Public Policy Discussion Papers

Public Policy Discussion Papers cover

Public Policy Discussion Papers present new policy research, research surveys, or research bearing on policy issues. The papers are written for policymakers, informed business people, and academics by economists at the Boston Fed, and many of them present research intended for professional journals. The series began in 2004 with Number 04-1.

Full text of papers are available in portable document format (PDF).

Latest Papers

No. 13-9
"Security of Retail Payments: The New Strategic Objective"
by Joanna Stavins

Abstract

Full Text pdf

No. 13-8
"Is Monetary Policy Overburdened?"
by Athanasios Orphanides

Abstract

Full Text pdf

No. 13-7
"The Credit CARD Act of 2009: What Did Banks Do?"
by Vikram Jambulapati and Joanna Stavins

Abstract

Full Text pdf

No. 13-6
"Changes in U.S. Household Balance Sheet Behavior after the Housing Bust and Great Recession: Evidence from Panel Data"
by Daniel Cooper

Abstract

Full Text pdf

No. 13-5
"The Role of Banks in the Transmission of Monetary Policy"
by Joe Peek and Eric S. Rosengren

Abstract

Full Text pdf

No. 13-4
"Wealth Shocks and Macroeconomic Dynamics"
by Daniel Cooper and Karen Dynan

Abstract

Full Text pdf

No. 13-3
"Economic Distress and Resurgence in U.S. Central Cities: Concepts, Causes, and Policy Levers"
by Yolanda K. Kodrzycki and Ana Patricia Muñoz

Abstract

Full Text pdf

No. 13-2
"The Role of Proximity in Foreclosure Externalities: Evidence from Condominiums"
by Lynn M. Fisher, Lauren Lambie-Hanson, and Paul S. Willen

Abstract

Full Text pdf

No. 13-1
"When Does Delinquency Result in Neglect? Mortgage Distress and Property Maintenance"
by Lauren Lambie-Hanson

Abstract

Full Text pdf

 

2012 Papers

No. 12-10
"Payment Size, Negative Equity, and Mortgage Default"
by Andreas Fuster and Paul S. Willen

Abstract

Full Text pdf

No. 12-9
"Why Don’t Most Merchants Use Price Discounts to Steer Consumer Payment Choice?"
by Tamás Briglevics and Oz Shy

Abstract

Full Text pdf

No. 12-8
"Labor-Market Polarization Over the Business Cycle"
by Christopher L. Foote and Richard W. Ryan

Abstract

Full Text pdf

No. 12-7
"A Psychological Perspective of Financial Panic"
by Anat Bracha and Elke U. Weber

Abstract

Full Text pdf

No. 12-6
"Who Gains and Who Loses from the 2011 Debit Card Interchange Fee Reform?"
by Oz Shy
A revised version of this paper is forthcoming In Contemporary Economic Policy.

Abstract

Full Text pdf

No. 12-5
"Foreclosure Externalities: Some New Evidence"
by Kristopher S. Gerardi, Eric Rosenblatt, Paul S. Willen, and Vincent W. Yao

Abstract

Full Text pdf

No. 12-4
"Shifting Confidence in Homeownership: The Great Recession"
by Anat Bracha and Julian C. Jamison

Abstract

Full Text pdf

No. 12-3
“The Supplemental Security Income Program and Welfare Reform”

by Lucie Schmidt

Abstract

Full Text pdf

No. 12-2
“Why Did So Many People Make So Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis”

by Christopher L. Foote, Kristopher S. Gerardi, and Paul S. Willen

Abstract

Full Text pdf

No. 12-1
“Effects of Credit Scores on Consumer Payment Choice”

by Fumiko Hayashi and Joanna Stavins

Abstract

Full Text pdf


2011 Papers

No. 11-10
“Account-to-Account Electronic Money Transfers: Recent Developments in the United States”

by Oz Shy
A subsequent version of this paper was published in Review of Network Economics vol. 11, no. 1 (March 2012): 1-23.

