Steven A. Sharpe

Board of Governors of the Federal Reserve System

Senior Adviser, Economic Program Direction

20th Street and Constitution Avenue NW

Washington, DC 20551

United States

SCHOLARLY PAPERS

32

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9,725

SSRN CITATIONS
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Top 6,581

in Total Papers Citations

146

CROSSREF CITATIONS

66

Scholarly Papers (32)

1.

Stock Prices, Expected Returns, and Inflation

Number of pages: 46 Posted: 17 Apr 1999
Steven A. Sharpe
Board of Governors of the Federal Reserve System
Downloads 1,942 (13,138)
Citation 8

Abstract:

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Did Pension Plan Accounting Contribute to a Stock Market Bubble?

Number of pages: 46 Posted: 02 Oct 2003
Julia Lynn Coronado and Steven A. Sharpe
Federal Reserve Board - Division of Research and Statistics and Board of Governors of the Federal Reserve System
Downloads 848 (43,876)
Citation 13

Abstract:

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Pension, accounting, firm valuation, bubble, stock market

3.

Share Repurchases and Employee Stock Options and Their Implications for S&P 500 Share Retirements and Expected Returns

Board of Governors of the Federal Reserve System Finance and Economics Working Paper No. 99-59
Number of pages: 20 Posted: 01 Mar 2000
Nellie Liang and Steven A. Sharpe
Brookings Institution and Board of Governors of the Federal Reserve System
Downloads 837 (45,284)
Citation 22

Abstract:

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Share repurchases, stock options, expected returns

4.

Reexamining Stock Valuation and Inflation: The Implications of Analysts' Earnings Forecasts

Number of pages: 44 Posted: 15 Aug 2001
Steven A. Sharpe
Board of Governors of the Federal Reserve System
Downloads 693 (58,352)
Citation 23

Abstract:

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Inflation; Stock returns; Equity premium; Price-earnings ratio

How Did the 2003 Dividend Tax Cut Affect Stock Prices and Corporate Payout Policy?

FEDs Working Paper No. 2005-57
Number of pages: 28 Posted: 05 Jan 2006
Gene Amromin, Paul Harrison, Nellie Liang and Steven A. Sharpe
Federal Reserve Bank of Chicago, Federal Reserve Board - Division of Research & Statistics, Brookings Institution and Board of Governors of the Federal Reserve System
Downloads 680 (58,996)
Citation 9

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Dividends, capital taxation, share repurchases, executive compensation

6.

The Insensitivity of Investment to Interest Rates: Evidence from a Survey of Cfos

FEDS Working Paper No. 2014-2
Number of pages: 49 Posted: 31 May 2017
Steven A. Sharpe and Gustavo Suarez
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 569 (75,203)

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Expectations of Risk and Return Among Household Investors: Are Their Sharpe Ratios Countercyclical?

Number of pages: 43 Posted: 15 Jan 2009 Last Revised: 10 May 2009
Gene Amromin and Steven A. Sharpe
Federal Reserve Bank of Chicago and Board of Governors of the Federal Reserve System
Downloads 513 (84,500)
Citation 22

Abstract:

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Equity premium, investor survey, investor expectations, time-varying expected returns

Do Nonfinancial Firms Use Interest Rate Derivatives to Hedge?

Finance and Economics Discussion Series Paper No. 2005-39
Number of pages: 28 Posted: 26 Oct 2005
Daniel M. Covitz and Steven A. Sharpe
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 472 (93,624)
Citation 3

Abstract:

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Derivatives, risk management, debt maturity

9.

How Does the Market Interpret Analysts' Long-Term Growth Forecasts?

Number of pages: 25 Posted: 11 Feb 2002
Steven A. Sharpe
Board of Governors of the Federal Reserve System
Downloads 468 (95,418)
Citation 8

Abstract:

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Stock returns, Equity premium, Price-earnings ratio, Earnings growth

10.

