Working Papers by Date

Online versions of working papers are available from 1991 on.

2012 Series

No. 12-11
"Sovereign Default Risk and Uncertainty Premia"
by Demian Pouzo and Ignacio Presno

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No. 12-10
"Fiscal Devaluations"
by Emmanuel Farhi, Gita Gopinath, and Oleg Itskhoki

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No. 12-9
"Potential Effects of the Great Recession on the U.S. Labor Market"
by William T. Dickens and Robert K. Triest

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No. 12-8
"Core Competencies, Matching, and the Structure of Foreign Direct Investment: An Update"
by Federico J. Díez and Alan C. Spearot

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No. 12-7
"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

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No. 12-6
"Relative Pay and Labor Supply"
by Anat Bracha and Uri Gneezy

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No. 12-5
"Selecting Public Goods Institutions: Who Likes to Punish and Reward?"
by Michalis Drouvelis and Julian C. Jamison

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No. 12-4
"Investment in Customer Recognition and Information Exchange"
by Oz Shy and Rune Stenbacka

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No. 12-3
"Valuable Cheap Talk and Equilibrium Selection"
by Julian C. Jamison

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No. 12-2
"How Consumers Pay: Adoption and Use of Payments"
by Scott Schuh and Joanna Stavins

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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

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2011 Series

No. 11-17
"Inflation Dynamics When Inflation is Near Zero"
by Jeffrey C. Fuhrer, Giovanni P. Olivei, and Geoffrey M. B. Tootell

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No. 11-16
"The Great Recession and Bank Lending to Small Businesses"
by Judit Montoriol-Garriga and J. Christina Wang

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No. 11-15
"Games with Synergistic Preferences"
by Julian C. Jamison

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No. 11-14
"Managing Self-Confidence: Theory and Experimental Evidence"
by Markus M. Möbius, Muriel Niederle, Paul Niehaus, and Tanya S. Rosenblat

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No. 11-13
"Core Competencies, Matching, and the Structure of Foreign Direct Investment"
by Federico J. Díez and Alan C. Spearot

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No. 11-12
"Further Investigations into the Origin of Credit Score Cutoff Rules"
by Ryan Bubb and Alex Kaufman

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No. 11-11
"The Role of Expectations in U.S. Inflation Dynamics"
by Jeffrey C. Fuhrer

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No. 11-10
"Trends in U.S. Family Income Mobility, 1969–2006"
by Katharine Bradbury

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No. 11-9
"Trade Adjustment and Productivity in Large Crises"
by Gita Gopinath and Brent Neiman

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No. 11-8
"On the Distribution of College Dropouts: Household Wealth and Uninsurable Idiosyncratic Risk"
by Ali K. Ozdagli and Nicholas Trachter

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No. 11-7
"Customer Recognition and Competition"
by Oz Shy and Rune Stenbacka

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No. 11-6
“House Price Growth When Kids are Teenagers: A Path to Higher Intergenerational Achievement?”
by Daniel Cooper and María José Luengo-Prado

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No. 11-5
“Self-Employment in the Global Economy”
by Federico J. Díez and Ali K. Ozdagli

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No. 11-4
“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

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No. 11-3
“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

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No. 11-2
“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

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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

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2010 Series

No. 10-17
“The Financial Structure of Startup Firms: The Role of Assets, Information, and Entrepreneur Characteristics”
by Paroma Sanyal and Catherine L. Mann

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No. 10-16
“Affective Decision Making: A Theory of Optimism Bias”
by Anat Bracha and Donald J. Brown

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No. 10-15
“Internal Sources of Finance and the Great Recession”
by Michelle L. Barnes and N. Aaron Pancost

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No. 10-14
“Characterizing the Amount and Speed of Discounting Procedures”
by Dean T. Jamison and Julian C. Jamison

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No. 10-13
“The Distress Premium Puzzle”
by Ali K. Ozdagli

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No. 10-12
“Imputing Household Spending in the Panel Study of Income Dynamics: A Comparison of Approaches”
by Daniel Cooper

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No. 10-11
“Some Evidence on the Importance of Sticky Wages”
by Alessandro Barattieri, Susanto Basu, and Peter Gottschalk

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No. 10-10
“Strategic Choice of Preferences: The Persona Model”
by David H. Wolpert, Julian Jamison, David Newth, and Michael Harre

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No. 10-9
“In Search of Real Rigidities”
by Gita Gopinath and Oleg Itskhoki

