Forthcoming Papers

“Bank Capital Regulation of Trading Portfolios: An Assessment of the Basel Framework”  Gordon J. Alexander and Alexandre M. Baptista (PDF icon Appendix)

"The Pitch Rather Than the Pit: Investor Inattention, Trading Activity, and FIFA World Cup Matches"  Michael Ehrmann and David-Jan Jansen

"Institutional Investors and the QE Portfolio Balance Channel"  Michael Joyce, Zhuoshi Liu, and Ian Tonks

"The Bullionist Controversy:  Theory and New Evidence"  Joshua R. Hendrickson

"Net SEttlement and Counterparty Risk:  Evidence form the Formation of the NYSE's First Clearinghouse"  Bernard McSherry, Berry K. Wilson, and James J. McAndrews

"Microdata Evidence on the Empirical Importance of Selection Effects in Menu-Cost Models"  Mikael Carlsson

"The Role of Oil Price Shocks in Causing U.S. Recessions"  Lutz Kilian and Robert Vigfusson

"Assessing the Macroeconomic Effects of LTROS during the Great Recession"  Christophe Cahn, Julien Matheron, and Jean-Guillaume Sahuc

"Identifying the Stance of Monetary Policy at the Zero Lower Bound:  A Markov-Switching Estimation Exploiting Monetary-Fiscal Policy Interdependence"  Manuel Gonzalez-Astudillo

"Estimating Monetary Policy Rules When Nominal Interest Rates Are Stuck at Zero"  Jinill Kim and Seth Pruitt

"Inflation Targeting, Recursive Inattentiveness and Heterogeneous Beliefs"  Anna Agliari,  Domenico Massaro, Nicolo Pecora, and Alessandro Spelta

"Capital Over the Business Cycle:  Renting versus Ownership"  Peter N. Gal and Gabor Pinter

"Raise Rates to Raise Inflation?  Neo-Fisherianism in the New Keynesian Model"  Julio Garin, Robert Lester, and Eric Sims

"The Contractionary Effect of Bad Economic News"  Zhaochen He

"Waking Up from the American Dream:  On the Experience of Young Americans During the Housing Boom of 2000s"  Luc Laeven and Alexander Popov

"Shadow Banks and Macroeconomic Instability" Roland Meeks, Benjamin Nelson, and Piergiorgio Alessandri

"Austerity and Private Debt"  Mathias Klein

"Co-ordinating Monetary and Macroprudential Policies"  Bianca De Paoli and Matthias Paustain

"What is the Economic Cost of the Investment Home Bias?"  Haim Levy

"Central Bank Policy Paths and Market Forward Rates:  A Simple Model"  Ferre De Graeve and Jens Iversen

"The Creditor Channel of Liquidity Crises"  Xuewen Liu and Antonio S. Mello

"Supply-Side Policies in the Dpression:  Evidence from France"  Jeremie Cohen-Setton, Joshua K. Hausman, and Johannes F. Weiland

"Nowcasting U.S. Headline and Core Inflation"  Edward S. Knotek II and Saeed Zaman

"Short-term Corporate Debt Around the World" Marco Sorge, Chendi Zhang, and Kostas Koufopoulos

"Liquidity Provision, Bank Capital, and the Macroeconomy"  Gary Gorton and Andrew Winton

"The Risk-taking Channel of Monetary Policy in the US:  Evidence from Loan-level Data"  Manthos D. Delis, Iftekhar Hasan, and Nikolaos Mylonidis

"Intrinsic Persistence of Wage Inflation in New Keynesian Models of the Business Cycles"  Giovanni Di Bartolomeo and Marco Di Pietro

"Variations in Market Liquidity and the Intraday Interest Rate"  Puriya Abbassi, Falko Fecht, and Johannes Tischer

"House Prices and Government Spending Shocks"  Hashmat Kahn and Abeer Reza

"Profitability, Value and Stock Returns in a Production-Based Asset Pricing without Frictions"  Ronald J. Balvers, Li Gu, and Dayong Huang

"Should the Federal Reserve Pay Competitive on Reserves?"  Matthew Canzoneri, Robert Cumby, and Behzad Diba

"Foreign Bank Behavior during Financial Crises"  Jonathon Adams-Kanes, Julian Caballero, and Jamus Lim

"Precautionary Saving of Chinese and US Households"  Horag Choi, Steven Lugauer, and Nelson C. Mark

