Staff working papers

• Rediscounting Under Aggregate Risk with Moral Hazard

  Staff Working Paper 2007-51 James Chapman, Antoine Martin

  Freeman (1999) proposes a model in which discount window lending and open market operations have different effects. This is important because in most of the literature, these policies are indistinguishable.

  Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Financial markets, Payment clearing and settlement systems JEL Code(s): E, E5, E58, G, G2, G20

• Do Firms Adjust Toward a Target Leverage Level?

  Staff Working Paper 2007-50 Zhaoxia Xu

  This paper studies capital structure adjustment mechanisms of firms that experience substantial changes in leverage.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, International topics JEL Code(s): G, G3, G32

• Examining Simple Joint Macroeconomic and Term-Structure Models: A Practitioner's Perspective

  Staff Working Paper 2007-49 David Bolder, Shudan Liu

  The primary objective of this paper is to compare a variety of joint models of the term structure of interest rates and the macroeconomy.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Financial markets, Interest rates JEL Code(s): C, C0, C6, E, E4, G, G1