Search Results
Showing results 1 to 10 of approximately 76.
(refine search)
Report
Allocation and Employment Effect of the Paycheck Protection Program
Joaquim, Gustavo
(2021-12-21)
The Paycheck Protection Program (PPP) was a large and unprecedented small-business support program enacted as a response to the COVID-19 crisis in the United States. The PPP administered almost $800 billion in loans and grants to small businesses through the banking system. However, there is still limited consensus on its overall effect on employment. This paper explores why it is challenging to estimate the effect of the PPP. To do so, we first focus on the timing of the allocation of PPP funds across regions and firms. Counties less affected by COVID-19 and with a larger presence of ...
Current Policy Perspectives
Report
Forecasting CPI Shelter under Falling Market-Rent Growth
Cotton, Christopher D.; O'Shea, John
(2023-02-16)
Shelter (housing) costs constitute a large component of price indexes, including 42 percent of the widely followed core Consumer Price Index (CPI). The shelter prices measured in the CPI capture new and existing renters and tend to lag market rents. This lag explains how in recent months the shelter-price index (CPI shelter) has accelerated while market rents have pulled back. We construct an error correction model using data at the metropolitan statistical area level to forecast how CPI shelter will evolve. We forecast that CPI shelter will grow 5.88 percent from September 2022 to September ...
Current Policy Perspectives
Report
Productivity Improvements and Markup Normalization Can Support Further Wage Gains without Inflationary Pressures
Garga, Vaishali; Olivei, Giovanni P.; Wang, J. Christina
(2024-06-27)
Wage inflation remains higher than it was before the onset of the COVID-19 pandemic, raising concerns that it could hinder progress toward a return of price inflation to the Federal Reserve’s 2 percent target. The impact of wage inflation on price inflation, however, cannot be considered independently of the behavior of productivity and firms’ markups. In that context, there are scenarios in which wage inflation could stay above trend for a few more quarters without contributing to higher price inflation.
Current Policy Perspectives
, Paper 2024-5
Report
Lessons Learned from Mortgage Borrower Policies and Outcomes during the COVID-19 Pandemic
Gerardi, Kristopher S.; Lambie-Hanson, Lauren; Willen, Paul S.
(2022-07-07)
This article reviews the aid offered to the roughly 50 million homeowners with mortgages included in a forbearance program, and the Federal Reserve’s actions that pushed down mortgage rates, allowing many mortgage holders to reduce their monthly payments by refinancing. We deem these policies to be quite effective in relieving financial distress and allowing homeowners to stay in their homes, especially in contrast with the policies pursued during the Great Recession. We emphasize that these policies in part worked because of rising housing prices and home equity, before and during the ...
Current Policy Perspectives
Report
The emerging market economies in times of taper-talk and actual tapering
Diez, Federico J.
(2014-11-14)
The emerging market economies (EME) experienced financial distress during two recent periods, both linked to the prospect of the Federal Reserve starting to slow its asset purchases. This policy change was expected to reverse the capital flows directed to the EME. Despite this aggregate effect, a closer analysis shows that there were significant differences across the EME during the time when talk of the upcoming taper began and the period when the policy was implemented. The author makes use of the literature on currency crises to analyze the different cross-country responses and to identify ...
Current Policy Perspectives
, Paper 14-6
Report
Uptake of the Main Street Lending Program
Bräuning, Falk; Paligorova, Teodora
(2021-03-19)
The Main Street Lending Program (Main Street) was one of several new credit facilities launched by the Federal Reserve and the U.S. Department of the Treasury (Treasury) in response to the COVID-19 pandemic. The Federal Reserve published draft terms for Main Street on April 9, 2020, and the program started purchasing loan participations on July 6, 2020, with the goal of supporting lending to a wide range of small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. When the program’s draft terms were first circulated, pandemic-related ...
Current Policy Perspectives
Report
A post-mortem of the life insurance industry's bid for capital during the financial crisis
Martin, Cynthia; Bohn, James; Barnes, Michelle L.
