Forthcoming Papers

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

Joined at the Hip: Monetary and Fiscal Policy in a Liquidity-Dependent World

GUILLERMO A. CALVO, ANDRÉS VELASCO

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

Taxation and Bank Liquidity Creation

ALLEN N. BERGER, DIMITRIS K. CHRONOPOULOS, ANNA L. SOBIECH, JOHN O.S. WILSON

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

Macroprudential Policy in the Euro Area

ÁLVARO FERNÁNDEZ-GALLARDO, IVÁN PAYÁ

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

On Measuring the Welfare Cost of Inflation

APOSTOLOS SERLETIS, LIBO XU

Replication Files175.3 KB

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

Loan Evergreening through Banks' Lenses: Evidence from Credit Product-Level Data

CECILIA DASSATTI, RODRIGO LLUBERAS, FRANCESC RODRIGUEZ-TOUS

Replication Files95.34 KB

Market Effects of Central Bank Credit Markets Support Programs in Europe

YURIY KITSUL, OLEG V. SOKOLINSKIY, JONATHAN H. WRIGHT

Replication Files1.9 MB

Financial Stability with Fire Sale Externalities

RYUICHIRO IZUMI, YANG LI

Replication Files105.72 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

Monetary Policy and the Drifting Natural Rate of Interest

SANDRA DAUDIGNON, ORESTE TRISTANI

Replication Files2.1 MB

Liquidity Crises and the Market-Maker of Last Resort

CHARLES M. KAHN, DAVID MARSHALL, ROBERT L. MCDONALD

A Model of Post-2008 Monetary Policy

BEHZAD DIBA, OLIVIER LOISEL

Replication Files9.05 KB

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

AGUSTÍN BÉNÉTRIX, MICHAEL CURRAN

Replication Files127.13 KB

CBDC as Imperfect Substitute to Bank Deposits: A Macroeconomic Perspective

PHILIPPE BACCHETTA, ELENA PERAZZI

Replication Files7.91 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

Banks of a Feather: The Informational Advantage of Being Alike

PETER BEDNAREK, VALERIYA DINGER, ALISON SCHULTZ, NATALJA VON WESTERNHAGENExpectations for Gasoline Prices and Inflation: Evidence from Households

CONSTANTIN BÜRGI, PRACHI SRIVASTAVA, KARL WHELAN

Replication Files11.34 MB

Monetary and Macroprudential Policies under Dollar-Denominated Foreign Debt

HIDEHIKO MATSUMOTO

Heterogeneity in Imperfect Inflation Expectations: Theory and Evidence from a Novel Survey

ALISTAIR MACAULAY, JAMES MOBERLY

Replication Files391.77 KB

Heterogeneous Effects of Monetary Policy Shocks: Evidence from the Czech Labor Market

MONIKA JUNICKE, JAKUB MATĚJŮ, HAROON MUMTAZ, ANGELIKI THEOPHILOPOULOU

Replication Files19.19 MB

Fiscal Distress and Banking Performance: The Role of Macroprudential Regulation

HIONA BALFOUSSIA, HARRIS DELLAS, DIMITRIS PAPAGEORGIOU

Nonmonetary News in Fed Announcements: Evidence from the Corporate Bond Market

MICHAEL SMOLYANSKY, GUSTAVO SUAREZ

Macroprudential Policy Interlinkages

JOHANNES MATSCHKE

Monetary Policy When Preferences Are Quasi-Hyperbolic

RICHARD DENNIS, OLEG KIRSANOV

Interest Rate Pegs and the Reversal Puzzle: On the Role of Anticipation

RAFAEL GERKE, SEBASTIAN GIESEN, DANIEL KIENZLER

Financial Fragility and the Fiscal Multiplier

CHRISTIAAN VAN DER KWAAK, SWEDER VAN WIJNBERGEN

Information Transparency of Firm Financing

ANTOINE L. NOËL, HONGFEI SUN

Heterogeneity in Manufacturing Growth Risk

DAAN OPSCHOOR, DICK VAN DIJK, PHILIP HANS FRANSES

Inflationary Household Uncertainty Shocks

GENE AMBROCIO

Does the Phillips Curve Lie Down as We Age?

