Research Working Papers
Working papers cover a wide range of economic topics, including monetary policy, payment methods, banking and more.
Recent Papers
Complementary Effects of Financial Education and Payday Lending Regulations on Financial Inclusion
Financial education reduces adults’ likelihood of being unbanked, particularly in states where payday lending is also restricted.
Labor Market Dynamics, Monetary Policy Tradeoffs, and a Shortfalls Approach to Maximum Employment
This paper assesses policy strategies that pursue maximum employment by mitigating shortfalls rather than deviations.
Regression Model Selection Under General Conditions
This paper shows that various model selection criteria—an important but debated statistical tool—in fact make similar selections.
Incomplete Information and Irreversible Investment
Firms have incomplete information and investment is irreversible—two frictions that result in the misallocation of capital.
Unconventional Monetary Policy Spillovers and the (In)convenience of Treasuries
When the convenience of U.S. Treasuries wanes, yields are more exposed to large-scale asset purchases by the European Central...
Evaluating Macroeconomic Outcomes Under Asymmetries: Expectations Matter
Household and firm expectations play a key role in determining the effects of asymmetries on macroeconomic outcomes.
Revisiting Adam Smith and the Division of Labor: New Evidence from U.S. Occupational Data, 1860–1940
Historical U.S. data support Adam Smith’s theory that market growth and innovation boost labor specialization and productivity.
Worker and Firm Search in the Labor Market: Evidence from Classified Advertisements
New city-level and national measures of firm and worker job searches offer insight into early 20th-century U.S. labor markets.
What Are Empirical Monetary Policy Shocks? Estimating the Term Structure of Policy News
Monetary policy shocks contain a mixture of information about policy; a new method disentangles their components.