Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
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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

2022-011r1: 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

2021-077: Entry, Variable Markups, and Business Cycles

William L. Gamber

2021-076: The Smart Money is in Cash? Financial Literacy and Liquid Savings Among U.S. Families

Neil Bhutta, Jacqueline Blair and Lisa Dettling

2021-075: Does Access to Bank Accounts as a Minor Improve Financial Capability? Evidence from Minor Bank Account Laws

J. Michael Collins, Jeff Larrimore and Carly Urban

2021-074: Words Speak as Loudly as Actions: Central Bank Communication and the Response of Equity Prices to Macroeconomic Announcements

Benjamin Gardner, Chiara Scotti and Clara Vega

2021-073: Macroeconomic Implications of Inequality and Income Risk

Aditya Aladangady, Etienne Gagnon, Benjamin K. Johannsen and William Peterman

2021-072: Decomposing Gender Differences in Bankcard Credit Limits

Nathan Blascak and Anna Tranfaglia

2021-071: Better the Devil You Know: Improved Forecasts from Imperfect Models

Dong Hwan Oh and Andrew Patton

2021-070: Fedwire Funds Service: Payments, Balances, and Available Liquidity

Anton Badev, Lauren Clark, Daniel Ebanks, Jeffrey C. Marquardt and David Mills

2021-069: Relative prices and pure inflation since the mid-1990s

Hie Joo Ahn and Matteo Luciani

2021-068: A Dummy Test of Identification in Models with Bunching

Carolina Caetano, Gregorio Caetano, Hao Fe and Eric Nielsen

2021-067r1: Women’s Labor Force Exits during COVID-19: Differences by Motherhood, Race, and Ethnicity

Katherine Lim and Mike Zabek

2021-066: Bill of Lading Data in International Trade Research with an Application to the COVID-19 Pandemic

Aaron Flaaen, Flora Haberkorn, Logan Lewis, Anderson Monken, Justin Pierce, Rosemary Rhodes and Madeleine Yi

2021-065: Desperate House Sellers: Distress Among Developers

Eileen van Straelen

2021-064: A Structural Measure of the Shadow Federal Funds Rate

Callum Jones, Mariano Kulish and James Morley

2021-063: When Uncertainty and Volatility Are Disconnected: Implications for Asset Pricing and Portfolio Performance

Yacine Ait-Sahalia, Felix Matthys, Emilio Osambela and Ronnie Sircar

2021-062: Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?)

Jeremy B. Rudd

2021-061: Can the Federal Reserve Effectively Target Main Street? Evidence from the 1970s Recession

John Kandrac

2021-060: Liquidity Provision and Co-insurance in Bank Syndicates

Kevin F. Kiernan, Vladimir Yankov and Filip Zikes

2021-059: Estimating Hysteresis Effects

Francesco Furlanetto, Antoine Lepetit, Ørjan Robstad, Juan F Rubio-Ramirez and Pål Ulvedal

2021-058: IPOs and Corporate Taxes

Christine L. Dobridge, Rebecca Lester and Andrew Whitten

2021-057: A Monetary-Fiscal Theory of Sudden Inflations and Currency Crises

David Miller

2021-056r1: Domestic Lending and the Pandemic: How Does Banks' Exposure to Covid-19 Abroad Affect Their Lending in the United States?

Judit Temesvary and Andrew Wei

2021-055r1: What Can We Learn from Asynchronous Wage Changes?

