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Working Papers

December 2022, No. 22-12

The three leading explanations for the "retirement savings puzzle" are the desire to insure against uncertain lifespans and medical expenses, the desire to leave bequests to one's heirs, and the desire to remain in one's own home. We discuss the empirical strategies used to differentiate these motivations.

Eric French, John Bailey Jones and Rory McGee

December 2022, No. 22-11

In this paper, we use new data on daily firm-to-firm transactions from India, coupled with a large exogenous shock that disrupted supply chains to varying degrees.

Gaurav Khanna, Nicolas Morales and Nitya Pandalai-Nayar

November 2022, No. 22-10

We study how international linkages and nominal price rigidities jointly shape the dynamics of inflation and output across multiple large economies.

November 2022, No. 22-09R

Our findings underscore the persistent and far-reaching influence of historical redlining policies in shaping unequal climate risk exposure.

Claire Conzelmann, Arianna Salazar-Miranda, Toan Phan and Jeremy Hoffman

June 2022, No. 22-07

We use an estimated multi-sector New Keynesian model to decompose the behavior of U.S. inflation into contributions from sectoral (or "relative price") shocks, monetary policy shocks, and aggregate real shocks.

Francisco Ruge-Murcia and Alexander L. Wolman

June 2022, No. 22-06

The wave of sovereign defaults in the early 1980s and the string of debt crises in subsequent decades have fostered proposals involving policy interventions in sovereign debt restructurings. The global financial crisis and the recent global pandemic have further reignited this discussion among academics and policymakers.

Maximiliano Dvorkin, Juan M. Sanchez, Horacio Sapriza and Emircan Yurdagul

May 2022, No. 22-05

We search for hysteresis in aggregate post-WWII U.S. data. Our findings suggest that hysteresis effects have been virtually absent for the sample excluding the financial crisis and the Great Recession, and they only appear when including the period following the collapse of Lehman Brothers.

Luca Benati and Thomas A. Lubik

May 2022, No. 22-04

Our paper studies the role of the collateral channel for bank credit using confidential bank-firm-loan data.

Arun Gupta, Horacio Sapriza and Vladimir Yankov

April 2022, No. 22-03R

We study the implications of mixing economics and personal finance standards in a high school course.

Stephen Day, Evelyn Nunes and Bruno Sultanum

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