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<title>Federal Reserve Bank of Boston publications</title>
<description>Economic research and commentary from Federal Reserve Bank of Boston</description>
<link>https://fedinprint.org/search?facets[]=provider_literal_array:Federal+Reserve+Bank+of+Boston</link>
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<pubDate>Fri, 10 Jul 2026 14:56:34 +0000</pubDate>
<item>
<title>The Large Role Small Businesses Play in Employment in New England</title>
<link>https://fedinprint.org/item/fedbrb/103508</link>
<description>
<![CDATA[Small businesses occupy a position of economic and civic importance in New England that is not captured by any single statistic. These firms collectively employ millions of workers, anchor local communities, supply large institutions with goods and services, and are incubators of regional innovation and job growth. Using data from the US Census Bureau’s Business Dynamics Statistics, this brief quantifies the contributions that small businesses made to employment and employment growth in New England during the 2000–2023 period.]]>
</description>
<guid>https://fedinprint.org/item/fedbrb/103508</guid>
<dc:creator>Liu, Annie; Sullivan, Riley; Thompson, Jeffrey P.</dc:creator>
<dc:date>2026-07-08</dc:date>
<rdau:hasExtent>7</rdau:hasExtent>
<dc:subject>New England; small business; employment; health care</dc:subject>
<swpo:hasNumber>26-1</swpo:hasNumber>
<bibo:series>New England Public Policy Center Regional Brief</bibo:series>
</item>
<item>
<title>Prices versus Quantities Revisited: What Do Policymakers Need to Know to Set Pigouvian Taxes and Subsidies?</title>
<link>https://fedinprint.org/item/fedbwp/103475/original</link>
<description>
<![CDATA[What information do policymakers need to design Pigouvian taxes or subsidies? Standard logic suggests that it is sufficient to know the size of the externality and unnecessary to know about quantities. Yet this logic is incorrect if interventions have fixed costs, taxes create deadweight losses, or there are distributional concerns. We present a model in which these considerations can make it more valuable for policymakers to learn about equilibrium quantities. We apply the model to congestion pricing, which has high fixed costs, and to a proposed housing subsidy in Boston that features deadweight losses and distributional concerns.]]>
</description>
<guid>https://fedinprint.org/item/fedbwp/103475/original</guid>
<dc:creator>Guren, Adam M.; DiPasquale, Denise; Glaeser, Edward Ludwig; Willen, Paul S.</dc:creator>
<dc:date>2026-06-01</dc:date>
<rdau:hasExtent>48</rdau:hasExtent>
<dc:subject>Pigouvian taxes; externalities; congestion pricing; Housing subsidies; tax abatement</dc:subject>
<swpo:hasNumber>26-8</swpo:hasNumber>
<identifiers:doi>10.29412/res.wp.2026.08</identifiers:doi>
<bibo:series>Working Papers</bibo:series>
</item>
<item>
<title>A Framework for Understanding the Vulnerabilities of New Money-Like Products</title>
<link>https://fedinprint.org/item/fedbqu/103460/original</link>
<description>
<![CDATA[New money-like products, such as tokenized money market funds (MMFs), money market exchange-traded funds (MMETFs), and stablecoins, could be transformative for finance. These products may offer significant benefits, but like other money-like assets, they also have certain vulnerabilities. We introduce a framework to analyze the vulnerabilities of new products by comparing their features to those that contribute to vulnerabilities in MMFs. Specifically, we examine the extent to which each product engages in liquidity transformation, is subject to threshold effects, serves as a money-like asset, poses contagion risks, and has reactive investors. Our framework is useful for assessing the potential effects of novel cash-like products on the overall resilience of the financial system and how such an assessment may change as these products’ uses evolve.]]>
</description>
<guid>https://fedinprint.org/item/fedbqu/103460/original</guid>
