Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
Contact information at EDIRC.
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2023-010: 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

2022-086: 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.

2022-061: 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

2022-052: Information Externalities, Funding Liquidity, and Fire Sales

Levent Altinoglu and Jin-Wook Chang

2022-051: Pre-Positioning and Cross-Border Financial Intermediation

Nicholas K. Tabor and Jeffery Y. Zhang

2022-050: Loan Modifications and the Commercial Real Estate Market

David Glancy, Robert Kurtzman and Lara Loewenstein

2022-049: Labor Market Tightness during WWI and the Postwar Recession of 1920-1921

Haelim Anderson and Jin-Wook Chang

2022-048: Climate Change and Financial Policy: A Literature Review

Benjamin Dennis

2022-047: Does Giving CRA Credit for Loan Purchases Increase Mortgage Credit in Low-to-Moderate Income Communities?

Kenneth Brevoort

2022-046: The Collateral Premium and Levered Safe-Asset Production

Chase Ross

2022-045: Renewable Technology Adoption Costs and Economic Growth

Bernardino Adao, Borghan Nezami Narajabad and Ted Loch Temzelides

2022-044: Restoring confidence in troubled financial institutions after a financial crisis

Charles Calomiris and Mark Carlson

2022-043: Climate-related Financial Stability Risks for the United States: Methods and Applications

Celso Brunetti, John Caramichael, Matteo Crosignani, Benjamin Dennis, Gurubala Kotta, Donald Morgan, Chaehee Shin and Ilknur Zer

2022-042: Integrating Prediction and Attribution to Classify News

Nelson P. Rayl and Nitish R. Sinha

2022-041: Volatility in Home Sales and Prices: Supply or Demand?

Elliot Anenberg and Daniel R. Ringo

2022-040: Cost of Banking for LMI and Minority Communities

Marco Migueis, Michael Suher and Jessie Xu

2022-039: Liquidity in the Mortgage Market: How does the COVID-19 Crisis Compare with the Global Financial Crisis?

Karen Pence

2022-038: The Digital Economy and Productivity

David Byrne

2022-037: How Did It Happen?: The Great Inflation of the 1970s and Lessons for Today

Edward Nelson

2022-036: Social Externalities of Bank Enforcement Actions: The Case of Minority Lending

Byeongchan An, Robert M. Bushman, Anya V. Kleymenova and Rimmy Tomy

2022-035: The Vaccine Boost: Quantifying the Impact of the COVID-19 Vaccine Rollout on Measures of Activity

Ashley Sexton and Maria D. Tito

2022-034: The transmission of financial shocks and leverage of financial institutions: An endogenous regime switching framework

Kirstin Hubrich and Daniel Waggoner

2022-033: Bubbles and Stagnation

Inês Xavier

2022-032: Retail CBDC and U.S. Monetary Policy Implementation: A Stylized Balance Sheet Analysis

Matthew Malloy, Francis Martinez, Mary-Frances Styczynski and Alex Thorp

2022-031: Central Bank Communication about Climate Change

David Arseneau, Alejandro Drexler and Mitsuhiro Osada

2022-030: Financial Repercussions of SNAP Work Requirements

Samuel Dodini, Jeff Larrimore and Anna Tranfaglia

2022-029: The Anatomy of Single-Digit Inflation in the 1960s

Jeremy B. Rudd

2022-028: Who Killed the Phillips Curve? A Murder Mystery

David Ratner and Jae Sim

2022-027: Macroeconomic Effects of Capital Tax Rate Changes

Saroj Bhattarai, Jae Won Lee, Woong Yong Park and Choongryul Yang

2022-026: A Parsimonious Model of Idiosyncratic Income

Edmund Crawley, Martin Holm and Håkon Tretvoll

2022-025: Cyberattacks and Financial Stability: Evidence from a Natural Experiment

