Research Working Papers
Working papers cover a wide range of economic topics, including monetary policy, payment methods, banking and more.
Recent Papers
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.
Examining the Financial Accelerator: Bank Responses to the 2014 Oil Price Shock
By restricting lending, banks may amplify economic downturns for vulnerable firms.
Asset Purchases in a Monetary Union with Default and Liquidity Risks
Central bank asset purchases can effectively stabilize economic conditions, especially in scenarios of elevated financial stress.