NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Macroeconomics and Monetary Economics: Money and Interest Rates


2014
w20682 Kewei Hou
Chen Xue
Lu Zhang

A Comparison of New Factor Models

w20678 Anisha Ghosh
George M. Constantinides

Prices, Consumption, and Dividends Over the Business Cycle: A Tale of Two Regimes

w20650 Russell Cooper
Antoine Camous

Monetary Policy and Debt Fragility

w20642 Jess Benhabib
Feng Dong
Pengfei Wang

Adverse Selection and Self-fulfilling Business Cycles

w20617 Makoto Nakajima
José-Víctor Ríos-Rull

Credit, Bankruptcy, and Aggregate Fluctuations

w20603 Kris James Mitchener
Matthew Jaremski

The Evolution of Bank Supervision: Evidence from U.S. States

w20594 Drew D. Creal
Jing Cynthia Wu

Interest Rate Uncertainty and Economic Fluctuations

w20581 John Graham
Mark T. Leary
Michael R. Roberts

How Does Government Borrowing Affect Corporate Financing and Investment?

w20572 Philippe Martin
Thomas Philippon

Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone

w20569 Alp Simsek
Andrei Shleifer
Matthew Rognlie

Investment Hangover and the Great Recession

w20554 Guillaume Bazot
Michael D. Bordo
Eric Monnet

The Price of Stability: The balance sheet policy of the Banque de France and the Gold Standard (1880-1914)

w20524 Farley Grubb
Jim Celia

Non-Legal-Tender Paper Money: The Structure and Performance of Maryland's Bills of Credit, 1767-1775

w20518 John Fernald
Mark M. Spiegel
Eric T. Swanson

Monetary Policy Effectiveness in China: Evidence from a FAVAR Model

w20442 Andrea L. Eisfeldt
Tyler Muir

Aggregate Issuance and Savings Waves

w20507 Julio J. Rotemberg
The Federal Reserve's Abandonment of its 1923 Principles

w20501 Òscar Jordà
Moritz Schularick
Alan M. Taylor

The Great Mortgaging: Housing Finance, Crises, and Business Cycles

w20490 Javier Bianchi
Saki Bigio

Banks, Liquidity Management and Monetary Policy

w20486 Eric T. Swanson
John C. Williams

Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates

w20445 Anna Orlik
Laura Veldkamp

Understanding Uncertainty Shocks and the Role of Black Swans

w20435 Jonathan B. Berk
Jules H. van Binsbergen

Assessing Asset Pricing Models Using Revealed Preference

w20419 Gara Afonso
Ricardo Lagos

Trade Dynamics in the Market for Federal Funds

w20408 Cristian Badarinza
John Y. Campbell
Tarun Ramadorai

What Calls to ARMs? International Evidence on Interest Rates and the Choice of Adjustable-Rate Mortgages

w20377 Jianjun Miao
Pengfei Wang
Tao Zha

Liquidity Premia, Price-Rent Dynamics, and Business Cycles

w20365 Kinda Hachem
Resource Allocation and Inefficiency in the Financial Sector

w20346 Helios Herrera
Guillermo Ordoñez
Christoph Trebesch

Political Booms, Financial Crises

w20340 Joel M. David
Hugo A. Hopenhayn
Venky Venkateswaran

Information, Misallocation and Aggregate Productivity

w20335 Alan Moreira
Alexi Savov

The Macroeconomics of Shadow Banking

w20328 YiLi Chien
Harold L. Cole
Hanno Lustig

Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies for the Macroeconomy

w20303 Frank Schorfheide
Dongho Song
Amir Yaron

Identifying Long-Run Risks: A Bayesian Mixed-Frequency Approach

w20265 Stefan Nagel
The Liquidity Premium of Near-Money Assets

w20255 Tri Vi Dang
Gary Gorton
Bengt Holmström
Guillermo Ordonez

Banks as Secret Keepers

w20246 Marcin Kacperczyk
Jaromir B. Nosal
Luminita Stevens

Investor Sophistication and Capital Income Inequality

w20237 Christoph E. Boehm
Christopher L. House

Optimal Taylor Rules in New Keynesian Models

w20230 Gabriel Chodorow-Reich
Effects of Unconventional Monetary Policy on Financial Institutions

w20224 Mark Gertler
Peter Karadi

Monetary Policy Surprises, Credit Costs and Economic Activity

w20210 Frederico Belo
Xiaoji Lin
Fan Yang

External Equity Financing Shocks, Financial Flows, and Asset Prices

w20207 Oliver Hart
Luigi Zingales

Banks Are Where The Liquidity Is

w20193 Tarek A. Hassan
Thomas M. Mertens

Information Aggregation in a DSGE Model

w20165 Anil K Kashyap
Dimitrios P. Tsomocos
Alexandros P. Vardoulakis

How does macroprudential regulation change bank credit supply?

w20154 Stefano Giglio
Matteo Maggiori
Johannes Stroebel

No-Bubble Condition: Model-free Tests in Housing Markets

w20152 Atif Mian
Amir Sufi

House Price Gains and U.S. Household Spending from 2002 to 2006

w20133 Stefano Giglio
Matteo Maggiori
Johannes Stroebel

Very Long-Run Discount Rates

w20126 Kenneth S. Rogoff
Costs and Benefits to Phasing Out Paper Currency

w20115 Drew D. Creal
Jing Cynthia Wu

Estimation of Affine Term Structure Models with Spanned or Unspanned Stochastic Volatility

w20117 Jing Cynthia Wu
Fan Dora Xia

Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound

w20110 George M. Constantinides
Anisha Ghosh

Asset Pricing with Countercyclical Household Consumption Risk

w20099 Paul Bergin
Ling Feng
Ching-Yi Lin

Financial Frictions and Firm Dynamics

w20094 Simon Gilchrist
David López-Salido
Egon Zakrajšek

Monetary Policy and Real Borrowing Costs at the Zero Lower Bound

w20081 Francesco Bianchi
Cosmin L. Ilut
Martin Schneider

Uncertainty Shocks, Asset Supply and Pricing over the Business Cycle

w20076 Bernard Herskovic
Bryan T. Kelly
Hanno Lustig
Stijn Van Nieuwerburgh

The Common Factor in Idiosyncratic Volatility: Quantitative Asset Pricing Implications

w20070 John Y. Campbell
Carolin Pflueger
Luis M. Viceira

Monetary Policy Drivers of Bond and Equity Risks

w20041 Simon Gilchrist
Benoît Mojon

Credit Risk in the Euro Area

w20027 Gary B. Gorton
Andrew Metrick
Lei Xie

The Flight from Maturity

w19997 Francisco J. Buera
Roberto Fattal-Jaef
Yongseok Shin

Anatomy of a Credit Crunch: From Capital to Labor Markets

w19985 Anne-Laure Delatte
Julien Fouquau
Richard Portes

Nonlinearities in Sovereign Risk Pricing: The Role of CDS Index Contracts

w19970 Anton Korinek
Alp Simsek

Liquidity Trap and Excessive Leverage

w19960 Jaume Ventura
Alberto Martin

Managing Credit Bubbles

w19910 John Graham
Mark T. Leary
Michael R. Roberts

A Century of Capital Structure: The Leveraging of Corporate America

w19903 Farley Grubb
A New Approach to Solving the Colonial Monetary Puzzle: Evidence from New Jersey, 1709-1775

w19887 Mervyn King
David Low

Measuring the ''World'' Real Interest Rate

w19885 Zhiguo He
Arvind Krishnamurthy

A Macroeconomic Framework for Quantifying Systemic Risk

w19854 Xavier Gabaix
Matteo Maggiori

International Liquidity and Exchange Rate Dynamics

w19823 Carmen M. Reinhart
Kenneth S. Rogoff

Recovery from Financial Crises: Evidence from 100 Episodes

w19814 Dick van Dijk
Robin L. Lumsdaine
Michel van der Wel

Market Set-Up in Advance of Federal Reserve Policy Decisions

w19777 Pascal Michaillat
Emmanuel Saez

An Economical Business-Cycle Model


2013
w19747 David Yermack
Is Bitcoin a Real Currency? An economic appraisal

w19683 Guillermo Calvo
Fabrizio Coricelli
Pablo Ottonello

Jobless Recoveries During Financial Crises: Is Inflation the Way Out?

w19650 Alessandro Beber
Michael W. Brandt
Maurizio Luisi

Distilling the Macroeconomic News Flow

w19635 Alejandro Justiniano
Giorgio Primiceri
Andrea Tambalotti

The Effects of the Saving and Banking Glut on the U.S. Economy

w19594 Thomas F. Cooley
Ramon Marimon
Vincenzo Quadrini

Risky Investments with Limited Commitment

w19572 Anton Korinek
Jonathan Kreamer

The Redistributive Effects of Financial Deregulation

w19540 Gary Gorton
The Development of Opacity in U.S. Banking

w19537 Matthias Doepke
Martin Schneider

Money as a Unit of Account

w19523 Linda S. Goldberg
Christian Grisse

Time Variation in Asset Price Responses to Macro Announcements

w19516 Mark Aguiar
Manuel Amador
Emmanuel Farhi
Gita Gopinath

Crisis and Commitment: Inflation Credibility and the Vulnerability to Sovereign Debt Crises

w19497 Linda S. Goldberg
Banking Globalization, Transmission, and Monetary Policy Autonomy

w19477 Pablo D'Erasmo
Enrique G. Mendoza

Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default

w19476 John H. Cochrane
The New-Keynesian Liquidity Trap

w19456 Kyle Jurado
Sydney C. Ludvigson
Serena Ng

Measuring Uncertainty

w19421 Hui Chen
Michael Michaux
Nikolai Roussanov

Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty

w19405 Barry Eichengreen
Does the Federal Reserve Care About the Rest of the World?

w19382 Zheng Liu
Jianjun Miao
Tao Zha

Land Prices and Unemployment

w19362 Anton Korinek
Enrique G. Mendoza

From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications

w19360 David Backus
Mikhail Chernov
Stanley E. Zin

Identifying Taylor Rules in Macro-Finance Models

w19345 Andreas Fuster
Paul S. Willen

Payment Size, Negative Equity, and Mortgage Default

w19337 Simon Gilchrist
Egon Zakrajsek

The Impact of the Federal Reserve's Large-Scale Asset Purchase Programs on Corporate Credit Risk

w19323 Dean Corbae
Erwan Quintin

Leverage and the Foreclosure Crisis

w19313 Emmanuel Farhi
Iván Werning

A Theory of Macroprudential Policies in the Presence of Nominal Rigidities

w19278 Russell Cooper
Kalin Nikolov

Government Debt and Banking Fragility: The Spreading of Strategic Uncertainty

w19260 Emi Nakamura
Jón Steinsson

High Frequency Identification of Monetary Non-Neutrality

w19248 S. Borağan Aruoba
Pablo Cuba-Borda
Frank Schorfheide

Macroeconomic Dynamics Near the ZLB: A Tale of Two Countries

w19246 Robin Greenwood
Samuel Hanson

Waves in Ship Prices and Investment

w19204 Andrew G. Atkeson
Andrea L. Eisfeldt
Pierre-Olivier Weill

Measuring the Financial Soundness of U.S. Firms, 1926-2012

w19192 V.V. Chari
Patrick J. Kehoe

Bailouts, Time Inconsistency, and Optimal Regulation

w19184 Oliver D. Hart
Luigi Zingales

Liquidity and Inefficient Investment

w19156 David S. Scharfstein
Adi Sunderam

Concentration in Mortgage Lending, Refinancing Activity and Mortgage Rates

w19146 Rajnish Mehra
Asset Pricing Implications of Macroeconomic Interventions An Application to Climate Policy

w19139 Harry DeAngelo
René M. Stulz

Why High Leverage is Optimal for Banks

w19132 Russell Cooper
Hubert Kempf

Deposit Insurance and Orderly Liquidation without Commitment: Can we Sleep Well?

