Research Working Papers
Working papers cover a wide range of economic topics, including monetary policy, payment methods, banking and more.
Recent Papers
Worker and Firm Search in the Labor Market: Evidence from Classified Advertisements
New city-level and national measures of firm and worker job searches offer insight into early 20th-century U.S. labor markets.
What Are Empirical Monetary Policy Shocks? Estimating the Term Structure of Policy News
Monetary policy shocks contain a mixture of information about policy; a new method disentangles their components.
Measuring the Spectrum of Occupational Emissions
A new data-driven approach reveals which occupations are most exposed to shifts in the energy mix.
The Optimal Monetary Policy Response to Belief Distortions: Model-Free Evidence
Data suggest that monetary policy should ease to offset inflation over-pessimism among households.
A Comparison of Daily and Intradaily Monetary Policy Surprises
Daily data can be a reasonable substitute for intraday data in measuring the effects of monetary policy announcements, with some a
Monetary Policy Transmission, Bank Market Power, and Income Source
Banks can maintain lower deposit rates due to market power in financial services.
A Better Delineation of U.S. Metropolitan Areas
A new way to delineate U.S. metropolitan areas better matches common-sense perceptions of areas within which people travel daily.
The Passthrough of Agricultural Commodity Prices to Food Prices
Agricultural commodities prices have had a small and uncertain effect on changes in food prices at least since 2008.
Maintaining the Anchor: An Evaluation of Inflation Targeting in the Face of COVID-19
Globally, central banks prevented high inflation post-pandemic from becoming embedded in inflation expectations.