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NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Papers in Monetary Economics


2011
w17274 Laurence M. Ball
Nicolás De Roux
Marc Hofstetter

Unemployment in Latin America and the Caribbean

w17272 Carlo Favero
Francesco Giavazzi
Jacopo Perego

Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy

w17240 Jonathan A. Parker
On Measuring the Effects of Fiscal Policy in Recessions

w17229 George-Marios Angeletos
Luigi Iovino
Jennifer La'O

Cycles, Gaps, and the Social Value of Information

w17197 Robin Greenwood
Samuel G. Hanson

Issuer Quality and the Credit Cycle

w17191 Francois Gourio
Leena Rudanko

Customer Capital

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

w17144 Efraim Benmelech
Nittai K. Bergman
Amit Seru

Financing Labor

w17140 Hyungsik Roger Moon
Frank Schorfheide
Eleonora Granziera
Mihye Lee

Inference for VARs Identified with Sign Restrictions

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?

w17090 Lieven Baele
Geert Bekaert
Seonghoon Cho
Koen Inghelbrecht
Antonio Moreno

Macroeconomic Regimes

w17084 Jordi Galí
Frank Smets
Rafael Wouters

Unemployment in an Estimated New Keynesian Model

w17076 Deniz Igan
Prachi Mishra
Thierry Tressel

A Fistful of Dollars: Lobbying and the Financial Crisis

w17071 Alejandro Justiniano
Giorgio E. Primiceri
Andrea Tambalotti

Is there a trade-off between inflation and output stabilization?

w17063 Rüdiger Bachmann
Eric R. Sims

Confidence and the Transmission of Government Spending Shocks

w17060 George-Marios Angeletos
Jennifer La'O

Decentralization, Communication, and the Origins of Fluctuations

w17029 N. Gregory Mankiw
Matthew C. Weinzierl

An Exploration of Optimal Stabilization Policy

w17045 Zheng Liu
Pengfei Wang
Tao Zha

Land-price dynamics and macroeconomic fluctuations

w17044 Laurence M. Ball
Sandeep Mazumder

Inflation Dynamics and the Great Recession

w17038 Rüdiger Fahlenbrach
Robert Prilmeier
René M. Stulz

This Time Is the Same: Using Bank Performance in 1998 to Explain Bank Performance During the Recent Financial Crisis

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

w17005 Bennett T. McCallum
Should Central Banks Raise their Inflation Targets? Some Relevant Issues

w16996 Martin Lettau
Sydney C. Ludvigson

Shocks and Crashes

w16994 Douglas W. Diamond
Raghuram Rajan

Illiquid Banks, Financial Stability, and Interest Rate Policy

w16988 Igal Hendel
Aviv Nevo

Intertemporal Price Discrimination in Storable Goods Markets

w16979 Fiorella De Fiore
Harald Uhlig

Bank Finance Versus Bond Finance

w16967 Manju Puri
Jörg Rocholl
Sascha Steffen

Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects

w16965 Thomas Philippon
Virgiliu Midrigan

Household Leverage and the Recession

w16956 James D. Hamilton
Jing Cynthia Wu

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

w16946 Michael D. Bordo
Owen F. Humpage
Anna J. Schwartz

U.S. Intervention During the Bretton Woods Era: 1962-1973

w16941 Isil Erel
Brandon Julio
Woojin Kim
Michael S. Weisbach

Macroeconomic Conditions and Capital Raising

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

w16911 Xavier Gabaix
A Sparsity-Based Model of Bounded Rationality

w16910 William Poole
Robert H. Rasche
David C. Wheelock

The Great Inflation: Did the Shadow Know Better?

w16903 Carolin E. Pflueger
Luis M. Viceira

Inflation-Indexed Bonds and the Expectations Hypothesis

w16893 Carmen M. Reinhart
M. Belen Sbrancia

The Liquidation of Government Debt

w16892 Carolin E. Pflueger
Luis M. Viceira

An Empirical Decomposition of Risk and Liquidity in Nominal and Inflation-Indexed Government Bonds

w16890 Lisa D. Cook
Were the Nigerian Banking Reforms of 2005 A Success ... And for the Poor?

w16883 Jeremy C. Stein
Monetary Policy as Financial-Stability Regulation

w16845 Paul Bloxham
Christopher Kent
Michael Robson

Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study

w16847 Stephanie Schmitt-Grohé
Martin Uríbe

Pegs and Pain

w16827 Carmen M. Reinhart
Kenneth S. Rogoff

A Decade of Debt

w16825 Eugene N. White
“To Establish a More Effective Supervision of Banking”: How the Birth of the Fed Altered Bank Supervision

