Forthcoming Papers

Demand-Driven Propagation of Job Losses: Evidence from the Great Recession(Soon)

Ha Nguyen, Jiaming Soh

Replication Files24.9 MB

Macroeconomic Uncertainty and Business Cycle Uncertainty(Soon)

Yu-Fan Huang, Sui Luo, Hung-Jen Wang

Replication Files32.27 KB

High-Frequency Decompositions of Interest Rates Following Data Surprises and Monetary Policy Shocks(Soon)

Andrew Meldrum, Alex Aronovich

Replication Files666.21 KB

Fisher Dynamics, Monetary Policy, and Household Indebtedness(Soon)

Andreas Fagereng, Magnus Andreas, Martin Blomhoff Holm, Gisle James Natvik

Replication Files1.73 MB

Financial constraints, wages, and macroeconomic implications(Soon)

Hamzeh Arabzadeh, Almut Balleer, Britta Gehrke

Replication Files11.15 MB

Liquidity, Collateral Quality and Interest Rates(Soon)

Jung-Hyun Ahn, Vincent Bignon, Régis Breton, Antoine Martin

Replication Files94.72 KB

Do Inflation Expectations Improve Model-Based Inflation Forecasts?(Soon)

Marta Banbura, Danilo Leiva-Leon, Jan-Oliver Menz

Replication Files1.74 MB

The Tipping Point: Interest Rates and Financial Stability

DAVIDE PORCELLACCHIA

Do Tax Incentives Enhance Entrepreneurship? Evidence from Value-Added Tax Reform in China

DONGMIN KONG, NI QIN

Replication Files21.13 MB

Corporate Tax Changes and Credit Costs

Yota D. Deli, Manthos D. Delis, Iftekhar Hasan, Panagiotis N. Politsidis, Anthony Saunders

Estimating Hysteresis Effects in Times of Crises

VALERIE CERRA, MAI HAKAMADA, RUY LAMA, JUAN PABLO MEDINA

Replication Files14.07 MB

Environmental Incidents and Sustainability Pricing Provisions

HUYEN NGUYEN, SOCHIMA UZONWANNE

Macroeconomic Uncertainty and Business Cycle Uncertainty

YU-FAN HUANG, SUI LUO, HUNG-JEN WANG

Replication Files32.27 KB

Price Setting before and during the Pandemic: Evidence from Swiss Consumer Prices

BARBARA RUDOLF, PASCAL SEILER

Replication Files1.85 MB

Climate Regulation, Firm Emissions, and Green Takeovers^a

OLIVIER DE JONGHE, KLAAS MULIER, GLENN SCHEPENS, LEONARD STIMPFLE

Replication Files15.41 KB

Network Effects in Corporate Emissions: Evidence from a Data-Dependent Spatial Panel Model

STYLIANOS ASIMAKOPOULOS, GEORGE KAPETANIOS, VASILIS SARAFIDIS, ALEXIA VENTOURI

Replication Files4.67 MB

Unconventional but Different After All? A Unified Series of Narrative Monetary Policy Shocks

DAVID BÜGEL, ALBERT HIDALGO, RALPH LUETTICKE

The Effects of Financial Liberalization on Country-Level Emissions

Kim Ceulemans, Sarfraz Khan, John K. Wald

Replication Files1.02 MB

Editor's Introduction

Manthos Delis, Luc Laeven

The Power of Open-Mouth Policies

VADYM LEPETYUK, LILIA MALIAR, SERGUEI MALIAR, JOHN B. TAYLOR

Replication Files366.03 KB

Behavioral New Keynesian Models: Learning versus Cognitive Discounting

GRETA MEGGIORINI, FABIO MILANI

Replication Files165.98 KB

Countercyclical Return Expectations: Evidence from the Livingston Survey

STIG V. MØLLER, THOMAS Q. PEDERSEN, SIGURD A. M. STEFFENSEN, MARTIN M. ANDREASEN

Replication Files71.36 KB

Quantitative Tightening Around the Globe: What Have We Learned?

