Volume 39 (2007)

Number 1 (February 2007)


Chris Papageorgiou and Fidel Perez-Sebastian, "Is the Asymptotic Speed of Convergence a Good Proxy for the Transitional Growth Path?" pp. 1-24

Been-Lon Chen, "Multiple BGPs in a Growth Model with Habit Persistence" pp. 25-48

Astrid A. Dick, "Market Size, Service Quality, and Competition in Banking" pp. 49-82

W. Scott Frame and Lawrence J. White, "Charter Value, Risk-Taking Incentives, and Emerging Competition for Fannie Mae and Freddie Mac" pp. 83-104

Wai-Ming Ho, Jinli Zeng, and Jie Zhang, "Inflation Taxation and Welfare with Externalities and Leisure"pp. 105-132

Hans Gersbach and Volker Hahn, "Information Content of Wages and Monetary Policy" pp. 133-150

Ester Faia, "Financial Differences and Business Cycle Co-Movements in a Currency Area, " pp. 151-186

Chang-Jin Kim, Jeremy M. Piger, and Richard Startz, "The Dynamic Relationship between Permanent and Transitory Components of U.S. Business Cycles" [zip] pp. 187-204(For more information see the read me file for this file archive.)

Hiona Balfoussia and Mike Wickens, "Macroeconomic Sources of Risk in the Term Structure" [zip] pp. 205-236 (For more information see theread me file for this file archive.)

Shorter Papers, Discussions, and Letters

Julio J. Rotemberg, "The Persistence of Inflation Versus That of Real Marginal Cost in the New Keynesian Model" pp. 237-240

Kazuo Ogawa, "Why Commercial Banks Held Excess Reserves: The Japanese Experience of the Late 1990s" [zip] pp. 241-256(there is no read me file for this file archive)

Number 2 (February 2007--Conference on "Quantitative Evidence on Price Determination," September 29 and 30, 2005, co-sponsored by the JMCB and the Federal Reserve Board)

Conference on "Quantitative Evidence on Price Determination," September 29 and 30, 2005, co-sponsored by the JMCB and the Federal Reserve Board


James H. Stock and Mark W. Watson, "Why Has U.S. Inflation Become Harder to Forecast?," pp. 3-34

Olivier Blanchard and Jordi Gali, "Real Wage Rigidities and the New Keynesian Model," pp. 35-66

Timothy Cogley, Riccardo Colacito and Thomas J. Sargent, "Benefits from U.S. Monetary Policy Experimentation in the Days of Samuleson and Solow and Lucas," pp. 67-100

Michael T. Kiley, "A Quantitative Comparison of Sticky-Price and Sticky-Information Models of Price Setting," pp. 101-126

Jean-Philippe Laforte, "Pricing Models: A Bayesian DSGE Approach for the US Economy" pp. 127-154

Jeremy Rudd and Karl Whelan, "Modeling Inflation Dynamics: A Critical Review of Recent Research,"pp. 155-170

Shorter Papers, Discussions, and Letters

Stanley Fischer, "The Econometrics of Price Determination, Thirty Five Years Later," pp. 171-180

Donald L. Kohn, "Inflation Modeling: A Policymaker's Perspective," pp. 181-186

N. Gregory Mankiw, "Price Dynamics: Three Open Questions," pp. 187-192

John B. Taylor, "Thirty Five Years of Model Building for Monetary Policy Evaluation: Breakthroughs, Dark Ages,and a Renaissance," pp.193-202

Michael Woodford, "Interpreting Inflation Persistence: Comments on the Conference on 'QuantitativeEvidence on Price Determination'," pp.203-211

Number 3 (March-April 2007)


Frederic S. Mishkin, "Is Financial Globalization Beneficial?," pp. 259-294

Mark Gertler, Simon Gilchrist and Fabio M. Natalucci, "External Constraints on Monetary Policy and the Financial Accelerator," pp. 295-330