<dc:creator>Swem, Nathan; Anadu, Kenechukwu E.; McCabe, Patrick E.; Perez-Sangimino, JP</dc:creator>
<dc:date>2026-06-22</dc:date>
<rdau:hasExtent>32</rdau:hasExtent>
<dc:subject>money market funds; stablecoins; tokenized money; financial stability; liquidity transformation</dc:subject>
<swpo:hasNumber>SRA 26-01 (revised)</swpo:hasNumber>
<bibo:series>Supervisory Research and Analysis Working Papers</bibo:series>
</item>
<item>
<title>“The U.S. Economy: Resilience Amid Risks and Uncertainty”: Remarks at the Boston Economic Club</title>
<link>https://fedinprint.org/item/fedbsp/103372</link>
<description>
<![CDATA[Federal Reserve Bank of Boston President & CEO Susan M. Collins delivered remarks and participated in a fireside chat at an event hosted by the Boston Economic Club. She shared her economic outlook, emphasizing the challenges for price stability amid ongoing risks, uncertainty, and supply-side shocks. She affirmed that monetary policy is well positioned to respond to economic developments.]]>
</description>
<guid>https://fedinprint.org/item/fedbsp/103372</guid>
<dc:creator>Collins, Susan M.</dc:creator>
<dc:date>2026-05-13</dc:date>
<rdau:hasExtent>11</rdau:hasExtent>
<dc:subject>economic outlook; inflation (finance); monetary policy; labor market; resilience; energy</dc:subject>
<bibo:series>Speech</bibo:series>
</item>
<item>
<title>Observations on the Economic Outlook, and Small Businesses: Remarks at Outlook 2026, hosted by the Springfield Regional Chamber of Commerce</title>
<link>https://fedinprint.org/item/fedbsp/103371</link>
<description>
<![CDATA[Federal Reserve Bank of Boston President & CEO Susan M. Collins delivered remarks on the economic outlook and small business conditions at Outlook 2026, hosted by the Springfield Regional Chamber of Commerce in Springfield, Massachusetts. She discussed economic conditions, highlighted the challenges and opportunities facing small businesses, and emphasized the value of the Federal Reserve’s federated structure.]]>
</description>
<guid>https://fedinprint.org/item/fedbsp/103371</guid>
<dc:creator>Collins, Susan M.</dc:creator>
<dc:date>2026-03-06</dc:date>
<rdau:hasExtent>12</rdau:hasExtent>
<dc:subject>economic outlook; inflation (finance); monetary policy; small business; labor market</dc:subject>
<bibo:series>Speech</bibo:series>
</item>
<item>
<title>Welcoming Remarks, 2026 Technology-Enabled Disruption Conference: Shaping the Future of Finance and Payments, Organized by the Federal Reserve Banks of Boston, Atlanta, and Richmond</title>
<link>https://fedinprint.org/item/fedbsp/103370</link>
<description>
<![CDATA[Federal Reserve Bank of Boston President & CEO Susan M. Collins delivered welcoming remarks at the “2026 Technology-Enabled Disruption Conference: Shaping the Future of Finance and Payments.” She discussed how rapid technological advancements are shaping economic activity in meaningful ways and influencing economic outcomes, citing broad advances in artificial intelligence, digital platforms, and payments technologies. Collins also introduced the conference keynote speaker, Christopher J. Waller, a member of the Board of Governors of the Federal Reserve System. The event, co-hosted by the Federal Reserve Banks of Atlanta, Boston, and Richmond, is part of a conference series that seeks to better understand emerging and ongoing technological innovations and their economic implications. This includes exploring how technology-enabled disruption impacts businesses, workers, and consumers, as well as its broader effects on the economy and economic opportunity.]]>
</description>
<guid>https://fedinprint.org/item/fedbsp/103370</guid>
<dc:creator>Collins, Susan M.</dc:creator>
<dc:date>2026-02-24</dc:date>
<rdau:hasExtent>4</rdau:hasExtent>
<dc:subject>technology; payments; finance; AI</dc:subject>
<bibo:series>Speech</bibo:series>
</item>
<item>
<title>Brief Introductory Remarks, Outlook 26: The New England Economic Forum, Hosted by the New England Bankers Associations</title>
