Research Staff Publications List 2019 - 2020 Board of Governors of the Federal Reserve System 2 TABLE OF CONTENTS BANKING AND FINANCIAL INSTITUTIONS .................................................................... 4 ECONOMETRICS AND STATISTICS ................................................................................. 12 ECONOMIC HISTORY ......................................................................................................... 17 ECONOMIC INCLUSION…………………………………………………………………………………..18 FINANCIAL ECONOMICS ................................................................................................... 20 FINANCIAL MARKETS ....................................................................................................... 25 INDUSTRIAL ORGANIZATION ......................................................................................... 30 INTERNATIONAL ECONOMICS ........................................................................................ 31 LABOR ECONOMICS…………………………………………………………………………………...…..37 MACROECONOMICS ........................................................................................................... 40 MICROECONOMICS ............................................................................................................ 49 MONETARY ECONOMICS .................................................................................................. 52 MONETARY POLICY ........................................................................................................... 54 PAYMENT SYSTEMS ........................................................................................................... 58 PUBLIC ECONOMICS .......................................................................................................... 59 REAL ESTATE AND URBAN ECONOMICS ...................................................................... 61 3 BANKING AND FINANCIAL INSTITUTIONS Acharya, Viral V., Heitor Almeida, Filippo Ippolito, and Ander Pérez-Orive (forthcoming). "Credit Lines and the Liquidity Insurance Channel," Journal of Money, Credit and Banking. Acharya, Viral, Heitor Almeida, Filippo Ippolito, and Ander Pérez-Orive (2020). "Bank Lines of Credit as Contingent Liquidity: A study of Covenant Violations and Their Implications," Journal of Financial Intermediation, vol. 44 (October). Adams, Robert M., and Vitaly M. Bord (2020). "The Effects of the COVID-19 Shutdown on the Consumer Credit Card Market: Revolvers versus Transactors," FEDS Notes 2020-10-21. Board of Governors of the Federal Reserve System (U.S.). Afanasyeva, Elena, and Jochen Güntner (2020). "Bank Market Power and the Risk Channel of Monetary Policy," Journal of Monetary Economics, vol. 111, pp. 118-134. Agarwal, Sumit, Ricardo Correa, Bernardo Morais, Jessica Roldán, and Claudia Ruiz-Ortega (2020). "Owe a Bank Millions, the Bank Has a Problem: Credit Concentration in Bad Times," International Finance Discussion Papers 1288. Board of Governors of the Federal Reserve System (U.S.). Akin, Ozlem, Nicholas S. Coleman, Christian Fons-Rosen, and José Luis Peydró (forthcoming). "Political Connections and Informed Trading: Evidence from TARP," Financial Management. An, Xudong, Larry Cordell, and Joseph B. Nichols (2020). "Reputation, Information, and Herding in Credit Ratings: Evidence from CMBS," The Journal of Real Estate Finance and Economics, vol. 61, no. 3, pp. 476-504. Anbil, Sriya, and Angela Vossmeyer (forthcoming). "Liquidity from Two Lending Facilities," Journal of Financial Intermediation. Anderson, Haelim, Jin-Wook Chang, and Adam Copeland (2020). "The Effect of the Central Bank Liquidity Support during Pandemics: Evidence from the 1918 Spanish Influenza Pandemic," Finance and Economics Discussion Series 2020-050. Board of Governors of the Federal Reserve System (U.S.). Andros, Joseph, Michael Beall, Francis Martinez, Tony Rodrigues, Mary-Frances Styczynski, and Alex Thorp (2019). "Approaches to Estimating Aggregate Demand for Reserve Balances," FEDS Notes 2019-10-17. Board of Governors of the Federal Reserve System (U.S.). Aramonte, Sirio, Seung Jung Lee, and Viktors Stebunovs (forthcoming). "Risk Taking and Low Longer-term Interest Rates: Evidence from the U.S. Syndicated Term Loan Market," Journal of Banking & Finance. Arseneau, David M. (2020). "Central Bank Communication with a Financial Stability Objective," Finance and Economics Discussion Series 2020-087. Board of Governors of the Federal Reserve System (U.S.). 