Staff Working Papers

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26-26: From Stress to Strategy: How Banks Balance the Scales

Ruben Hipp and Javier Ojea-Ferreiro

26-25: Time-Inconsistent Manager Incentives and Capital Formation

José-Víctor Ríos-Rull, Josef Schroth, Tamon Takamura and Yaz Terajima

26-24: Seeing the Economy through Colored Glasses: Partisanship in Macro and (not in) Micro Expectations

Adrian Monninger, Kyung Woong Koh and Tao Wang

26-23: Monte Carlo Likelihood-Ratio Tests for Markov Switching Models

Gabriel Rodriguez Rondon and Jean-Marie Dufour

26-22: The Price Impact of Canadian Retaliatory Tariffs

Alberto Cavallo, Olena Kostyshyna, Oleksiy Kryvtsov and Matías Vieyra

26-21: Data Externalities, Market Power, and the Optimal Design of Central Bank Digital Currencies

Yuteng Cheng, Jonathan Chiu, Mohammad Davoodalhosseini and Janet Hua Jiang

26-20: Measuring the AI Economy

Anton Korinek and Patrick McKelvey

26-19: Banking Competition and Access to Cash and Retail Banking Services in Rural Canada

Hongyu Xiao, Robert Petrunia and Sarah Lucky

26-18: Optimal Conventional and Unconventional Monetary Policy Mix

Sami Alpanda, Serdar Kabaca and Kostas Mavromatis

26-17: Central Bank Crisis Interventions and the Term Structure of Market Fear

Mattia Bevilacqua, Jon Danielsson, Lerby Ergun, Andreas Uthemann and Jean-Pierre Zigrand

26-16: Climate Change and Socio-economic Inequality in the US

Tatjana Dahlhaus and Barbara Sadaba

26-15: Patterns and Determinants of Global Cryptocurrency Flows

Christian Friedrich and Laura Zhao

26-14: To Tokenize, or Not to Tokenize: The Design Question for a Central Bank Digital Currency

Jonathan Chiu, Cyril Monnet and Oliver Junye Xu

26-13: Inflation vs Inclusion: Stabilization Policy in the Wake of the Pandemic

Felipe Alves and Giovanni L. Violante

26-12: Supply Shocks in the Fog: The Role of Endogenous Uncertainty

Anastasiia Antonova, Mykhailo Matvieiev and Céline Poilly

26-11: Beating the “pros” with a semi-structural model of their own inflation forecasts

Sergio A. Lago Alves, Waldyr Dutra Areosa and Carlos Viana de Carvalho

26-10: Public vs. Private Payment Platforms: Market Impacts and Optimal Policy

Youming Liu, Francisco Rivadeneyra and Edona Reshidi

26-9: The Usage of Security Lending Facilities under Unconventional Monetary Policy: Evidence from Sweden

Marianna Blix Grimaldi, Fabienne Schneider and David Vestin

26-8: Estimation and Inference for Stochastic Volatility Models with Heavy-Tailed Distributions

Gabriel Rodriguez Rondon, Jean-Marie Dufour and Md. Nazmul Ahsan

26-7: MSTest: An R-Package for Testing Markov Switching Models

Gabriel Rodriguez Rondon and Jean-Marie Dufour

26-6: Do Monetary Policy Shocks Affect the Neutral Rate of Interest?

Danilo Leiva-León, Rodrigo Sekkel and Luis Uzeda

26-5: I Am So Tired! I Don’t Know What to Do! Survey Fatigue and Financial Literacy: Results from a Randomized Experiment

Anna Chernesky, Kim P. Huynh and Marcel C. Voia

26-4: Information, Prices and Buyer Entry

Mei Dong, Janet Hua Jiang and Ling Sun

26-3: Monetary Policy Under Okun’s Hypothesis

Felipe Alves and Giovanni Violante

26-2: The Value of Mortgage Choice: Payment Structure and Contract Length

Michael Boutros, Nuno Clara and Katya Kartashova

26-1: Housing and the Long-Term Real Effects of Changes in Trend Inflation

James (Jim) MacGee and Yuxi Yao

25-38: Portfolio Rebalancing Channel and the Effects of Large-Scale Stock and Bond Purchases

Sami Alpanda and Serdar Kabaca

25-37: The Sectoral Origins of Post-Pandemic Inflation

Jan David Schneider

25-36: United in Booms, Divided in Busts: Regional House Price Cycles and Monetary Policy

Ulrich Roschitsch and Hannes Twieling

25-35: Money Talks: AI Agents for Cash Management in Payment Systems

Iñaki Aldasoro and Ajit Desai

25-34: Money Talks: Transaction Costs, the Value of Convenience, and the Cross-Section of Safe Asset Returns

Ragnar Juelsrud, Plamen Nenov, Fabienne Schneider and Olav Syrstad

25-33: Money Talks: How Foreign and Domestic Monetary Policy Communications Move Financial Markets

Rodrigo Sekkel, Henry Stern and Xu Zhang

25-32: A Market-Based Approach to Reverse Stress Testing the Financial System

Javier Ojea Ferreiro

25-31: Uncovering Subjective Models from Survey Expectations

Chenyu Hou and Tao Wang

25-30: Non-homothetic Preferences and the Demand Channel of Inflation

Stephen Murchison

25-29: Demand-Driven Risk Premia in Foreign Exchange and Bond Markets

Ingomar Krohn, Andreas Uthemann, Rishi Vala and Jun Yang

25-28: Risk Scenarios and Macroeconomic Forecasts

Kevin Moran, Dalibor Stevanovic and Stéphane Surprenant

25-27: High-Frequency Cross-Sectional Identification of Military News Shocks

Francesco Amodeo and Edoardo Briganti

25-26: Credit Conditions, Inflation, and Unemployment

Chao Gu, Janet Hua Jiang and Liang Wang

25-25: Financial Shocks and the Output Growth Distribution

Francois-Michel Boire, Thibaut Duprey and Alexander Ueberfeldt

25-24: Short-Run and Long-Run News: Evidence from Giant Commodity Discoveries

Jean-Paul L'Huillier, Kirill Shakhnov and Laure Simon

25-23: Perceived Unemployment Risks over Business Cycles

William Du, Adrian Monninger, Xincheng Qiu and Tao Wang

25-22: Dynamic Consumer Cash Inventory Model

Kim Huynh, Oleksandr Shcherbakov and Andre Stenzel

25-21: Monetary Policy Transmission with Endogenous Central Bank Responses in TANK

Lilia Maliar and Christopher Naubert

25-20: Firm Heterogeneity and Adverse Selection in External Finance: Micro Evidence and Macro Implications

Xing Guo, Pablo Ottonello, Thomas Winberry and Toni Whited

25-19: On-the-run Premia, Settlement Fails, and Central Bank Access

Fabienne Schneider

25-18: On the Programmability and Uniformity of Digital Currencies

Jonathan Chiu and Cyril Monnet

25-17: Correcting Selection Bias in a Non-Probability Two-Phase Payment Survey

Heng Chen and John Tsang

25-16: Incorporating Trip-Chaining to Measuring Canadians’ Access to Cash

Heng Chen and Hongyu Xiao

25-15: The Optimum Quantity of Central Bank Reserves

Jonathan Witmer