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

Capital Controls and the Global Financial Cycle

Emerging markets have an incentive to tighten capital inflow controls during periods of international financial distress.

Research Working Paper

Shadow Insurance? Money Market Fund Investors and Bank Sponsorship

Investors in prime institutional money market funds paid higher expense ratios and received lower net yields as compensation...

Research Working Paper

Financial Constraints, Sectoral Heterogeneity, and the Cyclicality of Investment

Following monetary policy contractions, firms with financial flexibility take advantage of declining prices for capital goods...

Research Working Paper

Production and Inventory Dynamics under Ambiguity Aversion

Incorporating ambiguity aversion into models of production and inventory dynamics can help explain firms’ investment behavior.

Research Working Paper

From Deviations to Shortfalls: The Effects of the FOMC’s New Employment Objective

A monetary policy that stabilizes employment shortfalls, rather than deviations in employment from its maximum level, leads to...

Research Working Paper

Government Loan Guarantees during a Crisis: The Effect of the PPP on Bank Lending and Profitability

By providing small and midsized firms with forgivable bank loans, the PPP offset declines in bank lending to businesses and...

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