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We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Working Papers

These papers are written by Richmond Fed economists, in some cases in collaboration with outside economists. They represent work prepared for later publication or presentation to professional meetings. They are circulated in this series for purposes of discussion and comment. A list of forthcoming and published papers is available on our externally published research page.

September 2025, No. 25-07

What is the Impact of a Major Unconventional Monetary Policy Intervention?

Carlo Alcaraz, Stijn Claessens, Gabriel Cuadra, David Marques-Ibanez and Horacio Sapriza

September 2025, No. 25-06

Taxation, Compliance, and Clandestine Activities

Subhayu Bandyopadhyay, Sugata Marjit, Santiago Pinto and Marcel Thum

June 2025, No. 25-05

Two-Sided Platforms and the 6 Percent Real Estate Broker Commission

Borys Grochulski and Zhu Wang

June 2025, No. 25-04

Failing Banks

Sergio Correia, Stephan Luck and Emil Verner

June 2025, No. 25-03

Banks in Space

Ezra Oberfield, Nicholas Trachter, Esteban Rossi-Hansberg and Derek Wenning

June 2025, No. 25-02

Max-Share Misidentification

Liyu Dou, Paul Ho and Thomas A. Lubik

January 2025, No. 25-01

The IT Boom and Other Unintended Consequences of Chasing the American Dream

Gaurav Khanna and Nicolas Morales

December 2024, No. 24-17

Designing Market Shock Scenarios

Azamat Abdymomunov, Zheng Duan, Anne Lundgaard Hansen and Ulas Misirli

December 2024, No. 24-16

Minority Inflation, Unemployment, and Monetary Policy

Munseob Lee, Claudia Macaluso and Felipe F. Schwartzman

December 2024, No. 24-15

The Relationship Between Inflation and the Distribution of Relative Price Changes

Andreas Hornstein, Francisco Ruge-Murcia and Alexander L. Wolman

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Katrina Mullen