper No. 08-1 - Can Young Professionals Afford to Buy a Home in New England?
New England Public Policy Center Policy Brief No. 08-1
- A Principal Components Approach to Estimating Labor Market Pressure and Its Implications for Inflation
by Michelle Barnes, Ryan Chahrour, Giovanni Olivei, and Gaoyan Tang
Public Policy Brief No. 07-2 - Input and Output Inventories in General Equilibrium
by Matteo Iacoviello, Fabio Schiantarelli, and Scott Schuh
Working Paper No. 07-16 - Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures
by Kristopher Gerardi, Adam Hale Shapiro, and Paul Willen
Working Paper No. 07-15 - The Effects of Expectations on Perception: Experimental Design Issues and Further Evidence
by Tyler Williams
Working Paper No. 07-14 - Active Decisions and Pro-Social Behavior
by Alois Stutzer, Lorenz Goette, and Michael Zehnder
Working Paper No. 07-13 - Social Networks and Vaccination Decisions
by Neel Rao, Markus M. Möbius, and Tanya Rosenblat
Working Paper No. 07-12 - Discounting Financial Literacy: Time Preferences and Participation in Financial Education Programs
by Stephan Meier and Charles Sprenger
Public Policy Discussion Paper No. 07-5 - Loss Distribution Estimation, External Data and Model Averaging
by Ethan Cohen-Cole and Todd Prono
Working Paper No. 07-8 - Is New England Experiencing a "Brain Drain"? Facts about Demographic Change and Young Professionals
by Heather Brome
NEPPC Discussion Paper 07-3 - The Labor Market for Direct Care Workers
by Reagan Baughman and Kristin Smith
NEPPC Working Paper 07-4 - The Impact of Wetlands Rules on the Prices of Regulated and Proximate Houses: A Case Study
by Katherine A. Kiel
NEPPC Working Paper 07-3 - The Fiscal Impacts of College Attainment
by Philip A. Trostel
NEPPC Working Paper 07-2 - Do Loans Increase College Access and Choice? Examining the Introduction of Universal Student Loans
by Bridget Terry Long
NEPPC Working Paper 07-1 - How Much Is a Friend Worth? Directed Altruism and Enforced Reciprocity in Social Networks
by Stephen Leider, Markus M. Möbius, Tanya Rosenblat, and Quoc-Anh Do
Working Paper No. 07-11 - Space and Time in Macroeconomic Panel Data: Young Workers and State-Level Unemployment Revisited
by Christopher L. Foote
Working Paper No. 07-10 - Demonstration Effects in Preventive Care
by Ritesh Banerjee, Ethan Cohen-Cole, and Giulio Zanella
Working Paper No. 07-7 - Reaching the Goal: Expanding Health Insurance Coverage in New England
Current Strategies and New Initiatives
New England Public Policy Center Research Report No. 07-1 - Who's Who in Consumer Payments Research? An Overview of Industry Payments Research Companies
Emerging Payments Research Group Briefing - Information Diffusion Based Explanations of Asset Pricing Anomalies
by Athanasios Bolmatis and Evan G. Sekeris
QAU Working Paper No. 07-6 - Doing Good or Doing Well? Image Motivation and Monetary Incentives in Behaving Prosocially
by Dan Ariely, Anat Bracha, and Stephan Meier
Working Paper No. 07-9 - Population Aging, Labor Demand, and the Structure of Wages
by Margarita Sapozhnikov and Robert K. Triest
Working Paper No. 07-8 - GASB 45 and Other Post-Employment Benefit Promises: The Fog Is Clearing
by Steffanie Brady
NEPPC Policy Brief 07-7 - Does Competition Reduce Price Discrimination? New Evidence from the Airline Industry
by Kristopher S. Gerardi and Adam Shapiro
Working Paper No. 07-7 - Consumer Behavior and Payment Choice: 2006 Conference Summary
by Margaret Carten, Dan Littman, Scott Schuh, and Joanna Stavins
Public Policy Discussion Paper No. 07-4 - The Potential Economic Impact of Increasing the Minimum Wage in New Hampshire
by Antoniya Owens
NEPPC Discussion Paper No. 07-2 - “How Strong is the Macroeconomic Case for Downward Real Wage Rigidity?”