w19129 Mark Gertler
Nobuhiro Kiyotaki

Banking, Liquidity and Bank Runs in an Infinite-Horizon Economy

w19117 Nicola Gennaioli
Andrei Shleifer
Robert W. Vishny

Finance and the Preservation of Wealth

w19106 Dean Karlan
Jonathan Zinman

Long-Run Price Elasticities of Demand for Credit: Evidence from a Countrywide Field Experiment in Mexico

w19095 Lieven Baele
Geert Bekaert
Koen Inghelbrecht
Min Wei

Flights to Safety

w19093 Franziska Bremus
Claudia Buch
Katheryn Russ
Monika Schnitzer

Big Banks and Macroeconomic Outcomes: Theory and Cross-Country Evidence of Granularity

w19072 Enrique G. Mendoza
Katherine A. Smith

Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets

w19022 Guillermo Ordonez
Sustainable Shadow Banking

w19009 Venky Venkateswaran
Randall Wright

Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity

w19008 George J. Hall
Thomas J. Sargent

Fiscal Discriminations in Three Wars

w18941 Alejandro Justiniano
Giorgio E. Primiceri
Andrea Tambalotti

Household Leveraging and Deleveraging

w18922 Stéphane Guibaud
Yves Nosbusch
Dimitri Vayanos

Bond Market Clienteles, the Yield Curve, and the Optimal Maturity Structure of Government Debt

w18895 Kris James Mitchener
Gary Richardson

Does "Skin in the Game" Reduce Risk Taking? Leverage, Liability and the Long-Run Consequences of New Deal Banking Reforms

w18890 Mary Amiti
David E. Weinstein

How Much do Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data

w18864 Marco Bassetto
Christopher Phelan

Speculative Runs on Interest Rate Pegs

w18860 Yuriy Gorodnichenko
Michael Weber

Are Sticky Prices Costly? Evidence From The Stock Market

w18806 Jordi Galí
Monetary Policy and Rational Asset Price Bubbles

w18800 George-Marios Angeletos
Fabrice Collard
Harris Dellas
Behzad Diba

Optimal Public Debt Management and Liquidity Provision

w18796 Alexander J. Field
The Interwar Housing Cycle in the Light of 2001-2011: A Comparative Historical Approach

w18766 Jaromir Nosal
Guillermo Ordoñez

Uncertainty as Commitment

w18759 Robert J. Barro
Sanjay P. Misra

Gold Returns

w18737 Ricardo J. Caballero
Emmanuel Farhi

A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy

w18732 Gary B. Gorton
Guillermo Ordoñez

The Supply and Demand for Safe Assets

w18688 Lawrence Christiano
Daisuke Ikeda

Leverage Restrictions in a Business Cycle Model

w18682 Lawrence Christiano
Roberto Motto
Massimo Rostagno

Risk Shocks

w18675 Olivier Jeanne
Anton Korinek

Macroprudential Regulation Versus Mopping Up After the Crash


2012
w18647 Roger E.A. Farmer
Carine Nourry
Alain Venditti

The Inefficient Markets Hypothesis: Why Financial Markets Do Not Work Well in the Real World

w18616 Christopher Hanes
Paul W. Rhode

Harvests and Financial Crises in Gold-Standard America

w18606 Alan M. Taylor
External Imbalances and Financial Crises

w18587 Javier Bianchi
Efficient Bailouts?

w18527 Joshua Aizenman
Ilan Noy

Macroeconomic Adjustment and the History of Crises in Open Economies

w18510 Jonathan A. Parker
LEADS on Macroeconomic Risks to and from the Household Sector

w18505 Lars Peter Hansen
Challenges in Identifying and Measuring Systemic Risk

w18496 Martin L. Weitzman
Rare Disasters, Tail-Hedged Investments, and Risk-Adjusted Discount Rates

w18480 Guillermo A. Calvo
Fabrizio Coricelli
Pablo Ottonello

Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries

w18467 Domenico Giannone
Michele Lenza
Giorgio E. Primiceri

Prior Selection for Vector Autoregressions

w18408 Zhiguo He
Konstantin Milbradt

Endogenous Liquidity and Defaultable Bonds

w18406 Florian Scheuer
Adverse Selection In Credit Markets and Regressive Profit Taxation

w18397 Gary B. Gorton
Some Reflections on the Recent Financial Crisis

w18379 Enrique G. Mendoza
Marco E. Terrones

An Anatomy of Credit Booms and their Demise

w18360 Guillermo Ordoñez
The Asymmetric Effects of Financial Frictions

w18362 Hideaki Hirata
M. Ayhan Kose
Christopher Otrok
Marco E. Terrones

Global House Price Fluctuations: Synchronization and Determinants

w18358 Michael J. Fishman
Jonathan A. Parker

Valuation, Adverse Selection, and Market Collapses

w18304 Efraim Benmelech
An Empirical Analysis of the Fed's Term Auction Facility

w18289 Janvier D. Nkurunziza
Léonce Ndikumana
Prime Nyamoya

The Financial Sector in Burundi

w18285 Guillermo A. Calvo
The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back

w18276 S. Boragan Aruoba
Morris A. Davis
Randall Wright

Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes

w18273 Olivier Coibion
Yuriy Gorodnichenko
Gee Hee Hong

The Cyclicality of Sales, Regular and Effective Prices: Business Cycle and Policy Implications

w18264 Carola Frydman
Eric Hilt
Lily Y. Zhou

Economic Effects of Runs on Early 'Shadow Banks': Trust Companies and the Impact of the Panic of 1907

w18219 Guillermo A. Calvo
Alejandro Izquierdo
Rudy Loo-Kung

Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop

w18215 Bennett T. McCallum
Determinacy, Learnability, Plausibility, and the Role of Money in New Keynesian Models

w18195 Yuriy Kitsul
Jonathan H. Wright

The Economics of Options-Implied Inflation Probability Density Functions

w18170 Olivier Coibion
Yuriy Gorodnichenko
Lorenz Kueng
John Silvia

Innocent Bystanders? Monetary Policy and Inequality in the U.S.

w18152 Fernando Alvarez
Francesco Lippi

The Demand of Liquid Assets with Uncertain Lumpy Expenditures

w18102 Markus K. Brunnermeier
Thomas M. Eisenbach
Yuliy Sannikov

Macroeconomics with Financial Frictions: A Survey

w18099 Farley Grubb
Chronic Specie Scarcity and Efficient Barter: The Problem of Maintaining an Outside Money Supply in British Colonial America

w18094 James H. Stock
Mark W. Watson

Disentangling the Channels of the 2007-2009 Recession

w18074 Jess Benhabib
Pengfei Wang

Financial Constraints, Endogenous Markups, and Self-fulfilling Equilibria

w18072 Philippe Aghion
Emmanuel Farhi
Enisse Kharroubi

Monetary Policy, Liquidity, and Growth

w18036 Javier Bianchi
Emine Boz
Enrique G. Mendoza

Macro-Prudential Policy in a Fisherian model of Financial Innovation

w18035 Fatih Guvenen
Serdar Ozkan
Jae Song

The Nature of Countercyclical Income Risk

w18015 Carmen M. Reinhart
Vincent R. Reinhart
Kenneth S. Rogoff

Debt Overhangs: Past and Present

w18007 Roger E.A. Farmer
The Effect of Conventional and Unconventional Monetary Policy Rules on Inflation Expectations: Theory and Evidence

w17997 Farley Grubb
Is Paper Money Just Paper Money? Experimentation and Local Variation in the Fiat Paper Monies Issued by the Colonial Governments of British North America, 1690-1775: Part I

w17956 Martin S. Eichenbaum
Nir Jaimovich
Sergio Rebelo
Josephine Smith

How Frequent Are Small Price Changes?

w17941 Carmen M. Reinhart
A Series of Unfortunate Events: Common Sequencing Patterns in Financial Crises

w17934 Nobuhiro Kiyotaki
John Moore

Liquidity, Business Cycles, and Monetary Policy

w17923 Fernando E. Alvarez
Francesco Lippi

Price Setting with menu cost for Multi-product firms

w17905 Francisco J. Buera
Joseph P. Kaboski
Yongseok Shin

The Macroeconomics of Microfinance

w17885 Michael T. Belongia
Peter N. Ireland

The Barnett Critique After Three Decades: A New Keynesian Analysis

w17876 Veronica Guerrieri
Robert Shimer

Dynamic Adverse Selection: A Theory of Illiquidity, Fire Sales, and Flight to Quality

w17873 Nicola Cetorelli
Linda S. Goldberg

Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession

w17868 Charles W. Calomiris
Doron Nissim

Crisis-Related Shifts in the Market Valuation of Banking Activities

w17854 Kay Giesecke
Francis A. Longstaff
Stephen Schaefer
Ilya Strebulaev

Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective

w17838 Viral V. Acharya
Nada Mora

Are Banks Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis

w17823 Lars E.O. Svensson
Practical Monetary Policy: Examples from Sweden and the United States

w17791 Daniel F. Waggoner
Tao Zha

Confronting Model Misspecification in Macroeconomics

w17780 Joon-Ho Hahm
Frederic S. Mishkin
Hyun Song Shin
Kwanho Shin

Macroprudential Policies in Open Emerging Economies

w17775 Francisco J. Buera
Benjamin Moll

Aggregate Implications of a Credit Crunch

w17756 Yun Jung Kim
Linda Tesar
Jing Zhang

The Impact of Foreign Liabilities on Small Firms: Firm-Level Evidence from the Korean Crisis

w17777 Gary B. Gorton
Stefan Lewellen
Andrew Metrick

The Safe-Asset Share

w17772 James D. Hamilton
Jing Cynthia Wu

Identification and Estimation of Gaussian Affine Term Structure Models

w17771 Gary B. Gorton
Guillermo Ordonez

Collateral Crises


2011
w17682 Charles Goodhart
Global Macroeconomic and Financial Supervision: Where Next?