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No. 10-8
“Wage Setting Patterns and Monetary Policy: International Evidence”
by Giovanni Olivei and Silvana Tenreyro

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No. 10-7
“The Sensitivity of Long-Term Interest Rates to Economic News: Comment”
by Michelle L. Barnes and N. Aaron Pancost

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No. 10-6
“Moral Hazard, Peer Monitoring, and Microcredit: Field Experimental Evidence from Paraguay”
by Jeffrey Carpenter and Tyler Williams

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No. 10-5
“Public and Private Values”
by Dan Ariely, Anat Bracha, and Jean-Paul L’Huillier

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No. 10-4
“The Asymmetric Effects of Tariffs on Intra-Firm Trade and Offshoring Decisions”
by Federico J. Díez

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No. 10-3
“A Short Survey of Network Economics”
by Oz Shy
A subsequent version of this paper was published in Review of Industrial Organization 38, no. 2 (March 2011): 119-149.

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No. 10-2
“What Explains Differences in Foreclosure Rates? A Response to Piskorski, Seru, and Vig”
by Manuel Adelino, Kristopher Gerardi, and Paul S. Willen

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No. 10-1
“Insuring Consumption Using Income-Linked Assets ”
by Andreas Fuster and Paul S. Willen

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2009 Series

No. 09-21
“Seeds to Succeed: Sequential Giving to Public Projects”
by Anat Bracha, Michael Menietti, and Lise Vesterlund

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No. 09-20
“State-Dependent Pricing and Optimal Monetary Policy”
by Denny Lie

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No. 09-19
“Productivity, Welfare, and Reallocation: Theory and Firm-Level Evidence”
by Susanto Basu, Luigi Pascali, Fabio Schiantarelli, and Luis Serven

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No. 09-18
“The Valuation Channel of External Adjustment”
by Fabio Ghironi, Jaewoo Lee, and Alessandro Rebucci

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No. 09-17
“Multiple Selves in Intertemporal Choice”
by Julian Jamison and Jon Wegener

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No. 09-16
“Estimating Demand in Search Markets: The Case of Online Hotel Bookings”
by Sergei Koulayev

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No. 09-15
“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

Abstract

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No. 09-14
“Inflation Persistence”
by Jeffrey C. Fuhrer

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No. 09-13
“Financial Leverage, Corporate Investment, and Stock Returns”
by Ali K. Ozdagli

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No. 09-12
“Housing and Debt Over the Life Cycle and Over the Business Cycle”
by Matteo Iacoviello and Marina Pavan

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No. 09-11
“Social and Private Learning with Endogenous Decision Timing”
by Julian Jamison, David Owens, and Glenn Woroch

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No. 09-10
“Estimating the Border Effect: Some New Evidence”
by Gita Gopinath, Pierre-Olivier Gourinchas, Chang-Tai Hsieh, and Nicholas Li

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No. 09-9
“Efficient Organization of Production: Nested versus Horizontal Outsourcing”
by Oz Shy and Rune Stenbacka
A subsequent version of this paper was published in Economics Letters 116, no 3 (September 2012): 593-596.

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No. 09-8
“Real Estate Brokers and Commission: Theory and Calibrations”
by Oz Shy
A revised version of this paper is forthcoming in Journal of Real Estate Finance and Economics.

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No. 09-7
“Trends in U.S. Family Income Mobility, 1967–2004”
by Katharine Bradbury and Jane Katz

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No. 09-6
“The Optimal Level of Deposit Insurance Coverage”
by Michael Manz

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No. 09-5
“Geographic Variations in a Model of Physician Treatment Choice with Social Interactions”
by Mary A. Burke, Gary M. Fournier, and Kislaya Prasad

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No. 09-4
“Empirical Estimates of Changing Inflation Dynamics”
by Jeff Fuhrer, Giovanni Olivei, and Geoffrey M. B. Tootell

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No. 09-3
“Has Overweight Become the New Normal? Evidence of a Generational Shift in Body Weight Norms”
by Mary A. Burke, Frank Heiland, and Carl Nadler

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No. 09-2
“Another Hidden Cost of Incentives: The Detrimental Effect on Norm Enforcement”
by Andreas Fuster and Stephan Meier
A subsequent version of this paper is forthcoming in Management Science.

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No. 09-1
“Why Are (Some) Consumers (Finally) Writing Fewer Checks? The Role of Payment Characteristics”
by Scott Schuh and Joanna Stavins
A subsequent version of this paper was published in Journal of Banking and Finance 34, no. 8 (August 2010): 1745-1758.

