Research Working Papers
Working papers cover a wide range of economic topics, including monetary policy, payment methods, banking and more.
Recent Papers
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.
The Role of Technology and Energy Substitution in Climate Change Mitigation
Substitution between different production inputs is an important mechanism for climate change mitigation.
How Optimal Was U.S. Monetary Policy at the Zero Lower Bound?
Forward guidance and large-scale asset purchases effectively offset disinflationary effects from the zero lower bound.
Financing Modes and Lender Monitoring
Can banks and shadow banks coexist in the absence of financial regulation and regulatory arbitrage?
Evaluating Local Language Models: An Application to Bank Earnings Calls
We find local large language models useful in analyzing bank earnings calls after the banking stress of early 2023.
An Experimental Analysis of Quality Misperception in Food Labels
Consumers’ misperception of labels alters sellers’ strategic responses and can increase quality and total welfare in food markets.
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