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

w16787 Santiago Carbo-Valverde
Edward J. Kane
Francisco Rodriguez-Fernandez

Safety-Net Benefits Conferred on Difficult-to-Fail-and-Unwind Banks in the US and EU Before and During the Great Recession

w16781 Frank Schorfheide
Estimation and Evaluation of DSGE Models: Progress and Challenges

w16777 Nicolae Gârleanu
Lasse Heje Pedersen

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

w16775 Hyunseung Oh
Ricardo Reis

Targeted Transfers and the Fiscal Response to the Great Recession

w16764 Alexander David
Pietro Veronesi

Investor and Central Bank Uncertainty and Fear Measures Embedded in Index Options

w16763 Michael D. Bordo
David C. Wheelock

The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933

w16759 James Feyrer
Bruce Sacerdote

Did the Stimulus Stimulate? Real Time Estimates of the Effects of the American Recovery and Reinvestment Act

w16758 Isabel Correia
Emmanuel Farhi
Juan Pablo Nicolini
Pedro Teles

Unconventional Fiscal Policy at the Zero Bound

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

w16750 Emmanuel Farhi
Jean Tirole

Bubbly Liquidity

w16727 Thomas Philippon
Philipp Schnabl

Informational Rents, Macroeconomic Rents, and Efficient Bailouts

w16725 Jon Faust
Simon Gilchrist
Jonathan H. Wright
Egon Zakrajsek

Credit Spreads as Predictors of Real-Time Economic Activity: A Bayesian Model-Averaging Approach

w16707 Olivier Coibion
Yuriy Gorodnichenko

Why Are Target Interest Rate Changes So Persistent?

w16688 Charles W. Calomiris
Joseph Mason
David Wheelock

Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach

w16684 Jonathan A. Parker
Nicholas S. Souleles
David S. Johnson
Robert McClelland

Consumer Spending and the Economic Stimulus Payments of 2008

w16681 Peter N. Ireland
Stochastic Growth in the United States and Euro Area

w16680 Judith A. Chevalier
Anil K Kashyap

Best Prices


2010
w16647 Michael D. Bordo
Owen F. Humpage
Anna J. Schwartz

U.S. Foreign-Exchange-Market Intervention and the Early Dollar Float: 1973 – 1981

w16654 Lars E.O. Svensson
Inflation Targeting

w16633 Gianluca Benigno
Pierpaolo Benigno
Salvatore Nisticò

Second-Order Approximation of Dynamic Models with Time-Varying Risk

w16620 Julio J. Rotemberg
A Behavioral Model of Demandable Deposits and its Implications for Financial Regulation

w16609 Frederic S. Mishkin
Over The Cliff: From the Subprime to the Global Financial Crisis

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

w16589 Michael D. Bordo
John S. Landon-Lane

The Global Financial Crisis of 2007-08: Is it Unprecedented?

w16577 Jonathan A. Parker
Annette Vissing-Jorgensen

The Increase in Income Cyclicality of High-Income Households and its Relation to the Rise in Top Income Shares

w16567 Òscar Jordà
Moritz Schularick
Alan M. Taylor

Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons

w16537 Olivier Coibion
Yuriy Gorodnichenko

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

w16532 James H. Stock
Mark W. Watson

Estimating Turning Points Using Large Data Sets

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

w16514 Stephanie Schmitt-Grohé
Martín Uribe

Liquidity Traps: An Interest-Rate-Based Exit Strategy

w16505 John F. Cogan
John B. Taylor

What the Government Purchases Multiplier Actually Multiplied in the 2009 Stimulus Package

w16488 James H. Stock
Mark W. Watson

Modeling Inflation After the Crisis

w16478 Joshua Aizenman
Gurnain Kaur Pasricha

Fiscal fragility: what the past may say about the future

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?

w16420 Peter N. Ireland
A New Keynesian Perspective on the Great Recession

w16412 James D. Hamilton
Seth Pruitt
Scott Borger

Estimating the Market-Perceived Monetary Policy Rule

w16401 Yongsung Chang
Sun-Bin Kim
Frank Schorfheide

Labor-Market Heterogeneity, Aggregation, and the Lucas Critique

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

w16385 Ke Tang
Wei Xiong

Index Investment and Financialization of Commodities

w16384 Jordi Galí
Are Central Banks' Projections Meaningful?

