Research Working Papers
Working papers cover a wide range of economic topics, including monetary policy, payment methods, banking and more.
Recent Papers
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.
Measuring the Spectrum of Occupational Emissions
A new data-driven approach reveals which occupations are most exposed to shifts in the energy mix.
The Optimal Monetary Policy Response to Belief Distortions: Model-Free Evidence
Data suggest that monetary policy should ease to offset inflation over-pessimism among households.
A Comparison of Daily and Intradaily Monetary Policy Surprises
Daily data can be a reasonable substitute for intraday data in measuring the effects of monetary policy announcements, with some a