(2015-12-01)
The 2008-2009 financial crisis was the most serious shock to the U.S. financial system since the Great Depression of the 1930s. A number of large financial institutions failed during the crisis. Many institutions that survived did so only because of extraordinary actions undertaken by company management to maintain solvency, or through the extension of extraordinary support by the federal government and the Federal Reserve System. The impact of the financial crisis on the banking sector has been the subject of extensive research, discussion, and debate. Academic and policy researchers, as ...
Current Policy Perspectives
, Paper 15-8
Report
How Did the MSLP Borrowers Fare Before and During COVID-19?
Wang, J. Christina; Ballance, Joshua; Qing, Melanie
(2021-09-08)
This policy brief uses Dun & Bradstreet (D&B) data to assess whether the Main Street Lending Program (MSLP) borrowers were in worse financial health than their peers before COVID-19 hit the economy hard in March 2020 or suffered worse deterioration afterward. The findings can help us better understand why these firms sought to obtain MSLP loans. We find that MSLP borrowers tend to be larger than their peer firms (that is, firms in the same industry and state). Within the same size group, MSLP borrowers are on average younger than their peers. Borrowers tended to have a slightly higher ...
Current Policy Perspectives
Report
Labor market exit and re-entry: is the United States poised for a rebound in the labor force participation rate?
Cooper, Daniel H.; Luengo-Prado, Maria Jose
(2014-09-03)
The U.S. labor force participation rate has declined sharply since 2007?far faster than can be explained by demographic shifts in the population. This brief analyzes the re-entry probability for individuals who exit the labor force as well as the financial demographic, and employment characteristics of these individuals. The vast majority of individuals under 45 years of age re-enter the labor market within four years of exiting; however, the re-entry rate drops substantially for 50?54 year-olds and 55?59 year-olds. Those individuals who exit the labor market appear more marginally attached ...
Current Policy Perspectives
, Paper 14-2
Report
Addressing Housing Shortages through Tax Abatement
Willen, Paul S.
(2024-03-28)
Rising rents, often attributed to a shortage of available housing, spotlight the urgent need to accelerate housing construction, particularly in Boston and other “superstar cities” where rents have been rising acutely. This report looks at the potential efficacy and costs of one particular policy option to jump-start residential construction: incentivizing developers to build by granting them tax abatements for new construction.
Current Policy Perspectives
, Paper 2024-2
FILTER BY year
FILTER BY Bank
FILTER BY Series
FILTER BY Content Type
Report 76 items
FILTER BY Author
Bräuning, Falk 12 items
Wang, J. Christina 11 items
Burke, Mary A. 10 items
Cooper, Daniel H. 6 items
Cotton, Christopher D. 6 items
Luengo-Prado, Maria Jose 6 items
Garga, Vaishali 5 items
Joaquim, Gustavo 5 items
Sheremirov, Viacheslav 5 items
Willen, Paul S. 5 items
Bracha, Anat 4 items
Diez, Federico J. 4 items
Fillat, José 4 items
Olivei, Giovanni P. 4 items
Stavins, Joanna 4 items
Fillat, Jose 3 items
Foote, Christopher L. 3 items
Gerardi, Kristopher S. 3 items
Barnes, Michelle L. 2 items
Gopinath, Gita 2 items
Jackson, Osborne 2 items
Lambie-Hanson, Lauren 2 items
Peek, Joe 2 items
Schuh, Scott 2 items
Sullivan, Riley 2 items
Thompson, Jeffrey P. 2 items
Andrade, Philippe 1 items
Arseneau, David M. 1 items
Ballance, Joshua 1 items
Barbiero, Omar 1 items