Abstract

Full Text pdf

No. 11-9
“Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process”

by Kristopher Gerardi, Lauren Lambie‐Hanson, and Paul S. Willen

Abstract

Full Text pdf

No. 11-8
“Economic Literacy and Inflation Expectations: Evidence from a Laboratory Experiment”

by Mary A. Burke and Michael Manz

Abstract

Full Text pdf

No. 11-7
“Quantifying the Role of Federal and State Taxes in Mitigating Income Inequality”

by Daniel H. Cooper, Byron F. Lutz, and Michael G. Palumbo

Abstract

Full Text pdf

No. 11-6
“Securitization and Moral Hazard: Evidence from Credit Score Cutoff Rules”

by Ryan Bubb and Alex Kaufman

Abstract

Full Text pdf

No. 11-5
“Classroom Peer Effects and Student Achievement”

by Mary A. Burke and Tim R. Sass

Abstract

Full Text pdf

No. 11-4
“An Economic Analysis of the 2010 Proposed Settlement between the Department of Justice and Credit Card Networks”

by Scott Schuh, Oz Shy, Joanna Stavins, and Robert Triest
A revised version of this paper was published in Journal of Competition Law & Economics 8(1): 107-144 (March 2012).

Abstract

Full Text pdf

No. 11-3
“Oil and the Macroeconomy in a Changing World: A Conference Summary”

by Christopher L. Foote and Jane S. Little

Abstract

Full Text pdf

No. 11-2
“Adopting, Using, and Discarding Paper and Electronic Payment Instruments: Variation by Age and Race”

by Ronald J. Mann

Abstract

Full Text pdf

No. 11-1
“The 2009 Survey of Consumer Payment Choice”

by Kevin Foster, Erik Meijer, Scott Schuh, and Michael A. Zabek

Abstract

Full Text pdf

 

 


2010 Papers

No. 10-6
“A Profile of the Mortgage Crisis in a Low-and-Moderate-Income Community”

by Lynn Fisher, Lauren Lambie-Hanson, and Paul S. Willen

Abstract

Full Text pdf

No. 10-5
“Reasonable People Did Disagree: Optimism and Pessimism About the U.S. Housing Market Before the Crash”
by Kristopher S. Gerardi, Christopher L. Foote, and Paul S. Willen

Abstract

Full Text pdf

No. 10-4
“$1.25 Trillion is Still Real Money: Some Facts About the Effects of the Federal Reserve’s Mortgage Market Investments”
by Andreas Fuster and Paul S. Willen

Abstract

Full Text pdf

No. 10-3
“Who Gains and Who Loses from Credit Card Payments? Theory and Calibrations”
by Scott Schuh, Oz Shy, and Joanna Stavins

Abstract

Full Text pdf

No. 10-2
“Mobile Payments in the United States at Retail Point of Sale: Current Market and Future Prospects”
by Marianne Crowe, Marc Rysman, and Joanna Stavins

Abstract

Full Text pdf

No. 10-1
“Person-to-Person Electronic Funds Transfers: Recent Developments and Policy Issues”
by Oz Shy

Abstract

Full Text pdf

 

2009 Papers

No. 09-11
“Jobs in Springfield, Massachusetts: Understanding and Remedying the Causes of Low Resident Employment Rates”
by Yolanda K. Kodrzycki and Ana Patricia Muñoz with Lynn Browne, DeAnna Green, Marques Benton, Prabal Chakrabarti, Richard Walker, and Bo Zhao

Abstract

Full Text pdf

No. 09-10
“The 2008 Survey of Consumer Payment Choice”
by Kevin Foster, Erik Meijer, Scott Schuh, and Michael A. Zabek

Abstract

Full Text pdf

No. 09-9
“Impending U.S. Spending Bust? The Role of Housing Wealth as Borrowing Collateral”
by Daniel Cooper

Abstract

Full Text pdf

No. 09-8
“TIPS Scorecard: Are TIPS Accomplishing What They Were Supposed to Accomplish? Can They Be Improved?”
by Michelle L. Barnes, Zvi Bodie, Robert K. Triest, and J. Christina Wang
A subsequent version of this paper was published in Financial Analysts Journal vol. 66 no. 5 (September/October 2010): 68-84.