<link>https://fedinprint.org/item/fedbsp/103368</link>
<description>
<![CDATA[Federal Reserve Bank of Boston President & CEO Susan M. Collins delivered brief, opening remarks and introduced the keynote speaker, Michelle W. Bowman, Vice Chair for Supervision at the Federal Reserve Board, at "Outlook 26: The New England Economic Forum." The event, hosted by the six New England Bankers Associations, is a forum for bankers and business leaders that focuses on sharing economic perspectives and insights.]]>
</description>
<guid>https://fedinprint.org/item/fedbsp/103368</guid>
<dc:creator>Collins, Susan M.</dc:creator>
<dc:date>2026-01-16</dc:date>
<rdau:hasExtent>4</rdau:hasExtent>
<dc:subject>central bank independence</dc:subject>
<bibo:series>Speech</bibo:series>
</item>
<item>
<title>Observations on the U.S. Economy in a Changing Global Landscape</title>
<link>https://fedinprint.org/item/fedbsp/103367</link>
<description>
<![CDATA[Federal Reserve Bank of Boston President & CEO Susan M. Collins delivered the opening remarks at the Boston Fed’s 69th Economic Conference, “The U.S. Economy in a Changing Global Landscape.”]]>
</description>
<guid>https://fedinprint.org/item/fedbsp/103367</guid>
<dc:creator>Collins, Susan M.</dc:creator>
<dc:date>2025-11-21</dc:date>
<rdau:hasExtent>5</rdau:hasExtent>
<dc:subject>monetary policy; economic uncertainty; volatility; world economy; fragmentation; AI</dc:subject>
<bibo:series>Speech</bibo:series>
</item>
<item>
<title>Perspectives on the Economy and Financial Landscape</title>
<link>https://fedinprint.org/item/fedbsp/103366</link>
<description>
<![CDATA[Federal Reserve Bank of Boston President & CEO Susan M. Collins shared perspectives on the economy and monetary policy, regional banking conditions, and payments innovation during the Boston Fed’s 24th Annual Regional & Community Bankers Conference. She also participated in a Q&A discussion following her remarks.]]>
</description>
<guid>https://fedinprint.org/item/fedbsp/103366</guid>
<dc:creator>Collins, Susan M.</dc:creator>
<dc:date>2025-11-12</dc:date>
<rdau:hasExtent>8</rdau:hasExtent>
<dc:subject>monetary policy; economic conditions; uncertainty; banking conditions; banking supervision; inflation (finance); labor market; labor demand; tariffs; productivity</dc:subject>
<bibo:series>Speech</bibo:series>
</item>
<item>
<title>Reassessing the U.S. Economy’s Vulnerability to Oil Shocks</title>
<link>https://fedinprint.org/item/fedbcq/103365</link>
<description>
<![CDATA[The impact of today’s oil price shocks may differ markedly from those of shocks in the 1970s. As noted in the minutes of the April 28–29, 2026, Federal Open Market Committee meeting, two structural changes to the U.S. economy could cushion the impact: the substantial increase in domestic oil production and the declining share of spending devoted to energy. This brief examines empirical evidence on how these transformations have altered the U.S. economy’s vulnerability to oil shocks.]]>
</description>
<guid>https://fedinprint.org/item/fedbcq/103365</guid>
<dc:creator>Olivei, Giovanni P.; Leiva-León, Danilo; Zakrajšek, Egon; Patvakanian, Ara</dc:creator>
<dc:date>2026-06-04</dc:date>
<rdau:hasExtent>8</rdau:hasExtent>
<dc:subject>oil shocks; monetary policy; inflation (finance); employment</dc:subject>
<swpo:hasNumber>26-5</swpo:hasNumber>
<bibo:series>Current Policy Perspectives</bibo:series>
</item>
<item>
<title>How U.S. Bank Stock Prices Respond to Geopolitical Risk</title>
<link>https://fedinprint.org/item/fedbcq/103352</link>
<description>
