Research Working Papers
Working papers covering a wide range of economic topics, including monetary policy, payment methods, banking and more.
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.
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.
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.
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.
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
Leaning Against the Data: Policymaker Communications under State-Based Forward Guidance
Policymakers tended to downplay positive economic data after state-based forward guidance was put in place.
Downward Wage Rigidities and Recession Dynamics in Advanced and Emerging Economies
Cross-country evidence suggests that wage rigidity leads to employment contractions and lower output during recessions.
Credit Guarantee and Fiscal Costs
A government guarantee on infrastructure investment can raise non-performing loans and dampen economic activity in the near term.
Foreign Reserve Management and U.S. Money Market Liquidity: A Cost of Exorbitant Privilege
During periods of market stress, foreign use of the dollar as a reserve currency can lead to illiquidity in U.S. money markets.
To receive email alerts for Research Working Papers and other research publications, External Linksubscribe here.