Forthcoming Papers

:Net Debt Supply Shocks in the Euro ARea and the Implications for QE"  Tobias S. Blattner and Michael Joyce

"Financial Dampening"  Johannes F. Wieland and Mu-Jeung Yang

"The Local Aggregate Effects of Minimun Wage Increases"  Daniel Cooper, Maria Jose Lungo-Prado, and Jonathan A. Parker

"The Role of Inflation Target Adjustment in Stabilization Policy"  Yunjong Eo and Denny Lie

"Observing and Shaping the Market:  The Dilemma of Central Banks"  Romain Baeriswyl, Camille Cornand, and Bruno Ziliotto

"Monetary News Shocks"  Nadav Ben Zeev, Christopher Gunn, and Hashmat Khan

"FX Interventional in the New Keynesian Model"  Zineddine Alla, Raphael A. Espinoza, and Atish R. Ghosh

"Mad About Austerity?  The Effect of Fiscal Consolidation on Public Opinion"  Livio Stracca and Anna Kalbhenn

"Identifying Price Reviews by Firms: An Econometric Approach"  Mark Harris, Herve Le Bihan, and Patrick Sevestre

"Monetary Credit and Banking and the Cost of Financial Activity"  Paoel Boel and Gabriele Camera

"Debt and Financial Vulnerability on the Verge of Retirement"  Annamaria Lusardi, Olivia S. Mitchell, and Noemi Oggero

"Banks' Funding Stress, Lending Supply and Consumption Expenditure"  H. Evren Damar, Reint Gropp, and Adi Mordel

"Firms' Management of Infrequent Shocks"  Benjamin L. Collier, Andrew H. Haughwout, Howard C. Kunreuther, and Erwann O. Michel-Kerjan

"Uncertainty, Incentives and Misallocation" Seungjun Baek

"The Collateral Costs of Clearing"  Cyril Monnet and Thomas Nellen

"A Liquidity-Based Resolution of the Uncovered Interest Parity Puzzle"  Seungduck Lee and Kuk Mo Jung

"(In)Efficient Interbank Networks"  Fabio Castiglionesi and Noemi Navarro

"Macroprudential Policies in a Low Interest-Rate Environment"  Margarita Rubio and Fang Yao

"Flow Effects of Central Bank Asset Purchases on Sovereign Bond Prices:  Evidence from a Natural Experiment"  Roberto A. De Santis and Federic Holm-Hadulla

"U.S. Banking Sector Operational Losses adn teh Macroeconomic Environment"  Azamat Abdymomunov, Filippo Curti, and Atanas Mihov

"Official Demand for U.S. Debt:  Implications for U.S. Real Rates"  Iryna Kaminska and Gabriele Zinna

"Cultural Determinants of Household Saving Behavior"  Nicola Fucsh-Schundeln, Paolo Masella, and Hannahh Paule- Paludkiewicz

"On the Relationship Between Domestic Saving and the Current Account;  Evidence and Theory for Developing Countries"  Markus Brueckner and Evi Pappa

"Monetary Policy Uncertainty and the Response of the Yield Curve to Policy Shocks"  Peter Tillmann

"On What States Do Prices Depend?  Answers from Ecuador"  Craig Benedict, Mario Crucini, and Anthony Landry

"A Welfare-Based Analysis of International Monetary Policy Spillovers at the Zero Lower Bound"  Alex Haberis and Anna Lipinska

"M-Press-CreditRisk:  Microprudential and Macroprudential Capital Requirement for Credit Risk under Systemic Stress"  Natalia Tente, Natalja von Westerhagen, and Ulf Slopek

"Harmful Pro-Competitive Effects of Trade in Presence of Credit Market Frictions"  Reto Foellmi and Manuel Oeschslin

"Nonlinearities of Mortgage Spreads over the Business Cycle"  Chak Hung Jack Cheng and Ching-Wai (Jeremy) Chiu

"Money, Asset Prices, and the Liquidity Premium"  Seungduck Lee

"Labor Market and Financial Shocks:  A Time-Varying Analysis"  (PDF icon Appendix), Francesco Corsello and Valerio Nispi Landi

"On Targeting Frameworks and Optimal Monetary Policy"  Martin Bodenstein and Junzhu Zhao

