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Home > Economic Research > Publications and Papers > Working Papers
Working Papers
Papers by Subject

The following is a list of Federal Reserve Bank of Boston working papers grouped according to the following subjects:

banking
econometrics
finance
housing
international
labor markets
macroeconomics
microeconomics
monetary policy
public finance

The working paper's number number (for example, No. 95-11) links to the paper's abstract and full text (if available).

Banking

No. 04-7 “A General-Equilibrium Asset-Pricing Approach to the Measurement of Nominal and Real Bank Output”
by J. Christina Wang, Susanto Basu, and John G. Fernald

No. 03-8 “Merger-Related Cost Savings in the Production of Bank Services”
by J. Christina Wang

No. 03-7 “Productivity and Economies of Scale in the Production of Bank Service Value Added”
by J. Christina Wang

No. 03-6 “Service Output of Bank Holding Companies in the 1990s and the Role of Risk”
by J. Christina Wang

No. 03-5 “Capital and Risk: New Evidence on Implications of Large Operational Losses”
by Patrick de Fontnouvelle, Virginia DeJesus-Rueff, John Jordan, and Eric Rosengren

No. 03-4 “Loanable Funds, Risk, and Bank Service Output”
by J. Christina Wang

No. 00-4 “Troubled Banks, Impaired Foreign Direct Investment: The Role of Relative Access to Credit”
by Michael W. Klein, Joe Peek, and Eric Rosengren

No. 00-3 “Deposit Insurance, Capital Requirements, and Financial Stability”
by Richard W. Kopcke

No. 99-8 “Does the Federal Reserve Possess An Exploitable Informational Advantage?”
by Joe Peek, Eric S. Rosengren, and Geoffrey M. B. Tootell

No. 99-7 “Is Bank Supervision Central to Central Banking?”
by Joe Peek, Eric S. Rosengren, and Geoffrey M. B. Tootell

No. 99-5 “Network Externalities and Technology Adoption: Lessons from Electronic Payments”
by Gautam Gowrisankaran and Joanna Stavins

No. 99-1 “The Impact of Greater Bank Disclosure Amidst a Banking Crisis”
by John S. Jordan, Joe Peek, and Eric Rosengren

No. 98-9 “Determinants of the Japan Premium: Actions Speak Louder than Words”
by Joe Peek and Eric S. Rosengren

No. 98-8 “Will Greater Disclosure and Transparency Prevent the Next Banking Crisis?”
by Eric S. Rosengren

No. 98-7 “Japanese Banking Problems: Implications for Southeast Asia”
by Joe Peek and Eric S. Rosengren

No. 98-3 “The Poor Performance of Foreign Bank Subsidiaries: Were the Problems Acquired or Created?”
by Joe Peek, Eric S. Rosengren, and Faith Kasirye

No. 98-2 “Does the Federal Reserve Have an Informational Advantage? You Can Bank on It”
by Joe Peek, Eric S. Rosengren, and Geoffrey M. B. Tootell.

No. 97-4 “Managers' Opportunistic Trading of Their Firms' Shares: A Case Study of Executives in the Banking Industry”
by John S. Jordan

No. 97-1 “Bank Consolidation and Small Business Lending: It's Not Just Bank Size that Matters”
by Joe Peek and Eric S. Rosengren

No. 96-10 “Can Studies of Application Denials and Mortgage Defaults Uncover Taste-Based Discrimination?”
by Geoffrey M. B. Tootell

No. 96-6 “Redlining in Boston: Do Mortgage Lenders Discriminate Against Neighborhoods?”
by Geoffrey M. B. Tootell

No. 96-5 “Will Legislated Intervention Prevent the Next Banking Crisis?”
by Joe Peek and Eric S. Rosengren

No. 96-3 “Derivatives Activity at Troubled Banks”
by Joe Peek and Eric S. Rosengren

No. 95-10 “Discrimination, Redlining, and Private Mortgage Insurance”
by Geoffrey M.B. Tootell

No. 95-5 “Small Business Credit Availability: How Important Is Size of Lender?”
by Joe Peek and Eric S. Rosengren

No. 95-2 “Bank Regulatory Agreements and Real Estate Lending”
by Joe Peek and Eric S. Rosengren

No. 95-1 “Banks and the Availability of Small Business Loans”
by Joe Peek and Eric S. Rosengren

