New Research
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...
McGrattan, Miyachi, Peralta-Alva: On Financing Retirement, Health Care, and Long-Term Care in Japan
On Financing Retirement, Health Care, and Long-Term Care in Japan Ellen R. McGrattan, Consultant Kazuaki Miyachi Adrian Peralta-Alva June 2019 | Federal Reserve Bank of Minneapolis Staff Report 586 Japan is facing the problem of how to finance retirement, health care,...
Luttmer: Slow Convergence in Economies with Organization Capital
Slow Convergence in Economies with Organization Capital Erzo G. J. Luttmer, Visiting Scholar June 2019 | Federal Reserve Bank of Minneapolis Staff Report 585 Most firms begin very small, and large firms are the result of typically decades of persistent growth. This...
Benati, Lucas, Nicolini, Weber: International Evidence on Long-Run Money Demand
International Evidence on Long-Run Money Demand Luca Benati Robert E. Lucas, Jr. Juan Pablo Nicolini, Senior Research Economist Warren E. Weber, Retired Economist June 2019 | Federal Reserve Bank of Minneapolis Staff Report 587 We explore the long-run demand for M1...
Schlegl, Trebesch, Wright: The Seniority Structure of Sovereign Debt
The Seniority Structure of Sovereign Debt Matthias Schlegl Christoph Trebesch Mark L. J. Wright, Senior Vice President and Director of Research May 2019 | Federal Reserve Bank of Minneapolis Working Paper 759 Sovereign governments owe debt to many foreign creditors...
Chodorow-Reich, Karabarbounis, Kekre: The Macroeconomics of the Greek Depression
The Macroeconomics of the Greek Depression Gabriel Chodorow-Reich Loukas Karabarbounis, Consultant Rohan Kekre May 2019 | Federal Reserve Bank of Minneapolis Working Paper 758 The Greek economy experienced a boom until 2007, followed by a prolonged depression...
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