by Steinar Holden and Fredrik Wulfsberg
Working Paper No. 07-6 - Small Employers and Expanded Health Insurance Coverage
by Phil Primack
NEPPC Policy Brief 07-5 - The Theory of Life-Cycle Saving and Investing
by Zvi Bodie, Jonathan Treussard, and Paul Willen
Public Policy Discussion Paper No. 07-3 - Overborrowing and Undersaving: Lessons and Policy Implications from Research in Behavioral Economics
by Marques Benton, Stephan Meier, and Charles Sprenger
Community Affairs Discussion Paper No. 07-4 - Minimally Altruistic Wages and Unemployment in a Matching Model
by Julio J. Rotemberg
Working Paper No. 07-5 - Debt and the Effects of Fiscal Policy
by Carlo Favero and Francesco Giavazzi
Working Paper No. 07-4 - Massachusetts Employment Growth 1996–2006: Effects of Industry Performance and Industry Composition
by Katharine Bradbury and Yolanda K. Kodrzycki
Public Policy Brief No. 07-1 - The Fiscal Capacity of New England
by Matthew Peter Nagowski
NEPPC Policy Brief No. 07-4 - Unpacking Social Interactions
by Ethan Cohen-Cole and Giulio Zanella
QAU Working Paper 07-4 - Optimal Retirement Asset Decumulation Strategies: The Impact of Housing Wealth
by Wei Sun, Robert K. Triest, and Anthony Webb
Public Policy Discussion Paper No. 07-2 - Impatience and Credit Behavior: Evidence from a Field Experiment
by Stephan Meier and Charles Sprenger
Working Paper No. 07-3 - Using Unexpected Recalls to Examine the Long-Term Earnings Effects of Job Displacement
by Yolanda K. Kodrzycki
Working Paper No. 07-2 - Who Are the Uninsured, and Why Are They Uninsured?
by Antoniya Owens
NEPPC Policy Brief No. 07-3 - Crowded out of the Housing Market
by Darcy Rollins Saas with Alicia Sasser
NEPPC Policy Brief No. 07-2 - Covering the Uninsured: Costs, Benefits, and Policy Alternatives for New England
by Matthew Nagowski
NEPPC Conference Report No. 06-1 - The Boston Fed Study of Consumer Behavior and Payment Choice: A Survey of Federal Reserve System Employees
by Marques Benton, Krista Blair, Marianne Crowe, and Scott Schuh
Public Policy Discussion Paper No. 07-1 - GARCH-Based Identification of Triangular Systems with an Application to the CAPM: Still Living with the Roll Critique
by Todd Prono
Working Paper No. 07-1 - School Finance in Vermont: Balancing Equal Education and Fair Tax Burdens
by Darcy Rollins Saas
NEPPC Discussion Paper No. 07-1 - The New England Rental Market
by Alicia Sasser
NEPPC Policy Brief No. 07-1
- Measuring Disparities in Non-School Costs and Revenue Capacity among Massachusetts Cities and Towns
by Katharine Bradbury and Bo Zhao
Working Paper No. 06-19 / NEPPC 06-3 - Do Subsidies Increase Charitable Giving in the Long Run? Matching Donations in a Field Experiment
by Stephan Meier
Working Paper No. 06-18 - Managing the Risk in Pension Plans and Recent Pension Reforms
by Richard W. Kopcke
Public Policy Discussion Paper No. 06-7 - Measurement of Unemployment
by Katharine Bradbury
Public Policy Brief No. 06-2 - The Changing Housing Market: A Bang or a Whimper?