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

w16365 Michael D. Bordo
John Landon-Lane

The Lessons from the Banking Panics in the United States in the 1930s for the Financial Crisis of 2007-2008

w16364 Patrick J. Kehoe
Virgiliu Midrigan

Prices are Sticky After All

w16358 Matthias Fleckenstein
Francis A. Longstaff
Hanno Lustig

Why Does the Treasury Issue Tips? The Tips–Treasury Bond Puzzle

w16351 Atif Mian
Amir Sufi

The Effects of Fiscal Stimulus: Evidence from the 2009 ‘Cash for Clunkers’ Program

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

w16345 Michael D. Bordo
Owen F. Humpage
Anna J. Schwartz

U.S. Foreign-Exchange-Market Intervention during the Volcker-Greenspan Era

w16342 Melvin Stephens
Jr.
Takashi Unayama

The Consumption Response to Seasonal Income: Evidence from Japanese Public Pension Benefits

w16337 Adam Ashcraft
Nicolae Gârleanu
Lasse Heje Pedersen

Two Monetary Tools: Interest Rates and Haircuts

w16334 Carmen M. Reinhart
Vincent R. Reinhart

After the Fall

w16290 Rahul Anand
Eswar S. Prasad

Optimal Price Indices for Targeting Inflation Under Incomplete Markets

w16283 Brent Neiman
A State-Dependent Model of Intermediate Goods Pricing

w16246 Claudia R. Sahm
Matthew D. Shapiro
Joel Slemrod

Check in the Mail or More in the Paycheck: Does the Effectiveness of Fiscal Stimulus Depend on How It Is Delivered?

w16231 Takatoshi Ito
Satoshi Koibuchi
Kiyotaka Sato
Junko Shimizu

Why has the yen failed to become a dominant invoicing currency in Asia? A firm-level analysis of Japanese Exporters' invoicing behavior

w16228 Francesco Giavazzi
Alberto Giovannini

Central Banks and the Financial System

w16218 David K. Backus
Federico Gavazzoni
Christopher Telmer
Stanley E. Zin

Monetary Policy and the Uncovered Interest Parity Puzzle

w16208 Vasco Curdia
Michael Woodford

The Central-Bank Balance Sheet as an Instrument of Monetary Policy

w16200 Efraim Benmelech
Nittai K. Bergman

Credit Traps

w16182 Kimie Harada
Takatoshi Ito
Shuhei Takahashi

Is the Distance to Default a Good Measure in Predicting Bank Failures? Case Studies

w16168 Rong Qian
Carmen M. Reinhart
Kenneth S. Rogoff

On Graduation from Default, Inflation and Banking Crisis: Elusive or Illusion?

w16165 Benjamin M. Friedman
Kenneth N. Kuttner

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

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

w16143 Ruediger Bachmann
Steffen Elstner
Eric R. Sims

Uncertainty and Economic Activity: Evidence from Business Survey Data

w16130 Alessandro Barattieri
Susanto Basu
Peter Gottschalk

Some Evidence on the Importance of Sticky Wages

w16124 Laurence M. Ball
The Performance of Alternative Monetary Regimes

w16095 Michael Woodford
Optimal Monetary Stabilization Policy

w16093 Olivier Coibion
Yuriy Gorodnichenko
Johannes F. Wieland

The Optimal Inflation Rate in New Keynesian Models

w16092 Zheng Xueyi
Yaguang Zhang
John Whalley

Monetary Theory from a Chinese Historical Perspective

w16081 Mario J. Crucini
Mototsugu Shintani
Takayuki Tsuruga

Do Sticky Prices Increase Real Exchange Rate Volatility at the Sector Level?

w16067 Valerie A. Ramey
Daniel J. Vine

Oil, Automobiles, and the U.S. Economy: How Much have Things Really Changed?

w16065 Gita Gopinath
Oleg Itskhoki

In Search of Real Rigidities

w16063 Daniel Paravisini
Veronica Rappoport
Enrichetta Ravina

Risk Aversion and Wealth: Evidence from Person-to-Person Lending Portfolios

w16054 Stephanie Schmitt-Grohe
Martin Uribe

The Optimal Rate of Inflation

w16031 Lucian A. Bebchuk
Itay Goldstein

Self-Fulfilling Credit Market Freezes

w15979 Michael W. Elsby
Bart Hobijn
Aysegul Sahin

The Labor Market in the Great Recession

w16027 Michael D. Bordo
David Hargreaves
Mizuho Kida

Global shocks, economic growth and financial crises: 120 years of New Zealand experience

w15988 Jack Favilukis
Sydney C. Ludvigson
Stijn Van Nieuwerburgh

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

w15986 Marc P. Giannoni
Optimal Interest-Rate Rules in a Forward-Looking Model, and Inflation Stabilization versus Price-Level Stabilization

w15934 Willem H. Buiter
Urjit R. Patel

Fiscal Rules in India: Are They Effective?

