1.
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Monetary easing redistributes from savers, some of whom are retired and not adjusting labor supply, to borrowers who reduce their labor supply. This results in persistent[...]
2024 | Journal Article | Peer-Reviewed Publications - Publications à comité de lecture |
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2.
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We develop a model in which a financial intermediary's investment in risky assets—risk taking—is excessive due to limited liability and deposit insurance, and characteriz[...]
2019 | Journal Article | Peer-Reviewed Publications - Publications à comité de lecture |
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3.
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We construct quarterly US average hours worked using Current Population Survey data on employed persons at work and their actual hours worked. Our methodology can be appl[...]
2018 | Journal Article | Peer-Reviewed Publications - Publications à comité de lecture |
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4.
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We analyze the impact of interest rate policy on financial stability in an environment where banks can experience runs on their short‐term liabilities forcing them to sel[...]
2018 | Journal Article | Peer-Reviewed Publications - Publications à comité de lecture |
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5.
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Empirical evidence suggests financial intermediaries increase risky investments when interest rates are low. We develop a model consistent with this observation and ask w[...]
2016 | Journal Article | Peer-Reviewed Publications - Publications à comité de lecture |
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6.
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From 1961 to 2007, U.S. aggregate hours worked increased and the labor wedge-measured as the discrepancy between a representative household's marginal rate of substitutio[...]
2015 | Journal Article | Peer-Reviewed Publications - Publications à comité de lecture |
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7.
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A view advanced in the aftermath of the late-2000s financial crisis is that lower than optimal interest rates lead to excessive risk taking by financial intermediaries. W[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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8.
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Various papers have suggested that Price-Level targeting is a welfare improving policy relative to Inflation targeting. From a practical standpoint, this raises an import[...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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9.
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From 1980 until 2007, U.S. average hours worked increased by thirteen percent, due to a large increase in female hours. At the same time, the U.S. labor wedge, measured a[...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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10.
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This paper analyzes the differences in wage ratios of university graduates to less than university graduates, the education premium, in Canada and the United States from [...]
2009 | Text | Staff Working Paper - Document de travail du personnel |
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