No. 93-2 “Bank Regulation and the Credit Crunch”
by Joe Peek and Eric Rosengren

No. 92-7 “Mortgage Lending in Boston: Interpreting HMDA Data”
by Alicia H. Munnell, Lynn E. Browne, James McEneaney, and Geoffrey M.B. Tootell

No. 92-5 “Failed Bank Resolution and the Collateral Crunch: The Advantages of Adopting Transferable Puts”
by Eric S. Rosengren and Katerina Simons

No. 92-4 “The Role of Real Estate in the New England Credit Crunch”
by Joe Peek and Eric S. Rosengren

No. 91-4 “The Capital Crunch: Neither a Borrower Nor a Lender Be”
by Joe Peek and Eric Rosengren

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Econometrics

No. 04-2 “Estimating Forward Looking Euler Equations with GMM Estimators: An Optimal Instruments Approach”
by Jeffrey C. Fuhrer and Giovanni P. Olivei

No. 03-8 “Merger-Related Cost Savings in the Production of Bank Services”
by J. Christina Wang

No. 03-7 “Productivity and Economies of Scale in the Production of Bank Service Value Added”
by J. Christina Wang

No. 03-6 “Service Output of Bank Holding Companies in the 1990s and the Role of Risk”
by J. Christina Wang

No. 03-5 “Capital and Risk: New Evidence on Implications of Large Operational Losses”
by Patrick de Fontnouvelle, Virginia DeJesus-Rueff, John Jordan, and Eric Rosengren

No. 03-4 “Loanable Funds, Risk, and Bank Service Output”
by J. Christina Wang

No. 03-2 “On the Trade Impact of Nominal Exchange Rate Volatility”
by Silvana Tenreyro

No. 03-1 “Gravity-Defying Trade”
by J.M.C. Santos Silva and Silvana Tenreyro

No. 02-4 “Economic Effects of Currency Unions”
by Silvana Tenreyro and Robert J. Barro

No. 02-3 “Estimating the Euler Equation for Output”
by Jeffrey C. Fuhrer and Glenn D. Rudebusch

No. 02-2 “A Quantile Regression Analysis of the Cross Section of Stock Market Returns”
by Michelle L. Barnes and Anthony W. Hughes

No. 02-1 “The Behavior of China’s Stock Prices in Response to the Proposal and Approval of Bonus Issues”
by Michelle L. Barnes and Shiguang Ma

No. 01-6 “Optimal Monetary Policy in a Model with Habit Formation and Explicit Tax Distortions
”by Jeffrey C. Fuhrer

No. 01-5 “Are Taste and Technology Parameters Stable? A Test of “Deep” Parameter Stability in Real Business Cycle Models of the U.S. Economy”
by Daniel G. Swaine

No. 01-2 “Time Present and Time Past: A Duration Analysis of IMF Program Spells”
by Joseph P. Joyce

No. 01-1 “Transition Dynamics in Vintage Capital Models: Explaining the Postwar Catch-Up of Germany and Japan
”by Simon Gilchrist and John C. Williams

No. 00-5 “Optimal Monetary Policy in a Model with Habit Formation”
by Jeffrey C. Fuhrer

No. 99-9 “Is the U.S. Economy Characterized by Endogenous Growth?: A Time-Series Test of Two Stochastic Growth Models”
by Daniel G. Swaine

No. 99-4 “Are “Deep” Parameters Stable? The Lucas Critique as an Empirical Hypothesis”
by Arturo Estrella and Jeffrey C. Fuhrer

No. 98-4 “What Do Cross-Sectional Growth Regressions Tell Us about Convergence?”
by Daniel G. Swaine

No. 96-2 “Computationally Efficient Solution and Maximum Likelihood Estimation of Nonlinear Rational Expectations Models”
by Jeffrey C. Fuhrer and C. Hoyt Bleakley

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Finance

No. 04-8 “Incomplete Markets and Trade”
by Paul Willen

No. 04-7 “A General-Equilibrium Asset-Pricing Approach to the Measurement of Nominal and Real Bank Output”
by J. Christina Wang, Susanto Basu, and John G. Fernald

No. 04-5 “Defaultable Debt, Interest Rates, and the Current Account”
by Mark Aguiar and Gita Gopinath

No. 03-3 “Diversification and Development”
by Miklós Koren and Silvana Tenreyro

No. 02-5 “Corporate Dollar Debt and Depreciations: Much Ado About Nothing?”
by Hoyt Bleakley and Kevin Cowan

