Boston Federal Reserve Research Paper


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  • 17-17 Financial variables and macroeconomic forecast errors
    by Barnes, Michelle L. & Olivei, Giovanni P.
  • 17-16 Portfolio choice with house value misperception
    by Corradin, Stefano & Fillat, Jose & Vergara-Alert, Carles
  • 17-15 Monetary policy through production networks: evidence from the stock market
    by Ozdagli, Ali K. & Weber, Michael
  • 17-14 Credit card utilization and consumption over the life cycle and business cycle
    by Fulford, Scott L. & Schuh, Scott
  • 17-13 Mortgage-default research and the recent foreclosure crisis
    by Foote, Christopher L. & Willen, Paul S.
  • 17-12 FOMC communication and interest rate sensitivity to news
    by Tang, Jenny
  • 17-11 Inflation expectations and nonlinearities in the Phillips curve
    by Doser, Alexander & Nunes, Ricardo & Rao, Nikhil & Sheremirov, Viacheslav
  • 17-10 Transparency in state debt disclosure
    by Zhao, Bo & Wang, Wen
  • 16-31 Does changing employers’ access to criminal histories affect ex-offenders’ recidivism?: evidence from the 2010–2012 Massachusetts CORI Reform
    by Jackson, Osborne & Zhao, Bo
  • 16-30 The effect of changing employers’ access to criminal histories on ex-offenders’ labor market outcomes: evidence from the 2010–2012 Massachusetts CORI Reform
    by Jackson, Osborne & Zhao, Bo
  • 16-28 The time-varying price of financial intermediation in the mortgage market
    by Fuster, Andreas & Lo, Stephanie & Willen, Paul S.
  • 16-26 Heterogeneous exporters: quantitative differences and qualitative similarities
    by Casas, Camila & Diez, Federico J. & Gonzalez, Alejandra
  • 17-9 U. S. monetary policy and emerging market credit cycles
    by Brauning, Falk & Ivashina, Victoria
  • 17-8 The local aggregate effects of minimum wage increases
    by Cooper, Daniel H. & Luengo-Prado, Maria Jose & Parker, Jonathan A.
  • 17-7 Integrated household surveys: an assessment of U.S. methods and an innovation
    by Samphantharak, Krislert & Schuh, Scott & Townsend, Robert M.
  • 17-6 International financial integration, crises, and monetary policy: evidence from the euro area interbank crises
    by Abbassi, Puriya & Brauning, Falk & Fecht, Falko & Peydro, Jose Luis
  • 17-4 Payment discounts and surcharges: the role of consumer preferences
    by Stavins, Joanna & Wu, Huijia
  • 17-3 Banks' search for yield in the low interest rate environment: a tale of regulatory adaptation
    by Wang, J. Christina
  • 17-2 Measuring consumer expenditures with payment diaries
    by Schuh, Scott
  • 17-1 Population aging, labor demand, and the structure of wages
    by Papadopoulos, Michael & Patria, Margarita & Triest, Robert K.