"Bank Capital Regulation of Trading Portfolios:  An Assessment of the Basel Framework"  Gordon J. Alexander and Alexandre M.Baptista

"A New Time-Varying Parameter Autoregressive Model for U.S. Inflation Expectations"  Markku Lanne and Jani Luoto

"Macro Credit Policy and the Financial Accelerator"  Charles T. Carlstrom and Timothy S. Fuerst

"Unstable Inflation Targets"  William A. Branch and George W. Evans

"Consumer Attitudes and Their Forecasting Power for Consumer Spending" Michelle L. Barnes and Giovanni P. Olivei

"The Pitch Rather Than the Pit:  Investor Inattention, Trading Activity, and FIFA World Cup Matches"  Michael Ehrmann and David-Jan Jansen

"Do Data Revisions Matter for DSGE Estimation?"  Gregory E. Givens

"Costly Information, PLanning Complementarities and the Phillips Curve"  Sushant Acharya

"Financial Development, Credit and Business Cycles" Tiago Pinheiro, Francisco Rivadeneyra, and Marc Teignier

"Fiscal Activism and the Zero Nominal Interest Rate Bound"  Sebastian Schmidt

"A Bayesian Model Comparison for Trend-Cycle Decompositions of Output"  Angelia L. Grant and Joshua C.C. Chan

"Mortgage Choice in the Euro Area--Macroeocnomic Determinants and the Effect of Monetary Policy on Debt Burdens"  Michael Ehrmann and Michael Ziegelmeyer

"Uncertainty in an Interconnected Financial System, Contagion, and Market Freezes"  Mei Li, Frank Milne, and Junfeng Qui (PDF icon Appendix)

"Fiscal Adjustment and Inflation Targeting in Less Developed Countries"  Edward F. Buffie and Manoj Atolia

"When Preferences for a Stable Interst Rate Become Self-Defeating"  Ragna Alstadheim and Oistein Roisland

"Household Wealth and Macroeconomic Activity:  2008-2013"  Ray C. Fair

“Bank Recapitalization, Regulatory Intervention, and Repayment" Thomas Kick, Michael Koetter, and Tigran Poghosyan (PDF icon Appendix)

"On the Credibility of the Euro/Swiss Franc Floor:  A Financial Market Perspective"  Markus Hertrich and Heinz Zimmermann

"Changes in the Federal Reserve Communication Strategy:  A Structural Investigation"  Yasuo Hirose and Takushi Kurozumi

"Financial Markets' Views about the Euro-Swiss Franc Floor"  Urban Jermann

"Two Monetary Models with Alternating Markets" Gabriela Camera and YiLi Chen (PDF icon Appendix)

"The Cross-Market Spillover of Economic Shocks through Multimarket Banks" Jose M. Berrospide, Lamont K. Black, and William R. Keeton ( PDF icon Appendix)

"A New Measure of Equity and Cash Flow Duration: The Duration-based Explanation of the Value Premium Revisited" David Schroeder and Florian Esterer (PDF iconPDF icon Appendix)

"Why Do Shoppers Use Cash? Evidence from Shopping Diary Data"  Naoki Wakamori and Angelika Welte

"What Moves Investment Growth?" Long Chen, Zhi Da, and Borja Larrain

"The Effects of Regulating Hidden Add-on Costs"  K. Jeremy Ko and Jared Williams

"Regime Shifts in Price-dividend Ratios and Expected Stock Returns:  A Present Value Approach"  Kwan Hun Choi, Chang-Jin Kim, and Cheolbeom Park

"What Drives the Owner-Occupied and Rental Housing Markets?  Evidence from an Estimated DSGE Model"  Xiaojin Sun and Kwok Ping Tsang

"On the Persistence of Cross-Country Inequality Measures"  Dimitris Christopoulos and Peter McAdam

"Credit Availability and Asset Pricing Dynamics in Illiquid Markets:  Evidence from Commercial Real Estate Markets"  David C. Ling, Andy Naranjo, and Benjamin Scheick

"Bank Leverage Cycles and the External Finance Premium"  Ansgar Rannenberg

"A Reexamination of Credit Rationing in the Stiglitz and Weiss Model"  Xunhua Su and Li Zhang

"Heterogeneous Consumers and Fiscal Policy Shocks"  Emily Anderson, Atsushi Inoue, and Barbara Rossi

"Local Trends in Price-to-Dividend Ratios--Assessment, Predictive Value and Determants"  Helmut Herwartz, Malte Rengel, and Fang Xu