w17583 Veronica Guerrieri
Guido Lorenzoni

Credit Crises, Precautionary Savings, and the Liquidity Trap

w17566 Fernando E. Alvarez
Francesco Lippi

Persistent Liquidity Effects and Long Run Money Demand

w17555 Arvind Krishnamurthy
Annette Vissing-Jorgensen

The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy

w17548 Elias Albagli
Christian Hellwig
Aleh Tsyvinski

A Theory of Asset Pricing Based on Heterogeneous Information

w17543 Jesús Fernández-Villaverde
Pablo A. Guerrón-Quintana
Juan Rubio-Ramírez

Supply-Side Policies and the Zero Lower Bound

w17518 Todd A. Gormley
Simon Johnson
Changyong Rhee

Ending "Too Big To Fail": Government Promises vs. Investor Perceptions

w17510 Chao Gu
Randall Wright

Endogenous Credit Cycles

w17500 Yiting Li
Guillaume Rocheteau
Pierre-Olivier Weill

Liquidity and the Threat of Fraudulent Assets

w17448 Igor Livshits
James MacGee
Michèle Tertilt

Costly Contracts and Consumer Credit

w17437 Gary Richardson
Patrick Van Horn

When the Music Stopped: Transatlantic Contagion During the Financial Crisis of 1931

w17416 Jules H. van Binsbergen
Wouter Hueskes
Ralph Koijen
Evert B. Vrugt

Equity Yields

w17407 Joshua Aizenman
Michael M. Hutchison
Yothin Jinjarak

What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk

w17392 Bo Becker
Victoria Ivashina

Cyclicality of Credit Supply: Firm Level Evidence

w17389 Tommaso Monacelli
Vincenzo Quadrini
Antonella Trigari

Financial Markets and Unemployment

w17359 Andrew K. Rose
Mark M. Spiegel

Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis

w17331 Athanasios Geromichalos
Ina Simonovska

Asset Liquidity and International Portfolio Choice

w17328 Robert J. Barro
José F. Ursua

Rare Macroeconomic Disasters

w17321 Marcin Kacperczyk
Philipp Schnabl

Implicit Guarantees and Risk Taking: Evidence from Money Market Funds

w17311 Aubhik Khan
Julia K. Thomas

Credit Shocks and Aggregate Fluctuations in an Economy with Production Heterogeneity

w17299 Oliver D. Hart
Luigi Zingales

Inefficient Provision of Liquidity

w17285 Xiaoji Lin
Lu Zhang

Covariances versus Characteristics in General Equilibrium

w17277 François Gourio
Michael Siemer
Adrien Verdelhan

International Risk Cycles

w17276 Farley Grubb
The Continental Dollar: Initial Design, Ideal Performance, and the Credibility of Congressional Commitment

w17224 Klaus Adam
Pei Kuang
Albert Marcet

House Price Booms and the Current Account

w17219 David Backus
Mikhail Chernov
Stanley E. Zin

Sources of Entropy in Representative Agent Models

w17209 Farley Grubb
State Redemption of the Continental Dollar, 1779-1790

w17154 Jonathan H. Wright
What does Monetary Policy do to Long-Term Interest Rates at the Zero Lower Bound?

w17151 Enrique G. Mendoza
Vivian Z. Yue

A General Equilibrium Model of Sovereign Default and Business Cycles

w17144 Efraim Benmelech
Nittai K. Bergman
Amit Seru

Financing Labor

w17142 Lawrence Christiano
Daisuke Ikeda

Government Policy, Credit Markets and Economic Activity

w17133 Gianluca Benigno
Pierpaolo Benigno
Salvatore Nisticò

Risk, Monetary Policy and the Exchange Rate

w17129 Isaac Mbiti
David N. Weil

Mobile Banking: The Impact of M-Pesa in Kenya

w17123 Richard C.K. Burdekin
Kris James Mitchener
Marc D. Weidenmier

Irving Fisher and Price-Level Targeting in Austria: Was Silver the Answer?

w17115 Nicola Gennaioli
Andrei Shleifer
Robert W. Vishny

A Model of Shadow Banking

w17102 Quamrul Ashraf
Boris Gershman
Peter Howitt

Banks, Market Organization, and Macroeconomic Performance: An Agent-Based Computational Analysis

w17045 Zheng Liu
Pengfei Wang
Tao Zha

Land-price dynamics and macroeconomic fluctuations

w17034 Olivier Coibion
Are the Effects of Monetary Policy Shocks Big or Small?

w17026 Francois Gourio
Credit Risk and Disaster Risk

w17024 Michael D. Bordo
Peter L. Rousseau

Historical Evidence on the Finance-Trade-Growth Nexus

w17021 Simon Gilchrist
Egon Zakrajšek

Credit Spreads and Business Cycle Fluctuations

w16998 Gianni De Nicolò
Marcella Lucchetta

Systemic Risks and the Macroeconomy

w16996 Martin Lettau
Sydney C. Ludvigson

Shocks and Crashes

w16994 Douglas W. Diamond
Raghuram Rajan

Illiquid Banks, Financial Stability, and Interest Rate Policy

w16982 Andrew Ang
Francis A. Longstaff

Systemic Sovereign Credit Risk: Lessons from the U.S. and Europe

w16979 Fiorella De Fiore
Harald Uhlig

Bank Finance Versus Bond Finance

w16965 Thomas Philippon
Virgiliu Midrigan

Household Leverage and the Recession

w16962 Shin-ichi Fukuda
Market-specific and Currency-specific Risk During the Global Financial Crisis: Evidence from the Interbank Markets in Tokyo and London

w16956 James D. Hamilton
Jing Cynthia Wu

The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment

w16931 James D. Hamilton
Jing Cynthia Wu

Testable Implications of Affine Term Structure Models

w16925 Gabriel P. Mathy
Christopher M. Meissner

Trade, Exchange Rate Regimes and Output Co-Movement: Evidence from the Great Depression

w16910 William Poole
Robert H. Rasche
David C. Wheelock

The Great Inflation: Did the Shadow Know Better?

w16899 Patrick Bolton
Olivier Jeanne

Sovereign Default Risk and Bank Fragility in Financially Integrated Economies

w16893 Carmen M. Reinhart
M. Belen Sbrancia

The Liquidation of Government Debt

w16836 Hyun Song Shin
Kwanho Shin

Procyclicality and Monetary Aggregates

w16815 Carmen M. Reinhart
Vincent Reinhart

Pride Goes Before a Fall: Federal Reserve Policy and Asset Markets

w16805 Nicolas E. Magud
Carmen M. Reinhart
Kenneth S. Rogoff

Capital Controls: Myth and Reality - A Portfolio Balance Approach

w16777 Nicolae Gârleanu
Lasse Heje Pedersen

Margin-Based Asset Pricing and Deviations from the Law of One Price

w16755 Frederic S. Mishkin
Monetary Policy Strategy: Lessons from the Crisis

w16752 Russell Cooper
Hubert Kempf

Deposit Insurance Without Commitment: Wall St. Versus Main St

w16750 Emmanuel Farhi
Jean Tirole

Bubbly Liquidity

w16741 Robert E. Hall
The Long Slump

w16707 Olivier Coibion
Yuriy Gorodnichenko

Why Are Target Interest Rate Changes So Persistent?


2010
w16642 Andrei Shleifer
Robert W. Vishny

Fire Sales in Finance and Macroeconomics

w16654 Lars E.O. Svensson
Inflation Targeting

w16601 Andrea Frazzini
Lasse H. Pedersen

Betting Against Beta

w16595 Gabriel Jiménez
Atif R. Mian
José-Luis Peydró
Jesús Saurina

Local Versus Aggregate Lending Channels: The Effects Of Securitization On Corporate Credit Supply In Spain

w16549 Anders B. Trolle
Eduardo S. Schwartz

An Empirical Analysis of the Swaption Cube

w16537 Olivier Coibion
Yuriy Gorodnichenko

Information Rigidity and the Expectations Formation Process: A Simple Framework and New Facts

w16522 Roger E.A. Farmer
Animal Spirits, Persistent Unemployment and the Belief Function

w16460 Mark Carlson
Kris James Mitchener
Gary Richardson

Arresting Banking Panics: Fed Liquidity Provision and the Forgotten Panic of 1929

w16458 Antje Berndt
Hanno Lustig
Sevin Yeltekin

How Does the U.S. Government Finance Fiscal Shocks?

w16428 Eswar S. Prasad
Financial Sector Regulation and Reforms in Emerging Markets: An Overview

w16412 James D. Hamilton
Seth Pruitt
Scott Borger

Estimating the Market-Perceived Monetary Policy Rule

w16402 Lawrence Christiano
Cosmin L. Ilut
Roberto Motto
Massimo Rostagno

Monetary Policy and Stock Market Booms

w16400 Francisco J. Buera
Yongseok Shin

Financial Frictions and the Persistence of History: A Quantitative Exploration

w16399 Alberto Martin
Jaume Ventura

Theoretical Notes on Bubbles and the Current Crisis

w16398 Menzie D. Chinn
Kavan J. Kucko

The Predictive Power of the Yield Curve across Countries and Time

w16397 Geert Bekaert
Marie Hoerova
Marco Lo Duca

Risk, Uncertainty and Monetary Policy

w16395 Viral V. Acharya
Ouarda Merrouche

Precautionary Hoarding of Liquidity and Inter-Bank Markets: Evidence from the Sub-prime Crisis

w16393 Pedro Teles
Harald Uhlig

Is Quantity Theory Still Alive?

w16386 Pierpaolo Benigno
Luigi Paciello

Monetary Policy, Doubts and Asset Prices

w16377 Olivier Jeanne
Anton Korinek

Managing Credit Booms and Busts: A Pigouvian Taxation Approach

w16374 Pierpaolo Benigno
Luca Antonio Ricci
Paolo Surico

Unemployment and Productivity in the Long Run: The Role of Macroeconomic Volatility

w16350 Douglas A. Irwin
Did France Cause the Great Depression?

w16337 Adam Ashcraft
Nicolae Gârleanu
Lasse Heje Pedersen

Two Monetary Tools: Interest Rates and Haircuts

w16245 Charles Courtemanche
Kenneth A. Snowden

Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets

w16230 Edward L. Glaeser
Joshua D. Gottlieb
Joseph Gyourko

Can Cheap Credit Explain the Housing Boom?

w16228 Francesco Giavazzi
Alberto Giovannini

Central Banks and the Financial System

w16200 Efraim Benmelech
Nittai K. Bergman

Credit Traps

w16190 Peter L. Rousseau
Caleb Stroup

Monetization and Growth in Colonial New England, 1703-1749

w16183 Anisha Ghosh
George M. Constantinides

The Predictability of Returns with Regime Shifts in Consumption and Dividend Growth

w16165 Benjamin M. Friedman
Kenneth N. Kuttner

Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?

w16159 Philippe Bacchetta
Cédric Tille
Eric van Wincoop

Self-Fulfilling Risk Panics

w16153 Ian Martin
Consumption-Based Asset Pricing with Higher Cumulants

w16151 Hui Chen
Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure

w16150 Jan Hatzius
Peter Hooper
Frederic S. Mishkin
Kermit L. Schoenholtz
Mark W. Watson

