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Working Papers

December 2023, No. 23-13

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

Lucas B. Dyskant, André C. Silva and Bruno Sultanum

November 2023, No. 23-12

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.

Kishore Gawande, Pablo M. Pinto and Santiago Pinto

November 2023, No. 23-11

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

Andreas Hornstein, Marios Karabarbounis, André Kurmann, Etienne Lalé and Lien Ta

November 2023, No. 23-10

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.

September 2023, No. 23-09

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

Laura Bakkensen, Quynh Nguyen, Toan Phan and Paul Schuler

May 2023, No. 23-08

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

May 2023, No. 23-07

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.

March 2023, No. 23-06

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

March 2023, No. 23-05R

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.

Gaston Chaumont, Grey Gordon, Bruno Sultanum and Elliot Tobin

February 2023, No. 23-04

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

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