Finance and Economics Discussion Series

From Board of Governors of the Federal Reserve System (U.S.)
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2020-066: Monetary Policy Tradeoffs and the Federal Reserve's Dual Mandate: Andrea Ajello, Isabel Cairo, Vasco Cúrdia, Thomas Lubik and Albert Queraltó
2020-065: Monetary Policy and Economic Performance since the Financial Crisis: Dario Caldara, Etienne Gagnon, Enrique Martínez García and Christopher Neely
2020-064: When it Rains it Pours: Cascading Uncertainty Shocks: Anthony M. Diercks, Alex Hsu and Andrea Tamoni
2020-063: The Consequences of Medicare Pricing: An Explanation of Treatment Choice: Elena Falcettoni
2020-062: Paying Too Much? Price Dispersion in the U.S. Mortgage Market: Neil Bhutta, Andreas Fuster and Aurel Hizmo
2020-061: Are Shadow Rate Models of the Treasury Yield Curve Structurally Stable?: Don H. Kim and Marcel A. Priebsch
2020-060: Supply-Side Effects of Pandemic Mortality: Insights from an Overlapping-Generations Model: Etienne Gagnon, Benjamin K. Johannsen and David Lopez-Salido
2020-059: A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-1954: Sriya Anbil, Mark Carlson, Christopher Hanes and David Wheelock
2020-058: The Multiplier Effect of Education Expenditure: Maarten De Ridder, Simona Hannon and Damjan Pfajfar
2020-057: Market Power, Inequality, and Financial Instability: Isabel Cairo and Jae Sim
2020-056: Optimal Dynamic Capital Requirements and Implementable Capital Buffer Rules: Matthew Canzoneri, Behzad Diba, Luca Guerrieri and Arsenii Mishin
2020-055: Reconciling Unemployment Claims with Job Losses in the First Months of the COVID-19 Crisis: Tomaz Cajner, Andrew Figura, Brendan M. Price, David Ratner and Alison E. Weingarden
2020-054: The Hidden Heterogeneity of Inflation Expectations and its Implications: Lena Dräger, Michael Lamla and Damjan Pfajfar
2020-053: A Crisis of Missed Opportunities? Foreclosure Costs and Mortgage Modification During the Great Recession: Stuart Gabriel, Matteo Iacoviello and Chandler Lutz
2020-052: Designing a Main Street Lending Facility: Alexandros Vardoulakis
2020-051: The Evolution of Price Discovery in an Electronic Market: Alain P. Chaboud, Erik Hjalmarsson and Filip Zikes
2020-050: The Effect of the Central Bank Liquidity Support during Pandemics: Evidence from the 1918 Spanish Influenza Pandemic: Haelim Anderson, Jin-Wook Chang and Adam Copeland
2020-049: Aggregate Demand and Aggregate Supply Effects of COVID-19: A Real-time Analysis: Geert Bekaert, Eric Engstrom and Andrey Ermolov
2020-048: Global Demand for Basket-Backed Stablecoins: Garth Baughman and Jean Flemming
2020-047: Macroeconomic Effects of Large-Scale Asset Purchases: New Evidence: Kyungmin Kim, Thomas Laubach and Min Wei
2020-046r1: ivcrc: An Instrumental Variables Estimator for the Correlated Random Coefficients Model: David Benson, Matthew Masten and Alexander Torgovitsky
2020-045: Can Forecast Errors Predict Financial Crises? Exploring the Properties of a New Multivariate Credit Gap: Elena Afanasyeva
2020-044: Housing Supply and Affordability: Evidence from Rents, Housing Consumption and Household Location: Raven S. Molloy, Charles G. Nathanson and Andrew D. Paciorek
2020-043: Wealth Distribution and Retirement Preparation Among Early Savers: Alice Henriques Volz, Lindsay Jacobs, Elizabeth Llanes, Kevin B. Moore and Jeffrey Thompson
2020-042: Post-crisis Signals in Securitization: Evidence from Auto ABS: Elizabeth Klee and Chaehee Shin
2020-041: A Comparison of Living Standards Across the States of America: Elena Falcettoni and Vegard Nygaard
2020-040: Bank Lending in the Knowledge Economy: Giovanni Dell'ariccia, Dalida Kadyrzhanova, Camelia Minoiu and Lev Ratnovski
2020-039: Zeroing in on the Expected Returns of Anomalies: Andrew Chen and Mihail Velikov
2020-038: Machine Learning, the Treasury Yield Curve and Recession Forecasting: Michael Puglia and Adam Tucker
2020-037: Equity Financing Risk: Mamdouh Medhat and Berardino Palazzo
2020-036: Should Children Do More Enrichment Activities? Leveraging Bunching to Correct for Endogeneity: Carolina Caetano, Gregorio Caetano and Eric Nielsen
