Working Papers
March 2026, No. 26-04
The paper discusses a model that aggregates district trade preferences into a national trade policy through legislative bargaining, incorporating institutional design, economic and political geography and bargaining.
February 2026, No. 26-03
We document significant variation in interest rates among similar commercial and industrial loans using confidential supervisory data on the largest US banks.
February 2026, No. 26-02
In this review, we synthesize the empirical evidence on illiquidity and insolvency as causes of bank failures and discuss what these findings imply for policies meant to address the incidence and consequences of financial crises.
February 2026, No. 26-01
How large are the effects of artificial intelligence (AI) on labor productivity and unemployment?
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