Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
Contact information at EDIRC.
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2023-066: Flood Risk Mapping and the Distributional Impacts of Climate Information

Joakim A. Weill

2023-065: Labor Market Discrimination and the Racial Unemployment Gap: Can Monetary Policy Make a Difference?

Isabel Cairo and Avi Lipton

2023-064: On the Negatives of Negative Interest Rates

Aleksander Berentsen, Romina Ruprecht and Hugo van Buggenum

2023-063: Current Expected Credit Losses (CECL) Standard and Banks' Information Production

Sehwa Kim, Seil Kim, Anya V. Kleymenova and Rongchen Li

2023-062: A Theory of Safe Asset Creation, Systemic Risk, and Aggregate Demand

Levent Altinoglu

2023-061: The Swaps Strike Back: Evaluating Expectations of One-Year Inflation

Colin Campbell, Anthony M. Diercks, Steven Sharpe and Daniel Soques

2023-060: Tokenization: Overview and Financial Stability Implications

Francesca Carapella, Grace Chuan, Jacob Gerszten and Nathan Swem

2023-059: Data Privacy for Digital Asset Systems

Jillian Mascelli

2023-058: Are Real Assets Owners Less Averse to Inflation? Evidence from Consumer Sentiments and Inflation Expectations

Geng Li and Nitish R. Sinha

2023-057: An Overview of Personal Loans in the U.S

Jessica N. Flagg and Simona Hannon

2023-056: FinTech and Banks: Strategic Partnerships That Circumvent State Usury Laws

Gregory E. Elliehausen and Simona Hannon

2023-055r1: Systemic Credit Risk Premium: Insights from Credit Derivatives Markets

Kiwoong Byun, Baeho Kim and Dong Hwan Oh

2023-054r1: Options on Interbank Rates and Implied Disaster Risk

Hitesh Doshi, Hyung Joo Kim and Sang Byung Seo

2023-053: The Pricing Kernel in Options

Steven Heston, Kris Jacobs and Hyung Joo Kim

2023-052: Can Measurement Error Explain Slow Productivity Growth in Construction?

Daniel Garcia and Raven S. Molloy

2023-051: Sticky Leverage: Comment

Andrea Ajello, Ander Pérez-Orive and Bálint Szőke

2023-050: Disclosure Regulation, Intangible Capital and the Disappearance of Public Firms

Sara Casella, Hanbaek Lee and Sergio Villalvazo

2023-049: Why Does the Yield Curve Predict GDP Growth? The Role of Banks

Camelia Minoiu, Andrés Schneider and Min Wei

2023-048: Your Friends, Your Credit: Social Capital Measures Derived from Social Media and the Credit Market

Jesse Bricker and Geng Li

2023-047: Affording Degree Completion: An Experimental Study of Completion Grants at Accessible Public Universities

Christine Baker-Smith, Kallie Clark, Sara Goldrick-Rab, Christel Perkins, Douglas Webber and Travis T. York

2023-046: Termination of SNAP Emergency Allotments, Food Sufficiency, and Economic Hardships

Kabir Dasgupta and Alexander Plum

2023-045: Aggregate Implications of Deviations from Modigliani-Miller: A Sufficient Statistics Approach

Robert Kurtzman and David Zeke

2023-044: Interconnected DeFi: Ripple Effects from the Terra Collapse

Anton Badev and Cy Watsky

2023-043: College Networks and Re-employment of Displaced Workers

Ben Ost, Weixiang Pan and Douglas Webber

2023-042: A Comprehensive Empirical Evaluation of Biases in Expectation Formation

Kenneth Eva and Fabian Winkler

2023-041: End of an Era: The Coming Long-Run Slowdown in Corporate Profit Growth and Stock Returns

Michael Smolyansky

2023-040: Finite-State Markov-Chain Approximations: A Hidden Markov Approach

Eva F. Janssens and Sean McCrary

2023-039: The FOMC's Use of Operational Targets: 85 Years and Counting

Jeff W. Huther, Kevin F. Kiernan, Elizabeth Klee and Ethan Rodriguez-Shah

2023-038: Inflation and Real Activity over the Business Cycle

Francesco Bianchi, Giovanni Nicolo and Dongho Song

2023-037: Firm Financial Conditions and the Transmission of Monetary Policy

Thiago Revil T. Ferreira, Daniel Ostry and John Rogers

2023-036: Fed Communication, News, Twitter, and Echo Chambers

Bennett Schmanski, Chiara Scotti and Clara Vega

2023-035: Measuring Job Loss during the Pandemic Recession in Real Time with Twitter Data

Anbar Aizenman, Connor M. Brennan, Tomaz Cajner, Cynthia Doniger and Jacob Williams