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2008 Series

No. 08-8
“Race, Obesity, and the Puzzle of Gender Specificity”

by Mary A. Burke and Frank Heiland

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No. 08-7
“The Responsiveness of Married Women's Labor Force Participation to Income and Wages: Recent Changes and Possible Explanations”

by Katharine Bradbury and Jane Katz

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No. 08-6
“The Impact of Immigration on Occupational Wages: Evidence from Britain”

by Stephen Nickell and Jumana Saleheen

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No. 08-5
“Classroom Peer Effects and Student Achievement”
by Mary A. Burke and Tim R. Sass

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No. 08-4
“The Value of Risk: Measuring the Service Output of U.S. Commercial Banks”
by Susanto Basu, Robert Inklaar, and J. Christina Wang

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No. 08-3
“Blood Donations and Incentives: Evidence from a Field Experiment”
by Lorenz Goette and Alois Stutzer

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No. 08-2
“Credit Card Debt and Payment Use”
by Charles Sprenger and Joanna Stavins

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No. 08-1
“Designing State Aid Formulas: The Case of a New Formula for Distributing Municipal Aid in Massachusetts”
by Bo Zhao and Katharine Bradbury
A subsequent version of this paper is available in the spring 2009 issue of the Journal of Policy Analysis and Management, vol. 28, no. 2, pp. 278-295.

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2007 Series

No. 07-16
“Input and Output Inventories in General Equilibrium”
by Matteo Iacoviello, Fabio Schiantarelli, and Scott Schuh

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No. 07-15
“Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures”
by Kristopher Gerardi, Adam Shapiro, and Paul Willen
(Revised in May 2008)

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No. 07-14
“The Effects of Expectations on Perception: Experimental Design Issues and Further Evidence”
by Tyler Williams

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No. 07-13
“Active Decisions and Pro-Social Behavior”
by Alois Stutzer, Lorenz Goette, and Michael Zehnder

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No. 07-12
“Social Networks and Vaccination Decisions”
by Neel Rao, Markus M. Möbius, and Tanya Rosenblat

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No. 07-11
“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

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No. 07-10
“Space and Time in Macroeconomic Panel Data: Young Workers and State-Level Unemployment Revisited”
by Christopher L. Foote

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No. 07-9
“Doing Good or Doing Well? Image Motivation and Monetary Incentives in Behaving Prosocially”
by Dan Ariely, Anat Bracha, and Stephan Meier
A subsequent version of this paper is available in the March 2009 issue of the American Economic Review, vol. 99, no. 1.

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No. 07-8
“Population Aging, Labor Demand, and the Structure of Wages”
by Margarita Sapozhnikov and Robert K. Triest

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No. 07-7
“Does Competition Reduce Price Discrimination? New Evidence from the Airline Industry”
by Kristopher S. Gerardi and Adam Hale Shapiro

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No. 07-6
“How Strong is the Macroeconomic Case for Downward Real Wage Rigidity?”
by Steinar Holden and Fredrik Wulfsberg

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No. 07-5
“Minimally Altruistic Wages and Unemployment in a Matching Model”
by Julio J. Rotemberg

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No. 07-4
“Debt and the Effects of Fiscal Policy”
by Carlo Favero and Francesco Giavazzi

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No. 07-3
“Impatience and Credit Behavior: Evidence from a Field Experiment”
by Stephan Meier and Charles Sprenger
A revised version of this article is forthcoming in the American Economic Journal: Applied Economics, under the title "Present-Biased Preferences and Credit Card Borrowing."

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No. 07-2
“Using Unexpected Recalls to Examine the Long-Term Earnings Effects of Job Displacement”
by Yolanda K. Kodrzycki
(Revised in August 2007)

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No. 07-1
“GARCH-Based Identification of Triangular Systems with an Application to the CAPM: Still Living with the Roll Critique”
by Todd Prono
(Revised in March 2007)

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2006 Series

No. 06-19
“Measuring Disparities in Non-School Costs and Revenue Capacity among Massachusetts Cities and Towns”

by Katharine Bradbury and Bo Zhao
(Revised in May 2007)

Abstract

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No. 06-18
“Do Subsidies Increase Charitable Giving in the Long Run? Matching Donations in a Field Experiment”

by Stephan Meier
Revised article published in the Journal of the European Economic Association vol. 5, no. 6 (December 2007): 1203-1222.

