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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

R&D Capital and the Idea Production Function

Developing new ideas requires not only researchers but also R&D capital—that is, targeted investment in research equipment.

Research Working Paper

Janus’s Money Demand and Time Inconsistency: A New Impossibility Theorem?

A new model of money demand incorporates consumers’ past and future habits to shed light on time inconsistency in monetary policy.

Research Working Paper

Equilibrium Evictions

Restricting landlords’ ability to evict may reduce housing supply, so paying delinquent tenants’ rent is a better policy.

Research Working Paper

The Missing Tail Risk in Option Prices

Investors in the oil market consistently underestimate the likelihood of very low oil prices.

Research Working Paper

Employer Credit Checks: Poverty Traps versus Matching Efficiency

Banning pre-employment credit screening may help people improve bad credit scores but may reduce firms’ overall productivity.

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

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