"Real Estate Prices and Corporate Investment:  Theory and Evidence of Heterogeneous Effects Across Firms"  Denis Fougere, Remy Lecat, and Simon Ray

"Endogenous Growth and Real Effects of Monetary Policy:  R&D and Physical Capital Complementarities"  Gustavo Iglesias, and Pedro Mazeda Gil

"Effective Macroprudential Policy:  Cross-Sector Substitution from Price and Quantity Measures"  Janko Cizel, Jon Frost, Aerdt Houben, and Peter Wierts

"Can Stock Volatility Be Benign?  New Measurements and Macroeocnomic Implications"  Yu-fan Huang and Sui Luo

"Do Stronger Patents Stimulate or Stiffle Innovation?  The Crucial Role of Financial Development"  Angus C. Chu, Guido Cozzi, Haichao Fan, Shiyuan Pan, and Mengbo Zhang

"Fiscal Policy and Occupational Employment Dynamics"  Christian Bredemeier, Falko Juessen, and Roland Winkler

"Evaluating the Macroeconomic Effects of the ECB's Unconventional Monetary Policies"  Sarah Mouabbi and Jean-Guillaume Sahuc

"Measuring Inflation Anchoring and Uncertainty:  A US and Euro Area Comparison"  Olesya V. Grishchenko, Sarah Mouabbi, and Jean-Paul Renne

"The Effects of State Mandated Financial Education on College Financing Behaviors"  Christiana Stoddard and Carly Urban

"On Complicated Dynamics in Simple Monetary Models"  Chao He and Randall Wright

"On the Effectiveness of Loan-to-Value Regulation in a Multiconstraint Framework"  Anna Grodecka

"Monetary Policy and the Asset Risk-taking Channel"  Angela Abbate and Dominik Thaler

"Nominal GDP Targeting with Heterogeneous Labor Supply"  James Bullard and Aarti Singh

"A Note of Caution on Shadow Rate Estimates"  Leo Krippner

"How Unsecured Credit Policies Influence Mortgage and Unsecured Loan Defaults"  Jiseob Kim

"The Dynamics of Capital Flow Episodes"  Christian Friedrich and Pierre Guerin

"Trade Credit Use as Firms Approach Default"  Emilia Garcia-Appendini and Judity Montroil-Garriga

"Tax Evasion, Investment Shocks and the Consumption Puzzle:  A DSGE Analysis with Financial Frictions" Bruno Chiarini, Maria Ferrara, and Elisabetta Marzano

"On the Value of Virtual Currencies"  Wilko Bolt and Maarten R.C. van Oordt

"Employment in the Great Recession:  How IMportant Were Household Credit Supply Shocks?"  Daniel Garcia

"Foreign Direct Investment and Debt Financing in Emerging Economies"  Paul Luk and Tianxiao Zheng

"The Role of Durables Replacement and Second-Hand Markets in a Business-Cycle Model"  Hyunseung Oh

"Inflation-indexed Bonds and Nominal Bonds:  Financial Innovation and Precautionary Motives"  Minwook Kang

"Valuing Government Obligations When Markets are Incomplete"  Jasima Hasanhodzic and LaurenceJ. Kotlikoff

"Optimal Structure of Fiscal and Monetary Authories"  David S. Miller

"Monetary Policy Implementation in a Negative Rate Environment"  Michael Boutros and Jonathan Witmer

"Monetary Policy Transmission with Interbank Market Fragmentation"  Miklos Vari

"Nominal GDP Targeing and the Taylor Rule on an Even Playing Field"  David Beckworth and Joshua Henderickson

"Financial Shocks and Corporate Investment in Emerging Markets"  Delong Li, Nicolas E. Magud, and Fabian Valencia

"Capital Regulaton with Two Banking Sectors:  Cyclicality and Implementation"  Taejin Kim and Vishal Mangala

"The Effectiveness of Consumption Taxes and Transfers as Insrance against Idiosyncratic Risk"  Tomoyuki Nakajima and Shuhei Takashi

"How Much Are Car Purchases Driven by Home Equity Withdrawl?"  Brett A. McCully, Karen Pence and Daniel J. Vine

"Estimating Trend Inflation Based on Unobserved Componenets Models:  Is It Correlated with the Inflation Gap?"  Shih-Tang Hwu and Chang-Jin Kim

