Staff working papers provide a forum for staff to publish work-in-progress research intended for journal publication.
1323
result(s)
Energy Efficiency and Fluctuations in CO2 Emissions
Staff Working Paper 2021-47
Soojin Jo,
Lilia Karnizova
Carbon dioxide emissions have been commonly modelled as rising and falling with total output. Yet many factors, such as energy-efficiency improvements and shifts to cleaner energy, can break this relationship. We evaluate these factors using US data and find that changes in energy efficiency of consumption goods explain a significant proportion of emissions fluctuations. This finding also implies that models that omit energy efficiency likely overestimate the trade-off between environmental protection and economic performance.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Climate change,
Econometric and statistical methods
JEL Code(s):
E,
E3,
E32,
Q,
Q4,
Q43,
Q5,
Q50,
Q55
More Money for Some: The Redistributive Effects of Open Market Operations
Staff Working Paper 2021-46
Christian Bustamante
I use a search-theoretic model of money to study how open market operations affect the conduct of monetary policy and what this means for households along the wealth distribution. In the model, households vary in the size and composition of their portfolios, which in turn implies that they may be unevenly affected by open market operations.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices,
Monetary policy,
Monetary policy implementation,
Monetary policy transmission
JEL Code(s):
E,
E2,
E21,
E3,
E32,
E5,
E52
Covariates Hiding in the Tails
Staff Working Paper 2021-45
Milian Bachem,
Lerby Ergun,
Casper G. de Vries
We characterize the bias in cross-sectional Hill estimates caused by common underlying factors and propose two simple-to-implement remedies. To test for the presence, direction and size of the bias, we use monthly US stock returns and annual US Census county population data.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods
JEL Code(s):
C,
C0,
C01,
C1,
C14,
C5,
C58
A Q-Theory of Banks
Staff Working Paper 2021-44
Juliane Beganau,
Saki Bigio,
Jeremy Majerovitz,
Matías Vieyra
Using stock market data on banks, we show that the book value of loans recognizes losses with a delay. This delayed accounting is important for regulation because the requirements regulators impose are based on book values.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial stability,
Financial system regulation and policies
JEL Code(s):
E,
E4,
E44,
G,
G2,
G21,
G3,
G32,
G33
Payment Habits During COVID-19: Evidence from High-Frequency Transaction Data
Staff Working Paper 2021-43
Tatjana Dahlhaus,
Angelika Welte
We examine how consumers have adjusted their payment habits during the COVID-19 pandemic. They seem to perform fewer transactions, spend more in each transaction, use less cash at the point of sale and withdraw cash from ATMs linked to their financial institution more often than from other ATMs.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Coronavirus disease (COVID-19),
Domestic demand and components,
Payment clearing and settlement systems,
Recent economic and financial developments
JEL Code(s):
C,
C2,
C22,
C5,
C55,
D,
D1,
D12,
E,
E2,
E21,
E4,
E42,
E5,
E52
From He-Cession to She-Stimulus? The Labor Market Impact of Fiscal Policy Across Gender
Staff Working Paper 2021-42
Alica Ida Bonk,
Laure Simon
The effects of fiscal policy shocks on labour market outcomes across gender depend on the type of public expenditure. Women benefit most from increases in the government wage bill, while men are the main beneficiaries of higher investment spending.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Fiscal policy,
Labour markets
JEL Code(s):
E,
E3,
E32,
E6,
E62,
J,
J1,
J16,
J2,
J21
Fiscal Spillovers: The Case of US Corporate and Personal Income Taxes
Staff Working Paper 2021-41
Madeline Hanson,
Daniela Hauser,
Romanos Priftis
How do changes to personal and corporate income tax rates in the United States affect its trading partners? Spillover effects from cuts in the two taxes differ. They are generally small and negative for corporate taxes, but sizable and positive for personal income taxes.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods,
Exchange rate regimes,
Fiscal policy,
International topics
JEL Code(s):
E,
E3,
E32,
E6,
E62,
F,
F4,
F44,
H,
H2,
H20
Measuring the Effectiveness of Salespeople: Evidence from a Cold-Drink Market
Staff Working Paper 2021-40
Haofeng Jin,
Zhentong Lu
Salespeople are widely employed in many industries. We leverage a unique data set on retail sales from a leading Chinese cold-drink manufacturer and information on the firm’s salespeople assignment rule to measure the causal effect of salespeople on product revenue.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets,
Service sector
JEL Code(s):
L,
L8,
L81,
M,
M3,
M5
Centralizing Over-the-Counter Markets?
Staff Working Paper 2021-39
Jason Allen,
Milena Wittwer
Would a shift in trading in fixed-income markets—from over the counter (bilateral trading) to a centralized electronic platform—improve welfare? We use trade-level data on the secondary market for Government of Canada debt to answer this question.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Market structure and pricing
JEL Code(s):
D,
D4,
D40,
D47,
G,
G1,
G10,
G2,
G20,
L,
L1,
L10