Research Working Papers
Working papers cover a wide range of economic topics, including monetary policy, payment methods, banking and more.
Recent Papers
Does Risk-Taking Increase or Decrease with Higher Interest Rates?
Interest rates can affect borrowers’ risk-taking indirectly by changing their demand for credit and volume of investment.
Heterogeneity in Household Inflation Expectations: Policy Implications
A tightening in monetary policy can lower inflation expectations even among households whose expectations are especially high.
Flood Risk Exposures and Mortgage-Backed Security Asset Performance and Risk Sharing
Flood risk has historically resulted in poorer performance for both individual mortgages and mortgage-backed securities.
Labor Market Shocks and Monetary Policy
Worker mobility played a key role in shaping inflation dynamics during the Great Recession and COVID-19 recoveries.
Financial Literacy, Risk Tolerance, and Cryptocurrency Ownership in the United States
Cryptocurrency transactors tend to have lower financial literacy and risk tolerance than crypto investors.
Uninsurable Income Risk and the Welfare Effects of Reducing Global Imbalances
Encouraging savings in debtor economies can help balance their current accounts while raising wages globally.
Explaining the Life Cycle of Bank-Sponsored Money Market Funds
How banks and regulators react to each other helps explain how the money market fund industry has evolved.
Shocks, Frictions, and Policy Regimes: Understanding Inflation after the COVID-19 Pandemic
Fiscal and monetary policies likely contributed to the persistent rise in inflation during the post-pandemic period.
Technology and Energy Substitution: A Path toward Climate Change Mitigation
Substitution between different production inputs is an important mechanism for climate change mitigation.
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