Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
Contact information at EDIRC.
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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
2021-042: Impulse-Based Computation of Policy Counterfactuals: 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
2021-016: 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
2021-010: Monetary policy and the corporate bond market: How important is the Fed information effect?: 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
2020-098: Collective Moral Hazard and the Interbank Market: Levent Altinoglu and Joseph Stiglitz
2020-097: Arbitrage and Liquidity: Evidence from a Panel of Exchange Traded Funds: David E. Rappoport and Tugkan Tuzun
2020-096: Price Discovery in the U.S. Treasury Cash Market: On Principal Trading Firms and Dealers: James Collin Harkrader and Michael Puglia
2020-095: Financial Conditions and Economic Activity: Insights from Machine Learning: Michael Kiley
2020-094: Price Level Risk and Some Long-Run Implications of Alternative Monetary Policy Strategies: James A. Clouse
2020-093: Financial Profiles of Workers Most Vulnerable to Coronavirus-Related Earnings Loss in the Spring of 2020: Brooke Helppie-McFall and Joanne Hsu
2020-092: Let's Close the Gap: Revising Teaching Materials to Reflect How the Federal Reserve Implements Monetary Policy: Jane E. Ihrig and Scott Wolla
2020-091: Economics and Epidemics: Evidence from an Estimated Spatial Econ-SIR Model: Mark Bognanni, Douglas Hanley, Daniel Kolliner and Kurt Mitman
2020-090: Raiders of the Lost High-Frequency Forecasts: New Data and Evidence on the Efficiency of the Fed's Forecasting: Andrew C. Chang and Trace J. Levinson
2020-089r1: Business Exit During the COVID-19 Pandemic: Non-Traditional Measures in Historical Context: Leland Crane, Ryan Decker, Aaron Flaaen, Adrian Hamins-Puertolas and Christopher J. Kurz
2020-088: Adverse Selection Dynamics in Privately-Produced Safe Debt Markets: Nathan Foley-Fisher, Gary Gorton and Stephane Verani
2020-087: Central Bank Communication with a Financial Stability Objective: David Arseneau
2020-086: Banks, Non Banks, and Lending Standards: Matthew Darst, Ehraz Refayet and Alexandros Vardoulakis
2020-085: Estimates of r* Consistent with a Supply-Side Structure and a Monetary Policy Rule for the U.S. Economy: Manuel González-Astudillo and Jean-Philippe Laforte
2020-084: Income in the Off-Season: Household Adaptation to Yearly Work Interruptions: John Coglianese and Brendan M. Price
2020-083: Pandemic Recession Dynamics: The Role of Monetary Policy in Shifting a U-Shaped Recession to a V-Shaped Rebound: Michael Kiley
2020-082: Revealing Cluster Structures Based on Mixed Sampling Frequencies: Hie Joo Ahn, Yun Liu and Yeonwoo Rho
2020-081: Boom Town Business Dynamics: Ryan Decker, Meagan McCollum and Gregory Upton
2020-080: Correcting for Endogeneity in Models with Bunching: Carolina Caetano, Gregorio Caetano and Eric Nielsen
2020-079: Investor Demands for Safety, Bank Capital, and Liquidity Measurement: Wayne Passmore and Judit Temesvary
2020-078: Out of Sight No More? The Effect of Fee Disclosures on 401(k) Investment Allocations: Mathias Kronlund, Veronika K. Pool, Clemens Sialm and Irina Stefanescu
2020-077: Modeling the Consumption Response to the CARES Act: Christopher Carroll, Edmund Crawley, Jiri Slacalek and Matthew White
2020-076: Intermeeting Rate Cuts as a Response to Rare Disasters: David Miller
2020-075: Considerations Regarding Inflation Ranges: Hess Chung, Brian Doyle, James Hebden and Michael Siemer
2020-074: Monetary Policy Strategies and Tools: Financial Stability Considerations: Jonathan Goldberg, Elizabeth Klee, Edward Prescott and Paul R. Wood
2020-073: Distributional Considerations for Monetary Policy Strategy: Laura Feiveson, Nils Gornemann, Julie Hotchkiss, Karel Mertens and Jae Sim
2020-072: Unemployment Rate Benchmarks: Richard Crump, Christopher Nekarda and Nicolas Petrosky-Nadeau
2020-071: Issues in the Use of the Balance Sheet Tool: Mark Carlson, Stefania D'Amico, Cristina Fuentes-Albero, Bernd Schlusche and Paul R. Wood
2020-070: Issues Regarding the Use of the Policy Rate Tool: Jeffrey Campbell, Thomas King, Anna Orlik and Rebecca Zarutskie
2020-069: How Robust Are Makeup Strategies to Key Alternative Assumptions?: James Hebden, Edward Herbst, Jenny Tang, Giorgio Topa and Fabian Winkler
2020-068: Alternative Strategies: How Do They Work? How Might They Help?: Jonas E. Arias, Martin Bodenstein, Hess Chung, Thorsten Drautzburg and Andrea Raffo
2020-067: Strengthening the FOMC’s Framework in View of the Effective Lower Bound and Some Considerations Related to Time-Inconsistent Strategies: Fernando Duarte, Benjamin K. Johannsen, Leonardo Melosi and Taisuke Nakata

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