2023-034: More than Words: Twitter Chatter and Financial Market Sentiment

Andrea Ajello, Diego Silva, Travis Adams and Francisco Vazquez-Grande

2023-033r1: Optimal Bidder Selection in Clearing House Default Auctions

Rodney Garratt, David Murphy, Travis Nesmith and Xiaopeng Wu

2023-032r1: Recovery of 1933

Margaret Jacobson, Eric Leeper and Bruce Preston

2023-031: The Dual U.S. Labor Market Uncovered

Hie Joo Ahn and Bart Hobijn

2023-030: Endogenous Bargaining Power and Declining Labor Compensation Share

Juan Cordoba, Anni T. Isojärvi and Haoran Li

2023-029: A Financial Stress Index for a Small Open Economy: The Australian Case

Pedro Gomis-Porqueras, Romina Ruprecht and Xuan Zhou

2023-028: The Effects of Volatility on Liquidity in the Treasury Market

Andrew Meldrum and Oleg Sokolinskiy

2023-027: Financial and Macroeconomic Data Through the Lens of a Nonlinear Dynamic Factor Model

Pablo Guerron, Alexey Khazanov and Molin Zhong

2023-026: Less Bank Regulation, More Non-Bank Lending

Mary Chen, Seung Jung Lee, Daniel Neuhann and Farzad Saidi

2023-025: Implications of Student Loan COVID-19 Pandemic Relief Measures for Families with Children

Sarena Goodman, Simona Hannon, Adam Isen and Alvaro Mezza

2023-024: The Role of Property Assessment Oversight in School Finance Inequality

Alex Combs and Erin Troland

2023-023: Workplace Automation and Corporate Liquidity Policy

Jessie Wang

2023-022: The Role of Wages in Trend Inflation: Back to the 1980s?

Michael Kiley

2023-021: Stressed Banks? Evidence from the Largest-Ever Supervisory Review

Puriya Abbassi, Rajkamal Iyer, Jose-Luis Peydro and Paul E. Soto

2023-020: It's Not Who You Know—It's Who Knows You: Employee Social Capital and Firm Performance

DuckKi Cho, Lyungmae Choi and Jessie Wang

2023-019: The Long-Run Real Effects of Banking Crises: Firm-Level Investment Dynamics and the Role of Wage Rigidity

Carlo Wix

2023-018: Private Equity and Debt Contract Enforcement: Evidence from Covenant Violations

Sharjil Haque and Anya V. Kleymenova

2023-017: Racial Unemployment Gaps and the Disparate Impact of the Inflation Tax

Mohammed Ait Lahcen, Garth Baughman and Hugo van Buggenum

2023-016: Contagion in Debt and Collateral Markets

Jin-Wook Chang and Grace Chuan

2023-015: Breaks in the Phillips Curve: Evidence from Panel Data

Jonathan Wright

2023-014: Bank Relationships and the Geography of PPP Lending

David Glancy

2023-013: Household, Bank, and Insurer Exposure to Miami Hurricanes: a flow-of-risk analysis

Benjamin Dennis

2023-012: Early Joiners and Startup Performance

Joonkyu Choi, Nathan Goldschlag, John Haltiwanger and J. Daniel Kim

2023-011: Using U.S. Business Registry Data to Corroborate Corporate Identity: Case Study of the Legal Entity Identifier

William F. Treacy

2023-010: IT Shields: Technology Adoption and Economic Resilience during the COVID-19 Pandemic

Myrto Oikonomou, Nicola Pierri and Yannick Timmer

2023-009: Does Private Equity Over-Lever Portfolio Companies?

Sharjil Haque

2023-008: Recession Signals and Business Cycle Dynamics: Tying the Pieces Together

Michael Kiley

2023-007: Who Pays For Your Rewards? Redistribution in the Credit Card Market

Sumit Agarwal, Andrea Presbitero, André Silva and Carlo Wix

2023-006: Monetary Policy and Home Buying Inequality

Daniel R. Ringo

2023-005: Beyond "Horizontal" and "Vertical": The Welfare Effects of Complex Integration

Margaret Loudermilk, Gloria Sheu and Charles Taragin

2023-004: Earnings Business Cycles: The Covid Recession, Recovery, and Policy Response

Jeff Larrimore, Jacob Mortenson and David Splinter

2023-003: The Information Value of Past Losses in Operational Risk

Filippo Curti and Marco Migueis

2023-002: Welfare and Spending Effects of Consumption Stimulus Policies

Christopher Carroll, Edmund Crawley and Håkon Tretvoll

2023-001: Bad News, Good News: Coverage and Response Asymmetries

Luca Gambetti

2022-086r1: Equilibrium Yield Curves with Imperfect Information

Hiroatsu Tanaka

2022-085: How sensitive is the economy to large interest rate increases? Evidence from the taper tantrum

