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1295
result(s)
Fiscal Stimulus and Skill Accumulation over the Life Cycle
Staff Working Paper 2023-9
Laure Simon
Using micro data from the U.S. Consumer Expenditure Survey and Current Population Survey, I document that government spending shocks affect individuals differently over the life cycle.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Fiscal policy,
Productivity
JEL Code(s):
D,
D1,
D12,
D15,
E,
E2,
E21,
E6,
E62,
J,
J1,
J11,
J2,
J24
Climate Variability and International Trade
Staff Working Paper 2023-8
Geoffrey R. Dunbar,
Walter Steingress,
Ben Tomlin
This paper quantifies the impact of hurricanes on seaborne international trade to the United States. Matching the timing of hurricane–trade route intersections with monthly U.S. port-level trade data, we isolate the unanticipated effects of a hurricane hitting a trade route using two separate identification schemes: an event study and a local projection.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Climate change,
International topics
JEL Code(s):
C,
C2,
C22,
C5,
F,
F1,
F14,
F18,
Q,
Q5,
Q54
Stress Relief? Funding Structures and Resilience to the Covid Shock
Staff Working Paper 2023-7
Kristin Forbes,
Christian Friedrich,
Dennis Reinhardt
Funding structures affected the amount of financial stress different countries and sectors experienced during the spread of COVID-19 in early 2020. Policy responses targeting specific vulnerabilities were more effective at mitigating this stress than those supporting banks or the economy more broadly.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Coronavirus disease (COVID-19),
Exchange rates,
Financial institutions,
Financial stability,
Financial system regulation and policies,
International topics
JEL Code(s):
E,
E4,
E44,
E6,
E65,
F,
F3,
F31,
F36,
F4,
F42,
G,
G1,
G18,
G2,
G23,
G3,
G38
(Un)Conventional Monetary and Fiscal Policy
Staff Working Paper 2023-6
Jing Cynthia Wu,
Yinxi Xie
We build a tractable New Keynesian model to study and compare four types of monetary and fiscal policy: policy rate adjustments, quantitative easing, lump-sum fiscal transfers and government spending. We find that tax-financed fiscal policy is more stimulative than debt-financed policy, and optimal policy coordination needs at least two of these four policy instruments.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Fiscal policy,
Monetary policy
JEL Code(s):
E,
E4,
E6,
E61,
E62,
E63
Gazing at r-star: A Hysteresis Perspective
Staff Working Paper 2023-5
Paul Beaudry,
Katya Kartashova,
Césaire Meh
Many explanations for the decline in real interest rates over the last 30 years point to the role that population aging or rising income inequality plays in increasing the long-run aggregate demand for assets. Notwithstanding the importance of such factors, the starting point of this paper is to show that the major change driving household asset demand over this period is instead an increased desire—for a given age and income level—to hold assets.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Fiscal policy,
Inflation and prices,
Inflation targets,
Interest rates,
Monetary policy,
Monetary policy framework
JEL Code(s):
E,
E2,
E21,
E3,
E31,
E4,
E43,
E5,
E52,
E58,
E6,
E62,
G,
G5,
G51,
H,
H6
Macroeconomic Disasters and Consumption Smoothing: International Evidence from Historical Data
Staff Working Paper 2023-4
Lorenzo Pozzi,
Barbara Sadaba
Does consumption smoothing fundamentally decrease during macroeconomic disasters? This paper uses a large historical dataset (1870–2016) for 16 industrial economies to show that during macroeconomic disasters (e.g., wars, pandemics, depressions) aggregate consumption and income are significantly less decoupled than during normal times.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Coronavirus disease (COVID-19),
Econometric and statistical methods
JEL Code(s):
C,
C2,
C23,
E,
E2,
E21
Mandatory Retention Rules and Bank Risk
Staff Working Paper 2023-3
Yuteng Cheng
This paper studies, theoretically and empirically, the unintended consequences of mandatory retention rules in securitization. It proposes a novel model showing that while retention strengthens monitoring, it may also encourage banks to shift risk.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credit risk management,
Financial institutions,
Financial system regulation and policies
JEL Code(s):
G,
G2,
G21,
G28
Geographical and Cultural Proximity in Retail Banking
Staff Working Paper 2023-2
Santiago Carbo-Valverde,
Héctor Pérez Saiz,
Hongyu Xiao
This paper measures how both geographical and cultural proximity of bank branches affect household credit choice and pricing. For credit products that require high levels of ex-ante screening, we find that both proximities can complement each other in reducing the cost of providing soft information, thereby increasing credit access.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credit and credit aggregates,
Financial institutions,
Financial services
JEL Code(s):
D,
D8,
D82,
D83,
G,
G2,
G20,
G21,
R,
R2,
R22,
Z,
Z1,
Z10,
Z13
Simulating Intraday Transactions in the Canadian Retail Batch System
Staff Working Paper 2023-1
Nellie Zhang
This paper proposes a unique approach to simulate intraday transactions in the Canadian retail payments batch system when such transactions are unobtainable. The simulation procedure has potential for helping with data-deficient problems where only high-level aggregate information is available.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Payment clearing and settlement systems
JEL Code(s):
C,
C6,
C63,
E,
E4,
E42,
E5,
E58