<![CDATA[Geopolitical risk has emerged as a central driver of global financial markets, with episodes such as Russia’s invasion of Ukraine and recent conflicts in the Middle East triggering sharp movements in asset prices and increases in market volatility. This brief examines how geopolitical risk affects U.S. bank valuations and which institutions are most vulnerable. Through cross-border lending, foreign subsidiaries, and trading activities, banks face multifaceted exposure to geopolitical risk that can affect their profitability via credit losses, disrupted funding markets, and altered fee income. Banks’ valuations, in turn, influence their funding costs and capital-raising capacity, ultimately affecting credit supply to the real economy. And if geopolitical risk affects some banks more than others, it may create uneven vulnerabilities within the financial system, which would have implications for financial stability.]]>
</description>
<guid>https://fedinprint.org/item/fedbcq/103352</guid>
<dc:creator>dup Shen, Leslie Sheng; Niepmann, Friederike; Walker, Joshua</dc:creator>
<dc:date>2026-06-02</dc:date>
<rdau:hasExtent>8</rdau:hasExtent>
<dc:subject>geopolitical risk; Bank valuation; cross-border lending</dc:subject>
<swpo:hasNumber>26-4</swpo:hasNumber>
<bibo:series>Current Policy Perspectives</bibo:series>
</item>
<item>
<title>The Effect of Land Supply for New Homes on Residential Investment and House Prices</title>
<link>https://fedinprint.org/item/fedbwp/103317/original</link>
<description>
<![CDATA[We use parcel-level data to provide new facts on the amount and distribution of land available for residential development, focusing on New England housing markets from 2007 to 2021. Most buildable parcels are small, and large buildable parcels are scarce in most geographic markets. Large buildable parcels are less available in more populous markets, become scarcer as populations grow, and have become scarcer over time. Markets with fewer large parcels experience higher house price growth and residential development that is lower relative to house price growth. We present evidence consistent with developer returns to scale in parcel size, meaning that fragmentation of buildable land across small, disjoint parcels increases house prices by reducing construction productivity and making development 
less responsive to demand. In counterfactual simulations from a simple calibrated model, we show that recombining small buildable parcels into larger ones while holding the total amount of buildable land fixed would increase supply, increase construction productivity, and slow house price growth.]]>
</description>
<guid>https://fedinprint.org/item/fedbwp/103317/original</guid>
<dc:creator>Willen, Paul S.; Katz, Justin</dc:creator>
<dc:date>2026-05-01</dc:date>
<rdau:hasExtent>45</rdau:hasExtent>
<dc:subject>housing supply; land fragmentation; construction productivity; land use</dc:subject>
<swpo:hasNumber>26-7</swpo:hasNumber>
<identifiers:doi>10.29412/res.wp.2026.07</identifiers:doi>
<bibo:series>Working Papers</bibo:series>
</item>
<item>
<title>Why Mortgage Rates Exceed Treasury Yields</title>
<link>https://fedinprint.org/item/fedbcq/103270</link>
<description>
<![CDATA[The mortgage spread—the gap between the 30-year fixed mortgage rate and the yield on 10-year U.S. Treasury notes—is currently about 200 basis points, or 2 percentage points. Mortgages and Treasury securities have different cash flows, credit risk, and lender intermediation margins, but even after those differences are accounted for, a large and volatile gap remains. In this brief, the author argues that this remaining gap largely reflects the price of the mortgage prepayment option—a borrower’s right to pay off their mortgage at any time without incurring a penalty.]]>
</description>
<guid>https://fedinprint.org/item/fedbcq/103270</guid>
<dc:creator>Willen, Paul S.</dc:creator>
<dc:date>2026-05-19</dc:date>
<rdau:hasExtent>7</rdau:hasExtent>
<dc:subject>mortgage rate; mortgage-backed securities; Treasury yields; prepayment; yield curve</dc:subject>
<swpo:hasNumber>26-3</swpo:hasNumber>
<bibo:series>Current Policy Perspectives</bibo:series>
</item>
<item>
<title>The Price-Change Statistics We’ve Weighted For</title>
<link>https://fedinprint.org/item/fedbwp/103045/original</link>
<description>
