Finance and Economics Discussion Series

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

2022-040r1: 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

2022-011r1: 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