2020-035: Monetary Policy, Self-Fulfilling Expectations and the U.S. Business Cycle: Giovanni Nicolo
2020-034: Branching Networks and Geographic Contagion of Commodity Price Shocks: Teng Wang
2020-033: Health Insurance and Hospital Supply: Evidence from 1950s Coal Country: Theodore Figinski and Erin Troland
2020-032: Monetary Policy Uncertainty and Monetary Policy Surprises: Michiel De Pooter, Giovanni Favara, Michele Modugno and Jason Wu
2020-031: Social Distancing and Supply Disruptions in a Pandemic: Martin Bodenstein, Giancarlo Corsetti and Luca Guerrieri
2020-030: Tracking Labor Market Developments during the COVID-19 Pandemic: A Preliminary Assessment: Tomaz Cajner, Leland Crane, Ryan Decker, Adrian Hamins-Puertolas and Christopher J. Kurz
2020-029: "Revitalize or Stabilize": Does Community Development Financing Work?: Daniel R. Ringo
2020-028: Sowing the Seeds of Financial Imbalances: The Role of Macroeconomic Performance: Elena Afanasyeva, Sam Jerow, Seung Jung Lee and Michele Modugno
2020-027: Dynamic Beveridge Curve Accounting: Hie Joo Ahn and Leland Crane
2020-026: When is the Fiscal Multiplier High? A Comparison of Four Business Cycle Phases: Travis Berge, Maarten De Ridder and Damjan Pfajfar
2020-025: Costly Commuting and the Job Ladder: Jean Flemming
2020-024: Common and Idiosyncratic Inflation: Matteo Luciani
2020-023: Online Estimation of DSGE Models: Michael Cai, Marco Del Negro, Edward Herbst, Ethan Matlin, Reca Sarfati and Frank Schorfheide
2020-022: The Fed’s “Ample-Reserves” Approach to Implementing Monetary Policy: Jane E. Ihrig, Zeynep Senyuz and Gretchen Weinbach
2020-021r1: The Increasing Deflationary Influence of Consumer Digital Access Services: David Byrne and Carol Corrado
2020-020: Monetary Policy Implementation with an Ample Supply of Reserves: Kyungmin Kim, Antoine Martin, Gara Afonso, Ed Nosal, Simon Potter and Sam Schulhofer-Wohl
2020-019: Capacity Choice, Monetary Trade, and the Cost of Inflation: Garth Baughman and Stanislav Rabinovich
2020-018: Technological Innovation and Discrimination in Household Finance: Adair Morse and Karen Pence
2020-017: Changing Stability in U.S. Employment Relationships: A Tale of Two Tails: Raven S. Molloy, Christopher Smith and Abigail Wozniak
2020-016: Financial Stability Committees and Basel III Macroprudential Capital Buffers: Rochelle Edge and J. Nellie Liang
2020-015: Primer on the Forward-Looking Analysis of Risk Events (FLARE) Model: A Top-Down Stress Test Model: Sergio Correia, Kevin F. Kiernan, Matthew P. Seay and Cindy M. Vojtech
2020-014: Forward-Looking Monetary Policy and the Transmission of Conventional Monetary Policy Shocks: Chunya Bu, John Rogers and Wenbin Wu
2020-013: Inflation at Risk: David Lopez-Salido and Francesca Loria
2020-012r1: Time-varying Uncertainty of the Federal Reserve’s Output Gap Estimate: Travis Berge
2020-011: Evaluating the Success of President Johnson's War on Poverty: Revisiting the Historical Record Using a Full-Income Poverty Measure: Richard Burkhauser, Kevin Corinth, James Elwell and Jeff Larrimore
2020-010r1: Bias in Local Projections: Edward Herbst and Benjamin K. Johannsen
2020-009r1: Central Clearing and Systemic Liquidity Risk: Thomas King, Travis Nesmith, Anna Paulson and Todd Prono
2020-008: Treasury Safety, Liquidity, and Money Premium Dynamics: Evidence from Recent Debt Limit Impasses: David B. Cashin, Erin E. Syron Ferris and Elizabeth Klee
2020-007: Do Minorities Pay More for Mortgages?: Neil Bhutta and Aurel Hizmo
2020-006: Approximately Right?: Global v. Local Methods for Open-Economy Models with Incomplete Markets: Oliver de Groot, C. Bora Durdu and Enrique Mendoza
2020-005: Consumption Heterogeneity: Micro Drivers and Macro Implications: Edmund Crawley and Andreas Kuchler
2020-004: Confidence, Financial Literacy and Investment in Risky Assets: Evidence from the Survey of Consumer Finances: Andrej Cupak, Pirmin Fessler, Joanne Hsu and Piotr R. Paradowski
2020-003: Short-term Planning, Monetary Policy, and Macroeconomic Persistence: Christopher Gust, Edward Herbst and David Lopez-Salido
