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1081: Fed Transparency and Policy Expectation Errors: A Text Analysis Approach

Eric Fischer, Rebecca McCaughrin, Saketh Prazad and Mark Vandergon

1080: Pandemic-Era Inflation Drivers and Global Spillovers

Julian di Giovanni, Ṣebnem Kalemli-Özcan, Alvaro Silva and Muhammed A. Yildirim

1079: Stakeholders’ Aversion to Inequality and Bank Lending to Minorities

Matteo Crosignani and Hanh Le

1078: Banks versus Hurricanes: A Case Study of Puerto Rico after Hurricanes Irma and Maria

Peter Anagnostakos, Jason Bram, Benjamin Chan, Natalia Fischl-Lanzoni, Hasan Latif, James M. Mahoney, Donald P. Morgan, Ladd Morgan and Ivelisse Suarez

1077: The Optimal Supply of Central Bank Reserves under Uncertainty

Gara Afonso, Gabriele La Spada, Thomas M. Mertens and John C. Williams

1076: Trade Uncertainty and U.S. Bank Lending

Ricardo Correa, Julian di Giovanni, Linda S. Goldberg and Camelia Minoiu

1075: Congestion in Onboarding Workers and Sticky R&D

Justin Bloesch and Jacob P. Weber

1074: The Good, the Bad, and the Ugly of International Debt Market Data

Nina Boyarchenko and Leonardo Elias

1073: Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?

Kenechukwu Anadu, Pablo D. Azar, Catherine Huang, Marco Cipriani, Thomas M. Eisenbach, Gabriele La Spada, Mattia Landoni, Marco Macchiavelli, Antoine Malfroy-Camine and J. Christina Wang

1072: Capital Management and Wealth Inequality

James Best and Keshav Dogra

1071: Estimating HANK for Central Banks

Sushant Acharya, William Chen, Marco Del Negro, Keshav Dogra, Aidan Gleich, Shlok Goyal, Donggyu Lee, Ethan Matlin, Reca Sarfati and Sikata Sengupta

1070: Dealer Capacity and U.S. Treasury Market Functionality

Darrell Duffie, Michael J. Fleming, Frank M. Keane, Claire Nelson, Or Shachar and Peter Van Tassel

1069: Firm Dynamics and Random Search over the Business Cycle

Richard Audoly

1068: Beta-Sorted Portfolios

Matias Cattaneo, Richard Crump and Weining Wang

1067: A Measure of Core Wage Inflation

Richard Audoly, Martín Almuzara and Davide Melcangi

1066: Measuring the Climate Risk Exposure of Insurers

Robert Engle, Shan Ge, Hyeyoon Jung and Xuran Zeng

1065: Stimulus through Insurance: The Marginal Propensity to Repay Debt

Gizem Koşar, Davide Melcangi, Laura Pilossoph and David Wiczer

1064: Global Liquidity: Drivers, Volatility and Toolkits

Linda S. Goldberg

1063: Measuring the Natural Rate of Interest after COVID-19

Kathryn Holston, Thomas Laubach and John C. Williams

1062: Estimates of Cost-Price Passthrough from Business Survey Data

Wandi Bruine de Bruin, Keshav Dogra, Sebastian Heise, Edward S. Knotek, Brent Meyer, Robert Rich, Raphael Schoenle, Giorgio Topa and Wilbert van der Klaauw

1061: Working Remotely? Selection, Treatment, and the Market for Remote Work

Natalia Emanuel and Emma Harrington

1060: Applications or Approvals: What Drives Racial Disparities in the Paycheck Protection Program?

Sergey V. Chernenko, Nathan Kaplan, Asani Sarkar and David Scharfstein

1059: Climate Stress Testing

Viral V. Acharya, Richard Berner, Robert Engle, Hyeyoon Jung, Johannes Stroebel, Xuran Zeng and Yihao Zhao

1058: U.S. Banks’ Exposures to Climate Transition Risks

Hyeyoon Jung, João A. C. Santos and Lee Seltzer

1057: Non-Bank Financial Institutions and Banks’ Fire-Sale Vulnerabilities

Nicola Cetorelli, Mattia Landoni and Lina Lu

1056: Workers’ Perceptions of Earnings Growth and Employment Risk

Gizem Koşar and Wilbert van der Klaauw

1055: Noncognitive Skills at the Time of COVID-19: An Experiment with Professional Traders and Students

Marco Angrisani, Marco Cipriani, Antonio Guarino, Ryan Kendall and Julen Ortiz de Zarate Pina

1054: Market-Function Asset Purchases

Darrell Duffie and Frank M. Keane

1053: Is the Green Transition Inflationary?

