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Working Paper
Technological innovation in mortgage underwriting and the growth in credit, 1985–2015
Loewenstein, Lara; Willen, Paul S.; Foote, Christopher L. (2019-11-01)
The application of information technology to finance, or ?fintech,? is expected to revolutionize many aspects of borrowing and lending in the future, but technology has been reshaping consumer and mortgage lending for many years. During the 1990s, computerization allowed mortgage lenders to reduce loan-processing times and largely replace human-based assessments of credit risk with default predictions generated by sophisticated empirical models. Debt-to-income ratios at origination add little to the predictive power of these models, so the new automated underwriting systems allowed higher ...
Working Papers , Paper 19-11

Working Paper
Accounting for racial wealth disparities in the United States
Thompson, Jeffrey P.; Suarez, Gustavo A. (2019-12-01)
Using data from the Survey of Consumer Finances, this paper updates and extends previous research on the racial wealth gap in the United States. We explore several hypotheses that help explain differential wealth accumulation by racial groups, including the importance of receiving inheritances and other financial support from relatives and the conditions in local real estate markets. By exploring the disparities among white, black, and Hispanic families, we make new contributions to the literature. We find that observable factors account for the entire wealth gap between white and Hispanic ...
Working Papers , Paper 19-13

Working Paper
Tariff passthrough at the border and at the store: evidence from US trade policy
Neiman, Brent; Tang, Jenny; Cavallo, Alberto; Gopinath, Gita (2019-11-01)
We use micro data collected at the border and at retailers to characterize the effects brought by recent changes in US trade policy ? particularly the tariffs placed on imports from China ? on importers, consumers, and exporters. We start by documenting that the tariffs were almost fully passed through to the total prices paid by importers, suggesting that the tariffs? incidence has fallen largely on the United States. Since we estimate the response of prices to exchange rates to be far more muted, the recent depreciation of the Chinese renminbi is unlikely to alter this conclusion. Next, ...
Working Papers , Paper 19-12

Working Paper
Exchange rates and monetary policy
Stavrakeva, Vania; Tang, Jenny (2015-10-29)
In this paper we confront the data with the financial-market folk wisdom that monetary policy is one of the key drivers of nominal exchange rates. Focusing on measures of conventional and unconventional monetary policy, we find that monetary policy surprises and changes in expectations about future monetary policy can explain a sizable fraction of the variation in exchange rate changes for certain currency pairs. However, our results show that expected excess returns account for most of this variation. We also find that the importance unconventional monetary policy plays for explaining ...
Working Papers , Paper 15-16

Working Paper
A general-equilibrium asset-pricing approach to the measurement of nominal and real bank output
Wang, J. Christina; Fernald, John G.; Basu, Susanto (2004)
This paper addresses the proper measurement of financial service output that is not priced explicitly. It shows how to impute nominal service output from financial intermediaries? interest income and how to construct price indices for those financial services. We present an optimizing model with financial intermediaries that provide financial services to resolve asymmetric information between borrowers and lenders. We embed these intermediaries in a dynamic, stochastic, general-equilibrium model where assets are priced competitively according to their systematic risk, as in the standard ...
Working Papers , Paper 04-7

Working Paper
Gross job flows and firms
Schuh, Scott; Triest, Robert K. (1999)
This paper extends the work of Dunne, Roberts, and Samuelson [3] and Davis, Haltiwanger, and Schuh [2] on gross job flows among manufacturing plants. Gross job creation, destruction, and reallocation have been shown to be important in understanding the birth, growth, and death of plants, and the relation of plant life cycles to the business cycle. However, little is known about job flows between firms or how job flows among plants occur within firms (corporate restructuring). We use information on company organization from the Longitudinal Research Database (LRD) to investigate the ...
Working Papers , Paper 99-10

Working Paper
State disinvestment in higher education: the impact on public research universities' patent applications
Zhao, Bo (2018-07-01)
While state appropriations are the largest revenue source of the U.S. public university systems, they have declined significantly over the past several decades. Surprisingly, there is little empirical work on the effect of state appropriation cuts on the research productivity of public universities. Helping fill that gap, this paper is the first to examine the role that state appropriations play in public universities? patent production. The results suggest that state appropriation cuts have a negative impact on the number of approved patent applications from public research universities. ...
Working Papers , Paper 19-2

Working Paper
Cyclical wages in a search and bargaining model with large firms
Rotemberg, Julio J. (2006)
This paper presents a complete general equilibrium model with flexible wages, where the degree to which wages and productivity change when cyclical employment changes is roughly consistent with postwar U.S. data. Firms with market power are assumed to bargain simultaneously with many employees, each of whom finds himself matched with a firm only after a process of search. When employment increases as a result of reductions in market power, the marginal product of labor falls. This fall tempers the bargaining power of workers and thus dampens the increase in their real wages. The procyclical ...
Working Papers , Paper 06-5

Working Paper
Changes in the Federal Reserve's inflation target: causes and consequences
Ireland, Peter N. (2005)
This paper estimates a New Keynesian model to draw inferences about the behavior of the Federal Reserve?s unobserved inflation target. The results indicate that the target rose from 1- 1/4 percent in 1959 to over 8 percent in the mid-to-late 1970s before falling back below 2-1/2 percent in 2004. The results also provide some support for the hypothesis that over the entire postwar period, Federal Reserve policy has systematically translated short-run price pressures set off by supply-side shocks into more persistent movements in inflation itself, although considerable uncertainty remains about ...
Working Papers , Paper 05-13

Working Paper
Tax-exempt bonds really do subsidize municipal capital!
Fortune, Peter (1996)
The traditional view of municipal finance holds that the federal tax-exemption of interest payments by state and local (municipal) governments provides a capital cost subsidy to municipal investment equal to the difference between interest rates on taxable and tax-exempt bonds. Recently, a new view has emerged which argues that tax-exemption plays a minor role, if any, in shaping municipal investment decisions. According to this new view, communities will use tax finance at the margin except in the unusual case where only debt finance is used. Thus, tax-exemption is an intramarginal (lump ...
Working Papers , Paper 96-9

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