Board of Governors of the Federal Reserve System

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• The Fed - External Habit and the Cyclicality of Expected Stock Returns

  equilibrium asset pricing model in which agents' preferences have an unobserved

  URL: https://www.federalreserve.gov/econres/feds/external-habit-and-the-cyclicality-of-expected-stock-returns.htm
  



• The Fed - Non-Linear Employment Effects of Tax Policy

  equilibrium business cycle model with search frictions in the labor market

  URL: https://www.federalreserve.gov/econres/ifdp/non-linear-employment-effects-of-tax-policy.htm
  



• The Fed - Where are Global and U.S. Trade Heading in the Aftermath of the Trade Collapse: Issues and Alternative Scenarios

  equilibrium trade is closing only slowly and could persist for some time

  URL: https://www.federalreserve.gov/econres/ifdp/where-are-global-and-us-trade-heading-in-the-aftermath-of-the-trade-collapse-issues-and-alternative-scenarios.htm
  



• The Fed - An Empirical Analysis of Policy Coordination in the United States, Japan and Europe

  equilibrium reached in the absence of coordination is also analyzed, and

  URL: https://www.federalreserve.gov/econres/ifdp/an-empirical-analysis-of-policy-coordination-in-the-united-states-japan-and-europe.htm
  



• The Fed - Heterogeneous Workers, Optimal Job Seeking, and Aggregate Labor Market Dynamics

  equilibrium unemployment theory. I show that endogenous search and worker-side

  URL: https://www.federalreserve.gov/econres/ifdp/heterogeneous-workers-optimal-job-seeking-and-aggregate-labor-market-dynamics.htm
  



• The Fed - The Prospect of a Depreciating Dollar and Possible Tension Inside the EMS

  equilibrium, such cooperation is shown to have been welfare-improving

  URL: https://www.federalreserve.gov/econres/ifdp/the-prospect-of-a-depreciating-dollar-and-possible-tension-inside-the-ems.htm
  



• The Fed - Two Equivalence Theorems for Government Finance

  equilibrium PDF: Full Paper Disclaimer: The economic research that is

  URL: https://www.federalreserve.gov/econres/ifdp/two-equivalence-theorems-for-government-finance.htm
  



• The Fed - Elections and Macroeconomic Policy Cycles

  equilibrium signaling process. The cycle is driven by temporary information

  URL: https://www.federalreserve.gov/econres/ifdp/elections-and-macroeconomic-policy-cycles.htm
  



• The Fed - The Use of Cyclical Indicators in Estimating the Output Gap in Japan

  equilibrium levels of the cyclical indicators and uses an Okun's Law-type

  URL: https://www.federalreserve.gov/econres/ifdp/the-use-of-cyclical-indicators-in-estimating-the-output-gap-in-japan.htm
  



• The Fed - Financial Innovation and the Speed of Adjustment of Money Demand: Evidence from Bolivia, Israel, and Venezuela

  equilibrium increases following financial innovation. PDF: Full Paper

  URL: https://www.federalreserve.gov/econres/ifdp/financial-innovation-and-the-speed-of-adjustment-of-money-demand-evidence-from-bolivia-israel-and-venezuela.htm
  

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