Federal Reserve Bank of Boston Research Department Working Papers最新文献_第2页

Lease Expirations and CRE Property Performance 租赁到期与 CRE 房地产表现

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2023-09-22 DOI: 10.29412/res.wp.2023.10

David P. Glancy, J. C. Wang

引用次数: 0

Risk Management and Derivatives Losses 风险管理和衍生品损失

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2023-08-08 DOI: 10.29412/res.wp.2023.08

Gabriel Levin-Konigsberg, Hillary Stein, Vicente García Averell, Calixto López Castañón

{"title":"Risk Management and Derivatives Losses","authors":"Gabriel Levin-Konigsberg, Hillary Stein, Vicente García Averell, Calixto López Castañón","doi":"10.29412/res.wp.2023.08","DOIUrl":"https://doi.org/10.29412/res.wp.2023.08","url":null,"abstract":": Even though financial risk management has the ability to generate value, the use of financial derivatives among nonfinancial corporations remains limited. We identify a channel that contributes to this limited use: the decoupling of derivatives losses and operational gains. Specifically, firms ex post consider their operational profits separately from their derivatives profits. We explore this phenomenon among firms in Mexico. We use the universe of US dollar-Mexican peso currency derivatives transactions in Mexico along with customs data to construct a unique data set on operational exchange rate exposure and financial hedging. We find that contrary to a rational and frictionless benchmark, performance in previous derivatives transactions predicts future derivatives use. Using a regression kink design to measure the impact of decoupling on risk management, we find that when losses from previous transactions increase 1 percentage point, firms become 4.24 percentage points less likely to take out a new derivatives position within 90 days. We provide further evidence that is consistent with decoupling and supports rejecting a net worth channel.","PeriodicalId":219195,"journal":{"name":"Federal Reserve Bank of Boston Research Department Working Papers","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126450250","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Impact of Learning Disabilities on Children and Parental Outcomes: Evidence from the Panel Study of Income Dynamics 学习障碍对儿童和父母结局的影响:来自收入动态小组研究的证据

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2023-08-01 DOI: 10.29412/res.wp.2023.07

Rachel Cummings, María J. Luengo‐Prado

引用次数: 0

The Tail That Wagged the Dog: What Explains the Persistent Employment Effect of the 10-Day PPP Funding Delay? 尾巴摇狗:如何解释10天PPP融资延迟对就业的持续影响?

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2023-07-28 DOI: 10.29412/res.wp.2023.06

O. Gorbachev, María J. Luengo‐Prado, J. C. Wang

引用次数: 0

Sustainable Consumption and the Comprehensive Economic Well-Being of American Households 可持续消费和美国家庭的综合经济福利

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2023-07-28 DOI: 10.29412/res.wp.2023.05

Daniel H. Cooper, Barry Z. Cynamon, Steven M. Fazzari

{"title":"Sustainable Consumption and the Comprehensive Economic Well-Being of American Households","authors":"Daniel H. Cooper, Barry Z. Cynamon, Steven M. Fazzari","doi":"10.29412/res.wp.2023.05","DOIUrl":"https://doi.org/10.29412/res.wp.2023.05","url":null,"abstract":"Abstract: This paper develops a comprehensive measure of household economic well-being. The “sustainable consumption” concept accounts for income, assets, debt, transfer payments, and asset returns to estimate a consumption path that balances resources with expenditure over a household’s lifetime. Calculating sustainable consumption using Panel Study of Income Dynamics data demonstrates that it acts as an anchor for actual household spending. Results show that following a period of rapid growth from the mid-1980s to the early 2000s, sustainable consumption stagnated on average. In the aftermath of the Great Recession, the decline in sustainable consumption exceeded the fall in actual consumption due in part to a decline in real asset returns. Decomposing sustainable consumption reveals the relative importance of different household resources in determining well-being and how these factors evolve over time— insights that would be missed when resources such as income or wealth are considered separately. Taxable income supports the majority of sustainable consumption; however, as a share of households’ lifetime resources, taxable income has decreased on average while the Social Security share has grown.","PeriodicalId":219195,"journal":{"name":"Federal Reserve Bank of Boston Research Department Working Papers","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126688750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Personality Traits and Financial Outcomes 性格特征和财务结果

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2023-05-10 DOI: 10.29412/res.wp.2023.04

C. Greene, Oz Shy, J. Stavins

引用次数: 0

Got Milk? The Effect of Export Price Shocks on Exchange Rates 有牛奶吗?出口价格冲击对汇率的影响

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2023-02-13 DOI: 10.29412/res.wp.2023.01