WENXIN DU, KRISTIN FORBES, MATTHEW LUZZETTI

Replication Files6.89 MB

Foreign Exchange Trading During World Cup Events (or I will watch the game while you trade)

Michael Melvin, Louisa Mergner, Mykola Ryzhenkov, Frank Westermann

Replication Files1.03 MB

Population Aging and Income Inequality in a Semi-Endogenous Growth Model

KAZUO MINO, HIROAKI SASAKI

Replication Files1.17 KB

The Dollar and Emerging Market Economies: Channels and Impacts

BRUNO CAVANI, SAMER F. SHOUSHA

Replication Files2.99 MB

Fiscal Progressivity and the Time Consistency of Monetary Policy

ANTOINE CAMOUS

Replication Files2.37 MB

Passive Quantitative Easing: Bond Supply Effects through Lower Debt Issuance

JENS H. E. CHRISTENSEN, SIMON T. HETLAND

Replication Files16.49 MB

Does Central Bank Transparency Curb Foreign Exchange Vulnerability?

MUHAMMAD AFTAB, KATE PHYLAKTIS

Replication Files242.79 KB

Long-Term Debt and Short-Term Rates: Fixed-Rate Mortgages and Monetary Transmission

ALESSIA DE STEFANI, RUI C. MANO

Replication Files4.29 MB

A Heterogeneous Agent Model of Energy Consumption and Energy Conservation

VOLHA AUDZEI, IVAN SUTÓRIS

Replication Files80.98 KB

Another Look at the (Ir)Relevance of Long-Run Risks for Equity Risk Premia

PAULO MAIO

Climate Policies, Macroprudential Regulation, and the Welfare Cost of Business Cycles

BARBARA ANNICCHIARICO, MARCO CARLI, FRANCESCA DILUISO

Central Bank Digital Currency with Collateral-Constrained Banks

HANFENG CHEN, MARIA ELENA FILIPPIN

Debasements and Small Coins: An Untold Story of Commodity Money

GU JIN, TAO ZHU

EU ETS Market Expectations and Rational Bubbles

CHRISTOPH WEGENER, ROBINSON KRUSE-BECHER, TONY KLEIN

Replication Files2.68 MB

Optimal Payment Arrangement in a Cash-Less Monetary Economy

NICOLA AMENDOLA, LUIS ARAUJO, LEO FERRARIS

Monetary Policy, Employment Shortfalls, and the Natural Rate Hypothesis

MICHAEL T. KILEY

The Welfare and Distributional Consequences of Corporate Tax Cuts in Open Economies

MAMOON KADER, HASHMAT KHAN, MINJOON LEE, RAÚL RAZO-GARCÍA

Self-Fundamentals, Cross-Fundamentals, and Exchange Rate Predictions

QIN WANG, YU REN

Carbon Pricing, Credit Reallocation, and Real Effects

FEDERICO APICELLA, ANDREA FABIANI

The Liquidity of the Government Bond Market—What Impact Does Quantitative Easing Have? Evidence from Sweden

MARIANNA BLIX GRIMALDI, ALBERTO CROSTA, DONG ZHANG

Mixing It Up: Inflation at Risk

MAXIMILIAN SCHRÖDER

Replication Files8.72 MB

Reading between the Lines—Uncovering Asymmetry in the Central Bank Loss Function

MARKUS HAAVIO, JONI HEIKKINEN, PIRKKA JALASJOKI, JUHA KILPONEN, MARITTA PALOVIITA, ILONA VÄNNI

Replication Files4.76 MB

Banking with Inside Money: An Efficiency Analysis

DAVID RIVERO, HUGO RODRÍGUEZ MENDIZÁBAL

Replication Files149.21 KB

Redemption Fees and Gates in the Lab

HUBERT JÁNOS KISS, ALFONSO ROSA GARCÍA, LUKAS VOELLMY

Replication Files2.5 MB

Capital Income Taxation and Self-Fulfilling Aggregate Instability

KEVIN X.D. HUANG, QINGLAI MENG, JIANPO XUE

The Role of Remittances and FDI for the Current Account: The Case of Cambodia

VEASNA KHENG, LEI PAN, XIAODONG FAN

Replication Files33.93 KB

Unequal and Unstable: Income Inequality and Bank Risk

YULIYAN MITKOV, ULRICH SCHÜWER

How Bad Are Weather Disasters for Banks?