Cynthia Doniger

2021-054: Growth at Risk From Climate Change

Michael Kiley

2021-053: A Wealth of Information: Augmenting the Survey of Consumer Finances to Characterize the Full U.S. Wealth Distribution

Jesse Bricker, Sarena Goodman, Alice Henriques Volz and Kevin B. Moore

2021-052: Earnings Shocks and Stabilization During COVID-19

Jeff Larrimore, Jacob Mortenson and David Splinter

2021-051: A Brief History of the U.S. Regulatory Perimeter

Katherine Di Lucido, Nicholas K. Tabor and Jeffery Y. Zhang

2021-050: Student Loans, Access to Credit and Consumer Financial Behavior

Alvaro Mezza, Daniel R. Ringo and Kamila Sommer

2021-049: Observing Enforcement: Evidence from Banking

Anya V. Kleymenova and Rimmy Tomy

2021-048: How Resilient Is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic

Andreas Fuster, Aurel Hizmo, Lauren Lambie-Hanson, James Vickery and Paul Willen

2021-047: The Long-Lived Cyclicality of the Labor Force Participation Rate

Tomaz Cajner, John Coglianese and Joshua Montes

2021-046: The Factor Structure of Disagreement

Edward Herbst and Fabian Winkler

2021-045r1: A New Look at the Effects of the Interest Rate Ceiling in Arkansas

Gregory E. Elliehausen, Simona Hannon and Thomas W. Miller, Jr.

2021-044: What's Wrong with Annuity Markets?

Stephane Verani and Pei Cheng Yu

2021-043: Un-used Bank Capital Buffers and Credit Supply Shocks at SMEs during the Pandemic

Jose M. Berrospide, Arun Gupta and Matthew P. Seay

2021-042r1: Computation of Policy Counterfactuals in Sequence Space

James Hebden and Fabian Winkler

2021-041: Serving the Underserved: Microcredit as a Pathway to Commercial Banks

Sumit Agarwal, Thomas Kigabo, Camelia Minoiu, Andrea Presbitero and André Silva

2021-040: Nonlinear Unemployment Effects of the Inflation Tax

Mohammed Ait Lahcen, Garth Baughman, Stanislav Rabinovich and Hugo van Buggenum

2021-039: Lending Standards and Borrowing Premia in Unsecured Credit Markets

Kyle Dempsey and Felicia Ionescu

2021-038: Hedge Fund Treasury Trading and Funding Fragility: Evidence from the COVID-19 Crisis

Mathias S. Kruttli, Phillip J. Monin, Lubomir Petrasek and Sumudu Watugala

2021-037: Open Source Cross-Sectional Asset Pricing

Andrew Chen and Tom Zimmermann

2021-036: The Internal Capital Markets of Global Dealer Banks

Arun Gupta

2021-035: The COVID-19 Crisis and the Federal Reserve's Policy Response

Richard Clarida, Burcu Duygan-Bump and Chiara Scotti

2021-034: High-Frequency Estimates of the Natural Real Rate and Inflation Expectations

Alex Aronovich and Andrew Meldrum

2021-033: The Emergence of Forward Guidance As a Monetary Policy Tool

Edward Nelson

2021-032: Arbitrage Capital of Global Banks

Alyssa G. Anderson, Wenxin Du and Bernd Schlusche

2021-031: Cheapest-to-Deliver Pricing, Optimal MBS Securitization, and Market Quality

Yesol Huh and You Suk Kim

2021-030: The Effect of the PPPLF on PPP Lending by Commercial Banks

Sriya Anbil, Mark Carlson and Mary-Frances Styczynski

2021-029r1: Dynamic Factor Copula Models with Estimated Cluster Assignments

Dong Hwan Oh and Andrew Patton

2021-028: Are Repo Markets Fragile? Evidence from September 2019

Sriya Anbil, Alyssa G. Anderson and Zeynep Senyuz

2021-027: Unintended Consequences of Unemployment Insurance Benefits: The Role of Banks

Yavuz Arslan, Ahmet Degerli and Gazi Kabaş

2021-026: Limited Participation in Equity Markets and Business Cycles

Juan Morelli

2021-025: Labor Market Effects of the Oxycodone-Heroin Epidemic

David Cho, Daniel Garcia, Joshua Montes and Alison E. Weingarden

2021-024: COVID-19 as a Stress Test: Assessing the Bank Regulatory Framework

Alice Abboud, Elizabeth Duncan, Akos Horvath, Diana A. Iercosan, Bert Loudis, Francis Martinez, Timothy Mooney, Ben Ranish, Ke Wang, Missaka Warusawitharana and Carlo Wix

