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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
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We are connecting emerging solutions with funding in three areas—health, household financial stability, and climate—to improve life for underserved communities. Learn more by reading our strategy.
The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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| Technical working papers intended for publication in leading finance and economics journals. The Research Papers series predated StaffReports and was discontinued in 1998. Both series are available only online. |
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2011 Staff Reports
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| The Impact of the Great Recession on School District Finances: Evidence from New York Rajashri Chakrabarti and Elizabeth Setren December Number 534 |
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| Dodd-Frank One Year On: Implications for Shadow Banking Tobias Adrian December Number 533 |
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| Financial Intermediary Balance Sheet Management Tobias Adrian and Hyun Song Shin December Number 532 |
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| Some Unpleasant General Equilibrium Implications of Executive Incentive Compensation Contracts John B. Donaldson, Natalia Gershun, and Marc P. Giannoni December Number 531 |
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| What Do Drug Monopolies Cost Consumers in Developing Countries? Rebecca Hellerstein December Number 530 |
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| Repo and Securities Lending Tobias Adrian, Brian Begalle, Adam Copeland, and Antoine Martin December Number 529 Revised February 2013 |
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| Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-09 Tobias Adrian, Paolo Colla, and Hyun Song Shin December Number 528 Revised May 2012 |
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| The Macroeconomic Effects of Large-Scale Asset Purchase Programs Han Chen, Vasco Cúrdia, and Andrea Ferrero December Number 527 |
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| Housing Busts and Household Mobility: An Update Fernando Ferreira, Joseph Gyourko, and Joseph Tracy November Number 526 |
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| Incentives and Responses under No Child Left Behind: Credible Threats and the Role of Competition Rajashri Chakrabarti November Number 525 |
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| Optimal Disinflation under Learning Timothy Cogley, Christian Matthes, and Argia M. Sbordone November Number 524 Revised May 2014 |
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| Do We Know What We Owe? A Comparison of Borrower- and Lender-Reported Consumer Debt Meta Brown, Andrew Haughwout, Donghoon Lee, and Wilbert van der Klaauw October Number 523 Revised October 2013 |
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| The International Role of the Dollar: Does It Matter if This Changes? Linda Goldberg October Number 522 |
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| Early Contract Renegotiation: An Analysis of U.S. Labor Contracts from 1970 to 1995 Robert Rich and Joseph Tracy October Number 521 Revised July 2012 |
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| The Great Escape? A Quantitative Evaluation of the Fed’s Liquidity Facilities Marco Del Negro, Gauti Eggertsson, Andrea Ferrero, and Nobuhiro Kiyotaki October Number 520 Revised May 2016 |
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| Expectations versus Fundamentals: Does the Cause of Banking Panics Matter for Prudential Policy? Todd Keister and Vijay Narasiman October Number 519 |
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| Market Declines: Is Banning Short Selling the Solution? Robert Battalio, Hamid Mehran, and Paul Schultz September Number 518 |
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| An Analysis of CDS Transactions: Implications for Public Reporting Kathryn Chen, Michael Fleming, John Jackson, Ada Li, and Asani Sarkar September Number 517 |
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| How Do College Students Respond to Public Information about Earnings? Previous title: “Belief Updating among College Students: Evidence from Experimental Variation in Information” Matthew Wiswall and Basit Zafar September Number 516 Revised January 2013 |
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| Learning the Fiscal Theory of the Price Level: Some Consequences of Debt Management Policy Stefano Eusepi and Bruce Preston September Number 515 |
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| Real Estate Investors, the Leverage Cycle, and the Housing Market Crisis Andrew Haughwout, Donghoon Lee, Joseph Tracy, and Wilbert van der Klaauw September Number 514 |
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| Decomposing Short-Term Return Reversal Zhi Da, Qianqiu Liu, and Ernst Schaumburg September Number 513 |
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| The Pre-FOMC Announcement Drift David O. Lucca and Emanuel Moench September Number 512 Revised August 2013 |
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| Liquidity Management of U.S. Global Banks: Internal Capital Markets in the Great Recession Nicola Cetorelli and Linda Goldberg August Number 511 Revised May 2012 |
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| Evaluating Interest Rate Rules in an Estimated DSGE Model Vasco Cúrdia, Andrea Ferrero, Ging Cee Ng, and Andrea Tambalotti August Number 510 |
