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Research Working Papers

Working papers cover a wide range of economic topics, including monetary policy, payment methods, banking and more.

Recent Papers

Research Working Paper

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.

Research Working Paper | Banking and Finance | Monetary Policy | Payments | Quantitative Methods
Research Working Paper

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.

Research Working Paper | Macroeconomics | Monetary Policy
Research Working Paper

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.

Research Working Paper | Quantitative Methods
Research Working Paper

Incomplete Information and Irreversible Investment

Firms have incomplete information and investment is irreversible—two frictions that result in the misallocation of capital.

Research Working Paper | Macroeconomics | Quantitative Methods
Research Working Paper

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...

Research Working Paper | Banking and Finance | Data and Trends | International | Quantitative Methods
Research Working Paper

Evaluating Macroeconomic Outcomes Under Asymmetries: Expectations Matter

Household and firm expectations play a key role in determining the effects of asymmetries on macroeconomic outcomes.

Research Working Paper | Macroeconomics | Monetary Policy
Research Working Paper

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.

Research Working Paper | Labor and Demographics
Research Working Paper

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.

Research Working Paper | Data and Trends | Labor and Demographics | Macroeconomics
Research Working Paper

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.

Research Working Paper | Macroeconomics | Monetary Policy
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