No. 02-2 “A Quantile Regression Analysis of the Cross Section of Stock Market Returns”
by Michelle L. Barnes and Anthony W. Hughes

No. 02-1 “The Behavior of China’s Stock Prices in Response to the Proposal and Approval of Bonus Issues”
by Michelle L. Barnes and Shiguang Ma

No. 00-3 “Deposit Insurance, Capital Requirements, and Financial Stability”
by Richard W. Kopcke

No. 99-6 “Capital Account Liberalization, Financial Depth, and Economic Growth”
by Michael W. Klein and Giovanni Olivei

No. 98-6 “Weekends Can Be Rough: Revisiting the Weekend Effect in Stock Prices”
by Peter Fortune

No. 97-5 “Collateral Damage: Effects of the Japanese Real Estate Collapse on Credit Availability and Real Activity in the United States”
by Joe Peek and Eric S. Rosengren

No. 96-4 “The Maturity Structure of Term Premia with Time-Varying Expected Returns”
by Mark A. Hooker

No. 96-1 “The International Transmission of Financial Shocks: The Case of Japan”
by Joe Peek and Eric S. Rosengren

No. 94-3 “Near Common Factors and Confidence Regions for Present Value Models”
by Stephen R. Blough

No. 92-6 “Defaults of Original Issue High-Yield Bonds”
by Eric S. Rosengren

No. 91-6 “Treasury Bill Rates in the 1970s and 1980s”
by Patric H. Hendershott and Joe Peek

No. 91-3 “The Capitalization and Portfolio Risk of Insurance Companies”
by Richard W. Kopcke

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Housing

No. 00-1 “Monetary Policy, Housing Investment, and Heterogeneous Regional Markets”
by Michael Fratantoni and Scott Schuh

No. 96-12 “Unifying Empirical and Theoretical Models of Housing Supply”
by Christopher J. Mayer and C. Tsuriel Somerville

No. 95-11 “Intergenerational Transfers, Borrowing Constraints, and Saving Behavior: Evidence from the Housing Market”
by Gary V. Engelhardt and Christopher J. Mayer

No. 95-3 “Housing Price Dynamics within a Metropolitan Area”
by Karl E. Case and Christopher J. Mayer

No. 94-5 “Gifts, Down Payments, and Housing Affordability”
by Christopher J. Mayer and Gary Engelhardt

No. 93-6 “Equity and Time to Sale in the Real Estate Market”
by David Genesove and Christopher J. Mayer

No. 93-5 “Reverse Mortgages and the Liquidity of Housing Wealth”
by Christopher J. Mayer and Katerina V. Simons

No. 93-3 “A Model of Real Estate Auctions versus Negotiated Sales”
by Christopher J. Mayer

No. 93-1 “Assessing the Performance of Real Estate Auctions”
by Christopher J. Mayer

No. 92-7 “Mortgage Lending in Boston: Interpreting HMDA Data”
by Alicia H. Munnell, Lynn E. Browne, James McEneaney, and Geoffrey M.B. Tootell

No. 92-4 “The Role of Real Estate in the New England Credit Crunch”
by Joe Peek and Eric S. Rosengren

No. 91-7
“The Measurement and Determinants of Single-Family House Prices”
by Joe Peek and James A. Wilcox

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International

No. 04-8 “Incomplete Markets and Trade”
by Paul Willen

No. 04-5 “Defaultable Debt, Interest Rates, and the Current Account”
by Mark Aguiar and Gita Gopinath

No. 04-4 “Emerging Market Business Cycles: The Cycle is the Trend”
by Mark Aguiar and Gita Gopinath

No. 04-3 “Trade Liberalization and the Politics of Financial Development”
by Matías Braun and Claudio Raddatz

No. 03-3 “Diversification and Development”
by Miklós Koren and Silvana Tenreyro

No. 03-2 “On the Trade Impact of Nominal Exchange Rate Volatility”
by Silvana Tenreyro

No. 03-1 “Gravity-Defying Trade”
by J.M.C. Santos Silva and Silvana Tenreyro

No. 02-8 “Job Creation, Job Destruction, and International Competition:
Job Flows and Trade – The Case of NAFTA”
by Michael W. Klein, Scott Schuh, and Robert K. Triest

No. 02-7 “Job Creation, Job Destruction, and International Competition:
A Literature Review”
by Michael W. Klein, Scott Schuh, and Robert K. Triest

