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Series:Working Papers 

Working Paper
Exchange rate uncertainty and economic growth in Latin America

Working Papers , Paper 9338

Working Paper
Building trade barriers and knocking them down: the political economy of unilateral trade liberalizations

Working Papers , Paper 9505

Working Paper
Fiscal policymaking and the central bank institutional constraint

Working Papers , Paper 8606

Working Paper
Heterogeneity in the Pass-Through from Oil to Gasoline Prices: A New Instrument for Estimating the Price Elasticity of Gasoline Demand

We propose a new instrument for estimating the price elasticity of gasoline demand that exploits systematic differences across U.S. states in the pass-through of oil price shocks to retail gasoline prices. We show that these differences are primarily driven by the cost of producing and distributing gasoline, which varies with states’ access to oil and gasoline transportation infrastructure, refinery technology and environmental regulations, creating cross-sectional gasoline price shocks in response to an aggregate oil price shock. Time-varying estimates do not support the view that the ...
Working Papers , Paper 2301

Working Paper
On the accuracy of time series, interest rate and survey forecasts of inflation

Working Papers , Paper 1984-022

Working Paper
Evolving to the impatience trap: the example of the farmer-sheriff game

The literature on the evolution of impatience, focusing on one-person decision problems, finds that evolutionary forces favor the more patient individuals. This paper shows that in the context of a game, this is not necessarily the case. In particular, it offers a two- population example where evolutionary forces favor impatience in one group while favoring patience in the other. Moreover, not only evolution but also efficiency may prefer impatient individuals. In our example, it is efficient for one population to evolve impatience and for the other to develop patience. Yet, evolutionary ...
Working Papers , Paper 2012-033

Working Paper
Optimal fiscal policy in a business cycle model (technical appendix)

Working Papers , Paper 567

Working Paper
The role of agglomeration potential in population and employment growth

Working Papers , Paper 86-13

Working Paper
Have money-stock fluctuations had a liquidity effect on expected real interest rates?

Working Papers , Paper 88-19

Working Paper
“Don’t Know What You Got Till It’s Gone”—The Community Reinvestment Act in a Changing Financial Landscape

This study provides new evidence on the impact of the Community Reinvestment Act (CRA) on mortgage lending by taking advantage of an exogenous policy shock in 2014, which caused significant changes in neighborhoods’ CRA eligibility in the Philadelphia market. The loss of CRA coverage leads to an over 10 percent decrease in purchase originations by CRA-regulated lenders. While nondepository institutions replace approximately half, but not all, of the decreased lending, their increased market share was accompanied by a greater involvement in riskier and more costly FHA lending. This study ...
Working Papers , Paper 20-08

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