<![CDATA[The real effects of monetary policy depend on price stickiness. Existing studies that measure aggregate stickiness using US consumer price index microdata hold the consumption basket fixed. This yields a lower level of stickiness in 2024 compared with 1978. We show instead that stickiness is unchanged. Although individual products now change prices more frequently, the effect is largely offset by shifts in consumer spending, notably toward services with stickier prices. These consumption-basket shifts reduce the estimated decline in monetary non neutrality by 25 percentage points, suggesting that monetary policy remains far more effective than methods used in existing studies imply.]]>
</description>
<guid>https://fedinprint.org/item/fedbwp/103045/original</guid>
<dc:creator>Garga, Vaishali; Cotton, Christopher D.</dc:creator>
<dc:date>2026-04-01</dc:date>
<rdau:hasExtent>88</rdau:hasExtent>
<dc:subject>Frequency of price changes; size of price changes; price stickiness; price distribution; monetary non-neutrality; consumer price index; expenditure weights</dc:subject>
<swpo:hasNumber>26-2</swpo:hasNumber>
<identifiers:doi>10.29412/res.wp.2026.06</identifiers:doi>
<bibo:series>Working Papers</bibo:series>
</item>
<item>
<title>English Proficiency and Labor Market Outcomes in New England</title>
<link>https://fedinprint.org/item/fedbcr/103017</link>
<description>
<![CDATA[Proficiency in a country’s primary language is a skill that can be expected to improve labor market outcomes. Considering the United States specifically, individuals with strong English-language skills presumably could fare better in US labor markets compared with individuals who are less proficient in the language. These benefits potentially are most relevant for immigrants since their English proficiency may be lower on average than it is for natives. Given the importance of immigration to the economy of New England, where it plays a central role in population growth and where foreign-born persons comprise one-fifth of the labor force, the impact of increased English proficiency on labor market outcomes may be particularly relevant for the region.]]>
</description>
<guid>https://fedinprint.org/item/fedbcr/103017</guid>
<dc:creator>Jackson, Osborne</dc:creator>
<dc:date>2026-04-01</dc:date>
<rdau:hasExtent>27</rdau:hasExtent>
<dc:subject>New England; English proficiency; labor market outcomes; language skills; earnings; immigration</dc:subject>
<swpo:hasNumber>26-2</swpo:hasNumber>
<bibo:series>New England Public Policy Center Research Report</bibo:series>
</item>
<item>
<title>How Interest Rate Changes Affect Credit Card Spending</title>
<link>https://fedinprint.org/item/fedbcq/102937</link>
<description>
<![CDATA[The response of credit card spending to interest rate changes has significant implications for how monetary policy affects consumer spending and therefore the broader economy because credit cards have become a dominant payment method in the United States. However, the aggregate effect masks important differences across types of cardholders. As the authors show, the impact of interest rate changes on individual consumers depends critically on whether they carry a balance on their card, and it depends on their credit score, indicating that different segments of the population respond differently to monetary policy.]]>
</description>
<guid>https://fedinprint.org/item/fedbcq/102937</guid>
<dc:creator>Bräuning, Falk; Stavins, Joanna</dc:creator>
<dc:date>2026-03-25</dc:date>
<rdau:hasExtent>6</rdau:hasExtent>
<dc:subject>credit cards; interest rates; consumer spending</dc:subject>
<swpo:hasNumber>26-2</swpo:hasNumber>
<bibo:series>Current Policy Perspectives</bibo:series>
</item>
<item>
<title>Educational Attainment and the Evolution of Cumulative Earnings across 45 US Birth Cohorts</title>
<link>https://fedinprint.org/item/fedbwp/102908/original</link>
<description>