No. 02-5 “Corporate Dollar Debt and Depreciations: Much Ado About Nothing?”
by Hoyt Bleakley and Kevin Cowan

No. 02-4 “Economic Effects of Currency Unions”
by Silvana Tenreyro and Robert J. Barro

No. 02-1 “The Behavior of China’s Stock Prices in Response to the Proposal and Approval of Bonus Issues”
by Michelle L. Barnes and Shiguang Ma

No. 01-2 “Time Present and Time Past: A Duration Analysis of IMF Program Spells”
by Joseph P. Joyce

No. 01-1 “Transition Dynamics in Vintage Capital Models: Explaining the Postwar Catch-Up of Germany and Japan
”by Simon Gilchrist and John C. Williams

No. 00-4 “Troubled Banks, Impaired Foreign Direct Investment: The Role of Relative Access to Credit”
by Michael W. Klein, Joe Peek, and Eric Rosengren

No. 99-11 “Job Creation, Job Destruction, and the Real Exchange Rate”
by Michael W. Klein, Scott Schuh, and Robert K. Triest

No. 99-6 “Capital Account Liberalization, Financial Depth, and Economic Growth”
by Michael W. Klein and Giovanni Olivei

No. 98-9 “Determinants of the Japan Premium: Actions Speak Louder than Words”
by Joe Peek and Eric S. Rosengren

No. 98-7 “Japanese Banking Problems: Implications for Southeast Asia”
by Joe Peek and Eric S. Rosengren

No. 98-3 “The Poor Performance of Foreign Bank Subsidiaries: Were the Problems Acquired or Created?”
by Joe Peek, Eric S. Rosengren, and Faith Kasirye

No. 97-5 “Collateral Damage: Effects of the Japanese Real Estate Collapse on Credit Availability and Real Activity in the United States”
by Joe Peek and Eric S. Rosengren

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Labor Markets

No. 04-6 “Effective Labor Regulation and Microeconomic Flexibility”
by Ricardo Caballero, Kevin N. Cowan, Eduardo M.R.A. Engel, and Alejandro Micco

No. 02-8 “Job Creation, Job Destruction, and International Competition:
Job Flows and Trade – The Case of NAFTA”
by Michael W. Klein, Scott Schuh, and Robert K. Triest

No. 02-7 “Job Creation, Job Destruction, and International Competition:
A Literature Review”
by Michael W. Klein, Scott Schuh, and Robert K. Triest

No. 99-11 “Job Creation, Job Destruction, and the Real Exchange Rate”
by Michael W. Klein, Scott Schuh, and Robert K. Triest

No. 99-10 “Gross Job Flows and Firms”
by Scott Schuh and Robert K. Triest

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Macroeconomics

No. 04-4 “Emerging Market Business Cycles: The Cycle is the Trend”
by Mark Aguiar and Gita Gopinath

No. 04-2 “Estimating Forward Looking Euler Equations with GMM Estimators: An Optimal Instruments Approach”
by Jeffrey C. Fuhrer and Giovanni P. Olivei

No. 04-1 “The Timing of Monetary Policy Shocks”
by Giovanni Olivei and Silvana Tenreyro

No. 03-3 “Diversification and Development”
by Miklós Koren and Silvana Tenreyro

No. 02-8 “Job Creation, Job Destruction, and International Competition:
Job Flows and Trade – The Case of NAFTA”
by Michael W. Klein, Scott Schuh, and Robert K. Triest

No. 02-7 “Job Creation, Job Destruction, and International Competition:
A Literature Review”
by Michael W. Klein, Scott Schuh, and Robert K. Triest

No. 02-3 “Estimating the Euler Equation for Output”
by Jeffrey C. Fuhrer and Glenn D. Rudebusch

No. 01-6 “Optimal Monetary Policy in a Model with Habit Formation and Explicit Tax Distortions
”by Jeffrey C. Fuhrer

No. 01-5 “Are Taste and Technology Parameters Stable? A Test of “Deep” Parameter Stability in Real Business Cycle Models of the U.S. Economy”
by Daniel G. Swaine

No. 01-2 “Time Present and Time Past: A Duration Analysis of IMF Program Spells”
by Joseph P. Joyce

No. 01-1 “Transition Dynamics in Vintage Capital Models: Explaining the Postwar Catch-Up of Germany and Japan
”by Simon Gilchrist and John C. Williams

