New Research
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...
read moreArce, 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....
read moreMacera, 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...
read moreArellano, 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...
read moreMcGrattan, 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,...
read moreLuttmer: 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...
read moreBenati, 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...
read moreSchlegl, 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...
read moreChodorow-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...
read moreAyres, Hevia, Nicolini: Real Exchange Rates and Primary Commodity Prices
Real Exchange Rates and Primary Commodity Prices Joao Ayres Constantino Hevia Juan Pablo Nicolini May 2019 | Federal Reserve Bank of Minneapolis Staff Report 584 In this paper, we show that there is substantial comovement between prices of primary commodities such as...
read morePapers by Series
Staff Reports
Working Papers
Economic Policy Papers
Quarterly Review
Discussion Papers