Allen N. Berger, Astrid A. Dick, Lawrence G. Goldberg and Lawrence J. White, "Competition from Large,Multimarket Firms and the Performance of Small, Single-Market Firms: Evidence from the Banking Industry," pp. 331-368

Cecilia García-Peñalosa and Stephen J. Turnovsky, "Growth, Income Inequality, and Fiscal Policy: What are the Relevant Tradeoffs?," pp. 369-394

Glenn D. Rudebusch and Tao Wu, "Accounting for a Shift in Term Structure Behavior with No-Arbitrage and Macro-Finance Models"pp. 395-422

Shu Wu, "Interest Rate Risk and the Forward Premium Anomaly in Foreign Exchange Markets" [zip] pp. 423-442(For more information see theread me file for this file archive.)

Maxime Charlebois and Stephen Sapp, "Temporal Patterns in Foreign Exchange Returns and Options,"pp. 443-470

Sanvi Avouyi-Dovi and Julien Matheron, "Technology Shocks and Monetary Policy: Revisiting the Fed's Performance" [zip] pp. 471-508 (there is no read me file for this file archive)

Michael Ehrmann and Marcel Fratzscher, "Communication by Central Bank Committee Members: Different Strategies, Same Effectiveness?" [zip] pp. 509-542 (there is no read me file for this file archive)

Dimitris K. Christopoulos and Miguel A. León-Ledesma, "A Long-run Nonlinear Approach to the Fisher Effect" [zip] pp. 543-560 (For more information see theread me file for this file archive.)

Lutz Kilian and Simone Manganelli, "Quantifying the Risk of Deflation" [zip] pp. 561-590 (Click here for a copy of the codes in this file archive [zip].)

Jonathan McCarthy and Egon Zakrajšek, "Inventory Dynamics and Business Cycles: What Has Changed?," pp. 591-614

James C. Morley, "The Slow Adjustment of Aggregate Consumption to Permanent Income" [zip] pp. 615-638 (For more information see theread me file for this file archive.)

Wako Watanabe, "Prudent Regulation and the 'Credit Crunch': Evidence from Japan" [zip] pp. 639-666(there is no read me file for this file archive)

Shiu-Sheng Chen, "Does Monetary Policy Have Asymmetric Effects on Stock Returns?," pp. 667-688

Robert A. Connolly, Z. Nuray Güner and Kenneth N. Hightower, "Evidence on the Extent and Potential Sources of Long Memory in U.S. Treasury Security Returns and Yields," pp. 689-702

Shorter Papers, Discussions, and Letters

Sébastien Lotz, Andrei Shevchenko and Christopher Waller, "Heterogeneity and Lotteries in Monetary Search Models ," pp. 703-712

Fabrice Collard and Harris Dellas, "The Great Inflation of the 1970s," pp. 713-730

Number 4 (June 2007)


Joonkyung Ha and Peter Howitt, "Accounting for Trends in Productivity and R&D: A Schumpterian Critique of Semi-Endogenous Growth Theory" [zip] pp. 733-774(For more information see theread me file for this file archive.)

Allen N. Berger and Astrid A. Dick, "Entry into Banking Markets and the Early-Mover Advantage," pp. 775-808

Hess Chung, Troy Davig, and Eric Leeper, "Monetary and Fiscal Policy Switching," pp. 809-842

Miquel Faig and Belacon Jerez, "Precautionary Balances and the Velocity of Circulation of Money" [zip] pp.843-874 (there is no read me file for this file archive)

Miguel Casares, "Monetary Policy Rules in a New Keynesian Euro Area Model" [zip] pp. 875-900 (there is no read me file for this file archive)

Yasushi Hamao, Jianping Mei, and Yexiao Xu, "Unique Symptoms of Japanese Stagnation: An Equity Market Perspective," pp. 901-924

Luis Aguiar-Conraria and Yi Wen, "Understanding the Impact of Oil Shocks" [zip] pp. 925-944 (there is no read me file for this file archive)

