Atlanta Fed Working Papers
The Research Department of the Federal Reserve Bank of Atlanta publishes a working paper series to convey the research of staff economists and visiting scholars and stimulate professional discussion and exploration of economic and financial subjects.
R. Anton Braun and Daisuke Ikeda
Working Paper 2022-12
Many industrialized countries experienced a lengthy episode of low inflation rates, real interest rates, and growth of per capita gross domestic product before the COVID pandemic. The authors propose a lifecycle model and show how and why aging induces downward pressure on these indicators of aggregate activity.
Chris Cunningham, Kristopher Gerardi, and Lily Shen
Working Paper 2022-11
The authors document significant heterogeneity in real estate agent performance when selling and buying homes. Most agents do not negotiate better prices for their clients, and they do not outperform nonagents who list their own properties on the Multiple Listing Service.
Working Paper 2022-10
Using data on inventor mobility and firm innovation, the author examines how employees of enterprises can transition to leading their own companies. She finds that noncompete clauses in many employee contracts are too restrictive and can reduce innovation and growth.
Claire Greene and Joanna Stavins
Working Paper 2022-9
Does holding both liquid assets and credit card debt make sense? After all, interest rates paid on deposit accounts are lower than interest rates charged on unpaid credit card balances—yet many people make that choice. The authors look at why.
Working Paper 2022-8
Examining the relationship between the Fed's balance sheet policy and its interest rate policy, the author quantifies how many interest rate hikes quantitative tightening equals, and he compares the effect of tightening during normal times versus during turbulent times.
José Maria Barrero, Nicholas Bloom, Steven J. Davis, Brent Meyer, and Emil Mihaylov
Working Paper 2022-7
The authors find that the shift to remote work moderates wage growth by 2 percentage points over two years, shrinking the real-wage catchup effect on near-term inflation pressures by more than half.
Elias Ilin, Laurence Kotlikoff, and M. Melinda Pitts
Working Paper 2022-6
For richer or for poorer? Investigating a new measure of the marriage tax—the reduction in future spending from marrying—the authors find that the marriage tax rate, which averages 2.69 percent, reduces the probability of marrying by up to 13 percent.
Kirstin Hubrich and Daniel Waggoner
Working Paper 2022-5
Investigating the role of leverage of financial institutions in the transmission of financial shocks to the macroeconomy, the authors find empirical evidence that the real effects of financial shocks were amplified by the leverage of financial institutions during the Great Recession.
Jeremy Greenwood, Nezih Guner, and Karen A. Kopecky
Working Paper 2022-4
There have been more than 500,000 opioid overdose deaths since 2000. The authors develop a framework to study the opioid epidemic and find that drops in the price of both medical prescriptions and illicit opioids combined with increases in prescribed dosages are the primary drivers.
Elias Ilin, Samantha Shampine, and Ellyn Terry
Working Paper 2022-3
Exploring the impact of free pre-K programs on maternal participation in the labor force, the authors find that the availability of free pre-K programs increases the labor force participation rate of mothers with one child age 3 or 4 by an average of 2.3 percentage points.
Alan Finkelstein Shapiro, Federico S. Mandelman, and Victoria Nuguer
Working Paper 2022-2
Examining the impact of fintech on emerging economies, the authors find that unless greater fintech entry leads to lower borrowing costs for firms that adopt fintech credit, an expanding number of fintech intermediaries will have no meaningful consequences on credit markets and business cycles in emerging economies.
Bin Wei and Feng Zhao
Working Paper 2022-1
Examining racial disparities in mortgage processing time prior to the global financial crisis, the authors find that Black borrowers are underrepresented and experience a longer processing time than White borrowers among the mortgages securitized by government-sponsored enterprises.