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Working Paper
The case of the \"missing M2.\"
Duca, John V. (1992)
Working Papers , Paper 9202

Working Paper
The effects of credit availability, nonbank competition, and tax reform on bank consumer lending
Duca, John V.; Garrett, Bonnie (1992)
Working Papers , Paper 9207

Online Retailing, Self-Employment Disrupt Inflation
Duca, John V. (2019-04-16)
The employment status of increasing numbers of workers has become contingent in recent years—that is, there is greater freelance, or “gig,” employment. This development has coincided over the past two decades with an era of increasing online commerce that provides consumers a wider array of products and services at competitive prices.
Dallas Fed Economics

Working Paper
Mutual funds and the evolving long-run effects of stock wealth on U.S. consumption
Duca, John V. (2005)
Lower mutual fund loads have plausibly boosted the stock wealth elasticity of U.S. consumption by enhancing stock liquidity and arguably by inducing stock ownership among middle-income families, consistent with theory and cross-section data (Guiso, Haliassios, and Jappelli (2003), Haliassios (2002), Heaton and Lucas (1996, 2000), and Vissing-Jorgensen (2002)). In load-modified models, the stock wealth elasticity is declining in loads and more stable long-run wealth and income coefficients arise, especially controlling for mortgage refinancing and equity withdrawal activity. Modified models ...
Working Papers , Paper 0511

Working Paper
Credit availability, bank consumer lending, and consumer durables
Duca, John V. (1995)
Working Papers , Paper 9514

Working Paper
Why Has U.S. Stock Ownership Doubled Since the Early 1980s? Equity Participation Over the Past Half Century
Duca, John V.; Walker, Mark (2022-11-18)
The U.S. stock ownership rate doubled between 1983 and 2001 but remains below predictions of some equity participation models. Consistent with calibration studies by Heaton and Lucas (2000) and Gomes and Michaelides (2005), mutual fund costs and indicators of background labor risk are significantly related to stock ownership over 1964-2019. Coefficient estimates and continuous data on driving variables can be used to create a continuous proxy for stock ownership, which could help researchers gauge the effects of shocks that are transmitted via equity participation. Typically omitted asset ...
Working Papers , Paper 2222

Report
What's Next? Factors Determining the Housing Recovery's Pace
Duca, John V. (2013)
The current balance between the number of owner-occupied homes and rental units demanded, along with existing housing supply, favors a continued recovery in house prices and construction even after temporary delays attributable to severe winter weather in 2013?14. Still, the future pace of the housing recovery will reflect important supply and demand influences?the impact of new homes on supply, market developments affecting housing prices and the alternative costs of renting.
Annual Report

Working Paper
Credit rationing and the demand for owner-occupied housing
Duca, John V.; Rosenthal, Stuart S.; Gabriel, Stuart A. (1987)
Working Paper Series / Economic Activity Section , Paper 79

Working Paper
Money Matters: Broad Divisia Money and the Recovery of Nominal GDP from the COVID-19 Recession
Bordo, Michael D.; Duca, John V. (2023-05-25)
The rise of inflation in 2021 and 2022 surprised many macroeconomists who ignored the earlier surge in money growth because past instability in the demand for simple-sum monetary aggregates had made these aggregates unreliable indicators. We find that the demand for more theoretically-based Divisia aggregates can be modeled and that their growth rates provide useful information for future nominal GDP growth.Unlike M2 and Divisia-M2, whose velocities do not internalize shifts in liabilities across commercial and shadow banks, the velocities of broader Divisia monetary aggregates are more ...
Working Papers , Paper 2306

Working Paper
Borrowing constraints, household debt, and racial discrimination in loan markets
Duca, John V.; Rosenthal, Stuart S. (1993)
Working Papers , Paper 9312

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