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No. 06-17
“International Risk-Taking, Volatility, and Consumption Growth”

by Maria Giduskova and Borja Larrain

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No. 06-16
“How Small is Zero Price? The True Value of Free Products”

by Kristina Shampan’er and Dan Ariely

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No. 06-15
“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
(Revised in March 2007)

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No. 06-14
“In Noise We Trust? Optimal Monetary Policy with Random Targets”
by Ethan Cohen-Cole and Bogdan Cosmaciuc

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No. 06-13
“A Tale of Tails: An Empirical Analysis of Loss Distribution Models for Estimating Operational Risk Capital”
by Kabir Dutta and Jason Perry
(Revised in April 2007)

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Appendix

No. 06-12
“Minimally Acceptable Altruism and the Ultimatum Game”
by Julio J. Rotemberg

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No. 06-11
“Estimating the New Keynesian Phillips Curve: A Vertical Production Chain Approach”
by Adam Hale Shapiro
(Revised in July 2006)

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No. 06-10
“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

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No. 06-9
“Efficient Expropriation: Sustainable Fiscal Policy in a Small Open Economy”
by Mark Aguiar, Manuel Amador, and Gita Gopinath

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No. 06-8
“Do People Behave in Experiments as in the Field? Evidence from Donations”
by Matthias Benz and Stephan Meier

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No. 06-7
“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

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No. 06-6
“A Survey of Economic Theories and Field Evidence on Pro-Social Behavior”
by Stephan Meier

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No. 06-5
“Cyclical Wages in a Search and Bargaining Model with Large Firms”
by Julio J. Rotemberg

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No. 06-4
“Supply Matters for Asset Prices: Evidence from IPOs in Emerging Markets”
by Matías Braun and Borja Larrain

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No. 06-3
“Dishonesty in Everyday Life and its Policy Implications”
by Nina Mazar and Dan Ariely

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No. 06-2
“Measuring Trends in Leisure: The Allocation of Time over Five Decades”
by Mark Aguiar and Erik Hurst

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No. 06-1
“The Monetary Transmission Mechanism”
by Peter N. Ireland

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2005 Series

No. 05-18
“Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?”
by Borja Larrain and Motohiro Yogo
Revised article published in Journal of Financial Economics vol. 87, no. 1 (January 2008): 200-226.

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No. 05-17
“Contracts with Social Multipliers”
by Mary A. Burke and Kislaya Prasad

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No. 05-16
“Heterogeneous Beliefs and Inflation Dynamics: A General Equilibrium Approach”
by Fabià Gumbau-Brisa
(Revised in April 2006)

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No. 05-15
“The Impact of Legalized Abortion on Crime: Comment”
[Originally published as “Testing Economic Hypotheses with State-Level Data: A Comment on Donohue and Levitt (2001)”]

by Christopher L. Foote and Christopher F. Goetz
Revised article published in the Quarterly Journal of Economics vol. 123, no. 1 (February 2008): 407-423.

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Data & Programs

No. 05-14
“Real Wage Rigidities and the New Keynesian Model”
by Olivier Blanchard and Jordi Galí

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No. 05-13
“Changes in the Federal Reserve's Inflation Target: Causes and Consequences”
by Peter N. Ireland

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No. 05-12
“New Approaches to Ranking Economics Journals”

by Yolanda K. Kodrzycki and Pingkang David Yu
(Revised in August 2006)
A subsequent version of this paper has been published by the Berkeley Electronic Press Journal Contributions to Economic Analysis & Policy.

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No. 05-11
“Large Stakes and Big Mistakes”

by Dan Ariely, Uri Gneezy, George Loewenstein, and Nina Mazar

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No. 05-10
“Tom Sawyer and the Construction of Value”

by Dan Ariely, George Loewenstein, and Drazen Prelec

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No. 05-9
“The Roles of Comovement and Inventory Investment in the Reduction of Output Volatility”

by F. Owen Irvine and Scott Schuh

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No. 05-8
“Intrinsic and Inherited Inflation Persistence”
by Jeff Fuhrer
(Revised in September 2005)

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No. 05-7
“Borrowing Costs and the Demand for Equity over the Life Cycle”
by Steven J. Davis, Felix Kubler, and Paul Willen

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No. 05-6
“The Stock Market and Cross Country Differences in Relative Prices”
by Borja Larrain

