Working Papers

From Federal Reserve Bank of Dallas
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2220: The Electric Ceiling: Limits and Costs of Full Electrification

James Bushnell and David Rapson

2219: Nonlinear Budget Set Regressions for the Random Utility Model

Sören Blomquist, Anil Kumar, Che-Yuan Liang and Whitney Newey

2218: Central Bank Digital Currency: Financial Inclusion vs. Disintermediation

Jeremie Banet and Lucie Lebeau

2217: A Rescue or a Trap?—An Analysis of Parent PLUS Student Loans

Wenhua Di, Carla Fletcher and Jeff Webster

2216: Consumption and Hours in the United States and Europe

Lei Fang and Fang Yang

2215: Operational Loss Recoveries and the Macroeconomic Environment: Evidence from the U.S. Banking Sector

W Frame, Nika Lazaryan, Ping McLemore and Atanas Mihov

2214: Are Equity Option Returns Abnormal? IPCA Says No

Amit Goyal and Alessio Saretto

2213: Interest Rate Surprises: A Tale of Two Shocks

Ricardo Nunes, Ali Ozdagli and Jenny Tang

2212: Uncertainty, Stock Prices and Debt Structure: Evidence from the U.S.-China Trade War

Ali Ozdagli and Jianlin Wang

2211: Heterogeneity and the Effects of Aggregation on Wage Growth

Robert Rich and Joseph Tracy

2210: Demographic Transition, Industrial Policies and Chinese Economic Growth

Michael Dotsey, Wenli Li and Fang Yang

2209: Audit Partners and Loan Loss Provisioning: Evidence from U.S. Bank Holding Companies

Gauri Bhat, Hemang Desai, Christoffer Koch, Erik J. Mayer and Nitzan Tzur-Ilan

2208: A Robust Test for Weak Instruments for 2SLS with Multiple Endogenous Regressors

Daniel Lewis and Karel Mertens

2207: The Impact of Minority Representation at Mortgage Lenders

W Frame, Ruidi Huang, Erik J. Mayer and Adi Sunderam

2206: How Do Mortgage Rate Resets Affect Consumer Spending and Debt Repayment? Evidence from Canadian Consumers

Katya Kartashova and Xiaoqing Zhou

2205: When Do State-Dependent Local Projections Work?

Silvia Goncalves, Ana María Herrera, Lutz Kilian and Elena Pesavento

2204: Dynamic Identification Using System Projections on Instrumental Variables

Daniel Lewis and Karel Mertens

2203: Financial Technology and the Transmission of Monetary Policy: The Role of Social Networks

Xiaoqing Zhou

2202: Endogenous Option Pricing

Andrea Gamba and Alessio Saretto

2201: The Matching Function and Nonlinear Business Cycles

Joshua Bernstein, Alexander Richter and Nathaniel Throckmorton

2117: Comment on Giacomini, Kitagawa and Read's 'Narrative Restrictions and Proxies'

Lutz Kilian

2116: The Impact of Rising Oil Prices on U.S. Inflation and Inflation Expectations in 2020-23

Lutz Kilian and Xiaoqing Zhou

2115: Empirical Bayes Control of the False Discovery Exceedance

Pallavi Basu, Luella Fu, Alessio Saretto and Wenguang Sun

2114: Wealth Inequality and Return Heterogeneity During the COVID-19 Pandemic

Katya Kartashova and Xiaoqing Zhou

2113: Bargaining Under Liquidity Constraints: Nash vs. Kalai in the Laboratory

John Duffy, Lucie Lebeau and Daniela Puzzello

2112: The Local Fiscal Multiplier of Intergovernmental Grants: Evidence from Federal Medicaid Assistance to States

Seth Giertz and Anil Kumar

2111: Wage Setting Under Targeted Search

Anton Cheremukhin and Paulina Restrepo-Echavarria

2110: Household Inflation Expectations and Consumer Spending: Evidence from Panel Data

Mary Burke and Ali Ozdagli

2109: Countercyclical Fluctuations in Uncertainty are Endogenous

Joshua Bernstein, Michael Plante, Alexander Richter and Nathaniel Throckmorton

2108: Container Trade and the U.S. Recovery

Lutz Kilian, Nikos Nomikos and Xiaoqing Zhou

2107: Conspicuous Consumption: Vehicle Purchases by Non-Prime Consumers

Wenhua Di and Yichen Su

2106: Nonlinear Search and Matching Explained

Joshua Bernstein, Alexander Richter and Nathaniel Throckmorton

2105: Paycheck Protection Program: County-Level Determinants and Effect on Unemployment

Pavel Kapinos

2104: How Foreign- and U.S.-Born Latinos Fare During Recessions and Recoveries

Pia Orrenius and Madeline Zavodny

2103: Mortgage Borrowing and the Boom-Bust Cycle in Consumption and Residential Investment

Xiaoqing Zhou

2102: Dry Bulk Shipping and the Evolution of Maritime Transport Costs, 1850-2020

David Jacks and Martin Stuermer

2101: How the New Fed Municipal Bond Facility Capped Muni-Treasury Yield Spreads in the COVID-19 Recession

Michael Bordo and John Duca

2031: The Labor Market Impact of a Pandemic: Validation and Application of a Do-It-Yourself CPS

Alexander Bick and Adam Blandin

2030: The Role of the Prior in Estimating VAR Models with Sign Restrictions

Atsushi Inoue and Lutz Kilian

2029: How New Fed Corporate Bond Programs Dampened the Financial Accelerator in the COVID-19 Recession

Michael Bordo and John Duca

2028: The Geography of Jobs and the Gender Wage Gap

Sitian Liu and Yichen Su

2027: Understanding the Estimation of Oil Demand and Oil Supply Elasticities

Lutz Kilian

2026: The Business Cycle Mechanics of Search and Matching Models

Joshua Bernstein, Alexander Richter and Nathaniel Throckmorton

2025: Oil Prices, Gasoline Prices and Inflation Expectations: A New Model and New Facts

Lutz Kilian and Xiaoqing Zhou

2024: The Impact of the COVID-19 Pandemic on the Demand for Density: Evidence from the U.S. Housing Market

Sitian Liu and Yichen Su

2023: Haste Makes Waste: Banking Organization Growth and Operational Risk

W Frame, Ping McLemore and Atanas Mihov

2022: Joint Bayesian Inference about Impulse Responses in VAR Models

Atsushi Inoue and Lutz Kilian

2021: The Shale Revolution and the Dynamics of the Oil Market

Nathan Balke, Xin Jin and Mine Yucel

2020: Quantitative Easing and Agency MBS Investment and Financing Choices by Mortgage REITs

W Frame and Eva Steiner

2019: Impulse Response Analysis for Structural Dynamic Models with Nonlinear Regressors

Silvia Goncalves, Ana María Herrera, Lutz Kilian and Elena Pesavento