No. 00-5“Optimal Monetary Policy in a Model with Habit Formation”
by Jeffrey C. Fuhrer

No. 00-3 “Deposit Insurance, Capital Requirements, and Financial Stability”
by Richard W. Kopcke

No. 00-2 “Identifying the Macroeconomic Effect of Loan Supply Shocks ”
by Joe Peek, Eric S. Rosengren, and Geoffrey M. B. Tootell

No. 99-11 “Job Creation, Job Destruction, and the Real Exchange Rate”
by Michael W. Klein, Scott Schuh, and Robert K. Triest

No. 99-10 “Gross Job Flows and Firms”
by Scott Schuh and Robert K. Triest

No. 99-9 “Is the U.S. Economy Characterized by Endogenous Growth?: A Time-Series Test of Two Stochastic Growth Models”
by Daniel G. Swaine

No. 99-6 “Capital Account Liberalization, Financial Depth, and Economic Growth”
by Michael W. Klein and Giovanni Olivei

No. 99-4 “Are “Deep” Parameters Stable? The Lucas Critique as an Empirical Hypothesis”
by Arturo Estrella and Jeffrey C. Fuhrer

No. 99-3 “Fiscal Retrenchments and the Level of Economic Activity”
by Giovanni Olivei

No. 99-2 “Productivity Shocks, Investment, and the Real Interest Rate”
by Giovanni Olivei

No. 98-5 “Dynamic Inconsistencies: Counterfactual Implications of a Class of Rational Expectations Models”
by Arturo Estrella and Jeffrey C. Fuhrer

No. 98-4 “What Do Cross-Sectional Growth Regressions Tell Us about Convergence?”
by Daniel G. Swaine

No. 98-1 “An Optimizing Model for Monetary Policy Analysis: Can Habit Formation Help?”
by Jeffrey C. Fuhrer

No. 97-7 “Input and Output Inventories”
by Brad R. Humphreys, Louis J. Maccini, and Scott Schuh

No. 95-12 “A New Approach to Causality and Economic Growth”
by Steven M. Sheffrin and Robert K. Triest

No. 95-7 “Modeling Long-Term Nominal Interest Rates”
by Jeffrey C. Fuhrer

No. 95-6 “The (Un)Importance of Forward-Looking Behavior in Price Specifications”
by Jeffrey C. Fuhrer

No. 95-4 “Tobin's q, Economic Rents, and the Optimal Stock of Capital”
by Richard W. Kopcke

No. 94-6 “Near Observational Equivalence and Persistence in GNP”
by Stephen R. Blough

No. 92-3 “Tobin's q, Economic Rents, and the Optimal Stock of Capital”
by Richard W. Kopcke

No. 92-2 “The Real Exchange Rate and Foreign Direct Investment in the United States: Relative Wealth vs. Relative Wage Effects”
by Michael W. Klein and Eric S. Rosengren

No. 91-8 “Economic Rents, the Demand for Capital, and Financial Structure”
by Richard W. Kopcke

No. 91-5 “What Is the Impact of Pensions on Saving? The Need for Good Data”
by Alicia H. Munnell and Frederick O. Yohn

No. 91-2 “Are Pensions Worth the Cost?”
by Alicia H. Munnell

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Microeconomics

No. 04-6 “Effective Labor Regulation and Microeconomic Flexibility”
by Ricardo Caballero, Kevin N. Cowan, Eduardo M.R.A. Engel, and Alejandro Micco

No. 03-8 “Merger-Related Cost Savings in the Production of Bank Services”
by J. Christina Wang

No. 03-7 “Productivity and Economies of Scale in the Production of Bank Service Value Added”
by J. Christina Wang

No. 02-6 “Inventory Investment and Output Volatility”
by Owen Irvine and Scott Schuh

No. 02-5 “Corporate Dollar Debt and Depreciations: Much Ado About Nothing?”
by Hoyt Bleakley and Kevin Cowan

No. 01-5 “Are Taste and Technology Parameters Stable? A Test of “Deep” Parameter Stability in Real Business Cycle Models of the U.S. Economy”
by Daniel G. Swaine

No. 97-6 “The Effect of Pricing on Demand and Revenue in Federal Reserve ACH Payment Processing”
by Joanna Stavins and Paul W. Bauer

No. 96-7 “Price Discrimination in the Airline Market: The Effect of Market Concentration”
by Joanna Stavins

No. 95-9 “Estimating Demand Elasticities in a Differentiated Product Industry: The Personal Computer Market”
by Joanna Stavins

No. 93-4 “Empirical Evidence on Vertical Foreclosure”
by Eric S. Rosengren and James W. Meehan, Jr.