  • 16-29 Who counts as employed?: informal work, employment status, and labor market slack
    by Bracha, Anat & Burke, Mary A.
  • 16-27 Show me the money: the monetary policy risk premium
    by Ozdagli, Ali K. & Velikov, Mihail
  • 16-25 Firms in international trade
    by Diez, Federico J. & Mora, Jesse & Spearot, Alan C.
  • 16-24 Did life insurers benefit from TARP or regulatory forbearance during the financial crisis of 2008–2009?
    by Barnes, Michelle L.
  • 16-23 Investment decisions and negative interest rates
    by Bracha, Anat
  • 16-22 Lending to unhealthy firms in Japan during the lost decade: distinguishing between technical and financial health
    by Chakraborty, Suparna & Peek, Joe
  • 16-21 Exchange rates and the yield curve
    by Stavrakeva, Vania & Tang, Jenny
  • 16-20 The influence of gender and income on the household division of financial responsibility
    by Hitczenko, Marcin
  • 16-19 Are there social spillovers in consumers’ security assessments of payment instruments?
    by Kahn, Charles M. & Liñares-Zegarra, José Manuel & Stavins, Joanna
  • 16-18 Monetary policy and regional house-price appreciation
    by Cooper, Daniel H. & Luengo-Prado, Maria Jose & Olivei, Giovanni P.
  • 16-17 Household formation over time: evidence from two cohorts of young adults
    by Cooper, Daniel H. & Luengo-Prado, Maria Jose
  • 16-16 Business complexity and risk management: evidence from operational risk events in U. S. bank holding companies
    by Chernobai, Anna & Ozdagli, Ali K. & Wang, Jianlin
  • 16-15 You can be too thin (but not too tall): social desirability bias in self-reports of weight and height
    by Burke, Mary A. & Carman, Katherine Grace
  • 16-14 The effects of government spending on real exchange rates: evidence from military spending panel data
    by Miyamoto, Wataru & Nguyen, Thuy Lan & Sheremirov, Viacheslav
  • 16-13 The dynamic factor network model with an application to global credit risk
    by Brauning, Falk & Koopman, Siem Jan
  • 16-12 Cross-sectional patterns of mortgage debt during the housing boom: evidence and implications
    by Foote, Christopher L. & Loewenstein, Lara & Willen, Paul S.
  • 16-11 Does Fed policy reveal a ternary mandate?
    by Peek, Joe & Rosengren, Eric S. & Tootell, Geoffrey M. B.
  • 16-10 “No more credit score”: employer credit check bans and signal substitution
    by Clifford, Robert & Shoag, Daniel
  • 17-5 Monetary policy and global banking
    by Brauning, Falk & Ivashina, Victoria
  • 16-9 Downskilling: changes in employer skill requirements over the business cycle
    by Modestino, Alicia Sasser & Shoag, Daniel & Ballance, Joshua
  • 16-8 Levels and trends in the income mobility of U.S. families, 1977−2012
    by Bradbury, Katharine L.
  • 16-7 Relationship lending in the interbank market and the price of liquidity
    by Brauning, Falk & Fecht, Falko
  • 16-6 The credit card debt puzzle: the role of preferences, credit risk, and financial literacy
    by Gorbachev, Olga & Luengo-Prado, Maria Jose
  • 16-5 The effect of demographics on payment behavior: panel data with sample selection
    by Stavins, Joanna
  • 16-4 Optimal time-consistent government debt maturity
    by Debortoli, Davide & Nunes, Ricardo & Yared, Pierre
  • 16-3 A dynamic network model of the unsecured interbank lending market
    by Blasques, Francisco & Brauning, Falk & Lelyveld, Iman Van
  • 16-2 What determines the level of local business property taxes?
    by Merriman, David
  • 16-1 Moving to a new job: the role of home equity, debt, and access to credit
    by Demyanyk, Yuliya & Hryshko, Dmytro & Luengo-Prado, Maria Jose & Sorensen, Bent E.


  • 15-18 Does immigration crowd natives into or out of higher education?
    by Jackson, Osborne
  • 15-17 Consumer revolving credit and debt over the life cycle and business cycle
    by Fulford, Scott L. & Schuh, Scott
  • 15-16 Exchange rates and monetary policy
    by Stavrakeva, Vania & Tang, Jenny
  • 15-15 The final countdown: the effect of monetary policy during "Wait-for-It" and reversal periods
    by Ozdagli, Ali K.
  • 15-14 From urban core to wealthy towns: nonschool fiscal disparities across Connecticut municipalities
    by Zhao, Bo
  • 15-13 Can't pay or won't pay?: unemployment, negative equity, and strategic default
    by Gerardi, Kristopher S. & Herkenhoff, Kyle F. & Ohanian, Lee E. & Willen, Paul S.
  • 15-12 The rise and fall of consumption in the '00s
    by Demyanyk, Yuliya & Hryshko, Dmytro & Luengo-Prado, Maria Jose & Sorensen, Bent E.
  • 15-11 Do increases in subsidized housing reduce the incidence of homelessness?: evidence from the low-income housing tax credit
    by Jackson, Osborne & Kawano, Laura
  • 15-10 Price dispersion and inflation: new facts and theoretical implications
    by Sheremirov, Viacheslav
  • 14-17 Upskilling: do employers demand greater skill when skilled workers are plentiful?
    by Modestino, Alicia Sasser & Shoag, Daniel & Ballance, Joshua
  • 14-14 Productivity and export market participation: evidence from Colombia
    by Diez, Federico J. & Casas, Camila & Gonzalez, Alejandra & Moreno, Stefany
  • 15-9 Output response to government spending: evidence from new international military spending data
    by Sheremirov, Viacheslav & Spirovska, Sandra
  • 15-7 The distributional effects of contractual norms: the case of cropshare agreements
    by Burke, Mary A.
  • 15-5 Expectations as a source of macroeconomic persistence: an exploration of firms' and households' expectation formation
    by Fuhrer, Jeffrey C.
  • 15-4 The Failure of supervisory stress testing: Fannie Mae, Freddie Mac, and OFHEO
    by Frame, W. Scott & Gerardi, Kristopher S. & Willen, Paul S.
  • 15-3 Designing a simple loss function for the Fed: does the dual mandate make sense?
    by Debortoli, Davide & Kim, Jinill & Linde, Jesper & Nunes, Ricardo
  • 15-1 Price setting in online markets: does IT click?
    by Gorodnichenko, Yuriy & Sheremirov, Viacheslav & Talavera, Oleksandr


