Research Brief Library

Treasury convenience yields and inflation were positively correlated during the inflationary 1970s-1980s, but negatively pre-WWII and post-2000. These findings are explained in a model where supply-driven inflation gives rise to a “money channel,” raising the cost of holding money and...

Firms’ perceived cost of green capital has decreased since the rise of sustainable investing. Sustainable investing has surged since 2016, with green firms’ perceived cost of capital on average 1 percentage point lower than brown firms.

Changes in perceived cost of capital have minimal impact on discount rates in the short- and medium-term; rather, only over the long term (more than 10 years) do discount rates align with the perceived cost of capital.

Industrial policies (IPs) targeting electric vehicles (EVs) are associated with an increase in the number of EV patents. Firms with more EV experience innovate more rapidly, suggesting path dependence.

Persistent demand shocks, reflected in persistent interest rate differentials, account for 75% of the variance in the dollar/G10 exchange rate. Currency intermediation shocks play a key role at higher frequencies, especially during crises when the dollar appreciates despite lower US...

The US corporate sector’s “carbon burden” (the present value of social costs of its future carbon emissions) is 131% of total corporate equity value; 77% of individual firms have carbon burdens exceeding their market capitalizations.

In the years leading up to the pandemic and during 2020, income poverty and consumption poverty tracked closely. The two measures diverged in subsequent years, however, apparently due to savings behavior: expanded unemployment benefits and stimulus payments boosted savings and...

Union sponsorship in British elections historically benefits candidates, causing an inflow of resources into constituency-party organizations, and promotion of union-friendly candidates in parliament, but only moderate shifts in the balance of power between parties.

A guaranteed $20 incentive increases vaccine uptake by 13 percentage points in the short run and 9 in the long run. Guaranteed incentives are more effective than lottery-based, charitable, or individually targeted incentives, though all boost vaccinations.

There exists significant heterogeneity among US consumers in their perceived political stance of the Fed, which plays a crucial role in shaping macroeconomic expectations and trust in the institution.