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Home > Economic Research > Publications and Papers > Working Papers
Working Papers
Papers by Date, 1995-present

Online versions of working papers are available from 1991 on.

The 2008 Series of Working Papers

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

by Stephen Nickell and Jumana Saleheen
Abstract
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No. 08-5
“Classroom Peer Effects and Student Achievement”
by Mary A. Burke and Tim R. Sass
Abstract
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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
Abstract
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No. 08-3
“Blood Donations and Incentives: Evidence from a Field Experiment”
by Lorenz Goette and Alois Stutzer
Abstract
Full Text

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

Abstract
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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

Abstract
Full Text
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The 2007 Series of Working Papers

No. 07-16
“Input and Output Inventories in General Equilibrium”
by Matteo Iacoviello, Fabio Schiantarelli, and Scott Schuh
Abstract
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No. 07-15
“Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures”
(Revised in May 2008)
by Kristopher Gerardi, Adam Shapiro, and Paul Willen
Abstract
Full Text

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

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

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

Abstract
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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

Abstract
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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
Abstract
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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
Abstract
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No. 07-8
“Population Aging, Labor Demand, and the Structure of Wages”
by Margarita Sapozhnikov and Robert K. Triest
Abstract
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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
Abstract
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No. 07-6
“How Strong is the Macroeconomic Case for Downward Real Wage Rigidity?”
by Steinar Holden and Fredrik Wulfsberg
Abstract
Full Text
No. 07-5
“Minimally Altruistic Wages and Unemployment in a Matching Model”
by Julio J. Rotemberg
Abstract
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No. 07-4
“Debt and the Effects of Fiscal Policy”
by Carlo Favero and Francesco Giavazzi
Abstract
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No. 07-3
“Impatience and Credit Behavior: Evidence from a Field Experiment”
by Stephan Meier and Charles Sprenger
Abstract
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No. 07-2
“Using Unexpected Recalls to Examine the Long-Term Earnings Effects of Job Displacement”
(Revised in August 2007)
by Yolanda K. Kodrzycki

Abstract
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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”
(Revised in March 2007)
by Todd Prono
Abstract
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The 2006 Series of Working Papers

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

(Revised in May 2007)
by Katharine Bradbury and Bo Zhao
Abstract
Full Text
No. 06-18
“Do Subsidies Increase Charitable Giving in the Long Run? Matching Donations in a Field Experiment”

by Stephan Meier
A subsequent version of this paper is forthcoming in the Journal of the European Economic Association.
Abstract
Full Text
No. 06-17
“International Risk-Taking, Volatility, and Consumption Growth”

by Maria Giduskova and Borja Larrain
Abstract
Full Text
No. 06-16
“How Small is Zero Price? The True Value of Free Products”

by Kristina Shampan’er and Dan Ariely
Abstract
Full Text
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)
Abstract
Full Text

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

Abstract
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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)

Abstract
Full Text

Appendix

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

Abstract
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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)
Abstract
Full Text

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

Abstract
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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

Abstract
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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

Abstract
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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

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

Abstract
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No. 06-5
“Cyclical Wages in a Search and Bargaining Model with Large Firms”
by Julio J. Rotemberg
Abstract
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No. 06-4
“Supply Matters for Asset Prices: Evidence from IPOs in Emerging Markets”
by Matías Braun and Borja Larrain
Abstract
Full Text
No. 06-3
“Dishonesty in Everyday Life and its Policy Implications”
by Nina Mazar and Dan Ariely
Abstract
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No. 06-2
“Measuring Trends in Leisure: The Allocation of Time over Five Decades”
by Mark Aguiar and Erik Hurst
Abstract
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No. 06-1
“The Monetary Transmission Mechanism”
by Peter N. Ireland

Abstract
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The 2005 Series of Working Papers

No. 05-18
“Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?”
by Borja Larrain and Motohiro Yogo
Article forthcoming in Journal of Financial Economics.

Abstract
Full Text

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

Abstract
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No. 05-16
“Heterogeneous Beliefs and Inflation Dynamics: A General Equilibrium Approach”
by Fabià Gumbau-Brisa
(Revised in April 2006)
Abstract
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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)”]
(Revised in January 2008)

by Christopher L. Foote and Christopher F. Goetz
Forthcoming in the Quarterly Journal of Economics ((123):1. February 2008).
Abstract
Full Text
Data & Programs

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

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

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.