"Capital Regulation and Endogenous Competition as a Moderator for Stability"  Eva Schliephake

"Rational Inattention in Uncertain Business Cycles"  Fang Zhang

"Interest Rates in Trade Credit Markets"  Kleino Barbosa, Humberto Moreira, and Walter Novaes

"Lumpy Investment, Lumpy Inventories" Ruediger Bachmann and Lin Ma

"The Federal Reserve's Tools for Policy Normalization in a Prefereed Habitat Model of Financial Markets"  Han Chen, Jim Clouse, Jane Ihrig, and Elizabeth Klee

"Gender Bias and Credit Access"  Steven Ogena and Alexander Popov

"Rollover Risk, Liquidity and Macroprudential Regulation"  Toni Ahnert

"A Model of the Confidence Channel of Fiscal Policy"  Bernardo Guimaraes, Caio Machado, and Marcel Ribeiro

"Understanding post-Euro Law-of-One-Price Deviations"  Marina Glushenkova and Marios Zachariadis

"Mixed Integer Programming Revealed Preference Tests of Utility Maximization and Weak Separability of Consumption, Leisure and Money"  Per Hjertstrand, James L. Swofford, and Gerald A. Whitney

"Bank Recapitalization, Regulatory Intervention, and Repayment"  Thomas Kick, Michael Koetter, and Tigran Poghosyan

"Optimal Monetary Policy and Transparency under Informational Frictions"  Wataru Tamura

"Re-Use of Collateral in the Repo Market"  Lucas Marc Fuhrer, Basil Guggenheim, and Silvio Schumacher

"The Cross-Market Spillover of Economic Shocks through Multi-Market Banks"  Jose M. Berrospide, Lamont K. Black, and William R. Keeton

"The Roles of Corporate Governance in Bank Failures during the Recent Financial Crisis," (PDF icon Online Appendix), Allen N. Berger, Bjorn Imbierowicz, and Christian Rauch

"Second Chances:  Subprime Mortgage Modification and Redefault"  Andrew Haughwout, Ebiere Okah, and Joseph Tracey

"The CARD Act and Young Borrowers:  The Effects and the Affected"  Andra Ghent, Peter Debbaut, and Mariana Kudlyak

"Corridor System and Interest Rates:  Volatility and Asymmetry"  Jiho Lee

"Monetary Policy Expectatins at the Zero Lower Bound"  Mihcael D. Bauer and Glenn Dr. Rudebusch

"Two Extensive Martings of Credit and Loan-to-Value Policies"  Pedro Gete and Michael Reher

Money and Output:  Friedman and Schwartz Revisited"  Michael T. Belongia and Peter N. Ireland

"Carry Trades, Order Flow and the Forward Bias Puzzle"  Francis, Breedon, Dagfinn Rime, and Paolo Vitale

"Preferential Regulatory Treatment and Banks' Demand for Government Bonds"  Clemens Bonner

"Two Monetary Models with Alternating Markets"  Gabriele Camera and YiLi Chien

"Can We Prove a Bank Guilty of Creating Systemic Risk?  A Minority Report"  John Danielsson, Kevin James, Marcela Valenzuela and ilknur Zer

"A New Measure of Equity and Cash Flow Duration:  The Duration-based Explanation of the Value Premium Revisited"  David Schroeder, and Florian Esterer

"Announcement of Interest Rate Forecasts:  Do Policymakers Stick to Them?"  Nikola Mirkov and Gisle Natvik

"Improving Overnight Loan Identification in Payment Systems"  Mark Rempel

"Like Father like Sons?  The Cost of Sovereign Defaults in Reduced Credit to the Private Sector"  Rui Esteves and Joao Rovar Jalles

"Trade Credit, the Financial Crisis, and SME Access to Finance"  Santiago Carbo-Valverde, Francisco Ridriguez-Fernandez, and Gregory F. Udell

"Saving and Portfolio Allocation Before and After Job Loss"  Christoph Basten, Andreas Fageren, and Kjetil Telle

"Uncertainty in an Interconnected Financial System, Contagion, and Market Freezes"  Mei Li, Frank Milne, and Jungeng Qiu

"On Freezing Depositior Funds at Financially Distressed Banks:  An Experimental Analysis"  Douglas D. Davis and Robert J. Reilly