Baughman, Garth 1 items
Bohn, James 1 items
Bradbury, Katharine L. 1 items
Brown, John C. 1 items
Cox, Catherine 1 items
Downes, Thomas 1 items
Fernald, John G. 1 items
Fuhrer, Jeffrey C. 1 items
Graves, Erin 1 items
Greene, Claire 1 items
Hayashi, Fumiko 1 items
Hounshell, Tyler 1 items
Khachiyan, Arman 1 items
Liebmann, Eva 1 items
Lin, Frankie 1 items
Lo, Stephanie 1 items
Loewenstein, Lara 1 items
Mahar, Molly 1 items
Manuszak, Mark D. 1 items
Martin, Cynthia 1 items
Morgan, Donald P. 1 items
Nordhaus, William D. 1 items
O'Shea, John 1 items
Ozdagli, Ali K. 1 items
Paligorova, Teodora 1 items
Patki, Dhiren 1 items
Pearson, Alison 1 items
Puria, Kovid 1 items
Qing, Melanie 1 items
Rao, Nikhil 1 items
Rappaport, Jordan 1 items
Rivers, Douglas 1 items
Rohan, Justin 1 items
Rosenbaum, Aaron 1 items
Rosengren, Eric S. 1 items
Rysman, Marc 1 items
Sabelhaus, John Edward 1 items
Shy, Oz 1 items
Sichel, Daniel E. 1 items
Stein, Hillary 1 items
Stewart, Kylie 1 items
Tang, Jenny 1 items
Torola, Pamela 1 items
Triest, Robert K. 1 items
Van den Heuvel, Skander J. 1 items
Volz, Alice Henriques 1 items
Zhao, Bo 1 items
show more (72)
show less
FILTER BY Jel Classification
E31 11 items
G21 10 items
E24 9 items
E52 9 items
E21 6 items
E32 6 items
E43 6 items
E42 5 items
E58 5 items
G28 5 items
G51 5 items
J21 5 items
D14 4 items
E51 4 items
G12 4 items
I18 4 items
J15 4 items
R11 4 items
R23 4 items
D31 3 items
E44 3 items
F31 3 items
F41 3 items
G01 3 items
G32 3 items
J11 3 items
D24 2 items
D63 2 items
E01 2 items
E17 2 items
E22 2 items
E23 2 items
E37 2 items
E41 2 items
E62 2 items
E63 2 items
E65 2 items
E66 2 items
G18 2 items
G2 2 items
G23 2 items
H71 2 items
H81 2 items
I12 2 items
I13 2 items
J24 2 items
J32 2 items
O47 2 items
C22 1 items
C53 1 items
C60 1 items
C80 1 items
C81 1 items
C83 1 items
D12 1 items
D22 1 items
D4 1 items
E20 1 items
E25 1 items
E26 1 items
E30 1 items
E39 1 items
E50 1 items
F30 1 items
F32 1 items
F33 1 items
F42 1 items
F62 1 items
G15 1 items
G22 1 items
G30 1 items
H12 1 items
H20 1 items
H55 1 items
H73 1 items
H75 1 items
I14 1 items
I20 1 items
I22 1 items
I24 1 items
I30 1 items
I31 1 items
I38 1 items
J01 1 items
J18 1 items
J20 1 items
J22 1 items
J23 1 items
J30 1 items
J31 1 items
J46 1 items
J63 1 items
J69 1 items
L1 1 items
L11 1 items
L16 1 items
L26 1 items
L60 1 items
O33 1 items
O41 1 items
R10 1 items
R19 1 items
R21 1 items
show more (98)
show less
FILTER BY Keywords
COVID-19 19 items
monetary policy 6 items
inflation 5 items
Main Street Lending Program 4 items
CPI 3 items
Rhode Island 3 items
inequality 3 items
inflation persistence 3 items
productivity 3 items
PCE 2 items
all-payer claims database 2 items
buprenorphine 2 items
consumption 2 items
credit demand 2 items
emergency lending facilities 2 items
exchange rates 2 items
home equity 2 items
housing 2 items
information technology 2 items
interest rates 2 items
liquidity 2 items
medication-assisted treatment 2 items
methadone 2 items
mortgage refinancing 2 items
mortgage repayment 2 items
opioid use disorder 2 items
pensions 2 items
racial inequality 2 items
wage inflation 2 items
Affordable Care Act 1 items
BNPL 1 items
COVID-19 cases and deaths 1 items
Current Population Survey 1 items
DSGE models 1 items
Dun & Bradstreet firm-level data 1 items
Federal Reserve 1 items
Federal Reserve balance sheets 1 items
FinTech 1 items
GSEs 1 items
Housing - Boston 1 items
ICT 1 items
Lawrence Working Families Initiative 1 items
MFP 1 items
Medicaid 1 items
Medicaid expansion 1 items
NEPPC 1 items
New England 1 items
Paycheck Protection Program 1 items
Phillips curve 1 items
Ricardian equivalence 1 items