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No. 05-5
“Sales Persistence and the Reductions in GDP Volatility”
by F. Owen Irvine

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No. 05-4
“Interest Sensitivity and Volatility Reductions: Cross-Section Evidence”
by F. Owen Irvine and Scott Schuh

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No. 05-3
“The Liquidity Trap, the Real Balance Effect, and the Friedman Rule”
by Peter Ireland

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No. 05-2
“Contingent Reserves Management: An Applied Framework”
by Ricardo Caballero and Stavros Panageas

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No. 05-1
“Technological Diversification”
by Miklós Koren and Silvana Tenreyro

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2004 Series

No. 04-8
“Incomplete Markets and Trade”
by Paul Willen

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No. 04-7
“A General-Equilibrium Asset-Pricing Approach to the Measurement of Nominal and Real Bank Output”
by J. Christina Wang, Susanto Basu, and John G. Fernald

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No. 04-6
“Effective Labor Regulation and Microeconomic Flexibility”
by Ricardo Caballero, Kevin N. Cowan, Eduardo M.R.A. Engel, and Alejandro Micco

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No. 04-5
“Defaultable Debt, Interest Rates, and the Current Account”
by Mark Aguiar and Gita Gopinath

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No. 04-4
“Emerging Market Business Cycles: The Cycle is the Trend”
by Mark Aguiar and Gita Gopinath

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No. 04-3
“Trade Liberalization and the Politics of Financial Development”
by Matías Braun and Claudio Raddatz

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No. 04-2
“Estimating Forward Looking Euler Equations with GMM Estimators: An Optimal Instruments Approach”
by Jeffrey C. Fuhrer and Giovanni P. Olivei

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No. 04-1
“The Timing of Monetary Policy Shocks”
by Giovanni Olivei and Silvana Tenreyro

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2003 Series

No. 03-8
“Merger-Related Cost Savings in the Production of Bank Services”
by J. Christina Wang

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No. 03-7
“Productivity and Economies of Scale in the Production of Bank Service Value Added”
by J. Christina Wang

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No. 03-6
“Service Output of Bank Holding Companies in the 1990s and the Role of Risk”
by J. Christina Wang

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No. 03-5
“Capital and Risk:
New Evidence on Implications of Large Operational Losses”

by Patrick de Fontnouvelle, Virginia DeJesus-Rueff, John Jordan, and Eric Rosengren

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No. 03-4
“Loanable Funds, Risk, and Bank Service Output”
by J. Christina Wang

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No. 03-3
“Diversification and Development”
by Miklós Koren and Silvana Tenreyro
(Revised in March 2004)

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No. 03-2
“On the Trade Impact of Nominal Exchange Rate Volatility”
by Silvana Tenreyro
(Revised in April 2004)

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No. 03-1
“Gravity-Defying Trade”
by J.M.C. Santos Silva and Silvana Tenreyro
(Revised in March 2003)

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2002 Series

No. 02-8
“Job Creation, Job Destruction, and International Competition:
Job Flows and Trade – The Case of NAFTA”

by Michael W. Klein, Scott Schuh, and Robert K. Triest
Published as chapter 7 in Job Creation, Job Destruction, and International Competition (W.E. Upjohn Institute for Employment Research, 2003).

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No. 02-7
“Job Creation, Job Destruction, and International Competition:
A Literature Review”

by Michael W. Klein, Scott Schuh, and Robert K. Triest
Published as chapter 4 in Job Creation, Job Destruction, and International Competition (W.E. Upjohn Institute for Employment Research, 2003).

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No. 02-6
“Inventory Investment and Output Volatility”
by Owen Irvine and Scott Schuh

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No. 02-5
“Corporate Dollar Debt and Depreciations: Much Ado About Nothing?”
by Hoyt Bleakley and Kevin Cowan

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No. 02-4
“Economic Effects of Currency Unions”
by Silvana Tenreyro and Robert J. Barro

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No. 02-3
“Estimating the Euler Equation for Output”
by Jeffrey C. Fuhrer and Glenn D. Rudebusch
Revised article published in Journal of Monetary Economics vol. 51, no. 6 (September 2004): 1133-1153.

