Research Working Papers
Working papers cover a wide range of economic topics, including monetary policy, payment methods, banking and more.
Recent Papers
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.
Examining the Financial Accelerator: Bank Responses to the 2014 Oil Price Shock
By restricting lending, banks may amplify economic downturns for vulnerable firms.