Economics

In a new working paper "The Non‐Bank Credit Cycle", researchers Esti Kemp, René van Stralen, Alexandros Vardoulakis, and Peter Wierts tried to look into the cyclical properties of non‐bank credit and its relevance for financial stability.

The Fiscal Theory of the Price Level says that money has value because the government accepts it for taxes, and inflation is fundamentally a fiscal phenomenon

Hysteresis is referred to the hypothesis that recessions may have permanent effects on the level of output relative to trend.

Long-run stability of the velocity, or the filpside of it, money demand, however, is not a empirically founded assumption.

An important question is how do we get the series IDs for the data you need. The short answer is through BLS's Data Finder

In a recent research, four European Central Bank economists found that negative interest rate policy in the eurozone can encourage banks to increase lending and encourage cooperations to increase investments. That is, contrary to what macroeconomics models usually predict, interest rate policy can still has stimulative effect even the zero lower bound is reached.

The above figure shows the balance sheet of four major central banks from 2005 to 2015. Above the horizontal axis is the asset side...

Larry Christiano, one of the most prominent researcher on DSGE model, explains what his research "Understanding the Great Recession" tell us about the Great Recession as well as labor participation rate's role in the developments of the Great Recession.

Edited transcript of our interview with Paul Romer, on why the US urgently to scale up testing for Covid-19 and why he thinks the covid-crisis amounts an intellectual failure

Reserve Management Purchases (RMP) is a form of open market operations under which the Federal Reserve injects reserves into the banking system through "permanent" asset purchases with an aim to ensure the level of reserves remain "ample".