Revised Staff Reports

Technical working papers revised to incorporate new data, comments from outside readers, and refinements to the line of argument. The new version of the staff report retains the original production number, but carries the date of revision as well as the original date of release.
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Browse revised staff reports:
Staff Reports Revised in 2013

How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007
Viral V. Acharya, Gara Afonso, and Anna Kovner
August 2013  Number 623
Revised December 2013

Fire-Sale Spillovers and Systemic Risk
Fernando Duarte and Thomas M. Eisenbach
October 2013  Number 645
Revised November 2013

Caught Between Scylla and Charybdis? Regulating Bank Leverage When There Is Rent Seeking and Risk Shifting
Viral V. Acharya, Hamid Mehran, and Anjan Thakor
September 2010  Number 469
Revised October 2013

Banks in International Trade Finance: Evidence from the U.S.
Friederike Niepmann and Tim Schmidt-Eisenlohr
September 2013  Number 633
Revised October 2013

Do We Know What We Owe? A Comparison of Borrower- and Lender-Reported Consumer Debt
Meta Brown, Andrew Haughwout, Donghoon Lee, and Wilbert van der Klaauw
October 2011  Number 523
Revised October 2013

Banking across Borders
Friederike Niepmann
October 2012  Number 576
Revised October 2013

Decomposing Real and Nominal Yield Curves
Previous title: “Pricing TIPS and Treasuries with Linear Regressions”
Michael Abrahams, Tobias Adrian, Richard K. Crump, and Emanuel Moench
September 2012  Number 570
Revised October 2013

Consumption Heterogeneity, Employment Dynamics, and Macroeconomic Co-movement
Previous title: “Labor Supply Heterogeneity and Macroeconomic Comovement”
Stefano Eusepi and Bruce Preston
October 2009  Number 399
Revised September 2013

Discount Window Stigma during the 2007-2008 Financial Crisis
Previous title: “Stigma in Financial Markets: Evidence from Liquidity Auctions and Discount Window Borrowing during the Crisis”
Olivier Armantier, Eric Ghysels, Asani Sarkar, and Jeffrey Shrader
January 2011  Number 483
Revised September 2013

Financial Intermediaries and the Cross-Section of Asset Returns
Tobias Adrian, Erkko Etula, and Tyler Muir
July 2010  Number 464
Revised September 2013

Leverage Asset Pricing
Tobias Adrian, Emanuel Moench, and Hyun Song Shin
August 2013  Number 625
Revised September 2013