Financial Conditions Indexes: A Fresh Look after the Financial Crisis

w16145 Christopher L. House
Yusufcan Masatlioglu

Managing Markets for Toxic Assets

w16124 Laurence M. Ball
The Performance of Alternative Monetary Regimes

w16093 Olivier Coibion
Yuriy Gorodnichenko
Johannes F. Wieland

The Optimal Inflation Rate in New Keynesian Models

w16091 Javier Bianchi
Enrique G. Mendoza

Overborrowing, Financial Crises and 'Macro-prudential' Taxes

w16087 John H. Cochrane
Understanding Policy in the Great Recession: Some Unpleasant Fiscal Arithmetic

w16080 V.V. Chari
Ali Shourideh
Ariel Zetlin-Jones

Adverse Selection, Reputation and Sudden Collapses in Secondary Loan Markets

w16060 Thomas Chaney
David Sraer
David Thesmar

The Collateral Channel: How Real Estate Shocks Affect Corporate Investment

w16054 Stephanie Schmitt-Grohe
Martin Uribe

The Optimal Rate of Inflation

w16031 Lucian A. Bebchuk
Itay Goldstein

Self-Fulfilling Credit Market Freezes

w16020 Emine Boz
Enrique G. Mendoza

Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis

w15988 Jack Favilukis
Sydney C. Ludvigson
Stijn Van Nieuwerburgh

The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium

w15907 Anton Korinek
Agustín Roitman
Carlos A. Végh

Decoupling and Recoupling

w15883 George-Marios Angeletos
Guido Lorenzoni
Alessandro Pavan

Beauty Contests and Irrational Exuberance: A Neoclassical Approach

w15879 Jean Boivin
Michael T. Kiley
Frederic S. Mishkin

How Has the Monetary Transmission Mechanism Evolved Over Time?

w15870 Alberto Martin
Jaume Ventura

Economic Growth with Bubbles

w15785 Thomas Philippon
Vasiliki Skreta

Optimal Interventions in Markets with Adverse Selection

w15770 Peter L. Rousseau
The Market for Bank Stocks and the Rise of Deposit Banking in New York City, 1866-1897

w15763 Linda S. Goldberg
Craig Kennedy
Jason Miu

Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs

w15736 James D. Hamilton
Tatsuyoshi Okimoto

Sources of Variation in Holding Returns for Fed Funds Futures Contracts

w15735 Efraim Benmelech
Nittai K. Bergman

Vintage Capital and Creditor Protection

w15710 Kris James Mitchener
David C. Wheelock

Does the Structure of Banking Markets Affect Economic Growth? Evidence from U.S. State Banking Markets

w15708 Efraim Benmelech
Nittai K. Bergman

Bankruptcy and the Collateral Channel

w15702 George J. Hall
Thomas J. Sargent

Interest Rate Risk and Other Determinants of Post-WWII U.S. Government Debt/GDP Dynamics

w15688 Ralph S.J. Koijen
Hanno Lustig
Stijn Van Nieuwerburgh

The Cross-Section and Time-Series of Stock and Bond Returns

w15670 Kris James Mitchener
Marc D. Weidenmier

Searching for Irving Fisher

w15662 Ricardo Reis
Interpreting the Unconventional U.S. Monetary Policy of 2007-09

w15636 Ricardo J. Caballero
The "Other" Imbalance and the Financial Crisis


2009
w15556 Mary Amiti
David E. Weinstein

Exports and Financial Shocks

w15542 Arvind Krishnamurthy
How Debt Markets have Malfunctioned in the Crisis

w15528 Katheryn N. Russ
Diego Valderrama

Financial Choice in a Non-Ricardian Model of Trade

w15512 Moritz Schularick
Alan M. Taylor

Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008

w15506 Jaroslav Borovička
Lars Peter Hansen
Mark Hendricks
José A. Scheinkman

Risk Price Dynamics

w15499 William Kerr
Ramana Nanda

Banking Deregulations, Financing Constraints, and Firm Entry Size

w15498 William Kerr
Ramana Nanda

Financing Constraints and Entrepreneurship

w15494 Stephanie Schmitt-Grohé
Martín Uribe

Foreign Demand for Domestic Currency and the Optimal Rate of Inflation

w15487 Dimitri Vayanos
Jean-Luc Vila

A Preferred-Habitat Model of the Term Structure of Interest Rates

w15432 Enrique G. Mendoza
Vincenzo Quadrini

Financial Globalization, Financial Crises and Contagion

w15424 Stephen G. Cecchetti
Craig Hakkio

Inflation targeting and private sector forecasts

w15414 Ricardo Lagos
Guillaume Rocheteau
Pierre-Olivier Weill

Crises and Liquidity in Over-the-Counter Markets

w15399 François Gourio
Disasters Risk and Business Cycles

w15388 David G. Blanchflower
Conall MacCoille

The formation of inflation expectations: an empirical analysis for the UK

w15379 Stephen G. Cecchetti
Marion Kohler
Christian Upper

Financial Crises and Economic Activity

w15367 David O. Lucca
Francesco Trebbi

Measuring Central Bank Communication: An Automated Approach with Application to FOMC Statements

w15362 Amir E. Khandani
Andrew W. Lo
Robert C. Merton

Systemic Risk and the Refinancing Ratchet Effect

w15353 Sergio Mayordomo
Juan Ignacio Peña
Eduardo S. Schwartz

Towards a Common European Monetary Union Risk Free Rate

w15297 Lasse Heje Pedersen
When Everyone Runs for the Exit

w15289 Vasco Cúrdia
Michael Woodford

Credit Spreads and Monetary Policy

w15270 Andrew Ang
Jean Boivin
Sen Dong
Rudy Loo-Kung

Monetary Policy Shifts and the Term Structure

w15268 Francisco J. Buera
Yongseok Shin

Productivity Growth and Capital Flows: The Dynamics of Reforms

w15260 Lieven Baele
Geert Bekaert
Koen Inghelbrecht

The Determinants of Stock and Bond Return Comovements

w15243 Fatih Guvenen
A Parsimonious Macroeconomic Model for Asset Pricing

w15240 David Backus
Mikhail Chernov
Ian Martin

Disasters implied by equity index options

w15227 Yosef Bonaparte
Russell Cooper

Costly Portfolio Adjustment

w15225 Craig Burnside
Alexandra Tabova

Risk, Volatility, and the Global Cross-Section of Growth Rates

w15197 Douglas W. Diamond
Raghuram G. Rajan

Illiquidity and Interest Rate Policy

w15138 Emmanuel Farhi
Jean Tirole

Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts

w15123 Espen Henriksen
Finn E. Kydland
Roman Sustek

Globally Correlated Nominal Fluctuations

w15118 Willem H. Buiter
Negative Nominal Interest Rates: Three ways to overcome the zero lower bound

w15110 Paul Beaudry
Amartya Lahiri

Risk Allocation, Debt Fueled Expansion and Financial Crisis

w15072 Harald Uhlig
A Model of a Systemic Bank Run

w15062 Emmanuel Farhi
Samuel Paul Fraiberger
Xavier Gabaix
Romain Ranciere
Adrien Verdelhan

Crash Risk in Currency Markets

w15045 Efraim Benmelech
Jennifer Dlugosz

The Credit Rating Crisis

w15024 Geert Bekaert
Eric Engstrom

Inflation and the Stock Market:Understanding the "Fed Model"

w15020 Yuko Hashimoto
Takatoshi Ito

Effects of Japanese Macroeconomic Announcements on the Dollar/Yen Exchange Rate: High-Resolution Picture

w15014 John Y. Campbell
Robert J. Shiller
Luis M. Viceira

Understanding Inflation-Indexed Bond Markets

w14993 Peter L. Rousseau
Monetary Policy and the Dollar

w14931 Söhnke M. Bartram
Gregory Brown
René M. Stulz

Why Do Foreign Firms Have Less Idiosyncratic Risk than U.S. Firms?

w14925 Douglas W. Diamond
Raghuram G. Rajan

Fear of Fire Sales and the Credit Freeze

w14914 Francisco J. Buera
Joseph Kaboski
Yongseok Shin

Finance and Development: A Tale of Two Sectors

w14894 Riccardo DiCecio
Edward Nelson

Euro Membership as a U.K. Monetary Policy Option: Results from a Structural Model

w14872 Frank Schorfheide
Keith Sill
Maxym Kryshko

DSGE Model-Based Forecasting of Non-modelled Variables

w14870 S. Boragan Aruoba
Frank Schorfheide

Sticky Prices Versus Monetary Frictions: An Estimation of Policy Trade-offs

w14863 Simon Gilchrist
Vladimir Yankov
Egon Zakrajsek

Credit Market Shocks and Economic Fluctuations: Evidence from Corporate Bond and Stock Markets

w14862 Marvin Goodfriend
Robert G. King

The Great Inflation Drift

w14826 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

w14815 Ravi Bansal
Ivan Shaliastovich

Confidence Risk and Asset Prices

w14814 Ravi Bansal
Ivan Shaliastovich

Learning and Asset-Price Jumps

w14772 Lars Ljungqvist
Harald Uhlig

Optimal Endowment Destruction under Campbell-Cochrane Habit Formation

w14770 Jess Benhabib
A Note on Regime Switching, Monetary Policy, and Multiple Equilibria

w14760 Robert J. Barro
José F. Ursúa

Stock-Market Crashes and Depressions

w14710 Roger E.A. Farmer
Tao Zha
Daniel F. Waggoner

Understanding Markov-Switching Rational Expectations Models

w14688 Ricardo J. Caballero
Arvind Krishnamurthy

Global Imbalances and Financial Fragility

w14656 Carmen M. Reinhart
Kenneth S. Rogoff

The Aftermath of Financial Crises


2008
w14621 Olivier Coibion
Yuriy Gorodnichenko

Monetary Policy, Trend Inflation and the Great Moderation: An Alternative Interpretation

w14616 J. Christina Wang
Susanto Basu
John G. Fernald

A General-Equilibrium Asset-Pricing Approach to the Measurement of Nominal and Real Bank Output

w14615 Susanto Basu
Robert Inklaar
J. Christina Wang

The Value of Risk: Measuring the Service Output of U.S. Commercial Banks

w14614 J. Christina Wang
Susanto Basu

Risk Bearing, Implicit Financial Services and Specialization in the Financial Industry

w14612 Markus K. Brunnermeier
Deciphering the Liquidity and Credit Crunch 2007-08

w14596 Andreas Beyer
Vitor Gaspar
Christina Gerberding
Otmar Issing

Opting Out of the Great Inflation: German Monetary Policy After the Break Down of Bretton Woods

w14586 Olivier Coibion
Yuriy Gorodnichenko

What Can Survey Forecasts Tell Us About Informational Rigidities?

w14549 Michelle J. White
Bankruptcy: Past Puzzles, Recent Reforms, and the Mortgage Crisis

w14534 Bennett T. McCallum
Inflation Determination with Taylor Rules: Is New Keynesian Analysis Critically Flawed?

w14519 Ulf Söderström
Re-Evaluating Swedish Membership in EMU: Evidence from an Estimated Model

w14489 Stephen G. Cecchetti
Kermit L. Schoenholtz

How Central Bankers See It: The First Decade of ECB Policy and Beyond

w14473 Markus K. Brunnermeier
Stefan Nagel
Lasse H. Pedersen

Carry Trades and Currency Crashes

w14444 Enrique G. Mendoza
Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q

w14422 Asaf Bernstein
Eric Hughson
Marc D. Weidenmier

Can a Lender of Last Resort Stabilize Financial Markets? Lessons from the Founding of the Fed

w14401 Takeo Hoshi
Anil K Kashyap

Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan

w14379 Alon Binyamini
Assaf Razin

Inflation-Output Tradeoff as Equilibrium Outcome of Globalization

w14378 William A. Brock
Charles F. Manski

Competitive Lending with Partial Knowledge of Loan Repayment

w14366 Zhiguo He
Arvind Krishnamurthy

A Model of Capital and Crises

w14351 Rajnish Mehra
Facundo Piguillem
Edward C. Prescott

Costly Financial Intermediation in Neoclassical Growth Theory

w14259 Olivier J. Blanchard
The State of Macro

w14255 Manuel Amador
Pierre-Olivier Weill

Learning from Prices: Public Communication and Welfare

w14244 Matthew Canzoneri
Robert E. Cumby
Behzad Diba
David Lopez-Salido

Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework

w14243 Lars Peter Hansen
Modeling the Long Run: Valuation in Dynamic Stochastic Economies

w14223 James D. Hamilton
Daily Monetary Policy Shocks and the Delayed Response of New Home Sales

w14217 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

Financial Stability, the Trilemma, and International Reserves

w14190 Jean Boivin
Marc P. Giannoni
Benoît Mojon

How Has the Euro Changed the Monetary Transmission?