Marco Del Negro, Julian di Giovanni and Keshav Dogra

1052: The Bitcoin–Macro Disconnect

Gianluca Benigno and Carlo Rosa

1051: International Capital Flow Pressures and Global Factors

Linda S. Goldberg and Signe Krogstrup

1050: Quantifying the Inflationary Impact of Fiscal Stimulus under Supply Constraints

Julian di Giovanni, Ṣebnem Kalemli-Özcan, Álvaro Silva and Muhammed A. Yildirim

1049: Sparse Trend Estimation

Richard Crump, Nikolay Gospodinov and Hunter Wieman

1048: Does the Community Reinvestment Act Improve Consumers’ Access to Credit

Jacob Conway, Jack Glaser and Matthew Plosser

1047: Financial Sanctions, SWIFT, and the Architecture of the International Payments System

Marco Cipriani, Linda Goldberg and Gabriele La Spada

1046: Assessing the Relative Progressivity of the Biden Administration’s Federal Student Loan Forgiveness Proposal

Jacob Goss, Daniel Mangrum and Joelle Scally

1045: The Dollar’s Imperial Circle

Ozge Akinci, Gianluca Benigno, Serra Pelin and Jonathan Turek

1044: Strategic Sophistication and Trading Profits: An Experiment with Professional Traders

Marco Angrisani, Marco Cipriani and Antonio Guarino

1043: Job Ladder, Human Capital, and the Cost of Job Loss

Richard Audoly, Federica De Pace and Giulio Fella

1042: Bank Funding Risk, Reference Rates, and Credit Supply

Darrell Duffie, Cooperman Harry, Stephan Luck, Zachry Wang and Yilin Yang

1041: Banks’ Balance-Sheet Costs, Monetary Policy, and the ON RRP

Gara Afonso, Marco Cipriani and Gabriele La Spada

1040: How Abundant Are Reserves? Evidence from the Wholesale Payment System

Gara Afonso, Darrell Duffie, Lorenzo Rigon and Hyun Song Shin

1039: The Impact of U.S. Monetary Policy on Foreign Firms

Julian di Giovanni and John Rogers

1038: Should Mothers Work? How Perceptions of the Social Norm Affect Individual Attitudes Toward Work in the U.S

Patricia Cortes, Gizem Kosar, Jessica Pan and Basit Zafar

1037: The Curious Case of the Rise in Deflation Expectations

Olivier Armantier, Gizem Kosar, Jason Somerville, Giorgio Topa, Wilbert van der Klaauw and John Williams

1036: All-to-All Trading in the U.S. Treasury Market

Alain P. Chaboud, Caren Cox, Michael Fleming, Ellen Correia Golay, Yesol Huh, Frank M. Keane, Kyle Lee, Krista B. Schwarz, Clara Vega and Carolyn Windover

1035: Intermediation Frictions in Debt Relief: Evidence from CARES Act Forbearance

You Suk Kim, Donghoon Lee, Tess C. Scharlemann and James Vickery

1034: The Financial Stability Implications of Digital Assets

Pablo Azar, Garth Baughman, Francesca Carapella, Jacob Gerszten, Arazi Lubis, Jp Perez-Sangimino, David E. Rappoport, Chiara Scotti, Nathan Swem, Alexandros Vardoulakis and Aurite Werman

1033: Approximating Grouped Fixed Effects Estimation via Fuzzy Clustering Regression

Daniel Lewis, Davide Melcangi, Laura Pilossoph and Aidan Toner-Rodgers

1032: Risk-Free Rates and Convenience Yields Around the World

William Diamond and Peter Van Tassel