Going Global: Markups and Product Quality in the Chinese Art Market
Jennie Bai, Jia Guo, and Benjamin Mandel
May 2013  Number 614
Revised September 2013
The Impact of Housing Markets on Consumer Debt: Credit Report Evidence from 1999 to 2012
Meta Brown, Sarah Stein, and Basit Zafar
May 2013  Number 617
Revised September 2013
Payment Size, Negative Equity, and Mortgage Default
Andreas Fuster and Paul S. Willen
November 2012  Number 582
Revised August 2013
Financial Stability Monitoring
Tobias Adrian, Daniel Covitz, and Nellie Liang
February 2013  Number 601
Revised August 2013
Procyclical Leverage and Value-at-Risk
Previous title: “Financial Intermediary Leverage and Value-at-Risk”
Tobias Adrian and Hyun Song Shin
July 2008  Number 338
Revised August 2013
Intermediary Leverage Cycles and Financial Stability
Tobias Adrian and Nina Boyarchenko
August 2012  Number 567
Revised August 2013
The Pre-FOMC Announcement Drift
David O. Lucca and Emanuel Moench
September 2011  Number 512
Revised August 2013
How Much Do Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data
Mary Amiti and David E. Weinstein
May 2013  Number 604
Revised July 2013
Bank Lending in Times of Large Bank Reserves
Previous title: “A Note on Bank Lending in Times of Large Bank Reserves”
Antoine Martin, James McAndrews, and David Skeie
May 2011  Number 497
Revised June 2013
Rare Shocks, Great Recessions
Vasco Curdia, Marco Del Negro and Daniel L. Greenwald
December 2012  Number 585
Revised June 2013
Mismatch Unemployment
Aysegul Sahin, Joseph Song, Giorgio Topa, and Giovanni L. Violante
August 2012  Number 566
Revised June 2013
Do Informal Referrals Lead to Better Matches? Evidence from a Firm’s Employee Referral System
Meta Brown, Elizabeth Setren, and Giorgio Topa
August 2012  Number 568
Revised June 2013
The Forward Guidance Puzzle
Marco Del Negro, Marc Giannoni, and Christina Patterson
October 2012  Number 574
Revised May 2013
Money Market Funds Intermediation and Bank Instability
Previous title: “Money Market Funds Intermediation, Bank Instability, and Contagion”
Marco Cipriani, Antoine Martin, and Bruno M. Parigi
February 2013  Number 599
Revised May 2013
The Inflation–Output Trade-Off Revisited
Gauti B. Eggertsson and Marc P. Giannoni
March 2013  Number 608
Revised May 2013
The Pre-FOMC Announcement Drift
David O. Lucca and Emanuel Moench
September 2011  Number 512
Revised May 2013
Pricing TIPS and Treasuries with Linear Regressions
Michael Abrahams, Tobias Adrian, Richard K. Crump, and Emanuel Moench
September 2012  Number 570
Revised April 2013
Intermediary Leverage Cycles and Financial Stability
Tobias Adrian and Nina Boyarchenko
August 2012  Number 567
Revised April 2013
Rollover Risk as Market Discipline: A Two-Sided Inefficiency
Thomas M. Eisenbach
February 2013  Number 597
Revised April 2013
Pricing the Term Structure with Linear Regressions
Tobias Adrian, Richard K. Crump, and Emanuel Moench
August 2008  Number 340
Revised April 2013
Piggy Banks: Financial Intermediaries as a Commitment to Save
Donald P. Morgan and Katherine A. Samolyk
November 1998  Number 50
Revised April 2013
Efficient Regression-Based Estimation of Dynamic Asset Pricing Models
Tobias Adrian, Richard K. Crump, and Emanuel Moench
May 2011  Number 493
Revised March 2013
No Good Deals—No Bad Models
Nina Boyarchenko, Mario Cerrato, John Crosby, and Stewart Hodges
December 2012  Number 589
Revised March 2013
Price Setting in an Innovative Market
Previous title: “The Impact of Competition on Technology Adoption: An Apples-to-PCs Analysis”
Adam Copeland and Adam Hale Shapiro
July 2010  Number 462
Revised March 2013
Procyclical Leverage and Value-at-Risk
Tobias Adrian and Hyun Song Shin
July 2008  Number 338
Revised February 2013
Repo and Securities Lending
Tobias Adrian, Brian Begalle, Adam Copeland, and Antoine Martin
December 2011  Number 529
Revised February 2013
Banking across Borders
Friederike Niepmann
October 2012  Number 576
Revised January 2013
Stereotypes and Madrassas: Experimental Evidence from Pakistan
Adeline Delavande and Basit Zafar
June 2011  Number 501
Revised January 2013
Determinants of College Major Choice: Identification Using an Information Experiment
Matthew Wiswall and Basit Zafar
June 2011  Number 500
Revised January 2013
How Do College Students Respond to Public Information about Earnings?
Previous title: “Belief Updating among College Students: Evidence from Experimental Variation in Information”
Matthew Wiswall and Basit Zafar
September 2011  Number 516
Revised January 2013
The Price Is Right: Updating Inflation Expectations in a Randomized Price Information Experiment
Olivier Armantier, Scott Nelson, Giorgio Topa, Wilbert van der Klaauw, and Basit Zafar
January 2012  Number 543
Revised January 2013