Latest Research

Money, Growth, and Welfare in a Schumpeterian Model with the Spirit of Capitalism

By Qinchun He, Yulei Luo, Jun Nie and Heng-fu Zou
November 09, 2020 | Research Working Paper
A new model incorporating the spirit of capitalism shows higher nominal interest rates could promote economic growth in the long run.

Death of Coal and Breath of Life: The Effect of Power Plant Closure on Local Air

By Jason P. Brown and Colton Tousey
October 15, 2020 | Research Working Paper
The closure of a coal-fired power plant reduces local air pollution and mortality probabilities with an estimated local benefit of $1 to $4 billion.

Deciphering Federal Reserve Communication via Text Analysis of Alternative FOMC Statements

By Taeyoung Doh, Dongho Song and Shu-Kuei Yang
October 15, 2020 | Research Working Paper
A new text-analysis method finds that the wording of FOMC statements can have significant effects on financial markets.

Household Financial Distress and the Burden of “Aggregate” Shocks

By Kartik Athreya, Ryan Mather, José Mustre-del-Río and Juan M. Sánchez
October 05, 2020 | Research Working Paper
Accounting for household financial distress helps explain large regional differences in spending responses during recessions.

Fiscal Implications of Interest Rate Normalization in the United States

By Huixin Bi, Wenyi Shen and Shu-Chun S. Yang
October 02, 2020 | Research Working Paper
Interest rate normalization is unlikely to pose an immediate threat to U.S. government debt sustainability at the current level of 90 to 100 percent of GDP.
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