Working Papers

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2019-012: New Estimates of the Lerner Index of Market Power for U.S. Banks

David Wheelock and Paul Wilson

2019-11: Tests of Conditional Predictive Ability: Some Simulation Evidence

Michael McCracken

2019-010: Business Cycles Across Space and Time

Neville Francis, Michael Owyang and Daniel Soques

2019-009: Optimal Monetary Policy for the Masses

James Bullard and Riccardo DiCecio

2019-008: A Quantitative Analysis of Countercyclical Capital Buffers

Miguel Faria-e-Castro

2019-007: Optimal Ramsey Taxation in Heterogeneous Agent Economies with Quasi-Linear Preferences

YiLi Chien and Yi Wen

2019-6: The Tail that Wags the Economy: Beliefs and Persistent Stagnation

Julian Kozlowski, Laura Veldkamp and Venky Venkateswaran

2019-5: Time-Geographically Weighted Regressions and Residential Property Value Assessment

Jeffrey Cohen, Cletus Coughlin and Jeffrey Zabel

2019-4: Traffic Noise in Georgia: Sound Levels and Inequality

Jeffrey Cohen, Cletus Coughlin and Jonas C. Crews

2019-3: Should the central bank issue e-money?

Charles Kahn, Francisco Rivadeneyra and Russell Wong

2019-2: The Founding of the Federal Reserve, the Great Depression and the Evolution of the U.S. Interbank Network

Matthew Jaremski and David Wheelock

2019-001: Interbank Connections, Contagion and Bank Distress in the Great Depression

Charles Calomiris, Matthew Jaremski and David Wheelock

2018-038: International Stock Comovements with Endogenous Clusters

Laura Coroneo, Laura E. Jackson and Michael Owyang

2018-37: The Baby Boomers and the Productivity Slowdown

Guillaume Vandenbroucke

2018-035: The Nonlinear Effects of Uncertainty Shocks

Laura E. Jackson, Kevin Kliesen and Michael Owyang

2018-34: Endogenous Debt Maturity: Liquidity Risk vs. Default Risk

Rodolfo Manuelli and Juan Sanchez

2018-033: News, sovereign debt maturity, and default risk

Maximiliano Dvorkin, Juan Sanchez, Horacio Sapriza and Emircan Yurdagul

2018-32: Natural Resources and Sovereign Risk in Emerging Economies: A Curse and a Blessing

Franz Hamann, Enrique Mendoza and Paulina Restrepo-Echavarria

2018-31: Capital Gains Taxation and Investment Dynamics

Sung Ki Hong and Terry S. Moon

2018-30: The Real Term Premium in a Stationary Economy with Segmented Asset Markets

YiLi Chien and Junsang Lee

2018-29: The Macroeconomic Consequences of Early Childhood Development Policies

Diego Daruich

2018-28: Superstar Economists: Coauthorship networks and research output

Chih-Sheng Hsieh, Michael König, Xiaodong Liu and Christian Zimmermann

2018-27: Reconciling Orthodox and Heterodox Views on Money and Banking

David Andolfatto

2018-026: Assessing the Impact of Central Bank Digital Currency on Private Banks

David Andolfatto

2018-24: Understanding Lowflation

David Andolfatto and Andrew Spewak

2018-023: Fiscal Multipliers and Financial Crises

Miguel Faria-e-Castro

2018-22: Why did Rich Families Increase their Fertility? Inequality and Marketization of Child Care

Michael Bar, Moshe Hazan, Oksana Leukhina, David Weiss and Hosny Zoabi

2018-21: On the Benefits of Currency Reform

R. Vijay Krishna and Oksana Leukhina

2018-020: Insurance and Inequality with Persistent Private Information

Alex Bloedel, R. Vijay Krishna and Oksana Leukhina

2018-19: The 2008 U.S. Auto Market Collapse

Bill Dupor, Rong Li, M. Saif Mehkari and Yi-Chan Tsai

2018-18: Imperfect Information Transmission from Banks to Investors: Macroeconomic Implications

Nicolas Figueroa, Oksana Leukhina and Carlos Ramírez

2018-17: A Search-Based Neoclassical Model of Capital Reallocation

Feng Dong, Pengfei Wang and Yi Wen

2018-16: Bank runs without sequential service

David Andolfatto and Ed Nosal

2018-015: Financial Development and International Trade

Fernando Leibovici

2018-14: Majority Voting in a Model of Means Testing

Buly Cardak, Gerhard Glomm and B Ravikumar

2018-13: Sovereign Debt Restructurings

Maximiliano Dvorkin, Juan Sanchez, Horacio Sapriza and Emircan Yurdagul

2018-12: Long-Term Finance and Investment with Frictional Asset Markets

Julian Kozlowski

2018-011: Explaining Intergenerational Mobility: The Role of Fertility and Family Transfers

Diego Daruich and Julian Kozlowski

2018-10: Uniform Pricing Within and Across Regions: New Evidence from Argentina

Diego Daruich and Julian Kozlowski

2018-9: International Credit Markets and Global Business Cycles

Patrick Pintus, Yi Wen and Xiaochuan Xing

2018-8: Long and Plosser Meet Bewley and Lucas

Feng Dong and Yi Wen

2018-007: Interregional Migration and Housing Vacancy: Theory and Empirics

Jeffrey Cohen, Cletus Coughlin and Jonas C. Crews

2018-006: Designing Unemployment Insurance for Developing Countries

Fernando Cirelli, Emilio Espino and Juan Sanchez

2018-5: Trade in Commodities and Business Cycle Volatility

David Kohn, Fernando Leibovici and Håkon Tretvoll

2018-004: Regional Consumption Responses and the Aggregate Fiscal Multiplier

Bill Dupor, Marios Karabarbounis, Marianna Kudlyak and M. Saif Mehkari

2018-3: Offshoring Barriers, Regulatory Burden and National Welfare

Subhayu Bandyopadhyay, Arnab Basu, Nancy Chau and Devashish Mitra

2018-2: Monetary Policy and Liquid Government Debt

David Andolfatto and Fernando Martin

2018-1: Escaping the Middle-Income Trap: A Cross-Country Analysis on the Patterns of Industrial Upgrading

Lili Wang and Yi Wen

2017-40: An Empirical Investigation of Direct and Iterated Multistep Conditional Forecasts

Michael McCracken and Joseph McGillicuddy

2017-039: The (Unintended?) Consequences of the Largest Liquidity Injection Ever

Matteo Crosignani, Miguel Faria-e-Castro and Luís Fonseca