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Working Papers

December 2024, No. 24-17

The authors propose an approach for generating financial market scenarios for stress testing financial firms' market risk exposures.

December 2024, No. 24-16

This paper addresses the heterogeneous effects of monetary policy on households of different races.

December 2024, No. 24-15

The authors show that there has been a more general relationship between inflation and the distribution of relative price changes during the extended period of inflation stability in the U.S.

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

November 2024, No. 24-14

Results imply that encouraging high-wage firms to hire low-wage workers may be less effective at reducing wage inequality than wage patterns suggest.

Katarína Borovičková and Robert Shimer

November 2024, No. 24-13

This paper explores the role of technological shocks and if their impact triggers a response that resembles business cycles.

Christoph Görtz, Christopher Gunn and Thomas A. Lubik

November 2024, No. 24-12

Researchers examine how the post-pandemic trajectory of risk-free rates affects sovereign debt management and default risk in emerging markets (EMs).

Marina Azzimonti and Nirvana Mitra

October 2024, No. 24-11

Findings suggest there are meaningful differences in the content of recommendation letters correlated with the gender, race, and ethnicity of the candidate, which matter in predicting early career outcomes.

September 2024, No. 24-10R

This paper offers novel insights on modern bank runs using confidential data on wholesale and retail payments to detail the bank runs of March 2023.

September 2024, No. 24-09

The authors show that disruptions in access to corporate bond markets have an economically material, statistically significant impact on the real economy.

September 2024, No. 24-08

The authors find evidence that bank capital matters for the tails of future GDP growth, with a relationship that is particularly strong in reducing the probability of the worst GDP outcomes. The relationship between bank capital and growth, however, is not strong for its central tendency.

Nina Boyarchenko, Domenico Giannone and Anna Kovner

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