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

Assessing Regulatory Responses to Banking Crises

Evidence suggests banking regulators acted in the public interest in the 1980s, while the regulator for savings and loans did not.

Research Working Paper

The Effect of Housing First Programs on Future Homelessness and Socioeconomic Outcomes

Evidence suggests that the Housing First approach to addressing homelessness generates positive and cost-effective housing and...

Research Working Paper

The Term Structure of Monetary Policy Uncertainty

FOMC announcements transmit to financial markets and the economy not only by changing the expected path of future interest...

Research Working Paper

Supervisory Stringency, Payout Restrictions, and Bank Equity Prices

Pandemic restrictions on bank payouts to shareholders reduced bank stock returns while strengthening bank capital.

Research Working Paper

Shared Destinies? Small Banks and Small Business Consolidation

The futures of small banks and small businesses are connected: when small businesses decline, small banks follow.

Research Working Paper

The Income Share of Energy and Substitution: A Macroeconomic Approach

U.S. producers may be able to substitute other inputs for energy over the long run, allowing the share of GDP spent on energy...

Research Working Paper

Wealth in the Utility Function and Consumption Inequality

Consumers’ desire for wealth as an end in itself leads to a lower real interest rate, a higher equity premium, and greater...

Research Working Paper

Spillovers at the Extremes

More stringent macroprudential regulation increases international bond and equity inflows during risk-on periods as well as...

Research Working Paper

Optimal Age-Based Vaccination and Economic Mitigation Policies for the Second Phase of the COVID-19

Vaccinating older adults against COVID-19 before younger adults reduces deaths and boosts economic activity relative to other...


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