Hillary Stein

{"title":"Got Milk? The Effect of Export Price Shocks on Exchange Rates","authors":"Hillary Stein","doi":"10.29412/res.wp.2023.01","DOIUrl":"https://doi.org/10.29412/res.wp.2023.01","url":null,"abstract":"I examine the effect of exogenous terms of trade shocks on an exchange rate by turning to New Zealand’s dairy auctions. Dairy is New Zealand’s largest export category, making up almost 20% of exports. Specifically, whole milk powder accounts for between 6 and 11% of total exports, and its price is determined in twice-monthly auctions. I use event studies to quantify the impact of surprise auction results on the New Zealand Dollar on a high-frequency basis. I find that a 1% increase in whole milk powder prices has a modest, but nevertheless significant, effect on the nominal exchange rate that does not seem to be explained by interest rate movements. Rather, the effect seems to be driven by a combination of two channels: a financial flows channel and an expenditure switching facilitation channel. I model this last channel by incorporating a non-traded sector into a small open-economy New Keynesian model, and I illustrate how nominal exchange rate changes can persist following a temporary export price shock, depending on the monetary policy rule. The methodology developed here can potentially be applied to other commodity exporters. ∗Email: hstein@g.harvard.edu. Website: https://scholar.harvard.edu/hillarystein. I am grateful to my advisers, Pol Antràs, Jeffry Frieden, Kenneth Rogoff, and Jeremy Stein, for their extensive support. I would also like to thank John Campbell, Gabriel Chodorow-Reich, Samuel Hanson, Matteo Maggiori, Adi Sunderam, Jesse Schreger, Ludwig Straub, and participants in the Harvard International, Finance, and Macroeconomics workshops, whose insightful comments have helped improve this paper. Finally, I would like to thank Susan Kilsby, Jared McConachie, and Nick Morris for their generosity with their time in discussions around the institutional details of the Global Dairy Trade auctions. I gratefully acknowledge receiving financial support from the Weatherhead Center for International Affairs and the Institute for Quantitative Social Science while working on this research.","PeriodicalId":219195,"journal":{"name":"Federal Reserve Bank of Boston Research Department Working Papers","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131166832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Employment Trajectories among Individuals with Opioid Use Disorder: Can Evidence-Based Treatment Improve Outcomes? 阿片类药物使用障碍患者的就业轨迹:循证治疗能改善结果吗?

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2022-12-22 DOI: 10.29412/res.wp.2022.25

Mary A. Burke, Riley Sullivan, K. Carman, H. Wen, J. Wharam, Hao Yu

{"title":"Employment Trajectories among Individuals with Opioid Use Disorder: Can Evidence-Based Treatment Improve Outcomes?","authors":"Mary A. Burke, Riley Sullivan, K. Carman, H. Wen, J. Wharam, Hao Yu","doi":"10.29412/res.wp.2022.25","DOIUrl":"https://doi.org/10.29412/res.wp.2022.25","url":null,"abstract":"Abstract: Using administrative records of Medicaid enrollees in Rhode Island that link their health-care information with their payroll employment records, this paper produces new stylized facts concerning the association between opioid use disorder (OUD) and employment and inquires as to whether treatment with FDA-approved medications might boost the job-finding rates of OUD patients. We find that individuals diagnosed with OUD are less likely to be employed compared with other Medicaid enrollees, that their employment tends to be more intermittent, and that they face increased job-separation risk following their initial diagnosis. In addition, commencing treatment with buprenorphine is associated with an increased job-finding rate among nonemployed OUD patients, while commencing methadone treatment is not associated with any significant change in job-finding rates. The job-separation rate and job-finding rate results are based on Cox proportional hazard regressions that control for numerous potential confounding factors. The paper discusses a variety of causal and noncausal explanations for these results in addition to their potential policy implications.","PeriodicalId":219195,"journal":{"name":"Federal Reserve Bank of Boston Research Department Working Papers","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134087001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

What Do 25 Million Records of Small Businesses Say about the Effects of the PPP? 2500万小企业的记录说明了PPP的影响?

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2022-12-20 DOI: 10.29412/res.wp.2022.23

Gustavo Joaquim, J. C. Wang

引用次数: 3

The Main Street Lending Program: Who Borrowed and How Have They Benefited? 主要街道贷款计划:谁贷款，他们如何受益?

Federal Reserve Bank of Boston Research Department Working Papers Pub Date : 2022-12-20 DOI: 10.29412/res.wp.2022.24

J. C. Wang

{"title":"The Main Street Lending Program: Who Borrowed and How Have They Benefited?","authors":"J. C. Wang","doi":"10.29412/res.wp.2022.24","DOIUrl":"https://doi.org/10.29412/res.wp.2022.24","url":null,"abstract":": The Main Street Lending Program (MSLP) was established by the Federal Reserve to supply credit to small and, especially, midsize businesses so they could weather COVID-19 – induced disruptions. This study uses Dun & Bradstreet (D&B) data on the financial condition and overall viability of firms to examine the characteristics of MSLP borrowers and their performance after receiving a loan relative to the performance of their peers. Estimates show that, even when differences in firms' industries and geographic regions are taken into account, a firm was more likely to borrow from the MSLP if it was larger, more active, had a good but not excellent risk score, was hit harder by the pandemic, had received a Paycheck Protection Program (PPP) loan early but was located in a county with a longer delay in PPP lending, operated in a nonessential industry, or was located in a county with fewer community banks. A nontrivial fraction of MSLP borrowers also received second-draw PPP loans in 2021, indicating that they were, in fact, in need of funding. Receiving an MSLP loan improved firms' financial condition progressively and significantly on average, even though it did not lead to significant increases in employment over the year following loan receipt.","PeriodicalId":219195,"journal":{"name":"Federal Reserve Bank of Boston Research Department Working Papers","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133660879","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0