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No. 02-2
“A Quantile Regression Analysis of the Cross Section of Stock Market Returns”
by Michelle L. Barnes and Anthony W. Hughes
(Revised in November 2002)

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No. 02-1
“The Behavior of China’s Stock Prices in Response to the Proposal and Approval of Bonus Issues”
by Michelle L. Barnes and Shiguang Ma

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2001 Series

No. 01-6
“Optimal Monetary Policy in a Model with Habit Formation and Explicit Tax Distortions”
by Jeffrey C. Fuhrer

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No. 01-5
“Are Taste and Technology Parameters Stable? A Test of “Deep” Parameter Stability in Real Business Cycle Models of the U.S. Economy”
by Daniel G. Swaine
(Revised in March 2002)

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No. 01-4
“Measuring the Incentive Effects of State Tax Policies Toward Capital Investment”
by George A. Plesko and Robert Tannenwald

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No. 01-3
“State User Costs of Capital”
by Charles Ian Mead

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No. 01-2
“Time Present and Time Past: A Duration Analysis of IMF Program Spells”
by Joseph P. Joyce
(Revised in May 2003)
Revised article published in Review of International Economics vol. 13, no. 2 (May 2005): 283-297.

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No. 01-1
“Transition Dynamics in Vintage Capital Models: Explaining the Postwar Catch-Up of Germany and Japan”
by Simon Gilchrist and John C. Williams

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2000 Series

No. 00-5
“Optimal Monetary Policy in a Model with Habit Formation”
by Jeffrey C. Fuhrer

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No. 00-4
“Troubled Banks, Impaired Foreign Direct Investment: The Role of Relative Access to Credit”
by Michael W. Klein, Joe Peek, and Eric Rosengren
Revised article published in American Economic Review.

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No. 00-3
“Deposit Insurance, Capital Requirements, and Financial Stability”
by Richard W. Kopcke  

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No. 00-2
“Identifying the Macroeconomic Effect of Loan Supply Shocks”
by Joe Peek, Eric S. Rosengren, and Geoffrey M. B. Tootell
Revised article published in .Journal of Money, Credit and Banking vol. 35, no. 6, part 1 (December 2003): 931-946.

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No. 00-1
“Monetary Policy, Housing Investment, and Heterogeneous Regional Markets”
by Michael Fratantoni and Scott Schuh
Revised article published in Journal of Money, Credit and Banking vol. 35, no. 4 (August 2003): 557-589.
Reproduced here with permission from the Ohio State University Press.

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1999 Series

No. 99-11
“Job Creation, Job Destruction, and the Real Exchange Rate”
by Michael W. Klein, Scott Schuh, and Robert K. Triest
Revised article published in Journal of International Economics 59 (2003): 239-265.

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No. 99-10
“Gross Job Flows and Firms”
by Scott Schuh and Robert K. Triest
Revised article published in American Statistical Association, 1999 Proceedings: Government and Social Statistics Section 13-22.

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No. 99-9
“Is the U.S. Economy Characterized by Endogenous Growth?: A Time-Series Test of Two Stochastic Growth Models”
by Daniel G. Swaine

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No. 99-8
“Does the Federal Reserve Possess An Exploitable Informational Advantage?”
by Joe Peek, Eric S. Rosengren, and Geoffrey M. B. Tootell
Revised article published in Journal of Money, Credit and Banking vol. 35, no. 6, part 1 (December 2003): 931-946.

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No. 99-7
“Is Bank Supervision Central to Central Banking?”
by Joe Peek, Eric S. Rosengren, and Geoffrey M. B. Tootell
Revised article published in Quarterly Journal of Economics 114 (May 1999).

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No. 99-6
“Capital Account Liberalization, Financial Depth, and Economic Growth”
by Michael W. Klein and Giovanni Olivei

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No. 99-5
“Network Externalities and Technology Adoption: Lessons from Electronic Payments”
by Gautam Gowrisankaran and Joanna Stavins

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No. 99-4
“Are "Deep" Parameters Stable? The Lucas Critique as an Empirical Hypothesis”
by Arturo Estrella and Jeffrey C. Fuhrer
Revised article published in Review of Economics and Statistics vol. 85, no. 1 (February 2003): 94-104.

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No. 99-3
“Fiscal Retrenchments and the Level of Economic Activity”
by Giovanni Olivei

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No. 99-2
“Productivity Shocks, Investment, and the Real Interest Rate”
by Giovanni Olivei

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No. 99-1
“The Impact of Greater Bank Disclosure Amidst a Banking Crisis”
by John S. Jordan, Joe Peek, and Eric S. Rosengren
Revised article published in the Journal of Financial Intermediation 9 (July 2000): 298-319.