The Near-Term Forward Yield Spread as a Leading Indicator: A Less Distorted Mirror

FEDS Working Paper No. 2018-55
Number of pages: 11 Posted: 20 Aug 2018 Last Revised: 03 Apr 2019
Eric Engstrom and Steven A. Sharpe
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 404 (113,323)
Citation 4

Abstract:

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Policy path, recession forecasts, yield spreads, Monetary policy

Footnotes Aren't Enough: The Impact of Pension Accounting on Stock Values

FEDS Working Paper No. 2008-04
Number of pages: 28 Posted: 15 Jan 2009
University of Pennsylvania - The Wharton School, Board of Governors of the Federal Reserve System, University of Pennsylvania - The Wharton School and Barclays Capital
Downloads 309 (151,102)
Citation 3

Abstract:

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Pension assets, pension accounting, value-relevance, FAS 87

Footnotes Aren't Enough: The Impact of Pension Accounting on Stock Values

NBER Working Paper No. w13726
Number of pages: 27 Posted: 11 Jan 2008 Last Revised: 02 Jan 2023
Barclays Capital, University of Pennsylvania - The Wharton School, Board of Governors of the Federal Reserve System and University of Pennsylvania - The Wharton School
Downloads 80 (466,712)

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12.
Downloads 334 (140,034)
Citation 6

How Did the 2003 Dividend Tax Cut Affect Stock Prices?

Finance and Economics Discussion Paper No. 2005-61
Number of pages: 33 Posted: 09 Jan 2006
Gene Amromin, Paul Harrison and Steven A. Sharpe
Federal Reserve Bank of Chicago, Federal Reserve Board - Division of Research & Statistics and Board of Governors of the Federal Reserve System
Downloads 170 (268,969)
Citation 3

Abstract:

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Dividends, capital taxation

How Did the 2003 Dividend Tax Cut Affect Stock Prices?

FRB of Chicago Working Paper No. 2006-17
Number of pages: 41 Posted: 11 Dec 2006
Gene Amromin, Steven A. Sharpe and Paul Harrison
Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System and Barclays Global Investors (BGI)
Downloads 164 (277,385)
Citation 4

Abstract:

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dividends, capital taxation

13.

Why Isn't Investment More Sensitive to Interest Rates: Evidence from Surveys

Number of pages: 48 Posted: 01 Oct 2015
Steven A. Sharpe and Gustavo Suarez
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 307 (153,054)
Citation 5

Abstract:

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Investment, interest rates, hurdle rates

14.

Getting Bad News Out Early: Does it Really Help Stock Prices?

FEDS Research Paper
Number of pages: 42 Posted: 13 Jan 2004
Chris Downing and Steven A. Sharpe
BlackRock and Board of Governors of the Federal Reserve System
Downloads 272 (173,578)

Abstract:

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Analyst forecasts, earnings management, expectations management

From the Horse's Mouth: How Do Investor Expectations of Risk and Return Vary with Economic Conditions?

FRB of Chicago Working Paper No. 2012-08
Number of pages: 40 Posted: 02 Dec 2012
Gene Amromin and Steven A. Sharpe
Federal Reserve Bank of Chicago and Board of Governors of the Federal Reserve System
Downloads 249 (188,774)
Citation 62

Abstract:

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expected returns, household investors, economic conditions

16.

From the Horse's Mouth: Gauging Conditional Expected Stock Returns from Investor Survey

AFA 2006 Boston Meetings Paper
Number of pages: 47 Posted: 25 Mar 2005
Gene Amromin and Steven A. Sharpe
Federal Reserve Bank of Chicago and Board of Governors of the Federal Reserve System
Downloads 229 (205,373)
Citation 6

Abstract:

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expected returns, investor surveys

17.

What'S the Story? A New Perspective on the Value of Economic Forecasts

FEDS Working Paper No. 2017-107
Number of pages: 58 Posted: 05 Nov 2017 Last Revised: 29 Apr 2020
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 161 (281,371)

Abstract:

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18.

The Power of Narratives in Economic Forecasts

FEDS Working Paper No. 2020-1
Number of pages: 54 Posted: 14 May 2020
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and University of Michigan at Ann Arbor
Downloads 137 (320,623)

Abstract:

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19.