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

by Dan Ariely, Uri Gneezy, George Loewenstein, and Nina Mazar
Abstract
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No. 05-10
“Tom Sawyer and the Construction of Value”

by Dan Ariely, George Loewenstein, and Drazen Prelec
Abstract
Full Text

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

by F. Owen Irvine and Scott Schuh

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

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

Abstract
Full Text
No. 05-6
“The Stock Market and Cross Country Differences in Relative Prices”
by Borja Larrain
Abstract
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No. 05-5
“Sales Persistence and the Reductions in GDP Volatility”
by F. Owen Irvine
Abstract
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No. 05-4
“Interest Sensitivity and Volatility Reductions: Cross-Section Evidence”
by F. Owen Irvine and Scott Schuh
Abstract
Full Text

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

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

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

Abstract
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The 2004 Series of Working Papers

No. 04-8
“Incomplete Markets and Trade”
by Paul Willen
Abstract
Full Text
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
Abstract
Full Text
No. 04-6
“Effective Labor Regulation and Microeconomic Flexibility”
by Ricardo Caballero, Kevin N. Cowan, Eduardo M.R.A. Engel, and Alejandro Micco
Abstract
Full Text
No. 04-5
“Defaultable Debt, Interest Rates, and the Current Account”
by Mark Aguiar and Gita Gopinath
Abstract
Full Text
No. 04-4
“Emerging Market Business Cycles: The Cycle is the Trend”
by Mark Aguiar and Gita Gopinath
Abstract
Full Text
No. 04-3
“Trade Liberalization and the Politics of Financial Development”
by Matías Braun and Claudio Raddatz
Abstract
Full Text
No. 04-2
“Estimating Forward Looking Euler Equations with GMM Estimators: An Optimal Instruments Approach”
by Jeffrey C. Fuhrer and Giovanni P. Olivei
Abstract
Full Text
No. 04-1
“The Timing of Monetary Policy Shocks”
by Giovanni Olivei and Silvana Tenreyro
Abstract
Full Text
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The 2003 Series of Working Papers

No. 03-8
“Merger-Related Cost Savings in the Production of Bank Services”
by J. Christina Wang
Abstract
Full Text
No. 03-7
“Productivity and Economies of Scale in the Production of Bank Service Value Added”
by J. Christina Wang
Abstract
Full Text
No. 03-6
“Service Output of Bank Holding Companies in the 1990s and the Role of Risk”
by J. Christina Wang
Abstract
Full Text
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
Abstract
Full Text
No. 03-4
“Loanable Funds, Risk, and Bank Service Output”
by J. Christina Wang
Abstract
Full Text
No. 03-3
“Diversification and Development”
by Miklós Koren and Silvana Tenreyro
(Revised in March 2004)
Abstract
Full Text
No. 03-2
“On the Trade Impact of Nominal Exchange Rate Volatility”
by Silvana Tenreyro
(Revised in April 2004)
Abstract
Full Text
No. 03-1
“Gravity-Defying Trade”
by J.M.C. Santos Silva and Silvana Tenreyro
(Revised in March 2003)
Abstract
Full Text
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The 2002 Series of Working Papers

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).
Abstract
Full Text
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).
Abstract
Full Text
No. 02-6
“Inventory Investment and Output Volatility”
by Owen Irvine and Scott Schuh
Abstract
Full Text
No. 02-5
“Corporate Dollar Debt and Depreciations: Much Ado About Nothing?”
by Hoyt Bleakley and Kevin Cowan
Abstract
Full Text
No. 02-4
“Economic Effects of Currency Unions”
by Silvana Tenreyro and Robert J. Barro
Abstract
Full Text
No. 02-3
“Estimating the Euler Equation for Output”
by Jeffrey C. Fuhrer and Glenn D. Rudebusch
(Revised in May 2003)
Revised article forthcoming in Journal of Monetary Economics.
Abstract
Full Text
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)
Abstract
Full Text
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
Abstract
Full Text
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The 2001 Series of Working Papers

No. 01-6
“Optimal Monetary Policy in a Model with Habit Formation and Explicit Tax Distortions”
by Jeffrey C. Fuhrer
Abstract
Full Text
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)
Abstract
Full Text
No. 01-4
“Measuring the Incentive Effects of State Tax Policies Toward Capital Investment”
by George A. Plesko and Robert Tannenwald
Abstract
Full Text
No. 01-3
“State User Costs of Capital”
by Charles Ian Mead
Abstract
Full Text
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 forthcoming in Review of International Economics.
Abstract
Full Text
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
Abstract
Full Text
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The 2000 Series of Working Papers

No. 00-5
“Optimal Monetary Policy in a Model with Habit Formation”
by Jeffrey C. Fuhrer
Abstract
Full Text
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.
Abstract
Full Text
No. 00-3
“Deposit Insurance, Capital Requirements, and Financial Stability”
by Richard W. Kopcke  
Abstract
Full Text
No. 00-2
“Identifying the Macroeconomic Effect of Loan Supply Shocks”
by Joe Peek, Eric S. Rosengren, and Geoffrey M. B. Tootell
Revised article forthcoming in Journal of Monetary Economics.
Abstract
Full Text
No. 00-1
“Monetary Policy, Housing Investment, and Heterogeneous Regional Markets”
by Michael Fratantoni and Scott Schuh
Revised article forthcoming in Journal of Money, Credit and Banking. Reproduced here with permission from the Ohio State University Press.
Abstract
Full Text
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The 1999 Series of Working Papers