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1998 Series

No. 98-9
“Determinants of the Japan Premium: Actions Speak Louder than Words”
by Joe Peek and Eric S. Rosengren
Revised article published in Journal of International Economics 53 (2001): 283-305.

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No. 98-8
“Will Greater Disclosure and Transparency Prevent the Next Banking Crisis?”
by Eric S. Rosengren
Revised paper was published in The Asian Financial Crisis: Origins, Implications and Solutions; W. C. Hunter, G. Kaufman, and T. Krueger, eds. Kluwer publishers (1999).

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No. 98-7
“Japanese Banking Problems: Implications for Southeast Asia”
by Joe Peek and Eric S. Rosengren
Revised article published in Global Financial Crises: Cases, Correlates & Caveats, in B.N. Ghosh; editor London Routledge (2001).

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No. 98-6
“Weekends Can Be Rough: Revisiting the Weekend Effect in Stock Prices”
by Peter Fortune
Revised article published in the New England Economic Review (September/October 1999).

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No. 98-5
“Dynamic Inconsistencies: Counterfactual Implications of a Class of Rational Expectations Models”
by Arturo Estrella and Jeffrey C. Fuhrer
Revised article published in American Economic Review vol. 92, no. 4 (September 2002): 1013-1028.

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No. 98-4
“What Do Cross-Sectional Growth Regressions Tell Us about Convergence?”
by Daniel G. Swaine

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No. 98-3
“The Poor Performance of Foreign Bank Subsidiaries: Were the Problems Acquired or Created?”
by Joe Peek, Eric S. Rosengren, and Faith Kasirye
Revised article published in Journal of Banking and Finance 23 (February 1999): 579-604.

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No. 98-2
“Does the Federal Reserve Have an Informational Advantage? You Can Bank on It”
by Joe Peek, Eric S. Rosengren, and Geoffrey M. B. Tootell
Revised article published in Quarterly Journal of Economics (May 1999).

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No. 98-1
“An Optimizing Model for Monetary Policy Analysis: Can Habit Formation Help?”
by Jeffrey C. Fuhrer
Revised article published in American Economic Review 90, no. 3 (June 2000): 367-90.

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1997 Series

No. 97-8
“The Subsidy from State and Local Tax Deductibility: Trends, Methodological Issues, and Its Value After Federal Tax Reform”
by Robert Tannenwald

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No. 97-7
“Input and Output Inventories”
by Brad R. Humphreys, Louis J. Maccini, and Scott Schuh
Revised article published in Journal of Monetary Economics (May 2001).

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No. 97-6
“The Effect of Pricing on Demand and Revenue in Federal Reserve ACH Payment Processing”
by Joanna Stavins and Paul W. Bauer
Revised article published in Journal of Financial Services Research 16, no. 1 (September 1999).

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No. 97-5
“Collateral Damage: Effects of the Japanese Real Estate Collapse on Credit Availability and Real Activity in the United States”
by Joe Peek and Eric S. Rosengren
Revised article published in American Economic Review (March 2000): 30-45.

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No. 97-4
“Managers' Opportunistic Trading of Their Firms' Shares: A Case Study of Executives in the Banking Industry”
by John S. Jordan
Revised article published in Financial Management (Winter 1999).

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No. 97-3
“Is Bank Supervision Central to Central Banking?”
by Joe Peek, Eric S. Rosengren, and Geoffrey M. B. Tootell
(Working Paper 97-3 has been superseded by a revised version to be found in Working Paper 98-2).

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No. 97-2
“Property Tax Limits and Local Fiscal Behavior: Did Massachusetts Cities and Towns Spend Too Little on Town Services under Proposition 2½?”
by Katharine L. Bradbury, Christopher J. Mayer, and Karl E. Case
Revised article published in Journal of Public Economics 80, no. 2 (May 2001): 287-311.

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No. 97-1
“Bank Consolidation and Small Business Lending: It's Not Just Bank Size that Matters”
by Joe Peek and Eric S. Rosengren
Revised article published in Journal of Banking and Finance 22, nos. 6-8 (August 1998): 799-820.

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1996 Series

No. 96-12
“Unifying Empirical and Theoretical Models of Housing Supply”
by Christopher J. Mayer and C. Tsuriel Somerville

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No. 96-11
“Reserve Banks, the Discount Rate Recommendation, and FOMC Policy”
by Geoffrey M. B. Tootell
Revised article published in Southern Economic Journal 66, no. 4 (March 2000): 957-75. Work appears with permission of the Southern Economic Association.