KRISTIAN S. BLICKLE, SARAH N. HAMERLING, DONALD P. MORGAN

Cyberattacks on Small Banks and the Impact on Local Banking Markets

FABIAN GOGOLIN, IVAN LIM, FRANCESCO VALLASCAS

Replication Files968.98 KB

Stock Market News and Output Growth

STIG V. MØLLER, RICHARD PRIESTLEY

Replication Files70.79 KB

A Housing Portfolio Channel of QE Transmission

DOMINIK BODDIN, DANIEL MARCEL TE KAAT, CHANG MA, ALESSANDRO REBUCCI

Replication Files269.73 KB

A Tale of Two Bailouts and Their Impact on Subprime Consumer Debt

Allen N. Berger, Onesime Epouhe, Raluca A. Roman

Understanding the Drivers of Housing Prices: Fundamental versus Expectational View

CLEMENTE PINILLA-TORREMOCHA

Replication Files387.34 KB

Policy Biases in a Model with Labor-Market Frictions

RICHARD DENNIS, TATIANA KIRSANOVA

Replication Files21.99 KB

Payment Flows, Bank Lending, and Central Bank Digital Currencies

YUTENG CHENG, RYUICHIRO IZUMI

FX Interventions and Capital-Constrained Banks: Evidence from USD/ILS Spot, Forward, and Option Markets

MARKUS HERTRICH, DANIEL NATHAN

Replication Files52.26 MB

Marginal Propensity to Consume and Personal Characteristics: Evidence from Bank Transaction Data and Survey

KOZO UEDA

Regulating Credit Lines in the Presence of Fire-Sale Externalities

JOSÉ E. GUTIÉRREZ

From Interaction to Business Fluctuations: How Credit Network Explains Cycles

EMANUELE CIOLA, GABRIELE TEDESCHI

Ben Bernanke and Bagehot's Rules: Further Explorations

EMMANUEL CARRÉ, LAURENT LE MAUX

Monetary–Fiscal Policy Interactions When Price Stability Occasionally Takes a Back Seat

Sebastian Schmidt

How Banks Create Gridlock in Payment Systems to Save Liquidity: The Case of Canada

RODNEY J. GARRATT, ZHENTONG LU, PHOEBE TIAN

Survey Expectations in the U.S. Phillips Curve

CARLOS BEJAR-GARCIA

Replication Files16.62 KB

Redistributive Policy Shocks and Monetary Policy with Heterogeneous Agents

OJASVITA BAHL, CHETAN GHATE, DEBDULAL MALLICK

Credit Easing versus Quantitative Easing: Evidence from Corporate and Government Bond Purchase Programs

STEFANIA D'AMICO, IRYNA KAMINSKA

Does Deposit Insurance Promote Deposit Stability? Evidence from the Postal Savings System during the 1920s

Lee K. Davison, Carlos D. Ramirez

Replication Files779.75 KB

Herding in Mobile Payment: Evidence, Mechanism, and Heterogeneity

Chun-Yu Ho, Nayoung Kim, Ying Rong, Xin Tian

Replication Files184.72 KB

Riding the Housing Wave: Home Equity Withdrawal and Consumer Debt Composition

ANNA GRODECKA-MESSI, JIEYING LI, XIN ZHANG

Replication Files89.92 KB

Banks and Inequality: Evidence from a Nationwide Branch Expansion Policy

ASHISH K. SEDAI, MAHMUT YASAR, WILLIAM CROWDER, RIKHIA BHUKTA

Replication Files28.23 MB

Heterogeneity and the Macro-Economic Effects of Changes in Loan-to-Value Limits

EMMANUEL DE VEIRMAN, JASPER DE JONG

Replication Files13.51 MB

Taylor Rule Deviations Across Horizons: A Practical Tool for Monetary Policy

MASAZUMI HATTORI, TOMOHIDE MINEYAMA, JOUCHI NAKAJIMA

Replication Files7.29 MB

How Do Rising U.S. Interest Rates Affect Emerging and Developing Economies? It Depends