Nitish R. Sinha and Michael Smolyansky

2022-084: The Monetization of Innovation

Missaka Warusawitharana and Francesca Zucchi

2022-083: Understanding Uncertainty Shocks and the Role of Black Swans

Laura Veldkamp

2022-082: On Monetary Policy, Model Uncertainty, and Credibility

Anna Orlik

2022-081: "The Great Retirement Boom": The Pandemic-Era Surge in Retirements and Implications for Future Labor Force Participation

Joshua Montes and Christopher Smith

2022-080: Demand Shocks, Hysteresis and Monetary Policy

Jae Sim

2022-079: How Large is the Output Cost of Disinflation?

Robert Tetlow

2022-078: Choices and Implications when Measuring the Local Supply of Prescription Opioids

David Cho, Alvaro Mezza and Joshua Montes

2022-077: Sentiment in Bank Examination Reports and Bank Outcomes

Maureen Cowhey, Seung Jung Lee, Thomas Popeck Spiller and Cindy M. Vojtech

2022-076: The Macroeconomic Implications of CBDC: A Review of the Literature

Sebastian Infante, Kyungmin Kim, Anna Orlik, André Silva and Robert Tetlow

2022-075: How Can Asset Prices Value Exchange Rate Wedges?

Karen Lewis and Edith Liu

2022-074: These Caps Spilleth Over: Equilibrium Effects of Unemployment Insurance

Cynthia Doniger

2022-073: Do Sustainable Investment Strategies Hedge Climate Change Risks? Evidence from Germany's Carbon Tax

Juan Ochoa, Matthias Paustian and Laura Wilcox

2022-072: The Welfare Effects of Bank Liquidity and Capital Requirements

Skander Van den Heuvel

2022-071: Demand Segmentation in the Federal Funds Market

Manjola Tase

2022-070: Considerations regarding the use of the discount window to support economic activity through a funding for lending program

Mark Carlson and Rebecca Zarutskie

2022-069: Losing insurance and psychiatric hospitalizations

Johanna Maclean, Daniel Tello-Trillo and Douglas Webber

2022-068: Climate Change and the Role of Regulatory Capital: A Stylized Framework for Policy Assessment

Michael Holscher, David Ignell, Morgan Lewis and Kevin Stiroh

2022-067: How Much Does Racial Bias Affect Mortgage Lending? Evidence from Human and Algorithmic Credit Decisions

Neil Bhutta, Aurel Hizmo and Daniel R. Ringo

2022-066: Climate Change and Double Materiality in a Micro- and Macroprudential Context

Kevin Stiroh

2022-065: Effects of Monetary Policy on Household Expectations: The Role of Homeownership

Hie Joo Ahn and Choongryul Yang

2022-064: Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies

Sangmin Oh, Ishita Sen and Ana-Maria Tenekedjieva

2022-063: The FOMC's Committee on the Directive: Behind Volcker's New Operating Procedures

Nicholas A. Burk and David H. Small

2022-062: Consumers and Guaranteed Asset Protection (GAP Protection) on Vehicle Financing Contracts: A First Look

Thomas A. Durkin, Gregory E. Elliehausen and Thomas W. Miller, Jr.

2022-061r1: Beliefs, Aggregate Risk, and the U.S. Housing Boom

Margaret Jacobson

2022-060: Bank Deposit Flows to Money Market Funds and ON RRP Usage during Monetary Policy Tightening

Manjola Tase and Andrei Zlate

2022-059: The Rise of Nonbanks and the Quality of Financial Services: Evidence from Consumer Complaints

Ahmet Degerli and Jing Wang

2022-058: The Financial Stability Implications of Digital Assets

Garth Baughman, Francesca Carapella, David E. Rappoport, Chiara Scotti, Nathan Swem and Alexandros Vardoulakis

2022-057: Decentralized Finance (DeFi): Transformative Potential & Associated Risks

Francesca Carapella and Nathan Swem

2022-056: Climate Change and Adaptation in Global Supply-Chain Networks

Nora Pankratz and Christoph M. Schiller

2022-055: Cash-Hedged Stock Returns

Chase Ross and Landon J. Ross

2022-054: Inflation Measured Every Day Keeps Adverse Responses Away: Temporal Aggregation and Monetary Policy Transmission

Margaret Jacobson, Christian Matthes and Todd Walker

2022-053: LINVER: The Linear Version of FRB/US

Flint Brayton and David L. Reifschneider