w14120 Gary Richardson
Patrick Van Horn

Intensified Regulatory Scrutiny and Bank Distress in New York City During the Great Depression

w14119 Ricardo Lagos
Guillaume Rocheteau
Pierre-Olivier Weill

Crashes and Recoveries in Illiquid Markets

w14098 Peter N. Ireland
On the Welfare Cost of Inflation and the Recent Behavior of Money Demand

w14058 Jennifer Huang
Jiang Wang

Market Liquidity, Asset Prices and Welfare

w14049 Enrique G. Mendoza
Marco E. Terrones

An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data

w14013 Jennifer Huang
Jiang Wang

Liquidity and Market Crashes

w13974 Farley Grubb
Creating Maryland's Paper Money Economy, 1720-1739: The Role of Power, Print, and Markets

w13940 Robert J. Barro
José F. Ursúa

Macroeconomic Crises since 1870

w13955 Emmanuel Farhi
Jean Tirole

Competing Liquidities: Corporate Securities, Real Bonds and Bubbles

w13943 John B. Taylor
John C. Williams

A Black Swan in the Money Market

w13936 Atif Mian
Amir Sufi

The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis

w13909 Menzie D. Chinn
Jeffrey A. Frankel

The Euro May Over the Next 15 Years Surpass the Dollar as Leading International Currency

w13892 Lars E.O. Svensson
Noah Williams

Optimal Monetary Policy under Uncertainty in DSGE Models: A Markov Jump-Linear-Quadratic Approach

w13861 Enrique G. Mendoza
Vivian Z. Yue

A Solution to the Disconnect between Country Risk and Business Cycle Theories

w13805 Emmanuel Farhi
Xavier Gabaix

Rare Disasters and Exchange Rates

w13761 Carmen M. Reinhart
Kenneth S. Rogoff

Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison

w13736 Jean Boivin
Marc Giannoni

Global Forces and Monetary Policy Effectiveness

w13724 Xavier Gabaix
Variable Rare Disasters: An Exactly Solved Framework for Ten Puzzles in Macro-Finance


2007
w13685 John B. Taylor
The Explanatory Power of Monetary Policy Rules

w13682 John B. Taylor
Housing and Monetary Policy

w13677 Ramon Marimon
Javier Díaz-Giménez
Giorgia Giovannetti
Pedro Teles

Nominal Debt as a Burden on Monetary Policy

w13655 V. V. Chari
Patrick J. Kehoe

The Heterogeneous State of Modern Macroeconomics: A Reply to Solow

w13650 Dirk Krueger
Hanno Lustig
Fabrizio Perri

Evaluating Asset Pricing Models with Limited Commitment using Household Consumption Data

w13639 Guido Lorenzoni
Inefficient Credit Booms

w13635 Josephine M. Smith
John B. Taylor

The Long and the Short End of the Term Structure of Policy Rules

w13607 Dale F. Gray
Robert C. Merton
Zvi Bodie

New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability

w13580 Marvin Goodfriend
How the World Achieved Consensus on Monetary Policy

w13566 Frederic S. Mishkin
Will Monetary Policy Become More of a Science?

w13521 Lawrence Christiano
Roberto Motto
Massimo Rostagno

Shocks, Structures or Monetary Policies? The Euro Area and US After 2001

w13518 Frederic S. Mishkin
Housing and the Monetary Transmission Mechanism

w13502 Lawrence Christiano
Roberto Motto
Massimo Rostagno

Two Reasons Why Money and Credit May be Useful in Monetary Policy

w13471 Martin S. Feldstein
Housing, Credit Markets and the Business Cycle

w13448 Andrew Ang
Sen Dong
Monika Piazzesi

No-Arbitrage Taylor Rules

w13430 Xavier Gabaix
Linearity-Generating Processes: A Modelling Tool Yielding Closed Forms for Asset Prices

w13419 David K. Backus
Jonathan H. Wright

Cracking the Conundrum

w13416 Fernando E. Alvarez
Francesco Lippi

Financial Innovation and the Transactions Demand for Cash

w13414 Lars E.O. Svensson
Noah M. Williams

Bayesian and Adaptive Optimal Policy under Model Uncertainty

w13412 Enrique G. Mendoza
Vincenzo Quadrini
José-Victor Ríos-Rull

On the Welfare Implications of Financial Globalization without Financial Development

w13398 Andrew Atkeson
V. V. Chari
Patrick J. Kehoe

On the Optimal Choice of a Monetary Policy Instrument

w13363 Igor Livshits
James MacGee
Michèle Tertilt

Accounting for the Rise in Consumer Bankruptcies

w13361 Ralph S.J Koijen
Otto Van Hemert
Stijn Van Nieuwerburgh

Mortgage Timing

w13320 Boyan Jovanovic
Bubbles in Prices of Exhaustible Resources

w13315 Simon Gilchrist
Jae W. Sim

Investment during the Korean Financial Crisis: A Structural Econometric Analysis

w13310 Tai-wei Hu
John Kennan
Neil Wallace

Coalition-Proof Trade and the Friedman Rule in the Lagos-Wright Model

w13307 Boyan Jovanovic
Investment Options and the Business Cycle

w13254 Fabio Braggion
Lawrence J. Christiano
Jorge Roldos

Optimal Monetary Policy in a 'Sudden Stop'

w13251 Rui Albuquerque
Neng Wang

Agency Conflicts, Investment, and Asset Pricing

w13245 Michael F. Gallmeyer
Burton Hollifield
Francisco Palomino
Stanley E. Zin

Arbitrage-Free Bond Pricing with Dynamic Macroeconomic Models

w13244 Domenico Delli Gatti
Mauro Gallegati
Bruce C. Greenwald
Joseph E. Stiglitz

Net Worth, Exchange Rates, and Monetary Policy: The Effects of a Devaluation in a Financially Fragile Environment

w13209 Kiminori Matsuyama
Aggregate Implications of Credit Market Imperfections

w13207 Marvin Goodfriend
Bennett T. McCallum

Banking and Interest Rates in Monetary Policy Analysis: A Quantitative Exploration

w13204 Veronica Guerrieri
Guido Lorenzoni

Liquidity and Trading Dynamics

w13196 Ravi Bansal
Long-Run Risks and Financial Markets

w13174 Simon Gilchrist
Egon Zakrajsek

Investment and the Cost of Capital: New Evidence from the Corporate Bond Market

w13123 Ceyhun Bora Durdu
Enrique G. Mendoza
Marco E. Terrones

Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism

w13112 James D. Hamilton
Daily Changes in Fed Funds Futures Prices

w13104 Jeremy Greenwood
Juan M. Sanchez
Cheng Wang

Financing Development: The Role of Information Costs

w13092 Guido Lorenzoni
Karl Walentin

Financial Frictions, Investment and Tobin's q

w13089 Galina Hale
Assaf Razin
Hui Tong

Credit Constraints and Stock Price Volatility

w13076 Fernando A. Broner
Guido Lorenzoni
Sergio L. Schmukler

Why Do Emerging Economies Borrow Short Term?

w13024 Laura X. L. Liu
Toni Whited
Lu Zhang

Regularities

w13003 N. Nergiz Dincer
Barry Eichengreen

Central Bank Transparency: Where, Why, and with What Effects?

w12982 Michael D. Bordo
Christopher Erceg
Andrew Levin
Ryan Michaels

Three Great American Disinflations

w12957 Monika Piazzesi
Martin Schneider

Inflation Illusion, Credit, and Asset Pricing

w12948 Lars Peter Hansen
Beliefs, Doubts and Learning: Valuing Economic Risk

w12938 Mark Carlson
Kris James Mitchener

Branch Banking as a Device for Discipline: Competition and Bank Survivorship During the Great Depression

w12930 Andrew Ang
Geert Bekaert
Min Wei

The Term Structure of Real Rates and Expected Inflation

w12919 Willem H. Buiter
Seigniorage

w12912 Mariano M. Croce
Martin Lettau
Sydney C. Ludvigson

Investor Information, Long-Run Risk, and the Term Structure of Equity

w12896 Ricardo J. Caballero
Arvind Krishnamurthy

Collective Risk Management in a Flight to Quality Episode

w12881 Arvind Krishnamurthy
Annette Vissing-Jorgensen

The Demand for Treasury Debt

w12839 Willem H. Buiter
Is Numerairology the Future of Monetary Economics? Unbundling numeraire and medium of exchange through a virtual currency and a shadow exchange rate

w12835 Peter L. Rousseau
Backing, the Quantity Theory, and the Transition to the U.S. Dollar, 1723-1850

w12824 Jean Boivin
Marc Giannoni
Ilian Mihov

Sticky Prices and Monetary Policy: Evidence from Disaggregated U.S. Data


2006
w12781 Wei Xiong
Hongjun Yan

Heterogeneous Expectations and Bond Markets

w12763 Robert J. Barro
On the Welfare Costs of Consumption Uncertainty

w12753 Ricardo J. Caballero
On the Macroeconomics of Asset Shortages

w12719 Gary Richardson
A Comment Concerning Deposit Insurance and Moral Hazard

w12717 Gary Richardson
Bank Distress during the Great Depression: The Illiquidity-Insolvency Debate Revisited

w12716 Gary Richardson
Correspondent Clearing and the Banking Panics of the Great Depression

w12715 Gary Richardson
Quarterly Data on the Categories and Causes of Bank Distress During the Great Depression

w12713 Jeffrey A. Frankel
The Effect of Monetary Policy on Real Commodity Prices

w12662 Michael D. Bordo
Owen Humpage
Anna J. Schwartz

The Historical Origins of U.S. Exchange Market Intervention Policy

w12638 Glenn D. Rudebusch
John C. Williams

Revealing the Secrets of the Temple: The Value of Publishing Central Bank Interest Rate Projections

w12634 Dirk Krueger
Hanno Lustig

When is Market Incompleteness Irrelevant for the Price of Aggregate Risk (and when is it not)?

w12614 Christian Hellwig
Guido Lorenzoni

Bubbles and Self-Enforcing Debt

w12612 Atif Mian
Asim Ijaz Khwaja

Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market

w12609 Monika Piazzesi
Martin Schneider

Equilibrium Yield Curves

w12594 Ching-Yi Chung
Gary Richardson

Deposit Insurance and the Composition of Bank Suspensions in Developing Economies: Lessons from the State Deposit Insurance Experiments of the 1920S

w12590 Gary Richardson
Bank Distress During the Great Contraction, 1929 to 1933, New Data from the Archives of the Board of Governors

w12564 Enrique G. Mendoza
Endogenous Sudden Stops in a Business Cycle Model with Collateral Constraints:A Fisherian Deflation of Tobin's Q

w12560 Francis E. Warnock
Veronica Cacdac Warnock

International Capital Flows and U.S. Interest Rates

w12540 Roger E. A. Farmer
Daniel F. Waggoner
Tao Zha

Indeterminacy in a Forward Looking Regime Switching Model

w12477 Guido Lorenzoni
A Theory of Demand Shocks

w12476 Patrick Kehoe
Varadarajan V. Chari

Modern Macroeconomics in Practice: How Theory is Shaping Policy

w12470 Tommaso Monacelli
Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraints

w12462 Thomas Philippon
The Bond Market's q

w12454 Kenneth Kuttner
Can Central Banks Target Bond Prices?

