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Working Paper
Search in asset markets
Rocheteau, Guillaume; Lagos, Ricardo (2006)
We investigate how trading frictions in asset markets affect portfolio choices, asset prices and efficiency. We generalize the search-theoretic model of financial intermediation of Duffie, Grleanu and Pedersen (2005) to allow for more general preferences and idiosyncratic shock structure, unrestricted portfolio choices, aggregate uncertainty and entry of dealers. With a fixed measure of dealers, we show that a steady-state equilibrium exists and is unique, and provide a condition on preferences under which a reduction in trading frictions leads to an increase in the price of the asset. We ...
Working Papers (Old Series) , Paper 0607

Working Paper
Earthquakes and House Prices: Evidence from Oklahoma
Whitaker, Stephan; Wetherell, Daniel; Cheung, Ron (2016-12-21)
This paper examines the impact of earthquakes on residential property values using sales data from Oklahoma from 2006 to 2014. Before 2010, Oklahoma had only a couple of earthquakes per year that were strong enough to be felt by residents. Since 2010, seismic activity has increased, bring potentially damaging quakes several times each year and perceptible quakes every few days. Using hedonic models, we estimate that prices decline by 3 to 4 percent after a home has experienced a moderate earthquake measuring 4 or 5 on the Modified Mercalli Intensity Scale. Prices can decline up to 9.8 percent ...
Working Papers (Old Series) , Paper 1631

Working Paper
What does the capital income tax distort?
Gokhale, Jagadeesh; Cai, Jinyong (1990)
In addition to taxing future consumption (including leisure), capital income taxation subsidizes the consumption of durables. the taxation of future consumption may be characterized as an intertemporal distortion, while the subsidy to durables may be characterized as a static distortion. the magnitude of this intertemporal distortion has received considerable attention, but few analyses have dealt with the static distortion. ; This paper decomposes the excess burden arising from capital income taxation into its static and intertemporal components. the analysis is based on a life-cycle model ...
Working Papers (Old Series) , Paper 9013

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
The Ohio economy: using time series characteristics in forecasting
Hoehn, James G.; Balazsy, James J. (1985)
The premise of this study is that the regional economist can better understand the Ohio economy by studying the properties of important Ohio time series that can be identified and quantified through simple regression methods.
Working Papers (Old Series) , Paper 8508

Working Paper
The impact of firm characteristics on plant closing decisions
Deily, Mary E. (1988)
An examination of the plant-closing decisions of integrated steel firms in the United States from 1977-1987 to determine whether firm characteristics influenced either the probability or the timing of a plant's closing during this decade of significant industry contraction.
Working Papers (Old Series) , Paper 8803

Working Paper
Bank deposit rate clustering: theory and empirical evidence
Pennacchi, George; Sopranzetti, Ben; Kahn, Charles M. (1996)
An examination of banks' optimal deposit-rate-setting behavior when some customers have limited recall, showing that when banks exploit this phenomenon, deposit rates will tend to be set at round fractions and will be relatively "sticky" at these levels.
Working Papers (Old Series) , Paper 9604

Working Paper
Coalitions, power, and the FOMC
Humpage, Owen F.; Haubrich, Joseph G. (2001)
The authors apply a notion of power, defined for coalitions, which is derived from the Shapley value. They calculate the power of coalitions within a 12-person committee meant to correspond to the FOMC.
Working Papers (Old Series) , Paper 0103

Working Paper
Banking and commerce: a liquidity approach
Santos, João A. C.; Haubrich, Joseph G. (1999)
This paper looks at the advantages and disadvantages of mixing banking and commerce, using the "liquidity" approach to financial intermediation. Adding a commercial firm makes it easier for a bank to dispose of assets seized in a loan default. This "internal market" increases the liquidity of such assets and improves the bank's ability to perform financial intermediation. More generally, owning a commercial firm may act either as a substitute or a complement to commercial lending. In some cases, a bank will voluntarily refrain from making loans, choosing to become a nonbank bank in an ...
Working Papers (Old Series) , Paper 9907

Working Paper
Interest rate rules vs. money growth rules: a welfare comparison in a cash-in-advance economy
Fuerst, Timothy S.; Carlstrom, Charles T. (1995)
A consideration of the welfare consequences of two simple monetary policy rules--an interest rate peg and a money growth peg--in a dynamic general-equilibrium model, indicating that the interest rate rule dominates the money growth rule.
Working Papers (Old Series) , Paper 9504

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