CHADWICK CURTIS, JULIO GARÍN, ROBERT LESTEROutsourcing Bank Loan Screening: The Economics of Third-Party Loan Guarantees

CHENYU SHAN, DRAGON YONGJUN TANG, WENYA WANG

Replication Files328.75 KB

The Macro-Economic Effects of a European Deposit (Re-)Insurance Scheme

MARIUS CLEMENS, STEFAN GEBAUER, TOBIAS KÖNIG

News-Driven Household Macroeconomic Expectations: Regional vs. National Telecast Information

JUSTINE GUILLOCHON

Does a Financial Crisis Impair Corporate Innovation?

MASAMI IMAI, MICHIRU SAWADA

Replication Files8.29 MB

Asset Exemption in Bankruptcy, Access to and Cost of Credit

PASQUALINA ARCA, GIANFRANCO ATZENI, LUCA G. DEIDDA

Replication Files903.96 KB

A Generalized Endogenous Grid Method for Default Risk Models

YOUNGSOO JANG, SOYOUNG LEE

Replication Files20.64 KB

Bank Opacity and Safe Asset Moneyness

SANG RAE KIM

Replication Files8.36 KB

Optimal Notional Defined Contributions

CARLOS E. DA COSTA, MARCELO R. SANTOS

Replication Files1.01 MB

Cheap U.S. Dollar Credit: Panacea or Poison? Firm-Level Evidence from Emerging Markets

XIAO WANG, STEVE PAK YEUNG WU, HAICHUN YE

Replication Files16.49 MB

Dampening the Financial Accelerator? Direct Lenders and Monetary Policy

RYAN BANERJEE, JOSE-MARIA SERENA

Pollution Permits and Financing Costs

FABIO ANTONIOU, MANTHOS D. DELIS, STEVEN ONGENA, CHRIS TSOUMAS

Replication Files808.73 KB

Hampered Monetary Policy Transmission - A Supply-Side Story?

LOTTA HECKMANN-DRAISBACH, JULIA HARDTQuantitative Easing and Direct Lending in Response to the COVID-19 Crisis

FILIPPO OCCHINO

Replication Files560.16 KB

Fiscal Policy, International Spillovers, and Endogenous Productivity

MATHIAS KLEIN, LUDGER LINNEMANN

Replication Files331.41 KB

Costs of Adjustment, Portfolio Separation, and the Dynamic Behavior of Bank Loans and Deposits – Revised

Michael Sigmund, Johannes Wächtler

Central Bank Independence at Low Interest Rates

BENJAMÍN GARCÍA, ARSENIOS SKAPERDAS

Replication Files9.3 KB

Tariffs and Foreign Direct Investment in a Dynamic North–South Model

TATSURO IWAISAKO, HITOSHI TANAKA

Market Regulation, Cycles, and Growth Dynamics in a Monetary Union

MIRKO ABBRITTI, SEBASTIAN WEBER

Replication Files91.09 KB

A Divisia Measure of the Money Supply for Mexico

LUIS FERNANDO COLUNGA-RAMOS, VICTOR J. VALCARCEL

Replication Files1.31 MB

The Case for Flexible Exchange Rates in 1953 and 1969: Friedman versus Johnson

George S. Tavlas

The Effects of Regulatory Office Closures on Bank Behavior

IVAN LIM, JENS HAGENDORFF, SETH ARMITAGE

Replication Files8.95 MB

Monetary and Macroprudential Policy and Welfare in an Estimated Four-Agent New Keynesian Model

GEORGE J. BRATSIOTIS, KASUN D. PATHIRAGE

A New Approach to Estimating the Natural Rate of Interest

LUCA BENATI

Replication Files1.14 MB