<![CDATA[Educational attainment profoundly shapes cumulative earnings trends across US birth cohorts. Between the 1933 and 1977 cohorts, men with an advanced degree experienced rising earnings in both the early-career (ages 25 to 44) and late-career (ages 45 to 64) stages, while those with a sub-baccalaureate education―and college graduates outside the 1951–1965 cohorts―saw minimal earnings growth. Women experienced broad-based gains, with larger increases among those with a bachelor’s or advanced degree. For less educated men, extended work life represented the primary growth margin in the late-career stage. While gaps between education groups widened, within-group dispersion rose across cohorts, particularly among men born between 1933 and 1957. These cohort-to-cohort changes emerged at labor market entry and persisted throughout the career cycle, indicating that the conditions in which careers begin critically shape long-run inequality dynamics.]]>
</description>
<guid>https://fedinprint.org/item/fedbwp/102908/original</guid>
<dc:creator>Liu, Annie; Wu, Pinghui</dc:creator>
<dc:date>2026-03-01</dc:date>
<rdau:hasExtent>36</rdau:hasExtent>
<dc:subject>educational attainment; long-term cumulative earnings; earnings disparities</dc:subject>
<swpo:hasNumber>26-5</swpo:hasNumber>
<identifiers:doi>10.29412/res.wp.2026.05</identifiers:doi>
<bibo:series>Working Papers</bibo:series>
</item>
<item>
<title>Bank Runs and Interest Rates: A Revolving Lines Perspective</title>
<link>https://fedinprint.org/item/fedbwp/102835/original</link>
<description>
<![CDATA[Revolving credit is at the core of the banking business. Corporate revolving credit lines are demandable claims; therefore, as with a traditional bank run on deposits, sudden widespread drawdowns on credit lines can destabilize the banking sector. However, we show that, unlike with deposits, credit-line utilization is highly sensitive to interest rates. A run on revolving lines is less likely in a high-interest-rate environment, but when the Federal Reserve cuts the interest rate to support a weak banking sector, the sector can become vulnerable to such a run.]]>
</description>
<guid>https://fedinprint.org/item/fedbwp/102835/original</guid>
<dc:creator>Bräuning, Falk; Ivashina, Victoria</dc:creator>
<dc:date>2026-02-01</dc:date>
<rdau:hasExtent>55</rdau:hasExtent>
<dc:subject>bank liquidity; corporate credit; bank runs; financial crises</dc:subject>
<swpo:hasNumber>26-4</swpo:hasNumber>
<identifiers:doi>10.29412/res.wp.2026.04</identifiers:doi>
<bibo:series>Working Papers</bibo:series>
</item>
<item>
<title>Do Monetary Policy Shocks Affect the Neutral Rate of Interest?</title>
<link>https://fedinprint.org/item/fedbwp/102795/original</link>
<description>
<![CDATA[We develop a trend–cycle Bayesian vector autoregression that jointly estimates the real neutral rate of interest, 𝑟𝑡∗, and identifies monetary policy shocks. As a key innovation, the framework allows cyclical shocks, most notably monetary policy shocks, to affect the trend component of macroeconomic variables, providing a new way to assess whether transitory disturbances have persistent effects. Using external instruments, we find that contractionary monetary policy shocks reduce 𝑟𝑡∗ and lower trend GDP growth, while the model’s estimates of 𝑟𝑡∗ remain consistent with standard benchmark measures. We then quantify the contribution of monetary policy shocks to the secular decline in 𝑟𝑡∗. Although these shocks at times generate sizable movements in 𝑟𝑡∗, their contribution to the long-run decline is modest, and their net effect on 𝑟𝑡∗ since the early 1990s is slightly positive. We complement these findings with cross-country evidence from other advanced economies, pointing to similar effects.]]>
</description>
<guid>https://fedinprint.org/item/fedbwp/102795/original</guid>
<dc:creator>Sekkel, Rodrigo; Uzeda, Luis; Leiva-León, Danilo</dc:creator>
<dc:date>2026-02-01</dc:date>
<rdau:hasExtent>48</rdau:hasExtent>
<dc:subject>neutral interest rate; monetary policy; trend-cycle BVAR</dc:subject>
<swpo:hasNumber>26-3</swpo:hasNumber>
<identifiers:doi>10.29412/res.wp.2026.03</identifiers:doi>
<bibo:series>Working Papers</bibo:series>
</item>
<item>
