... Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical c omme nt. The analysis and conclusions set forthare ... Rate DerivativesAs emphasized, for e x ampl e , by Gorton and Rosen [1995], Choi and Elyasiani [1997] and Purnanandam [2007], banks can, and in many cases do, actively use derivatives to alter ... of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other...