New Research
Guren, McKay, Nakamura, Steinsson: Housing Wealth Effects: The Long View
Housing Wealth Effects: The Long View Adam M. Guren Alisdair McKay, Senior Research Economist Emi Nakamura Jon Steinsson January 2020 | Federal Reserve Bank of Minneapolis Staff Report 593We provide new time-varying estimates of the housing wealth effect back to the...
Arellano, Bai, Mihalache: Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)
Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default) Cristina Arellano, Assistant Director and Monetary Advisor Yan Bai Gabriel Mihalache January 2020 | Federal Reserve Bank of Minneapolis Staff Report 592This paper develops a New Keynesian model with...
Kehoe, Lopez, Midrigan, Pastorino: Asset Prices and Unemployment Fluctuations
Asset Prices and Unemployment Fluctuations Patrick J. Kehoe, Monetary Advisor Pierlauro Lopez Virgiliu Midrigan Elena Pastorino, Visiting Scholar January 2020 | Federal Reserve Bank of Minneapolis Staff Report 591Recent critiques have demonstrated that existing...
Kleiner, Soltas: A Welfare Analysis of Occupational Licensing in the U.S. States
A Welfare Analysis of Occupational Licensing in the U.S. States Morris Kleiner, Visiting Scholar Evan J. Soltas October 2019 | Federal Reserve Bank of Minneapolis Staff Report 590We assess the welfare consequences of occupational licensing for workers and consumers....
Guvenen, Kambourov, Kuruscu, Ocampo, Chen: Use it or Lose it: Efficiency Gains from Wealth Taxation
Use it or Lose It: Efficiency Gains from Wealth Taxation Daphne Chen Fatih Guvenen, Consultant Gueorgui Kambourov Burhan Kuruscu Sergio Ocampo September 2019| Federal Reserve Bank of Minneapolis Working Paper 764 How does wealth taxation differ from capital income...
Boerma and Karabarbounis: Labor Market Trends and the Changing Value of Time
Labor Market Trends and the Changing Value of Time Job Boerma, Research Analyst Loukas Karabarbounis, Consultant September 2019 | Federal Reserve Bank of Minneapolis Working Paper 763 During the past two decades, households experienced increases in their average wages...
Bianchi, Ottonello, Presno: Fiscal Stimulus under Sovereign Risk
Fiscal Stimulus under Sovereign Risk Javier Bianchi, Senior Research Economist Pablo Ottonello Ignacio Presno September 2019 | Federal Reserve Bank of Minneapolis Working Paper 762 The excess procyclicality of fiscal policy is commonly viewed as a central malaise in...
Arce, Bengui, Bianchi: A Macroprudential Theory of Foreign Reserve Accumulation
A Macroprudential Theory of Foreign Reserve AccumulationFernando ArceJulien BenguiJavier Bianchi, Senior Research EconomistAugust 2019 | Federal Reserve Bank of Minneapolis Working Paper 761 This paper proposes a theory of foreign reserves as macroprudential policy....
Macera, Marcet, Nicolini: On the Risk of Leaving the Euro
On the Risk of Leaving the EuroManuel MaceraAlbert MarcetJuan Pablo NicoliniAugust 2019 | Federal Reserve Bank of Minneapolis Working Paper 760 Following the sovereign debt crisis of 2012, some southern European countries have debated proposals to leave the Euro. We...
Arellano, Mateos-Planas, Rios-Rull: Partial Default
Partial Default Cristina Arellano, Assistant Director and Monetary Advisor Xavier Mateos-Planas José-Víctor Ríos-Rull July 9, 2019 | Federal Reserve Bank of Minneapolis Staff Report 589 In the data sovereign default is always partial and varies in its duration. Debt...
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