"Evaluating the Efficiency of the FOMC's New Economic Projections"  Natsuki Arai

"The Changing International Transmission of Financial Shocks:  Evidence from a Classical Time-Varying FVAR"  Angela Abbate, Sandra Eickmeier, Wolfgang Lemke, and Massimiliano Marcellino

"Endogenous Price Stickiness, Trend Inflation, and Macroeconomic Stability"  Takushi Kurozumi

"Managing Beliefs About Monetary Policy under Discretion"  Elmar Mertens

"House Price Expectations, Alternative Mortgage Products, and Default"  Jan K. Brueckner, Paul S. Calem, Leonard I Nakamura

"Congress and the Federal Reserve"  Gregory D. Hess and Cameron A. Shelton

"Stock Market Participation:  Responses Before and During the Great Recession"  Bing Chen and Frank P Stafford

"An Experiment on Retail Payment Systems"  Gabriele Camera, Marco Casari, and Stefania Bortolotti

"Debt, Taxes, and Banks"  Michale Keen and Rudd de Mooij

"Inventory Shocks and the Great Moderation"  James Morley and Aarti Singh

"Measuring the Macroeconomic Impact of Monetary Polivy at the Zero Lower Bound"  Jing Cynthia Wu and Fan Dora Xia

"Determinants of Mortgage Defaul and Consumer Credit Use:  The Effects of Foreclosure Laws and Foreclosure Delays"  Sewin Chan, Andrew Haughwout, Andrew Hayashi, and Wilbert van der Klaauw

"Foreign Ownership and Market Power in Banking:  Evidence from a World Sample"  Manthos D. Delis, Sotirios Kokas, and Steven Ongena

"Monetary Policy, Asset Prices, and Liquidity in Over-the-Counter Markets"  Athanasios Germichalos and Lucas Herrenbrueck

"Investment Horizon and Repo in the Over-the-Counter Market" Hajime Tomura

"Housing and Tax Policy"  Sami Alpanda and Sarah Zubairy

"Credit Availability and the Collapse of the Banking Sector in the 1930s"  Mark Carlson and Jonathan Rose

"Investment-Specific News Shocks and U.S. Business Cycles"  Nadav Ben Zeev and Hashmat Khan

"Are Market-Based Measures of Global Systemic Importance of Financial Institutions Useful to Regulators and Supervisors?"  Qi Zhang, Franceco Vallascas, Kevin Keasey, and Charlie X. Cai

"Jointly Optimal Regulation of Bank Capital and Maturity Structure"  Ansgar Walther

Saving the Euro: Mitigating Financial or Trade Spillovers?"  Stijn Claessens, Hui Tong, and Igor Zuccardi

"Optimal Bank Transparency"  Diego Moreno and Tuomas Takalo

"News Shocks in the Data:  Olympic Games and their Macroeconomic Effects"  Markus Bruckner and Evi Pappa

"Distressed Debt Restructuring in the Presence of Credit Default Swaps"  Mascia Bedendo, Lara Cathcart, and Lina El-Jahel

"Learning and the Yield Curve"  Arunima Sinha

"Understanding Housing Market Volatility"  Joseph Fairchild, Jun Ma, and Shu Wu

"Learning, Monetary Policy and Asset Prices"  Marco Airaudo, Salvatore Nistico and Luis-Felipe Zanna

"Long-run Consumption Risk and Asset Allocation under Recursive Utility and Rational Inattention"  Yulei Luo and Eric R. Young

"Private Money and Banking Regulation"  Cyrill Monnet and Daniel Sanches

"The Dynamics of Gasoline Prices:  Evidence from Daily French Micro Data"  Erwan Gautier and Ronan LeSaout

"The Age of the Dragon:  The Effect of Imports from China on Firm-Level Prices" Matteo Bugamelli, Silvia Fabiani, and Enrico Sette

"Optimal Monetary Policy with Labor Market Frictions:  The Role of the Wage Channel"  Takeki Sunakawa

Responding to a Shadow Banking Crisis:  The Lessons of 1763"  Stephen Quinn and William Roberds

"OTC Clearing Arrangements for Bank Systemic Risk Regulation:  A Simulation Approach" Olga Lewandowska

"The Influence of Foreclosure Delays on Borrowers' Default Behavior"  Shuang Zhu and R. Kelly Pace

"The Impact of Uncertainty Shocks under Measurement Error.  A Proxy SVAR Approach"  Andrea Carrier, Haroon Mumtaz, Konstantinos Theodoridis, and Angeliki Theophilopulou

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