"Credit Crunches from Occasionally Binding Bank Borrowing Constraints"  Tom D. Holden, Paul Levine, and Jonathan M. Swarbrick

"The Relative Effectiveness of Spot and Derivatives-based Interventions"  Milian Nedeljkovic and Christian Saborowski

"State-Dependent Transmisison of Monetary Policy in the Euro Area"  Jan Pablo Burgard, Matthias Neuenkirch, and Matthias Nockel

"The Heterogeneous Responses of Consumption between Poor and Rich to Government Spending Shocks" (PDF icon Appendix),  Eunseong Ma

"Asymmetry, Complementarities, and State Dependence in Federal Reserve Forecasts" Julieta Caunedo, Riccardo DiCecio, Ivana Komunjer, and Michael T. Owyang

"Seven Fallacies Concerning Milton Friedman's "The Role of Monetary Policy""  Edward Nelson

"Quantitative Easing in the 1930s"  Christopher Hanes

"Long-Run Inflation and the Distorting Effects of Sticky Wages and Technicial Change"  Louis Phaneuf and Jean Gardy 

"Fiscal Requirements for Dynamic and Real Determinacies in Economies with Private Provision of Liquidity:  A Monetarist Assessment"  Pedro Gomis-Porqueras

"Predicting Long-Term Financial Returns:  VAR vs DSGE Model -- A Horse-Race"  Eric Jondeau and Micael Rockinger

"Identifying Noise Shocks:  A VAR with Data Revisions"  Riccardo M. Masolo and Alessia Paccagnini

"Entrepreneurship, College and Credit:  The Golden Triangle"  Roberto M. Samaniego and Juliana Yu Sun

"Interventions in Markets with Adverse Selection:  Implications for Discount Window Stigma"  (PDF icon Appendix), Huberto M. Ennis

"Redenomination Risk" (PDF icon Appendix), Roberto A. De Santis

"Do SMEs Benefit from Unconventional Monetary Policy and How?  Micro-Evidence from the Eurozone"  Annalisa Ferrando, Alexander Popov, and Gregory F. Udell

"International Business Cycle and Financial Intermediation"  Tamas Z. Csabafi, Max Gillman, and Ruthira Naraidoo

"Voluntary Reserve Targets"  Garth Baughman and Francesca Carapella

"Fiscal and Monetary Policy Coordination, Macroeconomic Stability, and Sovereign Risk"  Dennis Bonam and Jasper Lukkezen

"How Do Central Bank Governors Matter?  Regulation adn the Financial Sector"  Prachi Mishra and Ariell Reshef

"Global Economic Divergence and Portfolio Capital Flows to Emerging Markets"  Zeyyad Mandalinci and Haroon Mumtaz

"Credit Reallocation, Deleveraging, and Financial Crises"  Junghwan Hyun and Raoul Minetti

"Temperature and Growth:  A Panel Analysis of the United States"  Riccardo Colacito, Bridget Hoffmann, and Toan Phan

"Macroeconomic Effects of Credit Deepening in Latin America" Carlos Carvalho, Nilda Pasca, Laura Souza, and Eduardo Zilberman

"Welfare Cost of Fluctuations When Labor Market Search Interactions with FInancial Frictions"  Eleni Iliopulos, Francois Langot, and Thepthida Sopraseuth

"Lock-In Effects in Relationship Lending:  Evidence from DIP Loans" Iftekhar Hasan, Gabriel Ramirez, and Gaiyan Zhang

"Where is the GE?  Consumption Dynamics in DSGEs"  Jean-Paul L'Huillier and Donghoon Yoo

"Mood Swings and Business Cycles:  Evidence fromr Sign Restrictions"  Deokwoo Nam and Jian Wang

"Liquidity Constraints, Wealth Transfers and Home Ownership"  Martin Brown and Kristian Blickle

"Credit Traps and Macroprudential Leverage" (PDF icon Appendix), Angus Foulis, Benjamin Nelson and Misa Tanaka

"Job Duration Over the Business Cycle" (PDF icon Appendix), Jose Mustre-del-Rio

"Uncertainty and Fiscal Cliffs"  Troy Davig and Andrew Foerster

"Financial Contagion in the Laboratory:  Does Network Structure Matter?"  John Duffy, Aikaterini Karadimitropoulou, and Melanie Parravano