Leo Ferraris and Raoul Minetti, "Foreign Lenders and the Real Sector," pp. 945-964

Kevin Grier and Aaron Smallwood, "Uncertainty and Export Performance: Evidence from 18 Countries,"pp. 965-980

Shorter Papers, Discussions, and Letters

Martin Ellison and Tony Yates, "Escaping Volatile Inflation," pp. 980-994

Jinill Kim and Sunghyun Henry Kim, "Two Pitfalls of Linearization Methods," pp. 981-995

Number 5 (August 2007)


Jacques Miniane and John H. Rogers, "Capital Controls and the International Transmission of US Money Shocks" [zip] pp. 1003-1036 (there is no read me file for this file archive)

Tai-kuang Ho and Jorgen von Hagen, "Money Market Pressure and the Determinants of Banking Crises," pp. 1037-1066

Elena Carletti, Phillip Hartmann and Giancarlo Spagnolo, "Bank Mergers, Competition and Liquidity," pp. 1067-1106

Narayana R. Kocherlakota and Ilhyock Shim, "Forebearance and Prompt Corrective Action" [zip] pp. 1107-1130 (there is no read me file for this file archive)

Anusha Chari, "Heterogeneous Market-Making in Foreign Exchange Markets: Evidence from Individual Bank Responses to Central Bank Interventions" pp. 1131-1162

Antonio Fatas, Ilian Mihov and Andrew Rose, "Quantitative Goals for Monetary Policy," pp. 1163-1176

James Bullard and Kaushik Mitra, "Determinancy, Learnability, and Monetary Policy Inertia," pp. 1177-1212

Iris Claus, "The Effects of Bank Lending in an Open Economy," pp. 1213-1244

Seung Chan Ahn and Michael Melvin, "Exchange Rates and FOMC Days," pp. 1245-1266

Shorter Papers, Discussions, and Letters

David C. Parsley and Christian Schlag, "Measuring Financial Integration via Idiosyncratic Risk: What Effects Are We Really Picking Up?," pp. 1267-1274

Luca Benati, "The Time-Varying Phillips Correlation," pp. 1275-1283

Number 6 (September 2007)


Kenneth A. Carow, Steven R. Cox, and Dianne M. Roden, "The Role of Insider Influence in Mutual-to-Stock Conversions" [zip] (there is no read me file for this file archive)

Thorsten Hens, Klaus Reiner Schenk-Hoppé, and Bodo Vogt, "The Great Capital Hill Baby Sitting Co-Op: Anecdote or Evidence for the Optimum Quality of Money?,"

George W. Evans and Bruce McGough, "Optimal Constrained Interest-rate Rule,"

Youngsung Chang, Taeyoung Doh, and Frank Schorfheide, "Non-stationary Hours in a DSGE Model,"

Wenli Li and Rui Yao, "The Life-Cycle Effects of House Price Changes"

Rebecca Hellerstein, "Is There a Dead Spot? New Evidence on FOMC Decisions Before Elections,"

Radim Bohácek and Hugo Rodrí­guez Mendizábal, "Credit Markets and the Porpagation of Monetary Policy Shocks,"

Manmohan S. Kuman and Tatsuyohsi Okimoto, "Dynamics of Inflation Persistence in International Inflation Rates,"

Oleg Korenok and Norman R. Swanson, "How Sticky Is Sticky Enough? A Distributional and Impulse Response Analysis of New Keynesian DSGE Models" [zip] (there is no read me file for this file archive)

Shorter Papers, Discussions, and Letters

Mikael Carlsson and Jon Smedsaas, "Technology Shocks and the Labor-Input Response: Evidence from Firm-Level Data,"

Agustin Duarte, Ken Holden, and Ivan Paya, "On the Relationship Between Inflation Persistence and Temporal Aggregation,"

Number 7 (October 2007)


