Marco Graziano, Marius Koechlin, and Andreas TischbirekWe study the spillovers of large-scale asset purchases (LSAPs) in the U.S. on financial intermediation in the euro area using bank-level supervisory data and high-frequency identified policy surprises. Our detailed panel data permit us to trace the impact of LSAPs through bank balance sheets.
Marcos Mac MullenI study the international transmission of fiscal policy and its impact on the real exchange rate (RER) and net exports. I document that periods of high government debt are strongly associated with a depreciated RER and subsequent increases in net exports. I present causal evidence that debt-financed fiscal expansions transmit primarily through deviations from uncovered interest parity, leading to a depreciated RER and increases in net exports over time.
Dan Cao, Henry Hyatt, Toshihiko Mukoyama, and Erick SagerSince the 1990s, the Bureau of Labor Statistics (BLS) has reported much more rapid growth in U.S. private sector employer establishments than has the Census Bureau – the gap reached roughly 1.6 million by 2023. Using linked BLS-Census microdata, we document two main drivers. First, a large and growing number of employers providing services to the elderly and persons with disabilities are in scope for the BLS frame but not the Census Bureau’s.
Australia’s new law on supermarket “price gouging” (also known as excessive pricing) starts on July 1 2026.
It prohibits any very large supermarket with revenue exceeding A$30 billion – currently only Coles and Woolworths – from charging a price for a grocery product that is significantly excessive compared to the cost of supply, plus a reasonable margin.
Jens Büttner/Getty ImagesA customer sends a WhatsApp message to a local store asking about a product. Within seconds, they receive an answer.
The product they’re after is in stock. Or, if it isn’t, they’re recommended an alternative.
Companies can be analyzed as moral actors, not just profit-makers. wildpixel/iStock via Getty Images PlusExecutives are facing pressure from boards, employees, regulators and consumers to either defend or abandon diversity, equity and inclusion initiatives.
Europe’s new fiscal rules still bind policy to fragile estimates of potential output. For Italy, targeting lower unemployment could sustain stronger growth, improve deficit outcomes, and expose the self-defeating logic of austerity when debt is measured against a stagnating economy.
1. Introduction
Agostino Capponi and Jin-Wook ChangThis paper investigates how settlement speed affects financial stability in payment networks, accounting for netting benefits, liquidity costs, and counterparty risks. Faster settlement reduces crisis likelihood but amplifies crisis severity. The net welfare effect depends on network topology and proximity to default threshold points—settlement times at which the number of defaulting agents changes discontinuously.
Lawrence J. Christiano, Martin Eichenbaum, and Benjamin K. JohannsenThis paper provides an analytic characterization of the speed of convergence under learning to a rational expectations equilibrium (REE) for a large class of multivariate models. We show that learning is slower when people's beliefs about model outcomes are more self-fulfilling.
Edmund Crawley and William L. GamberWe estimate how much household spending responds directly to changes in interest rates. We develop a Bayesian procedure that uses the empirical impulse responses to macroeconomic shocks to discipline the consumer block of a HANK model. The procedure can be applied shock-by-shock or pooled jointly.