"A Tale of Two Growth Engines:  Interactive Effects of Monetary Policy and Intellectual Property Rights"  Angus C. Chu, Ching-chong Lai, and Chih-Hsing Liao

"Safe Assets as Commodity Money"  Maya Eden and Benjamin S. Kay

"Macroeconomic Effects of Government Spending:  The Great Recession was (Really) Different"  Matthias Klein and Ludger Linnemann

"Logit Price Dynamics" (PDF icon Appendix), James Costain and Anton Nakov

"Inter-Enterprise Credit and Adjustment During Financial Crises: The Role of Firm Size" (PDF icon Appendix), Fabrizio Coricelli and Marco Frigerio

"Notes on the Underground:  Monetary Policy in Resource-Rich Economies"  Andrea Ferrero and Martin Seneca

"Interest Rates and the Market for New Light Vehicles"  (PDF icon Appendix), Adam Copeland, George Hall, and Louis J. Maccini

"Financial Frictions, Financial Shocks, and Aggregate Volatility" Cristina Fuentes-Albero

"Search, Financial Market Frictions, and Monetary Transmission"  Victor E. Li

"Household Debt Overhang and Transmission of Monetary Policy" (PDF icon Appendix), Sami Alpanda and Sarah Zubairy

"Bridging the Gaps:  Credits, Adoption, and Inequality"  Maria Elisa Farias, Javier Scavia, and Raul Fuentes

"Balanced-Budget Rules and Aggregate Instability:  The Role of Endogenous Capital Utilization"  Kevin X.D. Huang, Qinglai Meng, and Jianpo Xue

"One Size Fits All?  Monetary Policy and Asymmetric Household Debt Cycles in US States" (PDF icon Appendix), Bruno Albuquerque

"The Demand for Assets and Optimal Monetary Aggregation"  Ali Jadizadeh and Apostolos Serletis

"Nonlinear Pricing and the Market for Settling Payments" Adam Copeland and Rodney Garratt

"Dealing with TIme-Inconsistency:  Inflation Targeting vs. Exchange Rate Targeting" , J. Scott Davis, Ippei Fujiwara, and Jiao Wang

"Contracting Sequentially with Multiple Lenders:  The Role of Menus"  Andrea Attar, Catherine Casmatta, Arnold Chassagnon, and Jean Paul Decamps

"Mortgage Default during the U.S. Mortgage Crisis" (PDF icon Appendix), Thomas Schelkle

"Big Banks and Macroeconomic Outcomes:  Theory and Cross-Country Evidence of Granularity"  Franziska Bremus, Claudia M. Buch, Katheryn N. Russ, and Monika Schnitzer

"Monetary Policy and Financial Stability:  Cross-Country Evidence"  Christian Friedrich, Kristina Hess, and Rose Cunningham

"The Interaction of Monetary and Macroprudential Policies"  Aino Silvo

"Interest Rate Pegs in New Keynesian Models"  George W. Evans and Bruce McGough

"A Model of Monetary Policy Shocks for FInancial Crises and Normal Conditions"  John W. Keating, Logan J. Kelly, A. Lee Smith, and Victor J. Valcarcel

"Endogenous Life-Cycle Housing Investment and Portfolio Allocation"  Denis Pelletier and Cengiz Tunc

"Monetary Policy and Investment Dynamics:  Evidence from Disaggregate Data"  Gregory E. Givens and Robert R. Reed

"Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Systemic Risk?"  Mark Carlson and David C. Wheelock

"Growth and Public Debt:  What Are the Relevant Tradeoffs?"  Arnaud Cheron, Kazuo Nishimura, Carine Nourry, Thomas Seegmuller, and Alain Venditti

"Using Market Expectations to Test for Speculative Bubbles in the Crude Oil Market"  Efthymios G. Pavlidis, Ivan Paya, and David Peel

"Optimal Fiscal Policy with Consumption Taxation"  Giorgio Motta and Raffaele Rossi

"Consumer Search, Incomplete Exchange Rate Pass-Through and Optimal Interest Rate Policy"  Dudley Cooke

