Research Working Papers
Working papers covering a wide range of economic topics, including monetary policy, payment methods, banking and more.
R&D Capital and the Idea Production Function
Developing new ideas requires not only researchers but also R&D capital—that is, targeted investment in research equipment.
Janus’s Money Demand and Time Inconsistency: A New Impossibility Theorem?
A new model of money demand incorporates consumers’ past and future habits to shed light on time inconsistency in monetary policy.
Restricting landlords’ ability to evict may reduce housing supply, so paying delinquent tenants’ rent is a better policy.
The Missing Tail Risk in Option Prices
Investors in the oil market consistently underestimate the likelihood of very low oil prices.
Employer Credit Checks: Poverty Traps versus Matching Efficiency
Banning pre-employment credit screening may help people improve bad credit scores but may reduce firms’ overall productivity.
Unconventional Monetary Policy and Local Fiscal Policy
Central bank municipal bond purchases increase private investment but have muted effects on state and local government spending.
Prior Fraud Exposure and Precautionary Credit Market Behavior
After the Equifax data breach, consumers with prior exposure to fraud were more likely to take precautions in the credit market.
The Economic Effects of a Rapid Increase in the Minimum Wage: Evidence from South Korea Experiments
Evidence from South Korea suggests that the pace of a minimum wage increase may determine the magnitude of the employment effects.
Immigration Disruptions and the Wages of Unskilled Labor in the 1920s
Restrictions in the 1920s substantially reduced immigration, pushing up wages in industries and regions dependent on immigrant lab
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