4 Arseneau, David M. (2020). "How Would US Banks Fare in a Negative Interest Rate Environment?" Finance and Economics Discussion Series 2017-030r1. Board of Governors of the Federal Reserve System (U.S.). Arseneau, David M. (forthcoming). "How Would US Banks Fare in a Negative Interest Rate Environment?" International Journal of Central Banking. Banegas, Ayelen, and Manjola Tase (2020). "Reserve Balances, the Federal Funds Market and Arbitrage in the New Regulatory Framework," Journal of Banking & Finance, vol. 118 (September). Bassett, William, Selva Demiralp, and Nathan Lloyd (2020). "Government Support of Banks and Bank Lending," Journal of Banking & Finance, vol. 112 (March). Beck, Thorsten, Samuel Da-Rocha-Lopes, and André F. Silva (forthcoming). "Sharing the Pain? Credit Supply and Real Effects of Bank Bail-ins," Review of Financial Studies. Benson, David, and Ken Onishi (2020). "Are There Competitive Concerns in "Middle Market" Lending?" FEDS Notes 2020-08-10. Board of Governors of the Federal Reserve System (U.S.). Benson, David, Serafin Grundl, and Richard Windle (2020). "How do Rural and Urban Retail Banking Customers Differ?" FEDS Notes 2020-06-12. Board of Governors of the Federal Reserve System (U.S.). Berry, Jared, Akber Khan, and Marcelo Rezende (2020). "How Do U.S. Global Systemically Important Banks Lower Their Capital Surcharges?" FEDS Notes 2020-01-31. Board of Governors of the Federal Reserve System (U.S.). Bhutta, Neil, Andreas Fuster, and Aurel Hizmo (2020). "Paying Too Much? Price Dispersion in the U.S. Mortgage Market," Finance and Economics Discussion Series 2020-062. Board of Governors of the Federal Reserve System (U.S.). Bhutta, Neil, Jane Dokko, and Hui Shan (forthcoming). "The Depth of Negative Equity and Mortgage Default Decisions," The Journal of Finance. Bidder, Rhys M., John R. Krainer, and Adam Hale Shapiro (forthcoming). "De-leveraging or De- risking? How Banks Cope With Loss," Review of Economic Dynamics. Birn, Martin, Olivier de Bandt, Simon Firestone, Matías Gutiérrez Girault, Diana Hancock, Tord Krogh, Hitoshi Mio, Donald P. Morgan, Ajay Palvia, Valerio Scalone, Michael Straughan, Arzu Uluc, Alexander H. von Hafften, and Missaka Warusawitharana (2020). "The Costs and Benefits of Bank Capital--A Review of the Literature," Journal of Risk and Financial Management, vol. 14, no. 4 (April). Black, Lamont K., John R. Krainer, and Joseph B. Nichols (2020). "Safe Collateral, Arm’s-Length Credit: Evidence from the Commercial Real Estate Market," The Review of Financial Studies, vol. 33, no. 11, pp. 5173-5211. 5 Bolen, J. Brandon, Gregory Elliehausen, and Thomas W. Miller Jr. (2020). "Do Consumers Need More Protection From Small-Dollar Lenders? Historical Evidence and a Roadmap for Future Research," Economic Inquiry, vol. 58, no. 4, pp. 1577-1613. Bowman, David, Chiara Scotti, and Cindy M. Vojtech (2020). "How Correlated is LIBOR with Bank Funding Costs?" FEDS Notes 2020-06-29. Board of Governors of the Federal Reserve System (U.S.). Brandao-Marques, Luis, Ricardo Correa, and Horacio Sapriza (2020). "Government Support, Regulation, and Risk Taking in the Banking Sector," Journal of Banking & Finance, vol. 112 (March). Brownlees, Christian, Ben Chabot, Eric Ghysels, and Christopher Kurz (2020). "Back to the Future: Backtesting Systemic Risk Measures during Historical Bank Runs and the Great Depression," Journal of Banking & Finance, vol. 113 (April). Caglio, Cecilia, R. Matthew Darst, and Eric Parolin (2019). "Half-full or Half-empty? Financial Institutions, CDS Use, and Corporate Credit Risk," Journal of Financial Intermediation, vol. 40 (October). Calem, Paul, Ricardo Correa, and Seung Jung Lee (2020). "Prudential Policies and Their Impact on Credit in the United States," Journal of Financial Intermediation, vol. 42 (April). Canzoneri, Matthew, Behzad Diba, Luca Guerrieri, and Arsenii Mishin (2020). "Optimal Dynamic Capital Requirements and Implementable Capital Buffer Rules," Finance and Economics Discussion Series 2020-056. Board of Governors of the Federal Reserve System (U.S.). Carmassi, Jacopo, Sonja Dobkowitz, Johanne Evrard, Laura Parisi, André F. Silva, and Michael Wedow (2020). "Completing the Banking Union with a European Deposit Insurance Scheme: Who is Afraid of Cross-subsidisation?" Economic Policy, vol. 35, no. 101, pp. 41-95. Chang, Jin-Wook (2019). "Collateralized Debt Networks with Lender Default," Finance and Economics Discussion Series 2019-083. Board of Governors of the Federal Reserve System (U.S.). Chen, Lisa, and Gregory Elliehausen (2020). "The Cost Structure of Consumer Finance Companies and Its Implications for Interest Rates: Evidence from the Federal Reserve Board's 2015 Survey of Finance Companies," FEDS Notes 2020-08-12. Board of Governors of the Federal Reserve System (U.S.). Choudhary, M. Ali, and Anil K. Jain (2020). "How Public Information Affects Asymmetrically Informed Lenders: Evidence from a Credit Registry Reform," Journal of Development Economics, vol. 143 (March). Coleman, Nicholas, and Viktors Stebunovs (2019). "Do Negative