"Analysis of Stigma and Bank Behavior"  Angela Vossmeyer

"Inflation and Innovation in a Schumpeterian Economy with North-South Technology Transfer"  Angus C. Chu, Guido Cozzi, Yuichi Furukawa, and Chih-Hsing Liao

"Moral Hazard in Lending and Labor Market Volatility" Manoj Atolia, John Gibson, and Milton Harrison Marquis

"A Phillips Curve with Anchaored Expectations and Short-Term Unemployment"  Laurence Ball and Sandeep Mazumder

"A Note on Simple Strategic Bargaining for Models of Money or Credit"  Yu Zhu

"Uncertainty, Financial Frictions, and Nominal Rigidities:  A Quantitative Investigation" Ambrogio Cesa-Bianchi and Emilio Fernandez-Corugedo

"Unconventional Monetary Policy and International Risk Premia"  John H. Rogers, Chiara Scotti, and Jonathan H. Wright

"Explaining the Boom-Bust Cycle ini the U.S. Housing Market:  A Reverse Engineering Approach"  Paolo Gelain, Kevin J. Lansing, and Gisle J. Natvik

"Competition, Loan Rates and Information Dispersion in Nonprofit and For-profit Microcredit Markets" Guillermo Baquero, Malika Hamadi, and Andreas Heinen

"Optimal Dynamic Capital Requirements"  Caterina Mendicino, Kalin Nikolov, Javier Suarez, and Dominik Supera

"Propagation Mechanisms for Government Spending Shocks:  A Bayesian Comparison"  Anna Kormilitsina and Sarah Zubairy

"Credit Default Swaps in General Equilibrium:  Endogenous Default and Credit-Spread Spillovers"  R. Matthew Darst and Ehraz Refayet

"The State-Level Impact of Uncertainty Shocks"  Haroon Mumtaz, Laura Sunder-Plassmann, and Angeliki Theophilopoulou

"Time-varying Capital Requirements and Dislosure Rules:  Effects on Capitalization and Lending Decisions"  Bjorn Imbierowicz, Jonas Kragh, and Jesper Rangvid

"Sticky Price Models, Durable Goods, & Real Wage Rigidities" M. Alper Cenesiz and Luis Guimaraes

"How Robust are Popular Models of Nominal Frictions?"  Benjamin D. Keen and Evan Koenig

"US Monetary Regimes and Optimal Monetary Policy in the Euro Area"  Kostas Mavromatis

"The Effects of Oil Supply and Demand Shocks on U.S. Consumer Sentiment"  Jochen H.F. Guentner and Katharina Linsbauer

"The Risk-taking Channel of Monetary Policy:  Exploring All Avenues"  Diana Bonfim and Carla Soares

"Effects of Monetary and Macroprudential Policies--Evidence from Four Inflation Targeting Economies"  Soyoung Kim and Aaron Mehrotra

"Hot Money and Quantitative Easing:  The Spillover Effects of U.S. Money Policy on the Chinese Economy" Steven Wei Ho, Ji Zhang, and Hao Zhou

"Financial Stress Regimes and the Macroeconomy"  Ana Beatriz Galvao and Michael T. Owyang

"Cross-Border Acution Cycle Effects of Sovereign Bond Issuance in the Euro Area"  Roel Beetsma, Massimo Guiliodori, Jesper Hanson, and Frank de Jong

"Measuring Inflation Expectations Uncertainty Using High-Frequency Data"  Joshua Chan and Yong Song

"The Real-Time Properties of the Bank of Canada's Staff Output Gap Estimates" Julien Champagne, Guillaume Poulin-Bellisle, and Rodrigo M. Sekkel

"An Inflation-Predicting Measure of the Output Gap in the Euro Area"  Marek Jarocinski, and Michele Lenza

High-Cost Credit and Consumpton Smoothing"  Christine L. Dobridge

"Cyclical Changes in Firm Volatility" Emmanuel De Veirman and Andrew Levin

"Sovereign to Corporate Risk Spillovers"  Patrick Augustin, Hamid Boustainfar, Johannes Breckenfelder, and Jan Schnitzler

"How Much of Bank Credit Risk Is Sovereign Risk?  Evience from Europe"  Junye Li and Gabriele Zinna