Abstract

Full Text pdf

No. 09-7
“Did Easy Credit Lead to Overspending? Home Equity Borrowing and Household Behavior in the Early 2000s”

by Daniel Cooper
(Revised in March 2010)

Abstract

Full Text pdf

No. 09-6
“Reinvigorating Springfield’s Economy: Lessons from Resurgent Cities”

by Yolanda K. Kodrzycki and Ana Patricia Muñoz with Lynn Browne, DeAnna Green, Marques Benton, Prabal Chakrabarti, David Plasse, Richard Walker, and Bo Zhao

Abstract

Full Text pdf

No. 09-5
“Securitization and Moral Hazard: Evidence from a Lender Cutoff Rule”

by Ryan Bubb and Alex Kaufman

Abstract

Full Text pdf

No. 09-4
“Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization”

by Manuel Adelino, Kristopher Gerardi, and Paul S. Willen

Abstract

Full Text pdf

No. 09-3
“Reviving Mortgage Securitization: Lessons from the Brady Plan and Duration Analysis”

by Fabià Gumbau-Brisa and Catherine L. Mann

Abstract

Full Text pdf

No. 09-2
“Reducing Foreclosures”

by Christopher L. Foote, Kristopher S. Gerardi, Lorenz Goette, and Paul S. Willen

Abstract

Full Text pdf

No. 09-1
“Making Sense of the Subprime Crisis”

by Kristopher S. Gerardi, Andreas Lehnert, Shane M. Sherlund, and Paul S. Willen

Abstract

Full Text pdf

 

↑ top

2008 Papers

No. 08-6
“Subprime Mortgages, Foreclosures, and Urban Neighborhoods”

by Kristopher S. Gerardi and Paul S. Willen

Abstract

Full Text pdf

No. 08-5
“Summary of the Workshop on Consumer Behavior and Payment Choice”

by Scott Schuh, and Joanna Stavins
A subsequent version of this paper is forthcoming in the Journal of Payments Strategy & Systems.

Abstract

Full Text pdf

No. 08-4
“A New Approach to Raising Social Security’s Earliest Eligibility Age”

by Kelly Haverstick, Margarita Sapozhnikov, Robert K. Triest, and Natalia Zhivan

Abstract

Full Text pdf

No. 08-3
“Negative Equity and Foreclosure: Theory and Evidence”
by Christopher L. Foote, Kristopher Gerardi, and Paul S. Willen

Abstract

Full Text pdf

No. 08-2
“Subprime Facts: What (We Think) We Know about the Subprime Crisis and What We Don’t”
by Christopher L. Foote, Kristopher Gerardi, Lorenz Goette, and Paul S. Willen

Abstract

Full Text pdf

No. 08-1
“Why Does Unemployment Hurt the Employed? Evidence from the Life Satisfaction Gap between the Public and Private Sectors”
by Simon Luechinger, Stephan Meier, and Alois Stutzer
A subsequent version of this paper is forthcoming in the Journal of Human Resources.

Abstract

Full Text pdf

 

↑ top

2007 Papers

No. 07-5
“Discounting Financial Literacy: Time Preferences and Participation in Financial Education Programs”
by Stephan Meier and Charles Sprenger

Abstract

Full Text pdf

No. 07-4
“Consumer Behavior and Payment Choice: 2006 Conference Summary”
by Margaret Carten, Dan Littman, Scott Schuh, and Joanna Stavins

Abstract

Full Text pdf

No. 07-3
“The Theory of Life-Cycle Saving and Investing”
by Zvi Bodie, Jonathan Treussard, and Paul Willen

Abstract

Full Text pdf

No. 07-2
“Optimal Retirement Asset Decumulation Strategies: The Impact of Housing Wealth”
by Wei Sun, Robert K. Triest, and Anthony Webb

Abstract

Full Text pdf

No. 07-1
“The Boston Fed Study of Consumer Behavior and Payment Choice: A Survey of Federal Reserve System Employees”
by Marques Benton, Krista Blair, Marianne Crowe, and Scott Schuh