  • 14-16 Labor market polarization over the business cycle
    by Foote, Christopher L. & Ryan, Richard W.
  • 14-15 Vanishing procyclicality of productivity?: industry evidence
    by Wang, J. Christina
  • 14-13 House price growth when children are teenagers: a path to higher earnings?
    by Cooper, Daniel H. & Luengo-Prado, Maria Jose
  • 14-12 Saving for a rainy day: estimating the appropriate size of U.S. state budget stabilization funds
    by Zhao, Bo
  • 14-11 Smoothing state tax revenues over the business cycle: gauging fiscal needs and opportunities
    by Kodrzycki, Yolanda
  • 14-10 The forecasting power of consumer attitudes for consumer spending
    by Barnes, Michelle L. & Olivei, Giovanni P.
  • 15-6 Within-school spillover effects of foreclosures and student mobility on student academic performance
    by Bradbury, Katharine L. & Burke, Mary A. & Triest, Robert K.
  • 15-2 Nudging credit scores in the field: the effect of text reminders on creditworthiness in the United States
    by Bracha, Anat & Meier, Stephan
  • 14-9 Measuring unfamiliar economic concepts: the case of prepaid card adoption
    by Hitczenko, Marcin & Tai, Mingzhu
  • 14-7 Foreign nurse importation to the United States and the supply of native registered nurses
    by Cortes, Patricia & Pan, Jessica
  • 14-6 Financial frictions and the reaction of stock prices to monetary policy shocks
    by Ozdagli, Ali K.
  • 14-5 This is what's in your wallet... and here's how you use it
    by Briglevics, Tamas & Schuh, Scott
  • 14-4 Consumer cash usage: a cross-country comparison with payment diary survey data
    by Bagnall, John & Bounie, David & Huynh, Kim P. & Kosse, Anneke & Schmidt, Tobias & Schuh, Scott & Stix, Helmut
  • 14-3 The ins and arounds in the U.S. housing market
    by Bachmann, Rudiger & Cooper, Daniel
  • 14-2 Labor market transitions and the availability of unemployment insurance
    by Bradbury, Katharine L.
  • 14-1 Merchant steering of consumer payment choice: evidence from a 2012 Diary survey
    by Shy, Oz & Stavins, Joanna
  • 13-8 The effect of unemployment duration on future earnings and other outcomes
    by Cooper, Daniel