"On the Contagion Effect in the US Banking Sector"  Gabriel Pino and Subhash C. Sharma

"Spending Reversals and Fiscal Multipliers under an Interest Rate Peg"  Rong Li and Xiaohui Tian

"Reserve Requirements, Liquidity Risk, and Bank Lending Behavior"  Koray Alper, Mahir Binici, Selva Demiralp, Hakan Kara, and Pinar Ozlu

"The Government Spending Multiplier in a (Mis-)Managed Liquidity Trap"  Jordan Roulleau-Pasdeloup

"The Legacy of the Tyranny of Time:  Exit and Re-Entry of Sovereigns to International Capital Markets"  Luca Angello, Vitor Castro, and Ricardo M. Sousa

"Monetary Policy, Trend Inflation and Unemployment Volatility"  Sergio A. Lago Alves

"Do Macro-Forecasters Herd?"  Michael P. Clements

"A New Model of Inflation, Trend Inflation, and Long-Run Inflation Expectations"  Joshua C.C. Chan, Todd Clark, and Gary Koop

"Liquidity Risk, Bak Networks, and the Value of Joining the Federal Reserve System"  Haelim Anderson, Charles W. Calomiris, Matthew Jaremski, and Gary Richardson

"On the Instability of Long-run Money Demand and th eWelfare Cost of Inflation in the U.S."  Matteo Mogliani and Giovanni Urga

"The Welfare Consequences of Gradual Disinflation in Emerging Economies"  Enes Sunel (PDF icon Appendix)

"The Credit Channel at the Zero Lower Bound Through the Lens of Equity Prices"  Wenbin Wu

"Durable Goods, Investment Shocks and the Comovement Problem"  Been-Lon Chen and Shian-Yu Liao

"Greenspan's Conundrum and the Fed's Ability to Affect Long-Term Yields"  Daniel L. Thornton

"Countercyclial Policy and the Speed of Recovery After Recessions "Neville Francis, Laura E. Jackson, and Michael Owyang

"How Friedman and Schwartz Became Monetarists" James R. Lothian and Goerge S. Tavlas

"Asset Pricing with a Bank Risk Factor"  Joao Pedro Pereira and Antonio Rua

"Evolution of Bilateral Capital Flows to Developing Countries at Intensive and Extensive Margins"  Juliana D. Araujo, Povilas Lastauskas, and Chris Papageorgiou

"Overaccumulaton, Interest and Prices"  Christopher Gunn

"On Qality and Variety Bias in Aggregate Prices"  Masashige Hamano and Francesco Zanetti

"Time Aggregation Bias and teh Relationship between Inflation and Money Growth"  Janice Boucher Breuer, John McDermott, and Warren E. Weber

“Short-term Corporate Debt Around the World” Marco Sorge, Chendi Zhang, and Kostas Koufopoulos (PDF icon Appendix)

"Alternative Methods for Solving Heterogeneous Firms Models" Stephen Terry

"Inflation Announcements and Social Dynamics" Kinda Hachem and Jing Cynthia Wu

"Money Creation:  Tax or Public Liquidity"  Pietro Reichlin

"Fiscal Multipliers at the Zero Lower Bound:  The ROle of Policy Inertia"  Timothy Hills and taisuke Nakata

"Okun's Law:  Fit at 50?"  Laurence Ball, Daniel Leigh, and Prakash Loungani

"Working Less and Bargain Hunting More:  Macro Implications of Sales during Japan's Lost Decades"  Nao Sudo, Kozo Ueda, Kota Watanabe, and Tsutomu Watanabe

"International Transmission Channels of U.S. Quantitative Easing:  Evidence from Canada"  Tatjana Dahlhause, Kristina Hess, and Abner Reza

"Household Optimism and Overborrowing"  Ari Hyytinen and Hanna Putkuri

"Ben Bernanke in Doha:  The Effect of Monetary Policy on Optimal Tariffs"  Wolfgang Lechthaler

"The Passthrough of Labor Costs to Price Inflation"  Ekaterina V. Peneva and Jeremy B. Rudd

"Inter-sectoral Labor Immobility, Sectoral Comovement, and News Shocks"  Munechika Katayama and Kwang Hwan Kim

“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 (PDF icon Code Guide) (Package icon Computer Codes)

"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

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