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Insights / Research BriefApr 11, 2024

On Digital Currencies

Harald Uhlig
In a work summarizing his previous research, the author argues that prices of private digital currencies follow random walks, while for central bank digital currencies the challenge is to address three objectives, price stability, efficiency, and monetary trust, of which only two are achievable.
Topics:  Monetary Policy
Insights / Research BriefApr 08, 2024

A Discrimination Report Card

Patrick Kline, Evan K. Rose, Christopher R. Walters
A new statistical methodology is used to grade the race and gender callback gaps of large US employers and shows that firms assigned the worst grade are estimated to favor white applicants over Black applicants by 24%, while those assigned the best grade favor white applicants by only 3%. Gender discrimination is rare at the interview stage and concentrated in certain industries.
Topics:  Employment & Wages, Economic Mobility & Poverty
Insights / Research BriefApr 03, 2024

Optimal Urban Transportation Policy: Evidence from Chicago

Milena Almagro, Felipe Barbieri, Juan Camilo Castillo, Nathaniel Hickok, Tobias Salz
In Chicago, welfare would be increased by charging almost nothing for public transit, increasing the frequency of trains, and lowering the frequency of buses. Road pricing reduces environmental externalities, but only benefits travelers if the revenues are used for transit subsidies and rebates.
Topics:  Industrial Organization
Insights / Research BriefApr 03, 2024

The High Frequency Effects of Dollar Swap Lines

Rohan Kekre, Moritz Lenel
News about expanded dollar swap lines causes a reduction in liquidity premia, compression of deviations from covered interest parity (CIP), and depreciation of the dollar; also, equity prices rise and the VIX falls, while the response of long-term government bond prices is mixed.
Topics:  Monetary Policy
Insights / Podcast episodeApr 02, 2024

Recessions: What Are They Good For? Possibly Your Health

Tess Vigeland, Matthew J. Notowidigdo
When the Great Recession hit in 2007, it produced the largest decline in US employment...
Insights / Research BriefMar 26, 2024

Competitive Job Seekers: When Sharing Less Leaves Firms at a Loss

Gaurav Chiplunkar, Erin M. Kelley, Gregory V. Lane
Randomly increasing the amount of competition for a job makes jobseekers less likely to share information about it with their peers and in particular to share it with fewer, higher ability peers. This lowers the quality of firms’ hires.
Topics:  Employment & Wages
Insights / Research BriefMar 25, 2024

Banks in Space

Ezra Oberfield, Esteban Rossi-Hansberg, Nicholas Trachter, Derek Wenning
The banking deregulation of the 1980s and 90s provides unique evidence of the way in which banks set up their branches across locations. Two forms of sorting explain observed location patterns well. Sorting on size, whereby top banks locate in the largest markets and smaller banks in marginal ones, and sorting according to funding needs whereby banks locate in regions that allow them to balance their loans and deposits.
Topics:  Financial Markets
Insights / Research BriefMar 22, 2024

Fallow Lengths and the Structure of Property Rights

Etienne Le Rossignol, Sara Lowes, Eduardo Montero
Places where land needs to be fallowed for longer periods are more likely to have communal property rights, both historically and presently. World Bank land titling interventions are less effective in places with longer fallow requirements, and longer fallow periods are associated with less inequality, less conflict, and greater resilience to negative shocks.
Topics:  Development Economics