w12442 Simon Gilchrist
Masashi Saito

Expectations, Asset Prices, and Monetary Policy: The Role of Learning

w12420 Roberto Rigobon
Brian Sack

Noisy Macroeconomic Announcements, Monetary Policy, and Asset Prices

w12393 Michael D. Bordo
Sudden Stops, Financial Crises, and Original Sin in Emerging Countries: Déjà vu?

w12337 Anders B. Trolle
Eduardo S. Schwartz

A General Stochastic Volatility Model for the Pricing and Forecasting of Interest Rate Derivatives

w12283 Bernardo S. de M. Carvalho
Márcio G.P. Garcia

Ineffective Controls on Capital Inflows Under Sophisticated Financial Markets: Brazil in the Nineties

w12277 Vitor Gaspar
Anil K. Kashyap

Stability First: Reflections Inspired by Otmar Issing's Success as the ECB's Chief Economist

w12248 Geert Bekaert
Eric Engstrom
Yuhang Xing

Risk, Uncertainty and Asset Prices

w12247 Geert Bekaert
Eric Engstrom
Steven R. Grenadier

Stock and Bond Returns with Moody Investors

w12243 Giorgio E. Primiceri
Ernst Schaumburg
Andrea Tambalotti

Intertemporal Disturbances

w12189 Michael Bordo
Harold James

One World Money, Then and Now

w12146 Clemens Sialm
Investment Taxes and Equity Returns

w12136 Ricardo J. Caballero
Arvind Krishnamurthy

Flight to Quality and Collective Risk Management

w12129 Ricardo J. Caballero
Takeo Hoshi
Anil K. Kashyap

Zombie Lending and Depressed Restructuring in Japan

w12074 Kris James Mitchener
Are Prudential Supervision and Regulation Pillars of Financial Stability? Evidence from the Great Depression

w12035 Michael D. Bordo
Peter L. Rousseau

Legal-Political Factors and the Historical Evolution of the Finance-Growth Link

w12014 Erica X. N. Li
Dmitry Livdan
Lu Zhang

Optimal Market Timing

w11978 Joseph Engelberg
Charles F. Manski
Jared Williams

Comparing the Point Predictions and Subjective Probability Distributions of Professional Forecasters

w11966 Enrique G. Mendoza
Lessons From the Debt-Deflation Theory of Sudden Stops

w11962 Darrell Duffie
Leandro Siata
Ke Wang

Multi-Period Corporate Default Prediction With Stochastic Covariates

w11946 Stephen G. Cecchetti
Alfonso Flores-Lagunes
Stefan Krause

Assessing the Sources of Changes in the Volatility of Real Growth

w11942 Marc Giannoni
Robust Optimal Policy in a Forward-Looking Model with Parameter and Shock Uncertainty

w11929 Refet Gurkaynak
Justin Wolfers

Macroeconomic Derivatives: An Initial Analysis of Market-Based Macro Forecasts, Uncertainty, and Risk


2005
w11834 Ricardo Caballero
Arvind Krishnamurthy

Financial System Risk and Flight to Quality

w11784 Farley Grubb
Two Theories of Money Reconciled: The Colonial Puzzle Revisited with New Evidence

w11756 Clemens Sialm
Tax Changes and Asset Pricing: Time-Series Evidence

w11733 Lars Svensson
Noah Williams

Monetary Policy with Model Uncertainty: Distribution Forecast Targeting

w11703 Sydeny C. Ludvigson
Serena Ng

Macro Factors in Bond Risk Premia

w11687 Hanno Lustig
Christopher Sleet
Sevin Yeltekin

Fiscal Hedging and the Yield Curve

w11668 Hans Fehr
Sabine Jokisch
Laurence J. Kotlikoff

Will China Eat Our Lunch or Take Us Out to Dinner? Simulating the Transition Paths of the U.S., EU, Japan, and China

w11633 Philippe Bacchetta
Eric van Wincoop

Rational Inattention: A Solution to the Forward Discount Puzzle

w11618 Ricardo J. Caballero
Arvind Krishnamurthy

Bubbles and Capital Flow Volatility: Causes and Risk Management

w11562 Marvin Goodfriend
Robert King

The Incredible Volcker Disinflation

w11538 Andrew Ang
Geert Bekaert
Min Wei

Do Macro Variables, Asset Markets or Surveys Forecast Inflation Better?

w11480 Laura X.L. Liu
Jerold B. Warner
Lu Zhang

Momentum Profits and Macroeconomic Risk

w11459 Evgeny Lyandres
Le Sun
Lu Zhang

Investment-Based Underperformance Following Seasoned Equity Offerings

w11340 Geert Bekaert
Seonghoon Cho
Antonio Moreno

New-Keynesian Macroeconomics and the Term Structure

w11326 Naiping Lu
Lu Zhang

The Value Spread as a Predictor of Returns

w11323 Murillo Campello
Long Chen
Lu Zhang

Expected Returns, Yield Spreads, and Asset Pricing Tests

w11322 Lu Zhang
Anomalies

w11291 Mark Carlson
Kris James Mitchener

Branch Banking, Bank Competition, and Financial Stability

w11285 Jean Boivin
Serena Ng

Understanding and Comparing Factor-Based Forecasts

w11276 Michael Gallmeyer
Burton Hollifield
Stanley E. Zin

Taylor Rules, McCallum Rules and the Term Structure of Interest Rates

w11222 Claude B. Erb
Campbell R. Harvey

The Tactical and Strategic Value of Commodity Futures

w11191 Christian Hellwig
Arijit Mukherji
Aleh Tsyvinski

Self-Fulfilling Currency Crises: The Role of Interest Rates

w11178 Ceyhun Bora Durdu
Enrique G. Mendoza

Are Asset Price Guarantees Useful for Preventing Sudden Stops?: A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff

w11169 Peter Hecht
Tuomo Vuolteenaho

Explaining Returns with Cash-Flow Proxies

w11167 Lars E.O. Svensson
Monetary Policy with Judgment: Forecast Targeting

w11166 Michael Ehrmann
Marcel Fratzscher
Roberto Rigobon

Stocks, Bonds, Money Markets and Exchange Rates: Measuring International Financial Transmission

w11102 Seok-Kyun Hur
Money Growth and Interest Rates

w11089 Francis X. Diebold
Monika Piazzesi
Glenn Rudebusch

Modeling Bond Yields in Finance and Macroeconomics

w11054 Dongchul Cho
Interest Rate, Inflation, and Housing Price: With an Emphasis on Chonsei Price in Korea

w11034 David Altig
Lawrence Christiano
Martin Eichenbaum
Jesper Linde

Firm-Specific Capital, Nominal Rigidities and the Business Cycle


2004
w10999 Philippe Aghion
Jeremy C. Stein

Growth vs. Margins: Destabilizing Consequences of Giving the Stock Market What it Wants

w10951 Charles W. Calomiris
Joseph R. Mason

Resolving the Puzzle of the Underissuance of National Bank Notes

w10940 Enrique G. Mendoza
Katherine A. Smith

Quantitative Implication of A Debt-Deflation Theory of Sudden Stops and Asset Prices

w10915 Julio J. Rotemberg
Fair Pricing

w10878 Takatoshi Ito
Frederic S. Mishkin

Two Decades of Japanese Monetary Policy and the Deflation Problem

w10848 Willem H. Buiter
The Elusive Welfare Economics of Price Stability as a Monetary Policy Objective: Should New Keynesian Central Bankers Pursue Price Stability?

w10827 Andres Velasco
Roberto Chang

Monetary Policy and the Currency Denomination of Debt: A Tale of Two Equilibria

w10818 Takatoshi Ito
Inflation Targeting and Japan: Why has the Bank of Japan not Adopted Inflation Targeting?

w10790 Enrique G. Mendoza
Ceyhun Bora Durdu

Putting the Brakes on Sudden Stops: The Financial Frictions-Moral Hazard Tradeoff of Asset Price Guarantees

w10747 Lars E.O. Svensson
Targeting Rules vs. Instrument Rules for Monetary Policy: What is Wrong with McCallum and Nelson?

w10743 Darrell Duffie
Ke Wang

Multi-Period Corporate Failure Prediction with Stochastic Covariates

w10702 Peter L. Rousseau
A Common Currency: Early U.S. Monetary Policy and the Transition to the Dollar

w10672 Andrew Ang
Monika Piazzesi
Min Wei

What Does the Yield Curve Tell us about GDP Growth?

w10616 Francis X. Diebold
Glenn D. Rudebusch
S. Boragan Aruoba

The Macroeconomy and the Yield Curve: A Dynamic Latent Factor Approach

w10532 Ricardo J. Caballero
Arvind Krishnamurthy

Fiscal Policy and Financial Depth

w10524 Willem Buiter
A Small Corner of Intertemporal Public Finance - New Developments in Monetary Economics: 2 Ghosts, 2 Eccentricities, A Fallacy, A Mirage and A Mythos

w10519 Ricardo Caballero
Kevin Cowan
Jonathan Kearns

Fear of Sudden Stops: Lessons from Australia and Chile

w10517 Ricardo Caballero
Arvind Krishnamurthy

Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective

w10475 Kris James Mitchener
Bank Supervision, Regulation, and Instability During the Great Depression

w10431 Michael D. Bordo
Joseph G Haubrich

The Yield Curve, Recessions and the Credibility of the Monetary Regime: Long Run Evidence 1875-1997

w10402 Ben S. Bernanke
Kenneth N. Kuttner

What Explains the Stock Market's Reaction to Federal Reserve Policy?

w10390 Carlo A. Favero
Francesco Giavazzi

Inflation Targeting and Debt: Lessons from Brazil

w10362 Troy Davig
Eric M. Leeper
Hess Chung

Monetary and Fiscal Policy Switching

w10298 Boyan Jovanovic
Peter L. Rousseau

Interest Rates and Initial Public Offerings

w10295 Leonardo Gambacorta
How Do Banks Set Interest Rates?

w10293 Aaron Tornell
Frank Westermann
Lorenza Martinez

The Positive Link Between Financial Liberalization, Growth and Crises

w10290 Alan Auerbach
Maurice Obstfeld

Monetary and Fiscal Remedies for Deflation

w10289 Aaron Tornell
Frank Westermann
Lorenza Martinez

NAFTA and Mexico's Less-Than-Stellar Performance

w10255 Lawrence J. Christiano
Roberto Motto
Massimo Rostagno

The Great Depression and the Friedman-Schwartz Hypothesis

w10220 Ben S. Bernanke
Jean Boivin
Piotr Eliasz

Measuring the Effects of Monetary Policy: A Factor-Augmented Vector Autoregressive (FAVAR) Approach


