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158 Results

Financial Intermediaries and the Macroeconomy: Evidence from a High-Frequency Identification

Staff Working Paper 2022-24 Pablo Ottonello, Wenting Song
What effect do financial intermediaries have on the economy? We develop a strategy to isolate the effects of financial shocks on the economy using high-frequency data. Our findings show that intermediaries have a sizeable impact on nonfinancial firms—particularly those with high default risk and low liquidity.

Job Ladder and Business Cycles

Staff Working Paper 2022-14 Felipe Alves
During downturns, workers get stuck in low-productivity jobs and wages remain stagnant. I build an heterogenous agent incomplete market model with a full job ladder that accounts for these facts. An adverse financial shock calibrated to the US Great Recession replicates the period’s slow recovery and missing disinflation.

Monetary Policy and Redistribution in Open Economies

Staff Working Paper 2022-6 Xing Guo, Pablo Ottonello, Diego Perez
We study how different types of monetary policy shape the distributional effects of external economic shocks on households’ consumption in a small open economy. Our results present a trade-off between maintaining overall stabilization and controlling consumption inequality.
Content Type(s): Staff research, Staff working papers Topic(s): Exchange rate regimes, Monetary policy JEL Code(s): E, E3, E32, E5, E52, F, F4, F41, F44

Business Closures and (Re)Openings in Real Time Using Google Places

The COVID-19 pandemic highlighted the need for policy-makers to closely monitor disruptions to the retail and food business sectors. We present a new method to measure business opening and closing rates using real-time data from Google Places, the dataset behind the Google Maps service.

The Countercyclical Capital Buffer and International Bank Lending: Evidence from Canada

Staff Working Paper 2021-61 David Xiao Chen, Christian Friedrich
We examine the impact of the CCyB on foreign lending activities of Canadian banks. We show that the announcement of a tightening in another country’s CCyB leads to a decrease in the growth rate of cross-border lending between Canadian banks and borrowers in that other country.

Are Bank Bailouts Welfare Improving?

Staff Working Paper 2021-56 Malik Shukayev, Alexander Ueberfeldt
Financial sector bailouts, while potentially beneficial during a crisis, might lead to excessive risk taking if anticipated. Taking expectations and aggregate risk implications into account, we show that bailouts can be welfare improving, but only if capital adequacy constraints are sufficiently tight.

Energy Efficiency and Fluctuations in CO2 Emissions

Staff Working Paper 2021-47 Soojin Jo, Lilia Karnizova
Carbon dioxide emissions have been commonly modelled as rising and falling with total output. Yet many factors, such as energy-efficiency improvements and shifts to cleaner energy, can break this relationship. We evaluate these factors using US data and find that changes in energy efficiency of consumption goods explain a significant proportion of emissions fluctuations. This finding also implies that models that omit energy efficiency likely overestimate the trade-off between environmental protection and economic performance.

More Money for Some: The Redistributive Effects of Open Market Operations

Staff Working Paper 2021-46 Christian Bustamante
I use a search-theoretic model of money to study how open market operations affect the conduct of monetary policy and what this means for households along the wealth distribution. In the model, households vary in the size and composition of their portfolios, which in turn implies that they may be unevenly affected by open market operations.

From He-Cession to She-Stimulus? The Labor Market Impact of Fiscal Policy Across Gender

Staff Working Paper 2021-42 Alica Ida Bonk, Laure Simon
The effects of fiscal policy shocks on labour market outcomes across gender depend on the type of public expenditure. Women benefit most from increases in the government wage bill, while men are the main beneficiaries of higher investment spending.
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