Volume 45 (2013)

Number 1 (February 2013)


Bianca De Paoli and Pawel Zabczyk, "Cyclical Risk Aversion, Precautionary Saving and Monetary Policy"

Marek Rusnak, Tomas Havranek and Roman Horvath, "How to Solve the Price Puzzle?  A Meta-Analysis" (Data Archive [zip]) 

Ondra Kamenik, Heesun Kiem, Vladimir Klyuev and Douglas Laxton, "Why is Canada’s Price Level So Predictable?" (Data Archive [zip])

Antoine Martin and Bruno Parigi, "Bank Capital Regulation and Structured Finance" 

Jun Ma, "Long-Run Risk and Its Implications for the Equity Premium Puzzle:  New Evidence from a Multivariate Framework" (Data Archive [rar])

Luc Laeven and Fabian Valencia, "The Real Effects of Financial Sector Interventions During Crises" (Data Archive [zip])

Alexei Karas, William Pyle, and Koen Schoors, "Deposit Insurance, Banking Crises and Market Discipline:  Evidence from a Natual Experiment on Deposit Flows and Rates" (Data Archive [zip])


YongSeung Jung and Tack Yun, "Inventory Investment and the Empirical Phillips Curve" (Data Archive [zip]) 

Angus Chu and Ching-Chong Lai, "Money and Welfare Cost of Inflation in a R&D Growth Model" (Data Archive [rar])

Number 2-3 (March-April 2013)


Fredrik Andersson, Souphala Chomsisengphet, Dennis Glennon and Feng Li, "The Changing Pecking Order of Consumer Defaults" (Data Archive [xls])

Massimo Antonini, Kevin Lee and Jacinta Pires, "Public Sector Debt Dynamics:  The Persistence and Sources of Shocks to Debt in Ten EU Countries" (Data Archive [zip])

Hiro Ishise and Nao Sudo, "Inventory-Theoretic Money Demand and Relative Price Dynamics" (Data Archive [zip])

James Chapman, Jonathan Chiu and Miguel Molico, A Model of Tiered Settlement Networks"

Kazuya Kamiya and Takashi Shimizu, "Dynamic Action Market with Fiat Money"

Matthew S. Jarmeski, "State Banks and the National Banking Acts: Measuring the Response to Increased Financial Regulation, 1860-1870" (Data Archive [zip])

Ben R. Craig and Joseph G. Haubrich, "Gross Loan Flows" (Data Archive [zip])

João Ricardo Faria and Peter McAdam, "Anticipation of Future Consumption: A Monetary Perspective"


Francesco Ravazzolo and Philip Rothman, "Oil and US GDP: A Real-Time Out-of-Sample Examination" (Data Archive [zip])

Kyungho Jang, "Alternative Maximum Likelihood Estimation of Structural Vector Autoregressive Models Partially Identified with Short-Run Restrictions" (Data Archives [zip])

Brent W. Ambrose, Piet Eichholtz and Thies Lindenthal, "Home Prices and Fundamentals:  355 Years of Evidence" (Data Archives

John V. Duca, "The Money Market Meltdown of the Great Depression" (Data Archive [zip])

Theodore M. Crone, N. Neil K. Khettry, Loretta J. Mester and Jason A. Novak, "Core Measures of Inflation as Predictors of Total Inflation" (Data Archive [zip])

Gerald Carlino, Robert DeFina and Keith Sill, "The Long and Large Decline in State Employment Growth Volatility" (Data Archives [zip])

Number 4 (June 2013)


Haroon Mumtaz and Francesco Zanetti, "The Impact of the Volatility of Monetary Policy Shocks" (Data Archive [zip])

Chadi S. Abdallah and William D. Lastrapes, "Evidence on the Relationship between Housing and Consumption in the US:  A State-Level Analysis" (Data Archive [zip])

Sumit Agarwal, John C. Driscoll and David I. Labison, "Optimal Mortgage Refinancing:  A Closed Form Solution"

