Research Working Papers
Working papers cover a wide range of economic topics, including monetary policy, payment methods, banking and more.
Recent Papers
Examining the Financial Accelerator: Bank Responses to the 2014 Oil Price Shock
By restricting lending, banks may amplify economic downturns for vulnerable firms.
Asset Purchases in a Monetary Union with Default and Liquidity Risks
Central bank asset purchases can effectively stabilize economic conditions, especially in scenarios of elevated financial stress.
Risk-on/Risk-off: Measuring Shifts in Investor Sentiment
A new measure of investor sentiment outperforms similar measures in forecasting investment activity in emerging markets.
Creative Destruction and the Reallocation of Capital in Rural and Urban Areas
The higher rate of entries and exits among food manufacturing firms in urban versus rural areas has increased over time.
Mismatch Unemployment During COVID-19 and the Post-Pandemic Labor Shortages
During the post-pandemic recovery, sectors with larger mismatch unemployment saw higher growth in labor costs.
Defining Households That Are Underserved in Digital Payment Services
We consider four elements—access, use, safety, and affordability—in our definition of households underserved in digital payments.
Should I Stay or Should I Go? Inter-state Mobility and Earnings Gains of Young College Graduates
Lower earnings gains and higher initial debt help explain why young college graduates are less likely to move across state lines.
Does Risk-Taking Increase or Decrease with Higher Interest Rates?
Interest rates can affect borrowers’ risk-taking indirectly by changing their demand for credit and volume of investment.
Heterogeneity in Household Inflation Expectations and Monetary Policy
A tightening in monetary policy can lower inflation expectations even among households whose expectations are especially high.
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