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Series:Working Papers  Bank:Federal Reserve Bank of Philadelphia 

Working Paper
Financial markets, intermediaries, and intertemporal smoothing

Working Papers , Paper 95-4

Working Paper
The dynamics of subprime adjustable-rate mortgage default: a structural estimation

We present a dynamic structural model of subprime adjustable-rate mortgage (ARM) borrowers making payment decisions, taking into account possible consequences of different degrees of delinquency from their lenders. We empirically implement the model using unique data sets that contain information on borrowers' mortgage payment history, their broad balance sheets, and lender responses. Our investigation of the factors that drive borrowers' decisions reveals that subprime ARMs are not all alike. For loans originated in 2004 and 2005, the interest rate resets associated with ARMs as well as the ...
Working Papers , Paper 16-2

Working Paper
Immigration, skill mix, and the choice of technique

Using detailed plant-level data from the 1988 and 1993 Surveys of Manufacturing Technology, this paper examines the impact of skill mix in U.S. local labor markets on the use and adoption of automation technologies in manufacturing. The level of automation differs widely across U.S. metropolitan areas. In both 1988 and 1993, in markets with a higher relative availability of less skilled labor, comparable plants ? even plants in the same narrow (4-digit SIC) industries ? used systematically less automation. Moreover, between 1988 and 1993 plants in areas experiencing faster less-skilled ...
Working Papers , Paper 05-8

Working Paper
Loan screening within and outside of customer relationships

Working Papers , Paper 93-15

Working Paper
Redefault Risk in the Aftermath of the Mortgage Crisis: Why Did Modifications Improve More Than Self-Cures?

This paper examines changes in the redefault rate of mortgages that were selected for modification during 2008?2011, compared with that of similarly situated self-cured mortgages. We find a large decline in the redefault rate of both modified and self-cured mortgages over this period, but the improvement was greatest for modifications. Our analysis has identified several important factors contributing to the greater improvement for modified loans, including an increasing share of principal-reduction modifications, which appear to be more effective than other types of modification and ...
Working Papers , Paper 18-26

Working Paper
Credit card rates and consumer search

Working Papers , Paper 88-1

Working Paper
The long and large decline in state employment growth volatility

This study documents a general decline in the volatility of employment growth during the period 1956 to 2002 and examines its possible sources. The authors use a panel design that exploits the considerable state-level variation in volatility during the period. The roles of monetary policy, oil prices, industrial employment shifts and a coincident index of business cycle variables are explored. Overall, these four variables taken together explain as much as 31 percent of the fluctuations in employment growth volatility. Individually, each of the four factors is found to have significantly ...
Working Papers , Paper 11-16

Working Paper
Banks, payments, and coordination

Working Papers , Paper 94-20

Working Paper
Inventories, production smoothing, and anticipated demand variations

Working Papers , Paper 93-29

Working Paper
Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default

Europe?s debt crisis resembles historical episodes of outright default on domestic public debt about which little research exists. This paper proposes a theory of domestic sovereign default based on distributional incentives affecting the welfare of risk-averse debt and non-debtholders. A utilitarian government cannot sustain debt if default is costless. If default is costly, debt with default risk is sustainable, and debt falls as the concentration of debt ownership rises. A government favoring bondholders can also sustain debt, with debt rising as ownership becomes more concentrated. These ...
Working Papers , Paper 16-23

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Nakamura, Leonard I. 74 items

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