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Working Paper
Outside Lending in the NYC Call Loan Market
Tallman, Ellis W.; Moen, Jon R. (2014-08-27)
Before the Panic of 1907 the large New York City banks were able to maintain the call loan market?s liquidity during panics, but the rise in outside lending by trust companies and interior banks in the decade leading up the panic weakened the influence of the large banks. Creating a reliable source of liquidity and reserves external to the financial market like a central bank became obvious after the panic. The lack of a lender of last resort for investment banks engaged in bank-like activities during the crisis of 2007-09 revealed a similar need for an external liquidity source.
Working Papers (Old Series) , Paper 1408

Working Paper
The computational experiment: an econometric tool
Kydland, Finn E.; Prescott, Edward C. (1994)
A specification of the steps in designing a computational experiment to address a well-posed quantitative question, emphasizing that the computational experiment is an econometric tool used in the task of deriving the quantitative implications of theory.
Working Papers (Old Series) , Paper 9420

Working Paper
Simulating the transmission of wealth inequality via bequests
Sefton, James; Weale, Martin; Gokhale, Jagadeesh; Kotlikoff, Laurence J. (1998)
Answering the question of how much wealth inequality arises from inheritance inequality requires data that are unavailable and potentially uncollectable. The alternative approach taken here (from Blinder [1974, 1976] and Davies [1982]) is to simulate the transmission of inequality via bequests.
Working Papers (Old Series) , Paper 9811

Working Paper
Liquidity in frictional asset markets
Rocheteau, Guillaume; Weill, Pierre-Olivier (2011)
On November 14-15, 2008, the Federal Reserve Bank of Cleveland hosted a conference on ?Liquidity in Frictional Asset Markets.? In this paper we review the literature on asset markets with trading frictions in both finance and monetary theory using a simple search-theoretic model, and we discuss the papers presented at the conference in the context of this literature. We will show the diversity of topics covered in this literature, e.g., the dynamics of housing and credit markets, the functioning of payment systems, optimal monetary policy and the cost of inflation, the role of banks, the ...
Working Papers (Old Series) , Paper 1105

Working Paper
Endogenous money supply and the business cycle
Kydland, Finn E.; Gavin, William T. (1996)
An empirical and theoretical analysis of how changes in the monetary policy function affect the covariance structure of macroeconomic data.
Working Papers (Old Series) , Paper 9605

Working Paper
Dynamics of the trade balance and the terms of trade: the S-curve
Kehoe, Patrick J.; Kydland, Finn E.; Backus, David K. (1992)
We provide a theoretical interpretation of two features of international data: the countercyclical movements in net exports and the tendency for the trade balance to be negatively correlated with current and future movements in the terms of trade, but positively correlated with past movements. We document these same properties in a two-country stochastic growth model in which trade fluctuations reflect, in large part, the dynamics of capital formation. We find that the general equilibrium perspective is essential: The relation between the trade balance and the terms of trade depends ...
Working Papers (Old Series) , Paper 9211

Working Paper
Privately optimal contracts and suboptimal outcomes in a model of agency costs
Paustian, Matthias; Fuerst, Timothy S.; Carlstrom, Charles T. (2013)
This paper derives the privately optimal lending contract in the celebrated financial accelerator model of Bernanke, Gertler and Gilchrist (1999). The privately optimal contract includes indexation to the aggregate return on capital, household consumption, and the return to internal funds. Although privately optimal, this contract is not welfare maximizing as it leads to a sub-optimally high price of capital. The welfare cost of the privately optimal contract (when compared to the planner outcome) is significant. A menu of time-varying taxes and subsidies can decentralize the planner?s ...
Working Papers (Old Series) , Paper 1239

Working Paper
The role of warrants in corporate reorganizations
Longhofer, Stanley D. (1995)
An argument that informational asymmetries explain why the original shareholders of some firms emerge from Chapter 11 bankruptcy proceedings with stock in the reorganized company, while others receive warrants. By proposing a reorganization plan in which they receive warrants, the original stockholders of a firm with good future prospects can signal their superior information to the creditors in a way that firms with poor prospects will not wish to mimic.
Working Papers (Old Series) , Paper 9512

Working Paper
Will electronic money be adopted in the United States?
Good, Barbara A. (1998)
Although the cashless society that has been predicted for at least 20 years has not yet materialized, the new forms of card- and software-based electronic money may be a partial alternative to current forms of payments. This paper examines some of the factors that will influence the adoption of electronic money, primarily in the United States.
Working Papers (Old Series) , Paper 9822

Working Paper
Dotcom Extreme Underpricing
Sampaio, Joelson Oliveira; Pinheiro, Roberto; de Carvalho, Antonio Gledson (2017-07-25)
We conjecture that the Dotcom abnormal underpricing resulted from the emergence a large cohort of firms racing for market leadership/survivorship. Fundamentals pricing at the IPO was part of their strategy. Consistent with our conjecture, firms? strategic goals and characteristics fully explain the abnormal underpricing. Contrary to alternatives explanations, underpricing was not associated with top underwriting; there was no deterioration of issuers? quality; and top underwriters and analysts became more selective.
Working Papers (Old Series) , Paper 1714

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