w15927 Olivier Jeanne
Anton Korinek

Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach

w15920 Emi Nakamura
Jón Steinsson
Robert Barro
José Ursúa

Crises and Recoveries in an Empirical Model of Consumption Disasters

w15919 Zhiguo He
In Gu Khang
Arvind Krishnamurthy

Balance Sheet Adjustments in the 2008 Crisis

w15908 John B. Taylor
John C. Williams

Simple and Robust Rules for Monetary Policy

w15902 Robert J. Barro
Jong-Wha Lee

A New Data Set of Educational Attainment in the World, 1950–2010

w15896 Atif R. Mian
Amir Sufi

Household Leverage and the Recession of 2007 to 2009

w15879 Jean Boivin
Michael T. Kiley
Frederic S. Mishkin

How Has the Monetary Transmission Mechanism Evolved Over Time?

w15871 Jordi Galí
Monetary Policy and Unemployment

w15817 Marcus Miller
Joseph E. Stiglitz

Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?

w15852 Fernando E. Alvarez
Francesco Lippi
Luigi Paciello

Optimal price setting with observation and menu costs

w15842 Pierpaolo Benigno
Ester Faia

Globalization, Pass-Through and Inflation Dynamic

w15835 Fernando E. Alvarez
Luigi Guiso
Francesco Lippi

Durable consumption and asset management with transaction and observation costs

w15826 Peter J. Klenow
Benjamin A. Malin

Microeconomic Evidence on Price-Setting

w15809 Yacine Aït-Sahalia
Jochen Andritzky
Andreas Jobst
Sylwia Nowak
Natalia Tamirisa

Market Response to Policy Initiatives during the Global Financial Crisis

w15802 Diego Aragon
Andrew Caplin
Sumit Chopra
John V. Leahy
Yann LeCun
Marco Scoffier
Joseph Tracy

Reassessing FHA Risk

w15794 Joshua Angrist
Jörn-Steffen Pischke

The Credibility Revolution in Empirical Economics: How Better Research Design is Taking the Con out of Econometrics

w15787 Gary B. Gorton
Questions and Answers about the Financial Crisis

w15785 Thomas Philippon
Vasiliki Skreta

Optimal Interventions in Markets with Adverse Selection

w15777 Casey B. Mulligan
Foreclosures, Enforcement, and Collections under the Federal Mortgage Modification Guidelines

w15774 Vasco Cúrdia
Ricardo Reis

Correlated Disturbances and U.S. Business Cycles

w15773 N. Gregory Mankiw
Ricardo Reis

Imperfect Information and Aggregate Supply

w15741 Wojciech Kopczuk
Economics of estate taxation: a brief review of theory and evidence

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

w15767 Pedro S. Martins
Gary Solon
Jonathan Thomas

Measuring What Employers Really Do about Entry Wages over the Business Cycle

w15763 Linda S. Goldberg
Craig Kennedy
Jason Miu

Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs

w15762 Pierpaolo Benigno
Luca Antonio Ricci

The Inflation-Output Trade-off with Downward Wage Rigidities

w15759 David Laibson
Johanna Mollerstrom

Capital Flows, Consumption Booms and Asset Bubbles: A Behavioural Alternative to the Savings Glut Hypothesis

w15758 Jordi Galí
The Return of the Wage Phillips Curve

w15757 Marc P. Giannoni
Michael Woodford

Optimal Target Criteria for Stabilization Policy

w15754 Christopher J. Nekarda
Valerie A. Ramey

Industry Evidence on the Effects of Government Spending

w15736 James D. Hamilton
Tatsuyoshi Okimoto

Sources of Variation in Holding Returns for Fed Funds Futures Contracts

w15726 Takatoshi Ito
Great Inflation and Central Bank Independence in Japan

w15714 Michael Woodford
Simple Analytics of the Government Expenditure Multiplier

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

w15694 Daron Acemoglu
Pierre Yared

Political Limits to Globalization

w15693 Daron Acemoglu
Institutions, Factor Prices and Taxation: Virtues of Strong States?

w15690 Bennett T. McCallum
Is the Spurious Regression Problem Spurious?

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

w15653 Zhiguo He
Wei Xiong

Rollover Risk and Credit Risk

w15645 Peter Temin
The Great Recession and the Great Depression

w15642 Jean Boivin
Robert Clark
Nicolas Vincent

Virtual Borders: Online Nominal Rigidities and International Market Segmentation

w15639 Carmen M. Reinhart
Kenneth S. Rogoff

Growth in a Time of Debt

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

w15631 Charles Yuji Horioka
Shizuka Sekita

The Degree of Judicial Enforcement and Credit Markets: Evidence from Japanese Household Panel Data

w15630 Andrew Levin
John B. Taylor

Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation


Generated Sun Aug 7 00:01:20 2011

 
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