No. 91-1 “Why State Medicaid Costs Vary: A First Look”
by Jane Sneddon Little

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Monetary Policy

No. 04-2 “Estimating Forward Looking Euler Equations with GMM Estimators: An Optimal Instruments Approach”
by Jeffrey C. Fuhrer and Giovanni P. Olivei

No. 04-1 “The Timing of Monetary Policy Shocks”
by Giovanni Olivei and Silvana Tenreyro

No. 02-3 “Estimating the Euler Equation for Output”
by Jeffrey C. Fuhrer and Glenn D. Rudebusch

No. 01-6 “Optimal Monetary Policy in a Model with Habit Formation and Explicit Tax Distortions”
by Jeffrey C. Fuhrer

No. 00-5 “Optimal Monetary Policy in a Model with Habit Formation”
by Jeffrey C. Fuhrer

No. 00-1 “Monetary Policy, Housing Investment, and Heterogeneous Regional Markets”
by Michael Fratantoni and Scott Schuh

No. 99-8 “Does the Federal Reserve Possess An Exploitable Informational Advantage?”
by Joe Peek, Eric S. Rosengren, and Geoffrey M. B. Tootell

No. 99-7 “Is Bank Supervision Central to Central Banking?”
by Joe Peek, Eric S. Rosengren, and Geoffrey M. B. Tootell

No. 99-4 “Are “Deep” Parameters Stable? The Lucas Critique as an Empirical Hypothesis”
by Arturo Estrella and Jeffrey C. Fuhrer

No. 98-5 “Dynamic Inconsistencies: Counterfactual Implications of a Class of Rational Expectations Models”
by Arturo Estrella and Jeffrey C. Fuhrer

No. 98-2 “Does the Federal Reserve Have an Informational Advantage? You Can Bank on It”
by Joe Peek, Eric S. Rosengren, and Geoffrey M. B. Tootell

No. 98-1 “An Optimizing Model for Monetary Policy Analysis: Can Habit Formation Help?”
by Jeffrey C. Fuhrer

No. 97-3 “Is Bank Supervision Central to Central Banking?”
“(Working Paper 97-3 has been superseded by a revised version to be found in Working Paper 99-7.)”
by Joe Peek, Eric S. Rosengren, and Geoffrey M. B. Tootell

No. 96-11 “Reserve Banks, the Discount Rate Recommendation, and FOMC Policy”
by Geoffrey M.B. Tootell

No. 96-8 “Towards a Compact, Empirically Verified Rational Expectations Model for Monetary Policy Analysis”
by Jeffrey C. Fuhrer

No. 94-2 “Optimal Monetary Policy in a Model of Overlapping Price Contracts”
by Jeffrey C. Fuhrer

No. 94-1 “Monetary Policy When Interest Rates Are Bounded at Zero”
by Jeffrey C. Fuhrer and Brian Madigan

No. 92-1 “Back to the Future: Monetary Policy and the Twin Deficits”
by Geoffrey M.B. Tootell

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Public Finance

No. 01-6 “Optimal Monetary Policy in a Model with Habit Formation and Explicit Tax Distortions
”by Jeffrey C. Fuhrer

No. 01-4 “Measuring the Incentive Effects of State Tax Policies Toward Capital Investment”
by George A. Plesko and Robert Tannenwald

No. 01-3 “State User Costs of Capital”
by Charles Ian Mead

No. 97-8 “The Subsidy from State and Local Tax Deductibility: Trends, Methodological Issues, and Its Value After Federal Tax Reform”
by Robert Tannenwald

No. 97-2 “Property Tax Limits and Local Fiscal Behavior: Did Massachusetts Cities and Towns Spend Too Little on Town Services under Proposition 2½?”
by Katharine L. Bradbury, Christopher J. Mayer, and Karl E. Case

No. 96-9 “Tax-exempt Bonds Really Do Subsidize Municipal Capital”
by Peter Fortune

No. 95-8 “Debt Capacity, Tax-Exemption, and the Municipal Cost of Capital: A Reassessment of the New View”
by Peter Fortune

No. 94-4 “Estimating Revenues from Tax Reform in Transition Economies”
by Yolanda K. Kodrzycki

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