Hui Guo, Zijun Wang and Jian Yang, "Time-Varying Risk-Return Tradeoff in the Stock Market" (Data Archive)

James T. E. Chapman and Antoine Martin, "Rediscounting under Aggregate Risk with Moral Hazard" 

Roland Kirstein and Eva Schliephake, "Strategic Effects of Regulatory Capital Requirements in Imperfect Banking Competition" 

Pedro Gomis-Porqueras and Daniel Sanches, "Optimal Montary Policy in a Model of Money and Credit" 


Alina Barnett and Martin Ellison, "Learning by Disinflating" (Data Archive [txt])

John W. Keating, "Interpreting Permanent and Transitory Shocks to Output When Aggregate Demand May Not be Neutral in the Long-Run"

Number 5 (August 2013)


Religion, Corruption, and the Rule of Law (Data Archive), Charles M. North, Hakim Orman, and Carl R. Gwin
Liquidity and Information Flow Around Monetary Policy Announcements, Kee Ho Chung, John Elder, and Jang-Chul Kim
Inflation and Welfare in Retail Markets:  Prior Production and Imperfectly Directed Search, Adrian Masters  
Real Exchange Rates and Fundamentals:  A Cross-Country Perspective (Data Archive), Luca Ricca, Gianmaria Milesi-Ferretti, and Jaewoo Lee
Do Sales of Foreign Exchange Reserves Lead to Currency Appreciation?, Rasmus Fatum, Kathryn M.E. Dominguez, and Pavel Vacek
Stock Market Comovements and Industrial Structure (Data Archive), Ilian Mihov and Pushan Dutt
International Evidence on the New Keynesian Phillips Curve Using Aggregate and Disaggregate Data (Data Archive), Joseph P. Byrne, Alexandros Kontonikas, and Alberto Montagnoli


Disappearing Dividends:  Implications on the Dividend-Price Ratio and the Return Predictability (Data Archive), Chang-Jin Kim and Cheolbeom Park
Intraday Patterns in FX Returns and Order Flow, Francis Breedon and Angelo Ranaldo
US Real Interest Rates and Default Risk in Emerging Economies (Data Archive)(Data Appendices), Nathan Foley-Fisher and Bernardo Guimaraes

Supplement to Number 5 (August 2013)


Editor’s Introduction, Joe Peek and Kenneth D. West
Non-Core Bank Liabilities and Financial Vulnerability (Data Archive), Joon-Ho Hahm, Hyun Song Shin, and Kwanho Shin
Taming SIFIS, Xavier Freixas and Jean-Charles Rochet
The Impact of the 2008 Liquidity Shock on Bank Jumbo Mortgage Lending (Data Archive), Paul Calem, Francisco Covas, and Jason Wu
Ratings Competition in the CMBS Market, Andrew Cohen and Mark Manuszak


What is Systemic Risk?, Franklin Allen and Elena Carletti
Systemic Risk Monitoring and Financial Stability, Nellie Liang

Number 6 (September 2013)


Declining Effects of Oil Price Shocks (Data Archive), Munechika Katayama
Non-Uniform Staggered Prices and Output Persistence, Johan Söderberg
News on Inflation and the Epidemiology of Inflation Expectations (Data Archive), Damjan Pfajfar and Emiliano Santoro
The Most Beautiful Variations on Fair Wages and the Phillips Curve, Andrea Vaona
The Impact of House Prices on Consumer Credit:  Evidence from an Internet Bank (Data Archive), Rodney Ramcharan and Christopher Crowe
Equity Returns and Business Cycles in Small Open Economies (Data Archive), Mohammad R. Jahan-Pravar, Xuan Liu and Philip Rothman