Social Security 1 items
U.S. manufacturing 1 items
Yale Labor Survey 1 items
account-to-account (A2A) transfers 1 items
bank capital 1 items
bank correlations 1 items
bank loans 1 items
banking 1 items
banking distress 1 items
bimodality 1 items
boundary of the firm 1 items
business cycles 1 items
business leverage 1 items
cash accumulation 1 items
competition 1 items
competitiveness 1 items
concentration 1 items
consumer credit 1 items
corporate finance 1 items
cost-benefit analysis 1 items
cost-price pass-through 1 items
covered interest parity 1 items
credit availability 1 items
credit card utilization 1 items
credit to small and medium-sized businesses 1 items
crowding out 1 items
currency crises 1 items
debt 1 items
deficit 1 items
delinquencies 1 items
demand and supply shocks 1 items
demographic factors 1 items
demographic trends 1 items
disaggregate price indices 1 items
disaggregated consumption 1 items
disinflation 1 items
disposable income 1 items
economic factors 1 items
effort 1 items
emerging markets 1 items
employment gender gaps 1 items
entrepreneurship 1 items
excess savings 1 items
fast payments systems 1 items
faster payments 1 items
financial crises 1 items
financial crisis 1 items
financial frictions 1 items
financial innovations 1 items
financial intermediaries 1 items
financial stability 1 items
financial stress 1 items
firm creation 1 items
firm distress 1 items
gig economy 1 items
growth accounting 1 items
growth models 1 items
housing supply 1 items
human capital 1 items
industry concentration 1 items
inheritance 1 items
intangible capital 1 items
interest coverage 1 items
interest expenses 1 items
investment 1 items
lab and field experiments 1 items
labor costs 1 items
labor force composition 1 items
labor force participation 1 items
labor hoarding 1 items
labor market conditions 1 items
labor market slack 1 items
labor markets 1 items
labor supply 1 items
lifetime earnings 1 items
liquidity effect 1 items
low interest rates 1 items
market structure 1 items
mask mandates 1 items
mask wearing 1 items
medium of exchange 1 items
mobility 1 items
monetary policy transmission 1 items
money 1 items
mortgage markets 1 items
natural rate of interest 1 items
online marketplace lending 1 items
online panels 1 items
onshoring 1 items
opiod use disorder 1 items
pandemic 1 items
parental involvement 1 items
pass-through entities 1 items
payment system improvement 1 items
payments 1 items
persistence 1 items
person-to-person payments 1 items
portfolio similarity 1 items
price dispersion 1 items
procyclical productivity 1 items
productivity: TFP 1 items
program evaluation 1 items
public policy 1 items
public schools 1 items
race 1 items
racial wealth gap 1 items
real economy 1 items
recession probabilities 1 items
refinancing 1 items
relative pay 1 items
rent 1 items
reshoring 1 items
retail payments 1 items
retirement plans 1 items
revenue forecasting 1 items
saving 1 items
sectoral decomposition 1 items
sectoral mobility 1 items
sectoral price change distribution 1 items
shadow banking 1 items
shecession 1 items
small business 1 items
small business lending 1 items
soft and hard information 1 items
speculative bubble 1 items
state tax revenues 1 items
stress tests 1 items
supercore 1 items
supply shock identification 1 items
survey data 1 items
systemic risk 1 items
tax abatement 1 items
term spread 1 items
total factor productivity 1 items
treatment episode data set 1 items
underlying inflation 1 items
unemployment rates 1 items
wage growth 1 items
wages 1 items
wealth 1 items
wealth inequality 1 items
yield curve inversion 1 items
yield curves 1 items
show more (189)
show less