  • 13-26 The role of economic, fiscal, and financial shocks in the evolution of public sector pension funding
    by Triest, Robert K. & Zhao, Bo
  • 13-25 Household inflation expectations and consumer spending: evidence from panel data
    by Burke, Mary A. & Ozdagli, Ali K.
  • 13-24 An evaluation of the Federal Reserve estimates of the natural rate of unemployment in real time
    by Gumbau-Brisa, Fabia & Olivei, Giovanni P.
  • 13-23 U.S. consumer demand for cash in the era of low interest rates and electronic payments
    by Briglevics, Tamas & Schuh, Scott
  • 13-22 The cost of fiscal policy uncertainty: industry evidence of its impact on the labor market
    by Wang, J. Christina
  • 13-21 Technological progress, the "user cost of money," and the real output of banks
    by Basu, Susanto & Wang, J. Christina
  • 13-20 Optimal monetary policy under model uncertainty without commitment
    by Orlik, Anna & Presno, Ignacio
  • 13-19 Not so fast: high-frequency financial data for macroeconomic event studies
    by Ozdagli, Ali K.
  • 13-18 Walking a tightrope: are U. S. state and local governments on a fiscally sustainable path?
    by Zhao, Bo & Coyne, David
  • 13-17 Is bank debt special for the transmission of monetary policy? Evidence from the stock market
    by Ippolito, Filippo & Ozdagli, Ali K. & Perez, Ander
  • 13-16 Optimal recall period length in consumer payment surveys
    by Hitczenko, Marcin
  • 13-15 Modeling anchoring effects in sequential Likert scale questions
    by Hitczenko, Marcin
  • 13-14 Affirmative action and stereotype threat
    by Bracha, Anat & Cohen, Alma & Conell-Price, Lynn
  • 13-13 How many cards do you use?
    by Shy, Oz
  • 13-12 The effect of foreclosure on Boston Public School student academic performance
    by Bradbury, Katharine L. & Burke, Mary A. & Triest, Robert K.
  • 13-11 How low can you go? Charity reporting when donations signal income and generosity
    by Bracha, Anat & Vesterlund, Lise
  • 13-10 Enforcement and immigrant location choice
    by Watson, Tara
  • 15-8 Uncertainty and the signaling channel of monetary policy
    by Tang, Jenny
  • 13-9 Occupation-level income shocks and asset returns: their covariance and implications for portfolio choice
    by Davis, Steven J. & Willen, Paul S.
  • 13-7 The value to banks of small business lending
    by Dmytro Holod & Joe Peek
  • 13-6 Payment choice with consumer panel data
    by Michael Cohen & Marc Rysman
  • 13-5 Cyclical unemployment, structural unemployment
    by Peter A. Diamond
  • 13-4 Window shopping
    by Oz Shy
  • 13-3 Do real-time Okun's law errors predict GDP data revisions?
    by Michelle L. Barnes & Fabià Gumbau-Brisa & Giovanni P. Olivei
  • 13-2 The power of sunspots: an experimental analysis
    by Dietmar Fehr & Frank Heinemann & Aniol Llorente-Saguer
  • 13-1 The impact of managed care on the gender earnings gap among physicians
    by Alicia Sasser Modestino







Eric S. Rosengren
Federal Reserve Bank of Boston

Dr. Rosengren took office on July 23, 2007, as the thirteenth president and chief executive officer of the First District Federal Reserve Bank, at Boston. He is currently serving a full term that began March 1, 2011. In 2018, he serves as an alternate voting member of the Federal Open Market Committee.

Dr. Rosengren was born on June 3, 1957, in Ridgewood, New Jersey. He graduated from Colby College with a B.A. in economics. He attended the University of Wisconsin, Madison, where he earned an M.S. in economics in 1984 and a Ph.D. in economics in 1986.

Dr. Rosengren has held senior positions within the Federal Reserve in both the research and bank supervision functions. He joined the Federal Reserve Bank of Boston in 1985 as an economist in the Research Department. He was promoted to assistant vice president in 1989 and to vice president in 1991 as head of the Banking and Monetary Policy section of the Research Department. In 2000, he was named senior vice president and head of the Supervision and Regulation Department. He assumed the additional title of chief discount officer in 2003, and in 2005, he was named executive vice president. While in the bank supervision function, he obtained significant domestic and international regulatory experience related to the Basel II Capital Accord.

In his research, Rosengren has made significant contributions in the fields of banking and monetary policy, and he has written extensively on macroeconomics, international banking, bank supervision, and risk management. He has been an author on a variety of papers on macroeconomics, banking, and risk management, including articles in many of the top economics and finance journals. He has served as an advisor on Japanese banking issues, and a focus of his research has been how financial problems can impact the real economy.

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