<title>Pricing in the New Year: Why Inflation Behaves Differently at the Start of the Year</title>
<link>https://fedinprint.org/item/fedbcq/102401</link>
<description>
<![CDATA[Each year from 2023 through 2025, monthly inflation, as measured by the US Bureau of Labor Statistics consumer price index, was generally higher in January compared with the rest of the year. This brief presents three reasons that collectively may explain why inflation has been especially elevated at the beginning of recent calendar years.]]>
</description>
<guid>https://fedinprint.org/item/fedbcq/102401</guid>
<dc:creator>Garga, Vaishali; Durall, Anna; Cotton, Christopher D.</dc:creator>
<dc:date>2026-02-04</dc:date>
<rdau:hasExtent>5</rdau:hasExtent>
<dc:subject>residual seasonality; January inflation; Frequency of price changes</dc:subject>
<swpo:hasNumber>26-1</swpo:hasNumber>
<bibo:series>Current Policy Perspectives</bibo:series>
</item>
<item>
<title>Merchant Steering of Consumer Payment Choice</title>
<link>https://fedinprint.org/item/fedbwp/102380/original</link>
<description>
<![CDATA[This paper investigates the degree to which merchants influence consumers’ choice of how they pay for transactions. Using data from the Survey and Diary of Consumer Payments Choice, we examine consumers’ adherence to their preferred payment method when making in-person transactions. We also investigate whether merchants are able to steer consumers away from their preferred payment method. We characterize preferences for paying with cash or cards according to consumers’ income, level of education, and employment status. We find that consumers make most payments with their preferred method. When consumers pay with a non-preferred method, it is due only in small part to merchants’ refusal to accept that payment method. If a merchant accepts card payments, consumers who prefer paying with cards are not likely to pay with cash for large-value transactions or for gas or groceries. Discounts on cash purchases do not affect the probability of consumers deviating from using cards and paying with cash. Finally, the paper identifies “inertia” effects, which lead consumers to use the same payment method for consecutive purchases.]]>
</description>
<guid>https://fedinprint.org/item/fedbwp/102380/original</guid>
<dc:creator>Greene, Claire; Shy, Oz; Stavins, Joanna</dc:creator>
<dc:date>2026-01-01</dc:date>
<rdau:hasExtent>34</rdau:hasExtent>
<dc:subject>consumer payments; consumer payment choice; merchant steering; discounts; surcharges</dc:subject>
<swpo:hasNumber>26-2</swpo:hasNumber>
<identifiers:doi>10.29412/res.wp.2026.02</identifiers:doi>
<bibo:series>Working Papers</bibo:series>
</item>
<item>
<title>Educational Attainment and Wage Growth in New England:  Evidence from Four Decades of Administrative Wage Records</title>
<link>https://fedinprint.org/item/fedbcr/102345</link>
<description>
<![CDATA[Per capita personal income in New England grew from $10,731 to $87,655 during the 1980–2024 period. This increase, the largest among all US census divisions, coincided with significant growth in educational attainment in the region. As of 2024, 53 percent of New England workers aged 25 to 64 held at least a bachelor’s degree, and 23 percent possessed advanced degrees, compared with national averages of 44 percent and 17 percent, respectively. This study provides new insights into the relationship between educational attainment and income growth in New England, examining both individual earnings and broader regional trajectories.]]>
</description>
<guid>https://fedinprint.org/item/fedbcr/102345</guid>
<dc:creator>Liu, Annie; Wu, Pinghui</dc:creator>
<dc:date>2026-01-01</dc:date>
<rdau:hasExtent>25</rdau:hasExtent>
<dc:subject>New England; wage growth; educational attainment; career progression</dc:subject>
<swpo:hasNumber>26-1</swpo:hasNumber>
<bibo:series>New England Public Policy Center Research Report</bibo:series>
</item>
<item>
<title>Connected for Better or Worse? The Role of Production Networks in Financial Crises</title>
