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Research Working Papers

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

Recent Papers

Research Working Paper

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.

Research Working Paper

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.

Research Working Paper

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.

Research Working Paper

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

Research Working Paper

Leaning Against the Data: Policymaker Communications under State-Based Forward Guidance

Policymakers tended to downplay positive economic data after state-based forward guidance was put in place.

Research Working Paper

Downward Wage Rigidities and Recession Dynamics in Advanced and Emerging Economies

Cross-country evidence suggests that wage rigidity leads to employment contractions and lower output during recessions.

Research Working Paper

Credit Guarantee and Fiscal Costs

A government guarantee on infrastructure investment can raise non-performing loans and dampen economic activity in the near term.

Research Working Paper

Foreign Reserve Management and U.S. Money Market Liquidity: A Cost of Exorbitant Privilege

During periods of market stress, foreign use of the dollar as a reserve currency can lead to illiquidity in U.S. money markets.

Research Working Paper

Attention Allocation and Heterogenous Consumption Responses

Differences in households’ risk assessments help explain differences in households’ consumption responses during the Great...

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