by Karl E. Case
NEPPC Policy Brief No. 06-4 - International Risk-Taking, Volatility, and Consumption Growth
by Maria Giduskova and Borja Larrain
Working Paper No. 06-17 - How Small is Zero Price? The True Value of Free Products
by Kristina Shampan’er and Dan Ariely
Working Paper No. 06-16 - Decomposing Consumer Wealth Effects: Evidence on the Role of Real Estate Assets Following the Wealth Cycle of 1990-2002
by Michael R. Donihue and Andriy Avramenko
Working Paper No. 06-15 - In Noise We Trust? Optimal Monetary Policy with Random Targets
by Ethan Cohen-Cole and Bogdan Cosmaciuc
Working Paper No. 06-14 - Measuring Fiscal Disparities Across the U.S. States
by Yesim Yilmaz, Sonya Hoo, Matthew Nagowski, Kim Rueben, and Robert Tannenwald
NEPPC Working Paper No. 06-2 - Using State and Metropolitan Area House Price Cycles to Interpret the U.S. Housing Market
by Yolanda K. Kodrzycki and Nelson Gerew
Public Policy Brief B06-1 - Hollywood East? Film Tax Credits in New England
Darcy Rollins Saas
NEPPC Policy Brief No. 06-3 - Reading the Fine Print: How Details Matter in Tax and Expenditure Limitations
by Heather Brome and Darcy Rollins Saas
NEPPC Research Report No. 06-3 - New Hampshire's Quest for a Constitutionally Adequate Education
by Oyebola Olabisi
NEPPC Discussion Paper No. 06-2
New England Migration Trends
by David Agrawal
NEPPC Discussion Paper No. 06-1 - Do Households Benefit from Financial Deregulation and Innovation? The Case of the Mortgage Market
by Kristopher Gerardi, Harvey S. Rosen, and Paul Willen
Public Policy Discussion Paper No. 06-6 - Social Dynamics of Obesity
by Mary Burke and Frank Heiland
Public Policy Discussion Paper No. 06-5 - A Tale of Tails: An Empirical Analysis of Loss Distribution Models for Estimating Operational Risk Capital
by Kabir Dutta and Jason Perry
Working Paper No. 06-13 - Ensuring Adequate Electrical Capacity in New England
by Carrie Conaway
NEPPC Policy Brief No. 06-2 - Minimally Acceptable Altruism and the Ultimatum Game
by Julio J. Rotemberg
Working Paper No. 06-12 - U.S. Health Care Reform: Difficult Trade-Offs
2005 Annual Report - Estimating the New Keynesian Phillips Curve: A Vertical Production Chain Approach
by Adam Hale Shapiro
Working Paper No. 06-11 - Productivity and U.S. Macroeconomic Performance: Interpreting the Past and Predicting the Future with a Two-Sector Real Business Cycle Model
by Peter N. Ireland and Scott Schuh
Working Paper No. 06-10 - The Challenge of Energy Policy in New England
by Carrie Conaway
NEPPC Research Report No. 06-2 - Fueling the Future: Energy Policy in New England
by Antoniya Owens
NEPPC Conference Report No. 05-2 - Efficient Expropriation: Sustainable Fiscal Policy in a Small Open Economy
by Mark Aguiar, Manuel Amador, and Gita Gopinath
Working Paper No. 06-9 - Collateralized Borrowing and Life-Cycle Portfolio Choice
by Paul Willen and Felix Kubler
Public Policy Discussion Paper No. 06-4 - Risk Bearing, Implicit Financial Services, and Specialization in the Financial Industry
by J. Christina Wang and Susanto Basu
Public Policy Discussion Paper No. 06-3 - Do People Behave in Experiments as in the Field? Evidence from Donations
by Matthias Benz and Stephan Meier
Working Paper No. 06-8 - The Impact of Group Membership on Cooperation and Norm Enforcement: Evidence Using Random Assignment to Real Social Groups
by Lorenz Goette, David Huffman, and Stephan Meier
Working Paper 06-7 - Pension Accounting and Corporate Earnings: The World According to GAAP
by Peter Fortune
Public Policy Discussion Paper 06-2 - A Survey of Economic Theories and Field Evidence on Pro-Social Behavior
by Stephan Meier
Working Paper 06-6 - Consumer Behavior and Payment Choice: A Conference Summary
by Marianne Crowe, Scott Schuh, and Joanna Stavins
Public Policy Discussion Paper 06-1 - An Overview of Chapters 40R and 40S: Massachusetts’ Newest Housing Policies
by Darcy Rollins
NEPPC Policy Brief No. 06-1 - Cyclical Wages in a Search and Bargaining Model with Large Firms
by Julio J. Rotemberg
Working Paper 06-5 - Supply Matters for Asset Prices: Evidence from IPOs in Emerging Markets
by Matías Braun and Borja Larrain
Working Paper 06-4 - Dishonesty in Everyday Life and its Policy Implications
by Nina Mazar and Dan Ariely
Working Paper 06-3 - Measuring Trends in Leisure: The Allocation of Time over Five Decades
by Mark Aguiar and Erik Hurst
Working Paper 06-2 - The Potential Economic Impact of Increasing the Minimum Wage in Massachusetts
by Alicia Sasser
New England Public Policy Center Research Report No. 06-1 - The Monetary Transmission Mechanism
by Peter N. Ireland
Working Paper 06-1
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