Research Working Papers
Working papers cover a wide range of economic topics, including monetary policy, payment methods, banking and more.
Recent Papers
Monetary Policy Transmission, Bank Market Power, and Income Source
Banks can maintain lower deposit rates due to market power in financial services.
A Better Delineation of U.S. Metropolitan Areas
A new way to delineate U.S. metropolitan areas better matches common-sense perceptions of areas within which people travel daily.
The Passthrough of Agricultural Commodity Prices to Food Prices
Agricultural commodities prices have had a small and uncertain effect on changes in food prices at least since 2008.
Maintaining the Anchor: An Evaluation of Inflation Targeting in the Face of COVID-19
Globally, central banks prevented high inflation post-pandemic from becoming embedded in inflation expectations.
Examining the Financial Accelerator: Bank Responses to the 2014 Oil Price Shock
By restricting lending, banks may amplify economic downturns for vulnerable firms.
Asset Purchases in a Monetary Union with Default and Liquidity Risks
Central bank asset purchases can effectively stabilize economic conditions, especially in scenarios of elevated financial stress.
Risk-on/Risk-off: Measuring Shifts in Investor Sentiment
A new measure of investor sentiment outperforms similar measures in forecasting investment activity in emerging markets.
Creative Destruction and the Reallocation of Capital in Rural and Urban Areas
The higher rate of entries and exits among food manufacturing firms in urban versus rural areas has increased over time.
Mismatch Unemployment During COVID-19 and the Post-Pandemic Labor Shortages
During the post-pandemic recovery, sectors with larger mismatch unemployment saw higher growth in labor costs.