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| Inflation Expectations and Behavior: Do Survey Respondents Act on Their Beliefs? Olivier Armantier, Wändi Bruine de Bruin, Giorgio Topa, Wilbert van der Klaauw, and Basit Zafar August Number 509 |
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| The Dynamics and Differentiation of Latin American Metal Exports Benjamin Mandel August Number 508 |
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| Mapping Change in the Federal Funds Market Morten L. Bech, Carl T. Bergstrom, Rodney J. Garratt, and Martin Rosvall August Number 507 |
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| Repo Runs: Evidence from the Tri-Party Repo Market Adam Copeland, Antoine Martin, and Michael Walker July Number 506 Revised August 2014 |
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| Sustainable Social Security: Four Options Sagiri Kitao July Number 505 |
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| The Empirical Content of Models with Multiple Equilibria in Economies with Social Interactions Alberto Bisin, Andrea Moro, and Giorgio Topa July Number 504 |
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| The Production Impact of “Cash-for-Clunkers”: Implications for Stabilization Policy Adam Copeland and James Kahn July Number 503 |
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Corporate Governance and Banks: What Have We Learned from the Financial Crisis?  Hamid Mehran, Alan Morrison, and Joel Shapiro June Number 502 |
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| Stereotypes and Madrassas: Experimental Evidence from Pakistan Adeline Delavande and Basit Zafar June Number 501 Revised January 2013 |
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| Determinants of College Major Choice: Identification Using an Information Experiment Matthew Wiswall and Basit Zafar June Number 500 Revised August 2014 |
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| Global Bond Risk Premiums Rebecca Hellerstein June Number 499 |
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| A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets Viral V. Acharya and David Skeie May Number 498 |
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| Bank Lending in Times of Large Bank Reserves Previous title: “A Note on Bank Lending in Times of Large Bank Reserves” Antoine Martin, James McAndrews, and David Skeie May Number 497 Revised June 2013 |
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| Central Bank Transparency, the Accuracy of Professional Forecasts, and Interest Rate Volatility Menno Middeldorp May Number 496 |
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| Sectoral Price Facts in a Sticky-Price Model Carlos Carvalho and Jae Won Lee May Number 495 |
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| Are Credit Default Swaps Associated with Higher Corporate Defaults? Stavros Peristiani and Vanessa Savino May Number 494 |
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| Regression-Based Estimation of Dynamic Asset Pricing Models Previous title: “Efficient Regression-Based Estimation of Dynamic Asset Pricing Models” Tobias Adrian, Richard K. Crump, and Emanuel Moench May Number 493 Revised December 2014 |
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| Bank Capital Regulation and Structured Finance Antoine Martin and Bruno M. Parigi May Number 492 Revised July 2011 |
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| FOMC Communication Policy and the Accuracy of Fed Funds Futures Menno Middeldorp April Number 491 |
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| Robust Capital Regulation Viral Acharya, Hamid Mehran, Til Schuermann, and Anjan Thakor April Number 490 Revised June 2011 |
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| Expectations of Inflation: The Biasing Effect of Thoughts about Specific Prices Wändi Bruine de Bruin, Wilbert van der Klaauw, and Giorgio Topa April Number 489 |
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| Liquidity Hoarding Douglas Gale and Tanju Yorulmazer March Number 488 |
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| Central Bank Transparency and the Crowding Out of Private Information in an Experimental Asset Market Menno Middeldorp and Stephanie Rosenkranz March Number 487 |
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| Vouchers, Responses, and the Test-Taking Population: Regression Discontinuity Evidence from Florida Rajashri Chakrabarti March Number 486 |
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| BASEL III: Long-Term Impact on Economic Performance and Fluctuations Paolo Angelini, Laurent Clerc, Vasco Cúrdia, Leonardo Gambacorta, Andrea Gerali, Alberto Locarno, Roberto Motto, Werner Roeger, Skander Van den Heuvel, and Jan Vlček February Number 485 |
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| Is There an S&P 500 Index Effect? Previous title: Comovement Revisited Maria Kasch and Asani Sarkar February Number 484 Revised November 2012 |
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| Discount Window Stigma during the 2007-2008 Financial Crisis Previous Title: “Stigma in Financial Markets: Evidence from Liquidity Auctions and Discount Window Borrowing during the Crisis” Olivier Armantier, Eric Ghysels, Asani Sarkar, and Jeffrey Shrader January Number 483 Revised August 2015 |
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| Household Debt and Saving during the 2007 Recession Rajashri Chakrabarti, Donghoon Lee, Wilbert van der Klaauw, and Basit Zafar January Number 482 |
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| Responses to the Financial Crisis, Treasury Debt, and the Impact on Short-Term Money Markets Warren B. Hrung and Jason S. Seligman January Number 481 |
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