Working Papers
When a primary worker' income drops unexpectedly, spousal labor supply and earnings increase to compensate, especially in young households with limited financial assets.
An econometric framework that can jointly leverage identification strategies from the applied microeconometric toolkit and identification assumptions from the macro/time series literature exploits both time series and crosssectional variation to identify aggregate macroeconomic effects as well as idiosyncratic effects of identified shocks.
During the last nonfinancial recession, negative credit supply shocks reduced firms' employment and increased their exit probability.
Supervisors anticipate most bank failures with a high degree of accuracy.
The authors develop a single-proposer noise bargaining game and embed it in a two-sector sovereign default model to find that hard defaults coincide with deeper and more protracted recessions.
Exploring the evolving significance of different production sectors within the U.S. economy since World War II provides methods for estimating and forecasting these shifts.
This post uses a major central bank announcement, the "whatever it takes" speech, to determine how a credible announcement of an unconventional monetary policy intervention affects bank lending standards during crises.
What trade-offs do policymakers face between raising tax revenues for the public good and mitigating the distortionary effects of taxation when individuals can evade taxes and engage in clandestine activities?
Since brokers operate a two-sided platform for trading homes, this model explains the 6 real estate broker commission and implies that commission rates should be higher where price-rent ratios are higher.
Why do banks fail? The authors create a panel covering most commercial banks from 1863 through 2024 to study the history of failing banks in the United States.