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9570 Results

September 8, 2025

Supervisory framework: Supervision

Know your requirements as an applicant or as a registered payment service provider and find out how we will assess compliance.
September 8, 2025

Supervisory framework: Registration

Learn about the registration requirements under the Retail Payment Activities Act and what will be expected of payment service providers.

Perceived Unemployment Risks over Business Cycles

Staff Working Paper 2025-23 William Du, Adrian Monninger, Xincheng Qiu, Tao Wang
Aggregate consumption impacts of heightened job risks during recessions can arise either from ex-ante responses to the fear of unemployment or from ex-post consumption declines due to realized income losses. We use survey-based perceptions of job risk and actual labor market transitions to quantify the relative contributions of these two channels. We further show that belief stickiness limits the extent of ex-ante insurance against job risks.
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