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Research Working Papers

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

Recent Papers

Research Working Paper

Uninsurable Income Risk and the Welfare Effects of Reducing Global Imbalances

Encouraging savings in debtor economies can help balance their current accounts while raising wages globally.

Research Working Paper

Explaining the Life Cycle of Bank-Sponsored Money Market Funds

How banks and regulators react to each other helps explain how the money market fund industry has evolved.

Research Working Paper

Shocks, Frictions, and Policy Regimes: Understanding Inflation after the COVID-19 Pandemic

Fiscal and monetary policies likely contributed to the persistent rise in inflation during the post-pandemic period.

Research Working Paper

The Role of Technology and Energy Substitution in Climate Change Mitigation

Substitution between different production inputs is an important mechanism for climate change mitigation.

Research Working Paper

How Optimal Was U.S. Monetary Policy at the Zero Lower Bound?

Forward guidance and large-scale asset purchases effectively offset disinflationary effects from the zero lower bound.

Research Working Paper

Financing Modes and Lender Monitoring

Can banks and shadow banks coexist in the absence of financial regulation and regulatory arbitrage?

Research Working Paper

Evaluating Local Language Models: An Application to Bank Earnings Calls

We find local large language models useful in analyzing bank earnings calls after the banking stress of early 2023.

Research Working Paper

An Experimental Analysis of Quality Misperception in Food Labels

Consumers’ misperception of labels alters sellers’ strategic responses and can increase quality and total welfare in food markets.

Research Working Paper

Economic Benefits and Social Costs of Legalizing Recreational Marijuana

Economic benefits of legal recreational marijuana are broadly distributed, while costs are more concentrated among individuals.