2021-023: Recycling Carbon Tax Revenue to Maximize Welfare

Stephie Fried, Kevin Novan and William Peterman

2021-022: Fundamental Arbitrage under the Microscope: Evidence from Detailed Hedge Fund Transaction Data

Sandro Lunghi, Daniel Schmidt and Bastian von Beschwitz

2021-021r1: Gender and Professional Networks on Bank Boards

Ann Owen, Judit Temesvary and Andrew Wei

2021-020: Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective

David Lowe and Matthew Malloy

2021-019: The Ways the Cookie Crumbles: Education and the Margins of Cyclical Adjustment in the Labor Market

Cynthia Doniger

2021-018: The Macro Effects of Climate Policy Uncertainty

Stephie Fried, Kevin Novan and William Peterman

2021-017: Liquidity Networks, Interconnectedness, and Interbank Information Asymmetry

Celso Brunetti, Jeffrey Harris and Shawn Mankad

2021-016r1: The Fed's Discount Window in "Normal" Times

Huberto Ennis and Elizabeth Klee

2021-015: Consumption-Based Asset Pricing When Consumers Make Mistakes

Christopher Anderson

2021-014: Forecasting US Inflation in Real Time

Chad Fulton and Kirstin Hubrich

2021-013: Redistribution and the Monetary–Fiscal Policy Mix

Saroj Bhattarai, Jae Won Lee and Choongryul Yang

2021-012: The Information Content of Stress Test Announcements

Luca Guerrieri and Michele Modugno

2021-011: Is Lending Distance Really Changing? Distance Dynamics and Loan Composition in Small Business Lending

Robert M. Adams, Kenneth Brevoort and John Driscoll

2021-010r1: Non-monetary news in Fed announcements: Evidence from the corporate bond market

Michael Smolyansky and Gustavo Suarez

2021-009: What Drives Bank Peformance?

Luca Guerrieri and James Collin Harkrader

2021-008: The COVID-19 Shock and Consumer Credit: Evidence from Credit Card Data

Akos Horvath, Benjamin S. Kay and Carlo Wix

2021-007: Misallocation in Open Economy

Maria D. Tito and Ruoying Wang

2021-006: Bunching Estimation of Elasticities Using Stata

Marinho Bertanha, Andrew McCallum, Alexis Payne and Nathan Seegert

2021-005r1: Political Connections, Allocation of Stimulus Spending, and the Jobs Multiplier

Joonkyu Choi, Veronika Penciakova and Felipe Saffie

2021-004: Politicians Avoid Tax Increases Around Elections

Andrew C. Chang, Linda R. Cohen, Amihai Glazer and Urbashee Paul

2021-003: Ten Days Late and Billions of Dollars Short: The Employment Effects of Delays in Paycheck Protection Program Financing

Cynthia Doniger and Benjamin S. Kay

2021-002: Better Bunching, Nicer Notching

Marinho Bertanha, Andrew McCallum and Nathan Seegert

2021-001: International Yield Spillovers

Don H. Kim and Juan Ochoa

2020-103r1: What Drives U.S. Treasury Re-use?

Sebastian Infante and Zack Saravay

2020-102: Which Output Gap Estimates Are Stable in Real Time and Why?

Alessandro Barbarino, Travis Berge, Han Chen and Andrea Stella

2020-101: Monetary Policy and Financial Stability

Isabel Cairo and Jae Sim

2020-100: Latent Variables Analysis in Structural Models: A New Decomposition of the Kalman Smoother

Hess Chung, Cristina Fuentes-Albero, Matthias Paustian and Damjan Pfajfar

2020-099r1: Across the Universe: Policy Support for Employment and Revenue in the Pandemic Recession

Ryan Decker, Robert Kurtzman, Byron F. Lutz and Christopher Nekarda