Carlos Arteta, Steven Kamin, Franz U. Ruch

Replication Files17.56 MB

Shock Propagation within Multisector Firms

JAY HYUN, ZIHO PARK, VLADIMIR SMIRNYAGIN

Replication Files33.69 KB

The Impact of the Dodd–Frank Act on Small U.S. Banks

KUAN LIU

Global Factors in Noncore Bank Funding and Exchange Rate Flexibility

LUÍS A.V. CATÃO, JAN DITZEN, DANIEL MARCEL TE KAAT

Replication Files1.32 MB

Estimating the Interest Rate Trend in a Shadow Rate Term Structure Model

YANG HAN, JUN MA

Replication Files8.2 MB

Precautionary Saving against Correlation under Risk and Ambiguity

TAKAO ASANO, YUSUKE OSAKI

Misspecified Expectations among Professional Forecasters

JULIO L. ORTIZ

Replication Files14.39 MB

Real Effects of Exchange Rate Depreciation: The Roles of Bank Loan Supply and Interbank Markets

THORSTEN BECK, PETER BEDNAREK, DANIEL TE KAAT, NATALJA VON WESTERNHAGEN

Nonresponse Bias in Household Inflation Expectations Surveys

MELTEM CHADWICK, RENNAE CHERRY, JAQUESON K. GALIMBERTI

Replication Files58.66 KB

Macroprudential, Monetary Policy Synergies and Credit Supply: Evidence from Matched Bank-Firm Loan-Level Data in Brazil

RODRIGO BARBONE GONZALEZ, JOÃO BARATA RIBEIRO BLANCO BARROSO, BERNARDUS FERDINANDUS NAZAR VAN DOORNIK

Replication Files5.79 MB

Uncertainty Shocks and the Cross-Border Funding of Banks: Unmasking Heterogeneity

AGUSTÍN BÉNÉTRIX, MICHAEL CURRAN

Replication Files127.13 KB

Inflation Expectations and Inflation Persistence

SHIU-SHENG CHEN

Replication Files77.65 KB

Studying Generational Risk in a Large-Scale Life-Cycle Model

JASMINA HASANHODZIC, LAURENCE J. KOTLIKOFF

How Does Public Sector Employment Affect Household Saving Rates? Evidence from China

CAN XU, ANDREAS STEINER

Substitution between Public and Private Consumption: Theory and Evidence on the Role of Nonhomothetic Preferences

ANNE-CHRISTINE BARTHEL, JOHN NANA FRANCOIS

Inflationary Household Uncertainty Shocks

GENE AMBROCIO

Does the Phillips Curve Lie Down as We Age?

CHADWICK CURTIS, JULIO GARÍN, ROBERT LESTER

Does a Financial Crisis Impair Corporate Innovation?

MASAMI IMAI, MICHIRU SAWADA

Replication Files8.29 MB

The Effects of Regulatory Office Closures on Bank Behavior

IVAN LIM, JENS HAGENDORFF, SETH ARMITAGE

Replication Files8.95 MB

A New Approach to Estimating the Natural Rate of Interest

LUCA BENATI

Replication Files1.14 MB

Forthcoming Papers

Forthcoming Papers

Demand-Driven Propagation of Job Losses: Evidence from the Great Recession(Soon)

Macroeconomic Uncertainty and Business Cycle Uncertainty(Soon)

High-Frequency Decompositions of Interest Rates Following Data Surprises and Monetary Policy Shocks(Soon)

Fisher Dynamics, Monetary Policy, and Household Indebtedness(Soon)

Financial constraints, wages, and macroeconomic implications(Soon)

Liquidity, Collateral Quality and Interest Rates(Soon)

Do Inflation Expectations Improve Model-Based Inflation Forecasts?(Soon)

The Tipping Point: Interest Rates and Financial Stability

Do Tax Incentives Enhance Entrepreneurship? Evidence from Value-Added Tax Reform in China

Corporate Tax Changes and Credit Costs

Estimating Hysteresis Effects in Times of Crises

Environmental Incidents and Sustainability Pricing Provisions

Macroeconomic Uncertainty and Business Cycle Uncertainty

Price Setting before and during the Pandemic: Evidence from Swiss Consumer Prices

Climate Regulation, Firm Emissions, and Green Takeoversa

Network Effects in Corporate Emissions: Evidence from a Data-Dependent Spatial Panel Model

Unconventional but Different After All? A Unified Series of Narrative Monetary Policy Shocks

The Effects of Financial Liberalization on Country-Level Emissions

Editor's Introduction

The Power of Open-Mouth Policies

Behavioral New Keynesian Models: Learning versus Cognitive Discounting

Countercyclical Return Expectations: Evidence from the Livingston Survey

Quantitative Tightening Around the Globe: What Have We Learned?