Abstract

Full Text pdf

 

↑ top

2006 Papers

No. 06-7
“Managing the Risk in Pension Plans and Recent Pension Reforms”
by Richard W. Kopcke

Abstract

Full Text pdf

No. 06-6
“Do Households Benefit from Financial Deregulation and Innovation? The Case of the Mortgage Market”
by Kristopher Gerardi, Harvey S. Rosen, and Paul Willen

Abstract

Full Text pdf

No. 06-5
“Social Dynamics of Obesity”
by Mary Burke and Frank Heiland

Abstract

Full Text pdf

No. 06-4
“Collateralized Borrowing and Life-Cycle Portfolio Choice”
by Paul Willen and Felix Kubler

Abstract

Full Text pdf

No. 06-3
“Risk Bearing, Implicit Financial Services, and Specialization in the Financial Industry”

by J. Christina Wang and Susanto Basu

Abstract

Full Text pdf

No. 06-2
“Pension Accounting and Corporate Earnings: The World According to GAAP”
by Peter Fortune

Abstract

Full Text pdf

No. 06-1
“Consumer Behavior and Payment Choice: A Conference Summary”
by Marianne Crowe, Scott Schuh, and Joanna Stavins

Abstract

Full Text pdf

 

↑ top

2005 Papers

No. 05-4
“Deciding to Distrust”
by Iris Bohnet and Stephan Meier

Abstract

Full Text pdf

No. 05-3
“Lifecycle Prices and Production”
by Mark Aguiar and Erik Hurst

Abstract

Full Text pdf

No. 05-2
“Alternative Measures of the Federal Reserve Banks’ Cost of Equity Capital”
by Michelle L. Barnes and Jose A. Lopez

Abstract

Full Text pdf

No. 05-1
“The Taxation of Equity, Dividends, and Stock Prices”
by Richard W. Kopcke

Abstract

Full Text pdf

 

↑ top

2004 Papers

No. 04-10
“Social Security and Unsecured Debt”
by Erik Hurst and Paul Willen

Abstract

Full Text pdf

No. 04-9
“Interstate Fiscal Disparity in State Fiscal Year 1999”
by Robert Tannenwald and Nicholas Turner
(Revised in May 2006)

Abstract

Full Text pdf

No. 04-8
“Is Poland the Next Spain?”
by Francesco Caselli and Silvana Tenreyro

Abstract

Full Text pdf

No. 04-7
“Do Bank Mergers Affect Federal Reserve Check Volume?”
by Joanna Stavins

Abstract

Full Text pdf

No. 04-6
“Financial Development, Financial Constraints, and the Volatility of Industrial Output”
by Borja Larrain

Abstract

Full Text pdf

No. 04-5
“Educational Opportunity and Income Inequality”
by Igal Hendel, Joel Shapiro, and Paul Willen

Abstract

Full Text pdf

No. 04-4
“Massachusetts Business Taxes: Unfair? Inadequate? Uncompetitive?”
by Robert Tannenwald

Abstract

Full Text pdf

No. 04-3
“Wives’ Work and Family Income Mobility”
by Katharine Bradbury and Jane Katz

Abstract

Full Text pdf

No. 04-2
“Eyes on the Prize: How Did the Fed Respond to the Stock Market?”
by Jeff Fuhrer and Geoff Tootell

Abstract

Full Text pdf

No. 04-1
“Economic Policy and Prospects in Iraq”
by Christopher Foote, William Block, Keith Crane, and Simon Gray

Abstract

Full Text pdf

↑ top

For questions or feedback about the Public Policy Discussion Papers, please contact:

Suzanne Lorant
Director of Research Publications
suzanne.lorant@bos.frb.org

In addition to these Public Policy Discussion Papers, you may be interested in the Boston Fed's Working Papers Series, which presents statistical or technical studies intended for professional journals. Prepared by economists in the Boston Fed’s Research Department, they are written for and seek input from scholars and informed specialists.

 

Stay Connected

contacts email alert Twitter RSS podcasts careers faqs videos
Public Policy Discussion Papers Links