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Working Paper
Household Finance after a Natural Disaster: The Case of Hurricane Katrina
Hartley, Daniel; Gallagher, Justin (2014-08-12)
Little is known about how affected residents are able to cope with the fi nancial shock of a natural disaster. We investigate the impact that flooding from a major US hurricane had on household finance. Spikes in credit card borrowing and overall delinquency rates for the most flooded residents are modest in size and short-lived. Greater flooding results in larger reductions in total debt. Lower debt levels appear to be driven by homeowners using flood insurance to repay their mortgages rather than to rebuild. Debt reductions are larger in census tracts where mortgages were likely to be ...
Working Papers (Old Series) , Paper 1406

Working Paper
Non-nested specification tests and the intermediate target for monetary policy
Toida, Mitsuru; Gavin, William T. (1983)
An examination of a procedure for comparing non-nested models to the problem of choosing an intermediate target for monetary policy. Six models of economic activity, based on six different monetary aggregates, are compared.
Working Papers (Old Series) , Paper 8301

Working Paper
Modeling large commercial-bank failures: a simultaneous-equation analysis
Demirgüč-Kunt, Asli (1989)
The development of a model of large-bank failures that studies insolvency and failure simultaneously and that recognizes economic, political, and bureaucratic constraints faced by regulators.
Working Papers (Old Series) , Paper 8905

Working Paper
U.S. air passenger service: a taxonomy of route networks, hub locations, and competition
Bauer, Paul W.; Bania, Neil; Zlatoper, Thomas J. (1992)
In this paper, we analyze the service provided by the 13 largest U.S. passenger airlines to the 100 most populous U.S. metropolitan areas in 1989. We classify the route systems by their nature and geographical extent using a variety of measures based on route-level data. We then identify individual airline hub locations and derive and calculate several measures of the extent of competition both on individual routes and at the airports in our sample. The results show the wide diversity of route networks that existed in the airline industry in 1989--a phenomenon that may help to explain the ...
Working Papers (Old Series) , Paper 9216

Working Paper
The Dotcom Bubble and Underpricing: Conjectures and Evidence
Sampaio, Joelson Oliveira; Pinheiro, Roberto; de Carvalho, Antonio Gledson (2016-12-21)
We provide conjectures for what caused the price spiral and the high underpricing of the dotcom bubble of 1999?2000. We raise two conjectures for the price spiral. First, given the uncertainty about the growth opportunities generated by the new technologies and their spillover effects across technology industries, investors saw the inflow of a large number of high-growth firms as a sign of high growth rates for the market as a whole. Second, investors interpreted the wave of highly underpriced IPOs as an opportunity to obtain gains by investing in newly public companies. The underpricing ...
Working Papers (Old Series) , Paper 1633

Working Paper
Organizations, Skills, and Wage Inequality
Pinheiro, Roberto; Tasci, Murat (2017-05-05)
We extend an on-the-job search framework in order to allow firms to hire workers with different skills and skills to interact with firms? total factor productivity (TFP). Our model implies that more productive firms are larger, pay higher wages, and hire more workers at all skill levels and proportionately more at higher skill types, matching key stylized facts. We calibrate the model using five educational attainment levels as proxies for skills and estimate nonparametrically firm-skill output from the wage distributions for different educational levels. We consider two periods in time (1985 ...
Working Papers (Old Series) , Paper 1706

Working Paper
The determinants of airport hub locations, service, and competition
Bauer, Paul W.; Bania, Neil; Zlatoper, Thomas J. (1992)
Although the airline industry has been studied extensively since passage of the Airline Deregulation Act of 1978, relatively little effort has gone into examining how hub location affects the level of service and degree of competition found at airports in the system. To help close this gap, we investigate the geographic distribution of airline hub operations, the level of service, and the extent of competition at 112 major U.S. airports, extending previous work by Bauer (1987) and Butler and Huston (1989). Our key innovation is that we derive our measures of service and competition from ...
Working Papers (Old Series) , Paper 9218

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
The role of banks in influencing regional flow of funds
Samolyk, Katherine A. (1989)
A presentation of a theoretical model of regional banking using plausible information asymmetries to explain how local bank capital may affect the funding of regional investments, concluding that regional banking conditions can affect the efficiency of investment and the level of future aggregate output.
Working Papers (Old Series) , Paper 8914

Working Paper
Sticky prices, money, and business fluctuations
King, Robert G.; Haubrich, Joseph G. (1990)
Can nominal contracts create monetary nonneutrality if they arise endogenously in general equilibrium? Yes, if (1) agents have complete information about the money stock and (2) shocks to the system are purely redistributive and private information, precluding conventional insurance markets. Without contracts, money is neutral toward aggregate quantities. However, risk-sharing between suppliers and demanders creates an incentive for both parties to use nominal contracts. in particular, if an increase in the money growth rate signals a rise in the dispersion of shocks to demanders' wealth, ...
Working Papers (Old Series) , Paper 9008

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