2003
w10171 Michael D. Bordo
Robert D. Dittmar
William T. Gavin

Gold, Fiat Money, and Price Stability

w10163 Willem H. Buiter
Helicopter Money: Irredeemable Fiat Money and the Liquidity Trap

w10089 Eric Leeper
An "Inflation Reports" Report

w10048 Francis X. Diebold
Canlin Li

Forecasting the Term Structure of Government Bond Yields

w10042 Andrew Ang
Jun Liu

How to Discount Cashflows with Time-Varying Expected Returns

w10016 Fernando Alvarez
Andrew Atkeson
Chris Edmond

On the Sluggish Response of Prices to Money in an Inventory-Theoretic Model of Money Demand

w9981 Marvin Goodfriend
Inflation Targeting in the United States?

w9934 Daron Acemoglu
Simon Johnson

Unbundling Institutions

w9840 Laurent Calvet
Martin Gonzalez-Eiras
Paolo Sodini

Financial Innovation, Market Participation and Asset Prices

w9838 Bennett T. McCallum
Monetary Policy in Economies with Little or No Money

w9835 Claudio Raddatz
Roberto Rigobon

Monetary Policy and Sectoral Shocks: Did the FED react properly to the High-Tech Crisis?

w9829 Jean Boivin
Serena Ng

Are More Data Always Better for Factor Analysis?

w9814 Alan J. Auerbach
Maurice Obstfeld

The Case for Open-Market Purchases in a Liquidity Trap

w9759 John Y. Campbell
Joao F. Cocco

Household Risk Management and Optimal Mortgage Choice

w9747 Lars E. O. Svensson
Michael Woodford

Implementing Optimal Policy through Inflation-Forecast Targeting

w9640 Roberto Rigobon
Brian Sack

Spillovers Across U.S. Financial Markets

w9629 Christian Gollier
Richard Zeckhauser

Collective Investment Decision Making with Heterogeneous Time Preferences

w9609 Roberto Rigobon
Brian Sack

The Effects of War Risk on U.S. Financial Markets

w9599 Ricardo J. Caballero
Arvind Krishnamurthy

Inflation Targeting and Sudden Stops

w9552 Eric M. Leeper
Jennifer E. Roush

Putting 'M' back in Monetary Policy

w9486 Lars E. O. Svensson
Monetary Policy and Real Stabilization

w9457 Gerardo della Paolera
Alan M. Taylor

Gaucho Banking Redux

w9430 Lars E. O. Svensson
Michael Woodford

Optimal Policy with Partial Information in a Forward-Looking Model: Certainty-Equivalence Redux

w9421 Lars E. O. Svensson
What is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules


2002
w9391 Pierre-Olivier Gourinchas
Aaron Tornell

Exchange Rate Dynamics, Learning and Misperception

t0287 Nelson C. Mark
Donggyu Sul

Cointegration Vector Estimation by Panel DOLS and Long-Run Money Demand

w9333 Peter L. Rousseau
Historical Perspectives on Financial Development and Economic Growth

w9320 Julio J. Rotemberg
Customer Anger at Price Increases, Time Variation in the Frequency of Price Changes and Monetary Policy

w9261 George J. Hall
Exchange Rates and Casualties During the First World War

w9235 Laurence Ball
Short-Run Money Demand

w9219 Aaron Tornell
Frank Westermann

Boom-Bust Cycles in Middle Income Countries: Facts and Explanation

w9192 Eric M. Leeper
Tao Zha

Modest Policy Interventions

w9178 John H. Cochrane
Monika Piazzesi

Bond Risk Premia

w9084 David B. Gordon
Eric M. Leeper

The Price Level, the Quantity Theory of Money, and the Fiscal Theory of the Price Level

w9063 Eric M. Leeper
Tao Zha

Empirical Analysis of Policy Interventions

w8992 Frederic S. Mishkin
Eugene N. White

U.S. Stock Market Crashes and Their Aftermath: Implications for Monetary Policy

w8990 Jun Liu
Francis A. Longstaff
Ravit E. Mandell

The Market Price of Credit Risk: An Empirical Analysis of Interest Rate Swap Spreads

w8925 Lars E.O. Svensson
Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule?

w8839 John H. Cochrane
Monika Piazzesi

The Fed and Interest Rates: A High-Frequency Identification

w8838 Roberto Chang
Andres Velasco

Dollarization: Analytical Issues

w8794 Roberto Rigobon
Brian P. Sack

The Impact of Monetary Policy on Asset Prices

w8767 Jordi Gali
New Perspectives on Monetary Policy, Inflation, and the Business Cycle

w8765 Matthew B. Canzoneri
Robert E. Cumby
Behzad T. Diba

The Need for International Policy Coordination: What's Old, What's New, What's Yet to Come?

w8758 Ricardo J. Caballero
Arvind Krishnamurthy

A Dual Liquidity Model for Emerging Markets


2001
w8679 Bernhard Paasche
Stanley E. Zin

Competition and Intervention in Sovereign Debt Markets

w8617 Frederic S. Mishkin
The Transmission Mechanism and the Role of Asset Prices in Monetary Policy

w8607 Yeung Lewis Chan
Leonid Kogan

Catching Up with the Joneses: Heterogeneous Preferences and the Dynamics of Asset Prices

w8597 Boyan Jovanovic
Peter L. Rousseau

Liquidity Effects in the Bond Market

w8582 Michael D. Bordo
William G. Dewald

Bond Market Inflation Expectations in Industrial Countries: Historical Comparisons

w8428 Ricardo Caballero
Arvind Krishnamurthy

A "Vertical" Analysis of Crises and Intervention: Fear of Floating and Ex-ante Problems

w8427 Ricardo Caballero
Arvind Krishnamurthy

Smoothing Sudden Stops

w8403 Lawrence J. Christiano
Martin Eichenbaum
Charles Evans

Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy

w8363 Andrew Ang
Monika Piazzesi

A No-Arbitrage Vector Autoregression of Term Structure Dynamics with Macroeconomic and Latent Variables

w8360 Fernando Alvarez
Urban J. Jermann

The Size of the Permanent Component of Asset Pricing Kernels

w8358 Harrison Hong
Jeffrey D. Kubik
Jeremy C. Stein

Social Interaction and Stock-Market Participation

w8352 Hans-Werner Sinn
Frank Westermann

Why Has the Euro Been Falling? An Investigation into the Determinants of the Exchange Rate

w8350 Roberto Rigobon
Brian Sack

Measuring the Reaction of Monetary Policy to the Stock Market

w8323 Peter L. Rousseau
Richard Sylla

Financial Systems, Economic Growth, and Globalization

w8255 Lars E.O. Svensson
Michael Woodford

Indicator Variables for Optimal Policy under Asymmetric Information

w8248 Frank A. Wolak
Robert H. Patrick

The Impact of Market Rules and Market Structure on the Price Determination Process in the England and Wales Electricity Market

w8246 Monika Piazzesi
An Econometric Model of the Yield Curve with Macroeconomic Jump Effects

w8182 Russell Cooper
Joao Ejarque

Exhuming Q: Market Power vs. Capital Market Imperfections

w8072 Michael Woodford
Fiscal Requirements for Price Stability


2000
w8060 Martin Schneider
Aaron Tornell

Balance SHeet Effects, Bailout Guarantees and Financial Crises

w8044 Jean-Pierre Danthine
Francesco Giavazzi
Ernst-Ludwig von Thadden

European Financial Markets After EMU: A First Assessment

w8025 Stefan Gerlach
Lars E.O. Svensson

Money and Inflation in the Euro Area: A Case for Monetary Indicators?

w7971 Ricardo Caballero
Arvind Krishnamurthy

International and Domestic Collateral Constraints in a Model of Emerging Market Crises

w7953 Lars E.O. Svensson
Michael Woodford

Indicator Variables for Optimal Policy

w7951 P.R. Agenor
J. Aizenman
A. Hoffmaister

The Credit Crunch in East Asia: What can Bank Excess Liquid Assets Tell us?

w7916 Bennett T. McCallum
The Present and Future of Monetary Policy Rules

w7864 Maurice Obstfeld
Kenneth Rogoff

Do We Really Need a New International Monetary Compact?

w7853 Michael Woodford
Monetary Policy in a World Without Money

w7598 Lars E.O. Svensson
The First Year of the Eurosystem: Inflation Targeting or Not?

w7753 Aaron Tornell
Robust-H-infinity Forecasting and Asset Pricing Anomalies

w7725 Bennett T. McCallum
Alternative Monetary Policy Rules: A Comparison with Historical Settings for the United States, the United Kingdom, and Japan

w7178 Lars E.O. Svensson
Does the P* Model Provide Any Rationale for Monetary Targeting?

w7677 Bennett T. McCallum
Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates

w7609 Geert Bekaert
Robert J. Hodrick

Expectations Hypotheses Tests

w7559 Ben Bernanke
Mark Gertler

Monetary Policy and Asset Price Volatility

w7549 Mark Gertler
Cara S. Lown

The Information in the High Yield Bond Spread for the Business Cycle: Evidence and Some Implications

w7516 Lars E.O. Svensson
How Should Monetary Policy be Conducted in an Era of Price Stability?


1999
w7448 Peter L. Rousseau
Richard Sylla

Emerging Financial Markets and Early U.S. Growth

w7446 Pierre-Richard Agenor
Joshua Aizenman

Financial Sector Inefficiencies and Coordinate Failures: Implications for Crisis Management

w7425 Brett Katzman
John Kennan
Neil Wallace

Optimal Monetary Impulse-Response Functions in a Matching Model

w7386 Gerardo della Paolera
Alan M. Taylor

Internal Versus External Convertibility and Developing-Country FinancialCrises: Lessons from the Argentine Bank Bailout of the 1930's

w7365 Michael D. Bordo
Lars Jonung

The Future of EMU: What Does the History of Monetary Unions Tell Us?

w7350 Tamim Bayoumi
The Morning After: Explaining the Slowdown in Japanese Growth in the 1990s

w7276 Lars E.O. Svensson
Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability

w7253 Michael Hutchison
Kathleen McDill

Are All Banking Crises Alike? The Japanese Experience in International Comparison

w7245 Willem H. Buiter
Nikolaos Panigirtzoglou

Liquidity Traps: How to Avoid Them and How to Escape Them

w7242 Charles Engel
John H. Rogers

Violating the Law of One Price: Should We Make a Federal Case Out of It?

