Working Papers

The authors study how changes in banks' lending standards affect economic activity, inflation, and interest rates to gain a better understanding of the macroeconomic effect that banks can have.

The authors shed light on the role of competitive forces in how banks manage emerging risks and relevant supervisory challenges.

This paper provides evidence on the regional resiliency impact of research universities by estimating the effects of recent U.S. recessions on local unemployment.

We study how random variation in the availability of highly educated, foreign-born workers impacts firm performance and recruitment behavior.

While supply chain diversification helps mitigate climate risk, it exacerbates the distributional effects of climate change by reducing wages in regions prone to more frequent shocks.

We find that technology adoption greatly amplifies the multipliers' magnitudes, and it changes the ranking of priority sectors for industrial policy.

The authors demonstrate how the real estate agent compensation structure deviates from cost basis and may lead to elevated home prices, overused agent services, and prolonged home searches.