2020-002: Monetary Policy and Birth Rates: The Effect of Mortgage Rate Pass-Through on Fertility: Fergus Cumming and Lisa Dettling
2020-001: The Power of Narratives in Economic Forecasts: Christopher A. Hollrah, Steven Sharpe and Nitish R. Sinha
2019-087: The Effect of the China Connect: Chang Ma, John Rogers and Sili Zhou
2019-086: Disentangling the Effects of the 2018-2019 Tariffs on a Globally Connected U.S. Manufacturing Sector: Aaron Flaaen and Justin Pierce
2019-085: How Well Does Economic Uncertainty Forecast Economic Activity?: John Rogers and Jiawen Xu
2019-084: The Propagation of Demand Shocks Through Housing Markets: Elliot Anenberg and Daniel R. Ringo
2019-083: Collateralized Debt Networks with Lender Default: Jin-Wook Chang
2019-082: Strategic Liquidity Mismatch and Financial Sector Stability: André Silva
2019-081: Does Intergenerational Mobility Increase Corporate Profits?: James F. Albertus and Michael Smolyansky
2019-080: Local Ties in Spatial Equilibrium: Mike Zabek
2019-079: Intermediary Segmentation in the Commercial Real Estate Market: David Glancy, John Krainer, Robert Kurtzman and Joseph B. Nichols
2019-078: Learning and Misperception: Implications for Price-Level Targeting: Martin Bodenstein, James Hebden and Fabian Winkler
2019-077: Effective Lower Bound Risk: Timothy S. Hills, Taisuke Nakata and Sebastian Schmidt
2019-076: The Global Equilibrium Real Interest Rate: Concepts, Estimates, and Challenges: Michael Kiley
2019-075: In Search of Lost Time Aggregation: Edmund Crawley
2019-074: A Coherent Framework for Predicting Emerging Market Credit Spreads with Support Vector Regression: Gary Anderson and Alena Audzeyeva
2019-073: Tractable Rare Disaster Probability and Options-Pricing: Robert Barro and Gordon Liao
2019-072: Okun Revisited: Who Benefits Most from a Strong Economy: Stephanie Aaronson, Mary Daly, William Wascher and David Wilcox
2019-071: The Welfare Costs of Misaligned Incentives: Energy Inefficiency and the Principal-Agent Problem: Joshua Blonz
2019-070: Bottom-up Leading Macroeconomic Indicators: An Application to Non-Financial Corporate Defaults using Machine Learning: Tyler Pike, Horacio Sapriza and Tom Zimmermann
2019-069: Trends in Household Portfolio Composition: Jesse Bricker, Kevin B. Moore and Jeffrey Thompson
2019-068: What are the Price Effects of Trade? Evidence from the U.S. and Implications for Quantitative Trade Models: Xavier Jaravel and Erick Sager
2019-067: Sellin’ in the Rain: Adaptation to Weather and Climate in the Retail Sector: Brigitte Roth Tran
2019-066: Policy Uncertainty and Bank Mortgage Credit: Gazi Kara and Youngsuk Yook
2019-065: Improving the Accuracy of Economic Measurement with Multiple Data Sources: The Case of Payroll Employment Data: Tomaz Cajner, Leland Crane, Ryan Decker, Adrian Hamins-Puertolas and Christopher J. Kurz
2019-064: Monetary Policy and Bank Equity Values in a Time of Low and Negative Interest Rates: Miguel Ampudia and Skander Van den Heuvel
2019-063: Exporters of Services: A Look at U.S. Exporters Outside of the Manufacturing Sector: Maria D. Tito
2019-062: Parental Proximity and Earnings After Job Displacements: Patrick Coate, Pawel Krolikowski and Mike Zabek
2019-061: CECL and the Credit Cycle: Bert Loudis and Ben Ranish
2019-060: A Simple Model of Voluntary Reserve Targets with Tolerance Bands: Garth Baughman and Francesca Carapella
2019-059: Variance Disparity and Market Frictions: Yang-Ho Park
2019-058: Transparency and Collateral: The Design of CCPs' Loss Allocation Rules: Gaetano Antinolfi, Francesca Carapella and Francesco Carli
2019-057: From Transactions Data to Economic Statistics: Constructing Real-time, High-frequency, Geographic Measures of Consumer Spending: Aditya Aladangady, Shifrah Aron-Dine, Wendy E. Dunn, Laura Feiveson, Paul Lengermann and Claudia Sahm
2019-056: Regulating Financial Networks Under Uncertainty: Carlos Ramírez
2019-055: Measuring the Liquidity Profile of Mutual Funds: Sirio Aramonte, Chiara Scotti and Ilknur Zer
2019-054: Pricing Poseidon: Extreme Weather Uncertainty and Firm Return Dynamics: Mathias S. Kruttli, Brigitte Roth Tran and Sumudu Watugala

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