w7179 Glenn D. Rudebusch
Lars E.O. Svensson

Eurosystem Monetary Targeting: Lessons from U.S. Data

w7177 Lars E.O. Svensson
Monetary Policy Issues for the Eurosystem

w7160 Robert J. Shiller
Designing Indexed Units of Account

w7139 Aaron Tornell
Common Fundamentals in the Tequila and Asian Crises

w7060 Fernando Alvarez
Andrew Atkeson
Patrick J. Kehoe

Money and Interest Rates with Endogeneously Segmented Markets

w7057 Wouter den Haan
Garey Ramey
Joel Watson

Liquidity Flows and Fragility of Business Enterprises

w7055 Owen Lamont
Economic Tracking Portfolios

w7017 Lawrence J. Christiano
Christopher J. Gust

Taylor Rules in a Limited Participation Model

h0117 Peter L. Rousseau
Share Liquidity and Industrial Growth in an Emerging Market: The Case of New England, 1854-1897

w6973 Owen Lamont
Investment Plans and Stock Returns

w6914 Robert E. Hall
Controlling the Price Level


1998
w6850 P.R. Agenor
J. Aizenman
A. Hoffmaister

Contagion, Bank Lending Spreads and Output Fluctuations

w6843 Ricardo J. Caballero
Arvind Krishnamurthy

Emerging Market Crises: An Asset Markets Perspective

w6790 Lars E.O. Svensson
Inflation Targeting as a Monetary Policy Rule

w6771 John H. Cochrane
Long-term Debt and Optimal Policy in the Fiscal Theory of the Price Level

w6736 David Backus
Silverio Foresi
Chris Telmer

Discrete-Time Models of Bond Pricing

w6717 Ricardo J. Caballero
Mohamad L. Hammour

Improper Churn: Social Costs and Macroeconomic Consequences

w6652 Simon Gilchrist
Charles Himmelberg

Investment, Fundamentals and Finance

w6646 John H. Cochrane
A Frictionless View of U.S. Inflation

w6599 Bennett T. McCallum
Edward Nelson

Performance of Operational Policy Rules in an Estimated Semi-Classical Structural Model

w6597 Laurence Ball
Another Look at Long-Run Money Demand

w6593 Orazio Attanasio
Luigi Guiso
Tuillo Jappelli

The Demand for Money, Financial Innovation, and the Welfare Cost of Inflation: An Analysis with Household Data

w6588 Raquel Fernandez
Education and Borrowing Constraints: Tests vs. Prices

w6471 Matthew B. Canzoneri
Robert E. Cumby
Behzad T. Diba

Is the Price Level Determined by the Needs of Fiscal Solvency?

w6455 Ben Bernanke
Mark Gertler
Simon Gilchrist

The Financial Accelerator in a Quantitative Business Cycle Framework

w6400 Lawrence J. Christiano
Martin Eichenbaum
Charles L. Evans

Monetary Policy Shocks: What Have We Learned and to What End?

w6396 Willem H. Buiter
The Young Person's Guide to Neutrality, Price Level Indeterminacy, Interest Rate Pegs, and Fiscal Theories of the Price Level

w6379 David Backus
Silverio Foresi
Abon Mozumdar
Liuren Wu

Predictable Changes in Yields and Forward Rates

w6369 Rudiger Dornbusch
Carlo A. Favero
Francesco Giavazzi

The Immediate Challenges for the European Central Bank

w6356 Robert J. Shiller
Indexed Units of Account: Theory and Assessment of Historical Experience


1997
w6311 Alessandro Missale
Francesco Giavazzi
Pierpaolo Benigno

Managing the Public Debt in Fiscal Stabilizations: The Evidence

w6201 Michael D. Bordo
Anna J. Schwartz

Monetary Policy Regimes and Economic Performance: The Historical Record

w6094 Russell Cooper
Dean Corbae

Financial Fragility and the Great Depression

w6092 Menzie D. Chinn
Michael P. Dooley

Monetary Policy in Japan, Germany and the United States: Does One Size Fit All?

w5963 Charles W. Calomiris
David C. Wheelock

Was the Great Depression a Watershed for American Monetary Policy?

w5962 Lars E. O. Svensson
Inflation Targeting: Some Extensions

w5947 Sergio Rebelo
Danyang Xie

On the Optimality of Interest Rate Smoothing

w5944 Pierluigi Balduzzi
Giuseppe Bertola
Silverio Foresi
Leora Klapper

Interest Rate Targeting and the Dynamics of Short-Term Rates

w5930 Raquel Fernandez
Jordi Gali

To Each According To...? Markets, Tournaments, and the Matching Problem with Borrowing Constraints

w5877 Paul Soderlind
Lars E. O. Svensson

New Techniques to Extract Market Expectations from Financial Instruments

w5872 Jeremy Bulow
Paul Klemperer

The Generalized War of Attrition


1996
w5821 David G. Barr
John Y. Campbell

Inflation, Real Interest Rates, and the Bond Market: A Study of UK Nominal and Index-Linked Government Bond Prices

w5797 Lars E. O. Svensson
Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets

w5792 Wouter J. Den Haan
Understanding Equilibrium Models with a Small and a Large Number of Agents

w5789 Robert P. Flood
Nancy P. Marion

Speculative Attacks: Fundamentals and Self-Fulfilling Prophecies

w5752 Torben G. Andersen
Tim Bollerslev

Heterogeneous Information Arrivals and Return Volatility Dynamics: Uncovering the Long-Run in High Frequency Returns

w5638 David Backus
Silverio Foresi
Stanley Zin

Arbitrage Opportunities in Arbitrage-Free Models of Bond Pricing

w5637 Boyan Jovanovic
Masako Ueda

Contracts and Money

w5587 John Y. Campbell
Robert J. Shiller

A Scorecard for Indexed Government Debt

w5532 Torsten Persson
Guido Tabellini

Monetary Cohabitation in Europe

w5504 Casey B. Mulligan
Xavier Sala-i-Martin

Adoption of Financial Technologies: Implications for Money Demand and Monetary Policy

w5499 Owen Lamont
Cash Flow and Investment: Evidence from Internal Capital Markets

w5497 Michael D. Bordo
Tamim Bayoumi

Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions


1995
w5371 Michael D. Bordo
Bruce Mizrach
Anna J. Schwartz

Real Versus Pseudo-International Systemic Risk: Some Lessons from History

w5358 Takatoshi Ito
Tokuo Iwaisako

Explaining Asset Bubbles in Japan

w5347 Michael P. Dooley
Menzie Chinn

Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration

w5269 V. V. Chari
Lawrence J. Christiano
Martin Eichenbaum

Inside Money, Outside Money and Short Term Interest Rates

w5191 Maurice Obstfeld
Kenneth Rogoff

The Mirage of Fixed Exchange Rates

w5146 Ben S. Bernanke
Mark Gertler

Inside the Black Box: The Credit Channel of Monetary Policy Transmission

w5130 Russell Cooper
Joao Ejarque

Financial Intermediation and The Great Depression: A Multiple Equilibrium Interpretation

w5087 Willem H. Buiter
Generational Accounts, Aggregate Saving and Intergenerational Distribution

w5083 Nobuhiro Kiyotaki
John Moore

Credit Cycles

w5080 Frederic S. Mishkin
John Simon

An Empirical Examination of the Fisher Effect in Australia

w5031 John Y. Campbell
Some Lessons from the Yield Curve


1994
w4977 R. Glenn Hubbard
Is There a `Credit Channel' for Monetary Policy?

w4938 Bennett T. McCallum
Monetary Policy and the Term Structure of Interest Rates

w4919 Fumio Hayashi
Akihiko Matsui

A Model of Fiat Money and Barter

w4888 James H. Stock
Martin Feldstein

Measuring Money Growth When Financial Markets Are Changing

w4873 Jose De Gregorio
Federico Sturzenegger

Credit Markets and the Welfare Costs of Inflation

w4860 Michael D. Bordo
Anna J. Schwartz

The Specie Standard as a Contingent Rule: Some Evidence for Core and Peripheral Countries, 1880-1990

w4850 Robert Flood
Michael Mussa

Issues Concerning Nominal Anchors for Monetary Policy

w4789 Ben Bernanke
Mark Gertler
Simon Gilchrist

The Financial Accelerator and the Flight to Quality

w4692 Bennett T. McCallum
Monetary Policy Rules and Financial Stability

w4676 David K. Backus
Stanley E. Zin

Reverse Engineering the Yield Curve


1993
w4604 Lars E.O. Svensson
The Simplest Test of Inflation Target Credibility

w4546 Michael D. Bordo
Hugh Rockoff
Angela Redish

A Comparison of the United States and Canadian Banking Systems in the Twentieth Century: Stability vs. Efficiency?

w4544 Lars E.O. Svensson
Term, Inflation, and Foreign Exchange Risk Premia: A Unified Treatment

w4404 John H. Boyd
Mark Gertler

U.S. Commercial Banking: Trends, Cycles, and Policy

w4379 Michael D. Bordo
Lars Jonung
Pierre Siklos

The Common Development of Institutional Change as Measured by Income Velocity: A Century of Evidence from Industrialized Countries

w4362 Willem H. Buiter
Public Debt in the USA: How Much, How Bad and Who Pays?

w4347 Pierluigi Balduzzi
Giuseppe Bertola
Silverio Foresi

A Model of Target Changes and the Term Structure of Interest Rates

w4326 Jeffrey A. Miron
Christina D. Romer
David N. Weil

Historical Perspectives on the Monetary Transmission Mechanism

w4310 Michael Bordo
The Gold Standard, Bretton Woods and other Monetary Regimes: An Historical Appraisal

w4285 Valerie A. Ramey
How Important is the Credit Channel in the Transmission of Monetary Policy?

w4275 Toru Konishi
Valerie A. Ramey
Clive W.J. Granger

Stochastic Trends and Short-Run Relationships Between Financial Variables and Real Activity

w4249 John Heaton
Deborah Lucas

Evaluating the Effects of Incomplete Markets on Risk Sharing and Asset Pricing


1992
w4236 Martin Feldstein
The Recent Failure of U.S. Monetary Policy

w4234 Douglas Elmendorf
Mary Hirshfeld
David Weil

The Effect of News on Bond Prices: Evidence from the United Kingdom 1900-1920

w4232 Alberto Giovannini
Bart Turtelboom

Currency Substitution

w4156 Robert King
Mark W. Watson

Testing Long Run Neutrality

w4134 Karen K. Lewis
Martin D. Evans

Do Expected Shifts in Inflation Policy Affect Real Rates?

w4117 Joseph E. Stiglitz
Bruce Greenwald

Towards a Reformulation of Monetary Theory: Competitive Banking

t0124 Stephen G. Cecchetti
Pok-sang Lam
Nelson C. Mark

Testing Volatility Restrictions on Intertemporal Marginal Rates of Substitution Implied by Euler Equations and Asset Returns

w4001 Alberto Giovannini
Bretton Woods and Its Precursors: Rules Versus Discretion in the History of International Monetary Regimes

w3995 Robert B. Barsky
J. Bradford De Long

Why Does the Stock Market Fluctuate?

w3975 Philippe Weil
Equilibrium Asset Prices With Undiversifiable Labor Income Risk

w3974 Lawrence J. Christiano
Martin Eichenbaum

Liquidity Effects and the Monetary Transmission Mechanism


1991
w3921 Russell Cooper
Thomas W. Ross

Bank Runs: Liquidity and Incentives

w3902 Mark Gertler
R. Glenn Hubbard

Corporate Financial Policy, Taxation, and Macroeconomic Risk

w3879 Benjamin M. Friedman
Kenneth N. Kuttner

Why Does the Paper-Bill Spread Predict Real Economic Activity?

t0110 Scott Freeman
Guido Tabellini

The Optimality of Nominal Contracts

w3756 Valerie A. Ramey
The Source of Fluctuations in Money: Evidence From Trade Credit

w3751 Jeffrey A. Frankel
Cara S. Lown

An Indicator of Future Inflation Extracted From the Steepness of the Interest Rate Yield Curve Along Its Entire Length


Generated Sun Nov 23 00:00:18 2014

 
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