Brian Ironside and Robert Tetlow, "Real-time Model Uncertainty in the United States: The Fed, 1996-2003," pp. 1533-1562

Matthew Canzoneri, Robert Cumby and Behzad Diba, "The Cost of Nominal Rigidity in NNS Models," pp. 1563-1586

Domenico Marchetti and Francesco Nucci, "Pricing Behavior and the Response of Hours to Productivity Shocks," pp. 1587-1612

Turan G Bali, "A Generalized Extreme Value Approach to Financial Risk Measurement," pp. 1613-1650

John D Wagster, "Wealth and Risk Effects of Adopting Deposit Insurance in Canada: Evidence of Risk Shifting by Banks and Trust Companies" [zip] pp. 1651-1682 (there is no read me file for this file archive)

Juin-Jen Chang, Wen-Ya Chang, Ching-Chong Lai and Ping Wang, "Equilibrium Dynamics in anEndogeneous Growth Model of Money and Banking," pp.1683-1710

Ichiro Fukunaga, "Imperfect Common Knowledge, Staggered Price Setting, and the Effects of Monetary Policy," pp.1711-1740

Joseph Haslag and Antoine Martin, "Optimality of the Friedman Rule in an Overlapping Generations Model with Spatial Separation," pp. 1741-1758

Tatiana Kirsanova, Mathan Satchi, David Vines and Simon Wren-Lewis, "Optimal Fiscal Policy Rules in a Monetary Union," pp. 1759-1784

Dieter Gerdesmeir, Francesco Mongelli and Barbara Roffia, "The Eurosystem, the US Federal Reserve and the Bank of Japan: Similarities and Differences" [zip] pp. 1785-1820 (there is no read me file for this file archive)

Shorter Papers, Discussions, and Letters

Robert Amano, Steven Ambler and Nooman Re, "The Macroeconomic Effects of Non-Zero Trend Inflation," pp.1821-1838

Griet Malengier and Lorenzo Pozzi, "Certainty Equivalence and the Excess Sensitivity of Private Consumption" [zip] pp.1839-1848 (For more information see theread me file for this file archive.)


James H. Stock and Mark W. Watson, "Erratum to 'Why Has U.S. Inflation Become Harder to Forecast?'" pp. 1849

Number 8 (December 2007)


Peter N. Ireland, "Changes in the Federal Reserve's Inflation Target: Causes and Consequences" [zip] pp. 1851-1882 (there is no read me file for this file archive)

Martin Brown and Christian Zehnder, "Credit Reporting, Relationship Banking, and Loan Repayment" [zip] pp. 1883-1918 (there is no read me file for this file archive)

Michael Berlemann and Gunther Markwardt, "Unemployment and Inflation Consequences of Unexpected Election Results," pp. 1919-1946

Giorgio Di Giorgio and Salvatore Nisticò, "Monetary Policy and Stock Prices in an Open Economy," pp. 1947-1986

Alan Kackmeister, "Yesterday's Bad Times Are Today's Good Old Times: Retail Price Changes Are More Frequent Today Than in the 1890s," pp. 1987-2020

Alfredo Martín-Oliver, Vicente Salas-Fumás, and Jesús Saurina, "A Test of the Law of One Price in Retail Banking," pp. 2021-2040

John Duffy and Wei Xiao, "The Value of Interest Rate Stabilization Policies When Agents Are Learning,"pp. 2041-2056

Jaebeom Kim, Masao Ogaki, and Minseok Yang, "Structural Error Correction Models: A System Method for Linear Rational Expectations Models and an Application to an Exchange Rate Model," pp. 2057-2076

Shorter Papers, Discussions, and Letters

Charles Yuji Horioka and Junmin Wan, "The Determinants of Household Saving in China: A Dynamic Panel Analysis of Provincial Data," pp. 2077-2096

Carolyn Sissoko, "Why Inside Money Matters," pp. 2097-2106