Foreign Exchange Trading During World Cup Events (or I will watch the game while you trade)

Population Aging and Income Inequality in a Semi-Endogenous Growth Model

The Dollar and Emerging Market Economies: Channels and Impacts

Fiscal Progressivity and the Time Consistency of Monetary Policy

Passive Quantitative Easing: Bond Supply Effects through Lower Debt Issuance

Does Central Bank Transparency Curb Foreign Exchange Vulnerability?

Long-Term Debt and Short-Term Rates: Fixed-Rate Mortgages and Monetary Transmission

A Heterogeneous Agent Model of Energy Consumption and Energy Conservation

Another Look at the (Ir)Relevance of Long-Run Risks for Equity Risk Premia

Climate Policies, Macroprudential Regulation, and the Welfare Cost of Business Cycles

Central Bank Digital Currency with Collateral-Constrained Banks

Debasements and Small Coins: An Untold Story of Commodity Money

EU ETS Market Expectations and Rational Bubbles

Optimal Payment Arrangement in a Cash-Less Monetary Economy

Monetary Policy, Employment Shortfalls, and the Natural Rate Hypothesis

The Welfare and Distributional Consequences of Corporate Tax Cuts in Open Economies

Self-Fundamentals, Cross-Fundamentals, and Exchange Rate Predictions

Carbon Pricing, Credit Reallocation, and Real Effects

The Liquidity of the Government Bond Market—What Impact Does Quantitative Easing Have? Evidence from Sweden

Mixing It Up: Inflation at Risk

Reading between the Lines—Uncovering Asymmetry in the Central Bank Loss Function

Banking with Inside Money: An Efficiency Analysis

Redemption Fees and Gates in the Lab

Capital Income Taxation and Self-Fulfilling Aggregate Instability

The Role of Remittances and FDI for the Current Account: The Case of Cambodia

Unequal and Unstable: Income Inequality and Bank Risk

How Bad Are Weather Disasters for Banks?

Cyberattacks on Small Banks and the Impact on Local Banking Markets

Stock Market News and Output Growth

A Housing Portfolio Channel of QE Transmission

A Tale of Two Bailouts and Their Impact on Subprime Consumer Debt

Understanding the Drivers of Housing Prices: Fundamental versus Expectational View

Policy Biases in a Model with Labor-Market Frictions

Payment Flows, Bank Lending, and Central Bank Digital Currencies

FX Interventions and Capital-Constrained Banks: Evidence from USD/ILS Spot, Forward, and Option Markets

Marginal Propensity to Consume and Personal Characteristics: Evidence from Bank Transaction Data and Survey

Regulating Credit Lines in the Presence of Fire-Sale Externalities

From Interaction to Business Fluctuations: How Credit Network Explains Cycles

Ben Bernanke and Bagehot's Rules: Further Explorations

Monetary–Fiscal Policy Interactions When Price Stability Occasionally Takes a Back Seat

How Banks Create Gridlock in Payment Systems to Save Liquidity: The Case of Canada

Survey Expectations in the U.S. Phillips Curve

Redistributive Policy Shocks and Monetary Policy with Heterogeneous Agents

Credit Easing versus Quantitative Easing: Evidence from Corporate and Government Bond Purchase Programs

Does Deposit Insurance Promote Deposit Stability? Evidence from the Postal Savings System during the 1920s

Herding in Mobile Payment: Evidence, Mechanism, and Heterogeneity

Riding the Housing Wave: Home Equity Withdrawal and Consumer Debt Composition

Banks and Inequality: Evidence from a Nationwide Branch Expansion Policy

Heterogeneity and the Macro-Economic Effects of Changes in Loan-to-Value Limits

Taylor Rule Deviations Across Horizons: A Practical Tool for Monetary Policy

How Do Rising U.S. Interest Rates Affect Emerging and Developing Economies? It Depends

Shock Propagation within Multisector Firms

The Impact of the Dodd–Frank Act on Small U.S. Banks

Global Factors in Noncore Bank Funding and Exchange Rate Flexibility

Estimating the Interest Rate Trend in a Shadow Rate Term Structure Model

Climate Regulation, Firm Emissions, and Green Takeovers^a