<link>https://fedinprint.org/item/fedbwp/102336/original</link>
<description>
<![CDATA[We study how production networks shape the severity of Sudden Stops. We build a small open economy model with collateral constraints and input–output linkages, derive a sufficient statistic that maps network structure onto the amplification of tradable shocks, and show that a planner optimally introduces sectoral wedges to reduce amplification. Using OECD input-output data and Sudden Stop episodes, we document systematic network differences between emerging and advanced economies and show they predict crisis severity. A calibrated three-sector DSGE model disciplined by these differences reveals that endowing an advanced economy with an emerging-market production network moves most of the way toward the observed emerging–advanced Sudden Stop gap.]]>
</description>
<guid>https://fedinprint.org/item/fedbwp/102336/original</guid>
<dc:creator>Saffie, Felipe; Miranda-Pinto, Jorge; Rojas, Eugenio; Silva, Alvaro</dc:creator>
<dc:date>2025-12-01</dc:date>
<rdau:hasExtent>66</rdau:hasExtent>
<dc:subject>networks; financial crises; sudden stops; macroprudential policy</dc:subject>
<swpo:hasNumber>26-1</swpo:hasNumber>
<identifiers:doi>10.29412/res.wp.2026.01</identifiers:doi>
<bibo:series>Working Papers</bibo:series>
</item>
<item>
<title>A Framework for Understanding the Vulnerabilities of New Money-Like Products</title>
<link>https://fedinprint.org/item/fedbqu/102319/original</link>
<description>
<![CDATA[New money-like products, such as tokenized money market funds (MMFs), money market exchange-traded funds (MMETFs), and stablecoins, could be transformative for finance. These products may offer significant benefits, but like other money-like assets, they also have certain vulnerabilities. We introduce a framework to analyze the vulnerabilities of new products by comparing their features to those that contribute to vulnerabilities in MMFs. Specifically, we examine the extent to which each product engages in liquidity transformation, is subject to threshold effects, serves as a money-like asset, poses contagion risks, and has reactive investors. Our framework is useful for assessing the potential effects of novel cash-like products on the overall resilience of the financial system and how such an assessment may change as these products’ uses evolve.]]>
</description>
<guid>https://fedinprint.org/item/fedbqu/102319/original</guid>
<dc:creator>Anadu, Kenechukwu E.; McCabe, Patrick E.; Perez-Sangimino, JP; Swem, Nathan</dc:creator>
<dc:date>2026-01-01</dc:date>
<rdau:hasExtent>42</rdau:hasExtent>
<dc:subject>stablecoins; money market funds; exchange-traded funds; financial stability; liquidity transformation; contagion</dc:subject>
<swpo:hasNumber>SRA 26-01</swpo:hasNumber>
<identifiers:doi>10.29412/res.wp.2025.14</identifiers:doi>
<bibo:series>Supervisory Research and Analysis Working Papers</bibo:series>
</item>
<item>
<title>Shaping the Future of Work: Workers’ Optimism and Pessimism about AI</title>
<link>https://fedinprint.org/item/fedbcq/102234</link>
<description>
<![CDATA[The artificial intelligence (AI) revolution is here and is expected to transform the labor market, creating new opportunities for some workers while eliminating the jobs of others. At the end of 2024, the authors of this brief surveyed a sample of US household heads working in different industries and with different educational backgrounds to better understand how they view AI and its potential effects on their job prospects and financial well-being.]]>
</description>
<guid>https://fedinprint.org/item/fedbcq/102234</guid>
<dc:creator>Tang, Jenny; Bracha, Anat</dc:creator>
<dc:date>2025-12-17</dc:date>
<rdau:hasExtent>8</rdau:hasExtent>
<dc:subject>household survey; artificial intelligence; financial well-being; labor market; workforce training</dc:subject>
<swpo:hasNumber>25-16</swpo:hasNumber>
<bibo:series>Current Policy Perspectives</bibo:series>
</item>
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