The Size of U.S. Metropolitan Areas
By McKenzie Humann and Jordan Rappaport
RWP 21-02, May 2021

The gradual unwinding of the Federal Reserve’s balance sheet from 2017 to 2019 tightened financial conditions, though this tightening did not simply manifest as a reversal of the effects of the original balance sheet expansion.

Local Projections, Autocorrelation, and Efficiency
By Amaze Lusompa
RWP 21-01, March 2021

A more accurate estimator of causal effects may help economists better evaluate how monetary policy affects the economy.