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.
Abstract
Full Text
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.
Abstract
Full Text
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
Abstract
Full Text
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 forthcoming in Journal of Money, Credit and Banking.
Abstract
Full Text
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).
Abstract
Full Text
No. 99-6
“Capital Account Liberalization, Financial Depth, and Economic Growth”
by Michael W. Klein and Giovanni Olivei
Abstract
Full Text
No. 99-5
“Network Externalities and Technology Adoption: Lessons from Electronic Payments”
by Gautam Gowrisankaran and Joanna Stavins
Abstract
Full Text
No. 99-4
“Are "Deep" Parameters Stable? The Lucas Critique as an Empirical Hypothesis”
by Arturo Estrella and Jeffrey C. Fuhrer
Revised article forthcoming in Review of Economics and Statistics.
Abstract
Full Text
No. 99-3
“Fiscal Retrenchments and the Level of Economic Activity”
by Giovanni Olivei
Abstract
Full Text
No. 99-2
“Productivity Shocks, Investment, and the Real Interest Rate”
by Giovanni Olivei
Abstract
Full Text
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.
Abstract
Full Text
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The 1998 Series of Working Papers

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.
Abstract
Full Text
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).
Abstract
Full Text
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).
Abstract
Full Text
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).
Abstract
Full Text
No. 98-5
“Dynamic Inconsistencies: Counterfactual Implications of a Class of Rational Expectations Models”
by Arturo Estrella and Jeffrey C. Fuhrer
Revised article forthcoming in American Economic Review.
Abstract
Full Text
No. 98-4
“What Do Cross-Sectional Growth Regressions Tell Us about Convergence?”
by Daniel G. Swaine
Abstract
Full Text
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.
Abstract
Full Text
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).
Abstract
Full Text
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.
Abstract
Full Text
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The 1997 Series of Working Papers

No. 97-8
“The Subsidy from State and Local Tax Deductibility: Trends, Methodological Issues, and Its Value After Federal Tax Reform”
by Robert Tannenwald
Abstract
Full Text
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).
Abstract
Full Text
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).
Abstract
Full Text
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.
Abstract
Full Text
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).
Abstract
Full Text
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).
Abstract
Full Text
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.
Abstract
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.
Abstract
Full Text
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The 1996 Series of Working Papers

No. 96-12
“Unifying Empirical and Theoretical Models of Housing Supply”
by Christopher J. Mayer and C. Tsuriel Somerville
Abstract
Full Text
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.
Abstract
Full Text
No. 96-10
“Can Studies of Application Denials and Mortgage Defaults Uncover Taste-Based Discrimination?”
by Geoffrey M. B. Tootell
Abstract
Full Text
No. 96-9
“Tax-exempt Bonds Really Do Subsidize Municipal Capital”
by Peter Fortune
Revised article published in the National Tax Journal (March 1998).
Abstract
Full Text
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
Abstract
Full Text
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).
Abstract
Full Text
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).
Abstract
Full Text
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.
Abstract
Full Text
No. 96-4
“The Maturity Structure of Term Premia with Time-Varying Expected Returns”
by Mark A. Hooker
Abstract
Full Text
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.
Abstract
Full Text
No. 96-2
“Computationally Efficient Solution and Maximum Likelihood Estimation of Nonlinear Rational Expectations Models”
by Jeffrey C. Fuhrer and C. Hoyt Bleakley
Abstract
Full Text
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.
Abstract
Full Text
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The 1995 Series of Working Papers

No. 95-12
“A New Approach to Causality and Economic Growth”
by Steven M. Sheffrin and Robert K. Triest
Abstract
Full Text
No. 95-11
“Intergenerational Transfers, Borrowing Constraints, and Saving Behavior: Evidence from the Housing Market”
by Gary V. Engelhardt and Christopher J. Mayer
Abstract
Full Text
No. 95-10
“Discrimination, Redlining, and Private Mortgage Insurance”
by Geoffrey M.B. Tootell
Abstract
Full Text
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).
Abstract
Full Text
No. 95-8
“Debt Capacity, Tax-Exemption, and the Municipal Cost of Capital: A Reassessment of the New View”
by Peter Fortune
Abstract
Full Text
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.
Abstract
Full Text
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.
Abstract
Full Text
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).
Abstract
Full Text
No. 95-4
“Tobin's q, Economic Rents, and the Optimal Stock of Capital”
by Richard W. Kopcke
Abstract
Full Text
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.
Abstract
Full Text
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.
Abstract
Full Text
No. 95-1
“Banks and the Availability of Small Business Loans”
by Joe Peek and Eric S. Rosengren
Abstract
Full Text
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Mailing Address: P.O. Box 55882 | Boston, MA 02205