From the Horse's Mouth: Gauging Conditional Expected Stock Returns from Investor Surveys

Number of pages: 47 Posted: 26 Feb 2005
Gene Amromin and Steven A. Sharpe
Federal Reserve Bank of Chicago and Board of Governors of the Federal Reserve System
Downloads 95 (415,777)
Citation 3

Abstract:

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Leverage as a State Variable for Employment, Inventory Accumulation, Andfixed Investment

NBER Working Paper No. w4800
Number of pages: 36 Posted: 29 Dec 2003 Last Revised: 13 Feb 2022
Columbia University - Columbia Business School, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Board of Governors of the Federal Reserve System
Downloads 52 (585,578)

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Leverage as a State Variable for Employment, Inventory Accumulation, and Fixed Investment

Posted: 20 Dec 1998
Columbia University - Columbia Business School, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Board of Governors of the Federal Reserve System

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21.

Crowding Out Effects of Refinancing on New Purchase Mortgages

FEDS Working Paper No. 2015-017, http://dx.doi.org/10.17016/FEDS.2015.017
Number of pages: 46 Posted: 21 Apr 2015
Steven A. Sharpe and Shane M. Sherlund
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 37 (656,177)
Citation 7

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Mortgages and credit, capacity constraint, refinancing

22.

Hostile Takeovers and Expropriation of Extramarginal Wages: A Test

NBER Working Paper No. w4101
Number of pages: 55 Posted: 15 Jan 2007 Last Revised: 17 Sep 2022
David Neumark and Steven A. Sharpe
University of California, Irvine - Department of Economics and Board of Governors of the Federal Reserve System
Downloads 37 (656,177)

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23.

(Don't Fear) the Yield Curve, Reprise

FEDS Notes No. 2022-03-25
Posted: 12 Apr 2022
Eric Engstrom and Steven A. Sharpe
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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24.

Macroeconomic News and Stock Prices over the FOMC Cycle

FEDS Notes No. 2020-10-14-1 https://doi.org/10.17016/2380-7172.2745
Posted: 21 Oct 2020
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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25.

The Corporate Bond Market Crises and the Government Response

FEDS Notes No. 2020-10-07-2 https://doi.org/10.17016/2380-7172.2769
Posted: 14 Oct 2020
Steven A. Sharpe and Xing (Alex) Zhou
Board of Governors of the Federal Reserve System and Southern Methodist University (SMU) - Edwin L. Cox School of Business

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26.

(Don'T Fear) the Yield Curve

FEDS Notes No. 2018-06-28
Posted: 06 Jul 2018 Last Revised: 25 Jun 2020
Eric Engstrom and Steven A. Sharpe
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

Abstract:

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27.

Do CFOs Think Investment is Sensitive to Interest Rates?

FEDS Notes No. 2013-09-26-2 https://doi.org/10.17016/2380-7172.0002
Posted: 17 Dec 2013
Steven A. Sharpe and Gustavo Suarez
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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28.

Optimal Bank Portfolios and the Credit Crunch

Posted: 10 Sep 1999
S. Wayne Passmore and Steven A. Sharpe
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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29.

Capital Market Imperfections and the Incentive to Lease

Posted: 03 Aug 1999
Steven A. Sharpe and Hien H. Nguyen
Board of Governors of the Federal Reserve System and affiliation not provided to SSRN

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30.

Bank Capitalization, Regulation, and the Credit Crunch: A Critical Review of the Research Findings

Posted: 25 Aug 1998
Steven A. Sharpe
Board of Governors of the Federal Reserve System

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Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization in Private Debt Contracting

Posted: 30 Apr 1998
Mitch Post, Steven A. Sharpe and Mark Carey
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization in Private Debt Contracting

Posted: 10 Aug 1998
Mitch Post, Steven A. Sharpe and Mark Carey
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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32.

Debt Maturity and the Use of Interest Rate Derivatives by Nonfinancial Firms

Posted: 31 Oct 1996
George W. Fenn, Mitch Post and Steven A. Sharpe
Cambridge Finance Partners, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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