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No. 96-10
“Can Studies of Application Denials and Mortgage Defaults Uncover Taste-Based Discrimination?”
by Geoffrey M. B. Tootell

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No. 96-9
“Tax-exempt Bonds Really Do Subsidize Municipal Capital”
by Peter Fortune
Revised article published in the National Tax Journal (March 1998).

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No. 96-8
“Towards a Compact, Empirically Verified Rational Expectations Model for Monetary Policy Analysis”
Revised article published in Carnegie-Rochester Conference Series on Public Policy 47 (December 1997): 197-230.
by Jeffrey C. Fuhrer

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No. 96-7
“Price Discrimination in the Airline Market: The Effect of Market Concentration”
by Joanna Stavins
Revised article published in Review of Economics and Statistics 83, no. 1 (February 2001).

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No. 96-6
“Redlining in Boston: Do Mortgage Lenders Discriminate Against Neighborhoods?”
by Geoffrey M. B. Tootell
Revised article published in Quarterly Journal of Economics (November 1996).

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No. 96-5
“Will Legislated Early Intervention Prevent the Next Banking Crisis?”
by Joe Peek and Eric S. Rosengren
Revised article published in Southern Economic Journal (July 1997): 268-80. Work appears with permission of the Southern Economic Association.

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No. 96-4
“The Maturity Structure of Term Premia with Time-Varying Expected Returns”
by Mark A. Hooker

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No. 96-3
“Derivatives Activity at Troubled Banks”
by Joe Peek and Eric S. Rosengren
Revised article published in the Journal of Financial Services Research 12, no. 2/3 (October/December 1997): 287-302.

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No. 96-2
“Computationally Efficient Solution and Maximum Likelihood Estimation of Nonlinear Rational Expectations Models”
by Jeffrey C. Fuhrer and C. Hoyt Bleakley

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No. 96-1
“The International Transmission of Financial Shocks: The Case of Japan”
by Joe Peek and Eric S. Rosengren
Revised article published in American Economic Review 87, no. 4 (September 1997): 495-505.

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1995 Series

No. 95-12
“A New Approach to Causality and Economic Growth”
by Steven M. Sheffrin and Robert K. Triest

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No. 95-11
“Intergenerational Transfers, Borrowing Constraints, and Saving Behavior: Evidence from the Housing Market”
by Gary V. Engelhardt and Christopher J. Mayer

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No. 95-10
“Discrimination, Redlining, and Private Mortgage Insurance”
by Geoffrey M.B. Tootell

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No. 95-9
“Estimating Demand Elasticities in a Differentiated Product Industry: The Personal Computer Market”
by Joanna Stavins
Revised article published in the Journal of Economics and Business (July/August 1997).

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No. 95-8
“Debt Capacity, Tax-Exemption, and the Municipal Cost of Capital: A Reassessment of the New View”
by Peter Fortune

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No. 95-7
“Modeling Long-Term Nominal Interest Rates”
by Jeffrey C. Fuhrer
Revised article published in Quarterly Journal of Economics, no. 111 (November 1996): 1183-1209.

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No. 95-6
“The (Un)Importance of Forward-Looking Behavior in Price Specifications”
by Jeffrey C. Fuhrer
Revised article published in Journal of Money, Credit and Banking 29, no. 3 (August 1997): 338-50. Reproduced here with permission from the Ohio State University Press.

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No. 95-5
“Small Business Credit Availability: How Important Is Size of Lender?”
by Joe Peek and Eric S. Rosengren
Revised paper was published in Universal Banking Financial System Design Reconsidered, A. Saunders and I. Walter, eds., 628-55 (1996).

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No. 95-4
“Tobin's q, Economic Rents, and the Optimal Stock of Capital”
by Richard W. Kopcke

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No. 95-3
“Housing Price Dynamics within a Metropolitan Area”
by Karl E. Case and Christopher J. Mayer
Revised article published in Regional Science and Urban Economics 26, no. 3-4 (1996): 387-407. Reproduced here with permission from Elsevier Science.

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No. 95-2
“Bank Regulatory Agreements and Real Estate Lending”
by Joe Peek and Eric S. Rosengren
Revised article published in Real Estate Economics 24, no. 1 (Spring 1996): 55-73.

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No. 95-1
“Banks and the Availability of Small Business Loans”
by Joe Peek and Eric S. Rosengren

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