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Working Paper
Search, switching costs, and the stickiness of credit card interest rates
Mester, Loretta J.; Calem, Paul S. (1992)
Working Papers , Paper 92-24

Working Paper
Nonlinear adventures at the zero lower bound
Rubio-Ramirez, Juan F.; Gordon, Grey; Guerron-Quintana, Pablo; Fernández-Villaverde, Jesús (2012)
Motivated by the recent experience of the U.S. and the Eurozone, the authors describe the quantitative properties of a New Keynesian model with a zero lower bound (ZLB) on nominal interest rates, explicitly accounting for the nonlinearities that the bound brings. Besides showing how such a model can be efficiently computed, the authors found that the behavior of the economy is substantially affected by the presence of the ZLB. In particular, the authors document 1) the unconditional and conditional probabilities of hitting the ZLB; 2) the unconditional and conditional probabilty distributions ...
Working Papers , Paper 12-10

Working Paper
Assessing bankruptcy reform in a model with temptation and equilibrium default
Nakajima, Makoto (2015-03-09)
A life-cycle model with equilibrium default in which consumers with and without temptation coexist is constructed to evaluate the 2005 bankruptcy law reform and other counterfactual reforms. The calibrated model indicates that the 2005 bankruptcy reform achieves its goal of reducing the number of bankruptcy filings, as seen in the data, but at the cost of loss in social welfare. The creditor-friendly reform provides borrowers with a stronger commitment to repay and thus yields lower default premia and better consumption smoothing. However, those who borrow and default due to temptation or ...
Working Papers , Paper 15-12

Working Paper
A tractable circular city model with an application to the effects of development constraints on land rents
Eyigungor, Burcu; Chatterjee, Satyajit (2012)
Superseded by working paper 13-37.> A tractable production-externality-based circular city model in which both firms and workers choose location as well as intensity of land use is presented. The equilibrium structure of the city has either (i) no commuting ("mixed-use" form) or (ii) a central business district (CBD) of positive radius and a surrounding residential ring. Regardless of which form prevails, the intra-city variation in all endogenous variables displays the negative exponential form: x(r) = x(0)exr (where r is the distance from the city center and x depends only on preference ...
Working Papers , Paper 12-25

Working Paper
Economic growth in Argentina in the period 1900-30: some evidence from stock returns
Nakamura, Leonard I.; Zarazaga, Carlos E. (1997)
This paper reports the first stage of a project to recover Argentine stock market data for the entire 20th century. The authors find that real rates of return on Argentine stocks and bonds after 1920 were above those in the Belle poque, and that they were consistent with the view that in the postwar period Argentina remained firmly integrated with international financial markets.
Working Papers , Paper 97-22

Working Paper
Aging and the Real Interest Rate in Japan: A Labor Market Channel
Fujiwara, Ippei; Fujita, Shigeru (2021-06-08)
This paper explores a causal link between aging of the labor force and declining trends in the real interest rate in Japan. We develop a search/matching model that features heterogeneous workers with respect to their ages and firm-specific skills. Using the model, we examine the long-run implications of the sharp drop in labor force entry in the 1970s. We show that the changes in the demographic structure induce significant low-frequency movements in per capita consumption growth and the real interest rate. The model suggests that aging of the labor force accounts for 40 percent or more of ...
Working Papers , Paper 21-23

Working Paper
Patentability, industry structure, and innovation.
Hunt, Robert M. (2002)
To qualify for a patent, an invention must be new, useful, and nonobvious. This paper presents a model of sequential innovation in which industry structure is endogenous and a standard of patentability determines the proportion of all inventions that qualify for protection. There is a unique patentability standard, or inventive step, that maximizes the rate of innovation by maximizing the number of firms engaged in R&D. Surprisingly, this standard is more stringent for industries disposed to innovate rapidly. If a single standard is applied to heterogeneous industries, it will encourage ...
Working Papers , Paper 01-13

Working Paper
Urban Renewal and Inequality: Evidence from Chicago’s Public Housing Demolitions
Almagro, Milena; Chyn, Eric; Stuart, Bryan (2023-09-13)
This paper studies one of the largest spatially targeted redevelopment efforts implemented in the United States: public housing demolitions sponsored by the HOPE VI program. Focusing on Chicago, we study welfare and racial disparities in the impacts of demolitions using a structural model that features a rich set of equilibrium responses. Our results indicate that demolitions had notably heterogeneous effects where welfare decreased for low-income minority households and increased for White households. Counterfactual simulations explore how housing policy mitigates negative effects of ...
Working Papers , Paper 23-19

Working Paper
Climate Risks in the U.S. Banking Sector: Evidence from Operational Losses and Extreme Storms
Berger, Allen N.; Curti, Filippo; Lazaryan, Nika; Mihov, Atanas; Roman, Raluca A. (2023-12-19)
Using supervisory data from large U.S. bank holding companies (BHCs), we document that BHCs suffer more operational losses during episodes of extreme storms. Among different operational loss types, losses due to external fraud, BHCs’ failure to meet obligations to clients and faulty business practices, damage to physical assets, and business disruption drive this relation. Event study estimations corroborate our baseline findings. We further show that BHCs with past exposure to extreme storms reduce operational losses from future exposure to storms. Overall, our findings provide new ...
Working Papers , Paper 21-31

Working Paper
Measuring efficiency at U.S. banks: accounting for heterogeneity is important
Mester, Loretta J. (1996)
Estimates of bank cost efficiency can be biased if bank heterogeneity is ignored. The author compares X-inefficiency measures derived from a model that constrains the cost frontier to be the same for all banks in the nation and a model that allows the cost functions and error terms to differ across Federal Reserve Districts. The author finds that the data reject the single cost function model; X-inefficiency measures based on the single cost function model are, on average, higher than those based on the separate cost functions model; the distributions of the one-sided error terms on which ...
Working Papers , Paper 96-11

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