Bank Capital:  Lessons from the Financial Crisis”  (Data Archive), Asli Demirguc-Kunk, Enrica Detragiache, and Ouarda Merrouche
Asymmetric Labor Market Institutions in the EMU and the Volatility of Inflation and Unemployment Differentials (Data Archive), Mirko Abbritti and Andreas Mueller
Fiscal Data Revisions in Europe (Data Archive), Francisco De Castro Fernández, Javier Pérez, and Marta Rodríguez-Vives


Number 7 (October 2013)


Asset Prices, News Shocks and the Trade Balance (Data Archive), Marcel Fratzscher and Roland Straub
Does Inflation Targeting Help Reduce Financial Dollarization? (Data Archive), Shu Lin and Haichun Ye
Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries (Data Archive), Samir Jahjah, Ben Wei, and Vivian Yue
Foreign Banks and the Dual Effect of Financial Liberalization, Leo Ferraris and Raoul Minetti
Optimal Monetary and Fiscal Policy with a Zero Bound on Nominal Interest Rates (Data Archives), Sebastian Schmidt
A Generalized Unobserved Components Model That Yields Business and Medium-Run Cycle (Data Archive), Jun Ma and Mark E. Wohar
How Do Anticipated Changes to Short-Term Market Rates Influence Banks’ Retail Interest Rates? Evidence from the Four Major Euro Area Economies, Anindya Banerjee, Victor Bystrov, and Paul Mizen


Cost Savings from Check 21 Electronic Payment Legislation (Data Archive), David B. Humphrey and Robert Hunt
On the Asymmetric U-shaped Relationship between Inflation, Inflation Uncertainty and Relative Price Skewness in the UK (Data Archive), Kausik Chaudhuri, Matthew Greenwood-Nimmo, Minjoo Kim and Yongcheol Shin

Number 8 (December 2013)


Bayesian Evaluation of DSGE Models with Financial Frictions (Data Archive), Michaƚ Brzoza-Brzezina and Marcin Kolasa
Fiscal Sustainability in a New Keynesian Model (Data Archive), Campbell Leith and Simon Wren-Lewis
Real Effect of Money Growth and Optimal Rate of Inflation in a Cash-in-Advance Economy with Labor-Market Frictions (Data Archive), Ping Wang and Danyang Xie
Technology, Utilization, and Inflation:  What Drives the New Keynesian Phillips Curve? (Data Archive), Peter McAdam and Alpo Williams
Do Public Banks Compete with Private Banks?  Evidence from Concentrated Local Markets in Brazil (Data Archive), Christiano A. Coelho, João M.P. De Mello, and Rezende Leonardo
Securitization and Bank Performance (Data Archive), Barbara Casu, Andrew Clare, Anna Sarkisyan, and Stephen Thomas
Do Central Banks React to House Prices? (Data Archive), Daria Finnocchiaro and Virginia Queijo von Heideken



Separation of Unit of Account from Medium of Exchange, Young Sik Kim and Manjong Lee

The Bank Lending Channel:  A FAVAR Analysis (Data Archive), Chetan Dave, Scott J. Dressler, and Lei Zhang

Number 8S2 (December 2013)


Editors’ Introduction, Robert Kollmann and Kenneth D. West
When Credit Bites Back (Data Archive), Òscar Jordá, Moritz Schularick, and Alan M. Taylor
The Impact of the Federal Reserve’s Large-Scale Asset Purchase Programs on Corporate Credit Risk (Data Archive), Simon Gilchrist and Egon Zakrajšek
Balance Sheet Shocks and Recapitalizations (Data Archive), Damiano Sandri and Fabian V. Valencia
Banking Competition, Collateral Constraints and Optimal Monetary Policy (Data Archive), Javier Andrés, Óscar J. Arce, and Carlos Thomas
Financial Exposure and the International Transmission of Financial Shocks (Data Archive), Günes Kamber and Christoph Thoenissen
Global Banks, Financial Shocks and International Business Cycles:  Evidence from an Estimated Model (Data Archive), Robert Kollmann


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