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Research Working Papers

Working papers cover a wide range of economic topics, including monetary policy, payment methods, banking and more.

Recent Papers

Research Working Paper

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.

Research Working Paper | Macroeconomics | Monetary Policy
Research Working Paper

Measuring the Spectrum of Occupational Emissions

A new data-driven approach reveals which occupations are most exposed to shifts in the energy mix.

Research Working Paper | Data and Trends | Economic Geography | Energy | Labor and Demographics | Natural Resources and Environment | Regional
Research Working Paper

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.

Research Working Paper | Macroeconomics | Monetary Policy
Research Working Paper

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

Research Working Paper | Banking and Finance | Data and Trends | Quantitative Methods
Research Working Paper

Monetary Policy Transmission, Bank Market Power, and Income Source

Banks can maintain lower deposit rates due to market power in financial services.

Research Working Paper | Banking and Finance | Monetary Policy | Payments | Quantitative Methods
Research Working Paper

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.

Research Working Paper | Economic Geography | Regional
Research Working Paper

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.

Research Working Paper | Agriculture | Inflation
Research Working Paper

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.

Research Working Paper | Covid-19 Research | Inflation | Macroeconomics | Monetary Policy
Research Working Paper

Examining the Financial Accelerator: Bank Responses to the 2014 Oil Price Shock

By restricting lending, banks may amplify economic downturns for vulnerable firms.

Research Working Paper | Banking and Finance
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