Antonis Kotidis and Stacey Schreft

2022-024: The Collateral Channel and Bank Credit

Arun Gupta, Horacio Sapriza and Vladimir Yankov

2022-023: Credit Default Swaps

Antulio Bomfim

2022-022: Enhancing Stress Tests by Adding Macroprudential Elements

William F. Bassett and David E. Rappoport

2022-021: Crisis Liquidity Facilities with Nonbank Counterparties: Lessons from the Term Asset-Backed Securities Loan Facility

Ralf R. Meisenzahl and Karen Pence

2022-020: The Importance of Technology in Banking during a Crisis

Nicola Pierri and Yannick Timmer

2022-019: Saving and Wealth Accumulation among Student Loan Borrowers: Implications for Retirement Preparedness

Lisa Dettling, Sarena Goodman and Sarah Reber

2022-018: Dynamic and Stochastic Search Equilibrium

Camilo Morales-Jimenez

2022-017: Intermediation Frictions in Debt Relief: Evidence from CARES Act Forbearance

You Suk Kim, Donghoon Lee, Tess C. Scharlemann and James Vickery

2022-016: Anchored or Not: How Much Information Does 21st Century Data Contain on Inflation Dynamics?

Michael Kiley

2022-015: Household Financial Decision-Making After Natural Disasters: Evidence from Hurricane Harvey

Alejandro del Valle, Tess C. Scharlemann and Stephen H. Shore

2022-014r1: A Stock Return Decomposition Using Observables

Benjamin Knox

2022-013: Moldy Lemons and Market Shutdowns

Jin-Wook Chang and Matthew Darst

2022-012: Money Market Fund Vulnerabilities: A Global Perspective

Antoine Bouveret, Antoine Martin and Patrick E. McCabe

2022-011: Are Manufacturing Jobs Still Good Jobs? An Exploration of the Manufacturing Wage Premium

Kimberly Bayard, Tomaz Cajner, Vivi Gregorich and Maria D. Tito

2022-010: The Natural Rate of Interest Through a Hall of Mirrors

Phurichai Rungcharoenkitkul and Fabian Winkler

2022-009: Updated Primer on the Forward-Looking Analysis of Risk Events (FLARE) Model: A Top-Down Stress Test Model

Sergio Correia, Matthew P. Seay and Cindy M. Vojtech

2022-008: How Does Monetary Policy Affect Prices of Corporate Loans?

Seung Kwak

2022-007: Revisiting the Effect of Education on Later Life Health

Theodore Figinski, Alicia Lloro and Avinash Moorthy

2022-006: Financial Stability Considerations for Monetary Policy: Empirical Evidence and Challenges

Nina Boyarchenko, Giovanni Favara and Moritz Schularick

2022-005: Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms

Andrea Ajello, Nina Boyarchenko, Francois Gourio and Andrea Tambalotti

2022-004: Balancing Before and After: Treasury Market Reform Proposals and the Connections Between Ex-Ante and Ex-Post Liquidity Tools

James A. Clouse

2022-003: The Economics of Internal Migration: Advances and Policy Questions

Ning Jia, Raven S. Molloy, Christopher Smith and Abigail Wozniak

2022-002: A Macroprudential Perspective on the Regulatory Boundaries of U.S. Financial Assets

David Arseneau, Grace Brang, Matthew Darst, Jacob M. M. Faber, David E. Rappoport and Alexandros Vardoulakis

2022-001: The Federal Reserve's New Framework: Context and Consequences

Richard Clarida

2021-081: Corporate Taxes and the Earnings Distribution: Effects of the Domestic Production Activities Deduction

Christine L. Dobridge, Paul Landefeld and Jacob Mortenson

2021-080: Equilibrium Unemployment: The Role of Discrimination

Juan Cordoba, Anni T. Isojärvi and Haoran Li

2021-079: Recourse as Shadow Equity: Evidence from Commercial Real Estate Loans

David Glancy, Robert Kurtzman, Lara Loewenstein and Joseph B. Nichols

2021-078: Motivating Banks to Lend? Credit Spillover Effects of the Main Street Lending Program

Camelia Minoiu, Rebecca Zarutskie and Andrei Zlate