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Atlanta Fed Working Papers

The Research Department of the Federal Reserve Bank of Atlanta publishes a working paper series to convey the research of staff economists and visiting scholars and stimulate professional discussion and exploration of economic and financial subjects.


The Effect of Large Investors on Asset Quality: Evidence from Subprime Mortgage Securities
Manuel Adelino, W. Scott Frame, and Kristopher S. Gerardi
Working Paper 2014-4 (April)
How did the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac influence the risk characteristics and prices of deals involving subprime private-label mortgage-backed securities? The authors find that mortgage pools involving the GSEs performed better during the financial crisis than similar pools without the GSEs' involvement.

Trimmed-Mean Inflation Statistics: Just Hit the One in the Middle
Brent Meyer and Guhan Venkatu
Working Paper 2014-3 (March)
Investigating trimmed-means inflation measures, the authors explore whether a particular measure dominates the median consumer price index. Using an equality of prediction test, they find that a large swath of trimmed means have statistically indistinguishable performance.

Human Capital Dynamics and the U.S. Labor Market
Lei Fang and Jun Nie
Working Paper 2014-2 (February)
The authors explore the impact of shocks, unemployment insurance, and human capital dynamics on the unemployment rate in the Great Recession. They emphasize the importance of workers' and firms' endogenous responses to these factors.

Inference Based on SVARs Identified with Sign and Zero Restrictions: Theory and Applications
Jonas E. Arias, Juan F. Rubio-Ramírez, and Daniel F. Waggoner
Working Paper 2014-1 (February)
Some recent research shows that optimism shocks are an important source of business cycle fluctuations and deficit-financed tax cuts are better than deficit-financed spending for increasing output. The authors' new methodology does not support these results.

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