Working Papers

This model explains how an increase in intermediation costs leads to structural changes in the corporate bond market

Our supply-side explanation for trade policy reveals district and industry-level patterns of winners and losers, central to understanding the political consequences of trade and the backlash against globalization.

This paper provides independent estimates of the disincentive effects arising from the largest expansion of UI in U.S. history, the pandemic unemployment benefits.

John O'Trakoun introduces the "trimmed persistence PCE," a new measure of core inflation in which component prices are weighted according to the time-varying persistence of their price changes.

Are people adequately informed about their vulnerability to future climate-related risks, and does their willingness to adapt depend on this knowledge?

This paper evaluates the welfare effects of unemployment insurance in general equilibrium using a life-cycle model.

New Jersey voters approved legalized gambling for Atlantic City in a 1976 referendum. The state explicitly leveraged the city's regional monopoly on casinos east of the Mississippi River as an economic development strategy to revive the blighted seaside resort town.

We analyze the relationship between climate-related disasters and sovereign debt crises using a model with capital accumulation, sovereign default, and disaster risk.

How do credit default swaps (CDS) affect sovereign debt markets? Our baseline specification predicts trading frictions and an inability to short sell bonds significantly improves sovereign debt prices, but policies that restrict CDS trading have small effects.

In this paper, we develop a methodology that delivers an encompassing approach to computing dynamic responses of macroeconomic variables to shocks.