Working Papers

From Federal Reserve Bank of Philadelphia
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23-15: Scalable Demand and Markups

Enghin Atalay, Erika Frost, Alan Sorensen, Christopher Sullivan and Wanjia Zhu

23-14: Lending by Servicing: Monetary Policy Transmission Through Shadow Banks

Isha Agarwal, Malin Hu, Raluca Roman and Keling Zheng

23-13: "Let Us Put Our Moneys Together": Minority-Owned Banks and Resilience to Crises

Allen N. Berger, Maryann P. Feldman, W. Scott Langford and Raluca Roman

23-12: Micro- and Macroeconomic Impacts of a Place-Based Industrial Policy

Enghin Atalay, Ali Hortacsu, Mustafa Runyun, Chad Syverson and Mehmet Ulu

23-11: Market Concentration in Fintech

P. Dean Corbae, Pablo D'Erasmo and Kuan Liu

23-10: A Structural Approach to Combining External and DSGE Model Forecasts

Thorsten Drautzburg

23-09: Monetary Policy with Racial Inequality

Makoto Nakajima

23-07: The Changing Polarization of Party Ideologies: The Role of Sorting

Satyajit Chatterjee and Burcu Eyigungor

23-06: The Conundrum of Zero APR: An Analytical Framework

Lukasz Drozd and Michal Kowalik

23-05: California Wildfires, Property Damage, and Mortgage Repayment

Siddhartha Biswas, Ethan Hossain and David Zink

23-04: Not Cashing In on Cashing Out: An Analysis of Low Cash-Out Refinance Rates

Ethan Hossain, Igor Livshits and Collin Wardius

23-03: The Age Gap in Mortgage Access

Natee Amornsiripanitch

23-02: Funding Liquidity Creation by Banks

Anjan V. Thakor and Edison Yu

23-01: Owner-Occupancy Fraud and Mortgage Performance

Ronel Elul, Aaron Payne and Sebastian Tilson

22-41: The Push of Big City Prices and the Pull of Small Town Amenities

Heidi Artigue, Jeffrey Brinkman and Svyatoslav Karnasevych

22-39: One Threshold Doesn’t Fit All: Tailoring Machine Learning Predictions of Consumer Default for Lower-Income Areas

Vitaly Meursault, Daniel Moulton, Larry Santucci and Nathan Schor

22-38: A Statistical Learning Approach to Land Valuation: Optimizing the Use of External Information

David Albouy and Minchul Shin

22-36: Prior Fraud Exposure and Precautionary Credit Market Behavior

Nathan Blascak and Ying Lei Toh

22-35: Debtor Fraud in Consumer Debt Renegotiation

Slava Mikhed, Sahil Raina, Barry Scholnick and Man Zhang

22-34: Housing Wealth and Consumption: The Role of Heterogeneous Credit Constraints

S. Boragan Aruoba, Ronel Elul and Sebnem Kalemli Ozcan

22-33: A Model of the Gold Standard

Jesus Fernandez-Villaverde and Daniel Sanches

22-32: The Racial Wealth Gap, Financial Aid, and College Access

Phillip Levine and Dubravka Ritter

22-31: Price Setting with Customer Capital: Sales, Teasers, and Rigidity

Leena Rudanko

22-30: Uniform Priors for Impulse Responses

Jonas E. Arias, Juan F Rubio-Ramirez and Daniel Waggoner

22-29: Polarized Contributions but Convergent Agendas

Thorsten Drautzburg, Igor Livshits and Mark Wright

22-28: The Reversal Interest Rate

Joseph Abadi, Markus Brunnermeier and Yann Koby

22-27: Scarcity and Intertemporal Choice

Eesha Sharma, Stephanie Tully and Xiang Wang

22-26: Consumer Bankruptcy, Mortgage Default and Labor Supply

Wenli Li, Costas Meghir and Florian Oswald

22-25: Understanding Growth Through Automation: The Neoclassical Perspective

Lukasz Drozd, Mathieu Taschereau-Dumouchel and Marina Tavares

22-24: Freeway Revolts! The Quality of Life Effects of Highways

Jeffrey Brinkman and Jeffrey Lin

22-23: Vacancy Chains

Michael Elsby, Axel Gottfries, Ryan Michaels and David Ratner

22-22: Driving, Dropouts, and Drive-Throughs: Mobility Restrictions and Teen Human Capita

Valerie Bostwick and Christopher Severen

22-21: Foreclosure Kids: Examining the Early Adult Credit Usage of Adolescents Affected by Foreclosure

Alaina Barca, Larry Santucci and Leigh-Ann Schultz

22-20: Has COVID Reversed Gentrification in Major U.S. Cities? An Empirical Examination of Residential Mobility in Gentrifying Neighborhoods During the COVID-19 Crisis

Lei Ding and Jackelyn Hwang

22-19: Getting Schooled: The Role of Universities in Attracting Immigrant Entrepreneurs

Natee Amornsiripanitch, Paul Gompers, George Hu and Kaushik Vasudevan

22-18: The Causal Effects of Lockdown Policies on Health and Macroeconomic Outcomes

Jonas E. Arias, Jesus Fernandez-Villaverde, Juan F Rubio-Ramirez and Minchul Shin

22-17: Demographic Transition, Industrial Policies, and Chinese Economic Growth

Michael Dotsey, Wenli Li and Fang Yang

22-16: The Evolution of Local Labor Markets After Recessions

Brad Hershbein and Bryan Stuart

22-15: Blockchain Economics

Joseph Abadi and Markus Brunnermeier

22-14: The Impact of Fintech Lending on Credit Access for U.S. Small Businesses

Giulio Cornelli, Jon Frost, Leonardo Gambacorta and Julapa Jagtiani

22-13: The Problem Has Existed over Endless Years: Racialized Difference in Commuting, 1980–2019

Devin Bunten, Ellen Fu, Lyndsey Rolheiser and Christopher Severen

22-12: Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China”

Franklin Allen, Xian Gu and Julapa Jagtiani

22-11: A Twenty-First Century of Solitude? Time Alone and Together in the United States

Enghin Atalay

22-10: More Than Shelter: The Effects of Rental Eviction Moratoria on Household Well-Being

Xudong An, Stuart Gabriel and Nitzan Tzur-Ilan

22-09: Racial Inequality in Unemployment Insurance Receipt and Take-Up

Elira Kuka and Bryan Stuart

22-08: Place-Based Consequences of Person-Based Transfer: Evidence from Recessions

Brad Hershbein and Bryan Stuart

22-07: The Firm Size-Leverage Relationship and Its Implications for Entry and Business Concentration

Satyajit Chatterjee and Burcu Eyigungor

22-06: The Role of Regulation and Bank Competition in Small Firm Financing: Evidence from the Community Reinvestment Act

Panagiotis Avramidis, George Pennacchi, Konstantinos Serfes and Kejia Wu

22-05: Net Income Measurement, Investor Inattention, and Firm Decisions

Natee Amornsiripanitch, Zeqiong Huang, David Kwon and Jinjie Lin

22-04: The Great Migration and Educational Opportunity

Cavit Baran, Eric Chyn and Bryan Stuart