System Working Papers
Opportunity & Inclusive Growth Institute
The System Working Papers series showcases the ongoing research of scholars throughout the Federal Reserve System on issues related to economic opportunity and inclusive growth. These working papers are preliminary versions that are being shared in a timely manner to a broad research community, with the aim of promoting scholarly debate and soliciting constructive feedback.
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System Working Paper 19-12 (December 2019)Measuring Household Wealth in the Panel Study of Income Dynamics: The Role of Retirement Assets
Daniel Cooper, Karen Dynan, and Hannah Rhodenhiser
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System Working Paper 19-11 (November 2019)The Well-Being of Nations: Estimating Welfare from International Migration
Sanghoon Lee, Seung Hoon Lee, and Jeffrey Lin
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System Working Paper 19-10 (November 2019)State Disinvestment in Higher Education: The Impact on Public Research Universities’ Patent Applications
Bo Zhao
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System Working Paper 19-09 (November 2019)The Affordable Care Act and the Market for Higher Education
Rajashri Chakrabarti and Maxim Pinkovskiy
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System Working Paper 19-08 (October 2019)Family Characteristics and Macroeconomic Factors in U.S. Intragenerational Family Income Mobility, 1978–2014
Katharine Bradbury
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System Working Paper 19-07 (April 2019)Test Questions, Economic Outcomes, and Inequality
Eric Nielsen
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System Working Paper 19-06 (February 2019)The Marginal Propensity to Hire
Davide Melcangi
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System Working Paper 19-05 (February 2019)The Founding of the Federal Reserve, the Great Depression and the Evolution of the U.S. Interbank Network
Matthew Jaremski and David C. Wheelock
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System Working Paper 19-04 (February 2019)Rural Affordable Rental Housing: Quantifying Need, Reviewing Recent Federal Support, and Assessing the Use of Low Income Housing Tax Credits in Rural Areas
Andrew M. Dumont
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System Working Paper 19-03 (January 2019)The Cyclical Behavior of Labor Force Participation
Didem Tüzemen and Willem Van Zandweghe
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System Working Paper 19-02 (January 2019)The Slaughter of the Bison and Reversal of Fortunes on the Great Plains
Donna Feir, Rob Gillezeau, and Maggie E.C. Jones
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System Working Paper 19-01 (January 2019)Is Size Everything?
Samuel Antill and Asani Sarkar
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System Working Paper 18-18 (December 2018)The Macroeconomic Consequences of Early Childhood Development Policies
Diego Daruich
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System Working Paper 18-17 (November 2018)Explosive Dynamics in House Prices? An Exploration of Financial Market Spillovers in Housing Markets Around the World
Enrique Martínez-García and Valerie Grossman
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System Working Paper 18-16 (June 2018)Early-Stage Business Formation: An Analysis of Applications for Employer Identification Numbers
Kimberly Bayard, Emin Dinlersoz, Timothy Dunne, John Haltiwanger, Javier Miranda, and John J. Stevens
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System Working Paper 18-15 (May 2018)What Would You Do with $500? Spending Responses to Gains, Losses, News, and Loans
Andreas Fuster, Greg Kaplan, and Basit Zafar
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System Working Paper 18-14 (May 2018)Inequality in 3-D: Income, Consumption, and Wealth
Jonathan Fisher, David Johnson, Timothy Smeeding, and Jeffrey Thompson
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System Working Paper 18-13 (May 2018)Top Income Concentration and Volatility
Jeffrey Thompson, Michael Parisi, and Jesse Bricker
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System Working Paper 18-12 (May 2018)Internal Migration in the United States: A Comparative Assessment of the Utility of the Consumer Credit Panel
Jack DeWaard, Janna E. Johnson, and Stephan D. Whitaker
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System Working Paper 18-11 (April 2018)Regional Consumption Responses and the Aggregate Fiscal Multiplier
Bill Dupor, Marios Karabarbounis, Marianna Kudlyak, and M. Saif Mehkari
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System Working Paper 18-10 (March 2018)Internal Immigrant Mobility in the Early 20th Century: Experimental Evidence from Galveston Immigrants
Daniel Aaronson, Jonathan Davis, and Karl Schulze
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System Working Paper 18-09 (March 2018)Demographics and the Evolution of Global Imbalances
Michael Sposi
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System Working Paper 18-08 (March 2018)Hysteresis in Employment among Disadvantaged Workers
Bruce Fallick and Pawel Krolikowski
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System Working Paper 18-07 (February 2018)Racial Gaps in Labor Market Outcomes in the Last Four Decades and over the Business Cycle
Tomaz Cajner, Tyler Radler, David Ratner, and Ivan Vidangos
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System Working Paper 18-06 (February 2018)The Paper Trail of Knowledge Spillovers: Evidence from Patent Interferences
Ina Ganguli, Jeffrey Lin, and Nicholas Reynolds
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System Working Paper 18-05 (January 2018)On Intergenerational Immobility: Evidence that Adult Credit Health Reflects the Childhood Environment
Sarena F. Goodman, Alice Henriques, and Alvaro Mezza
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System Working Paper 18-04 (January 2018)Macroeconomic Nowcasting and Forecasting with Big Data
Brandyn Bok, Daniele Caratelli, Domenico Giannone, Argia Sbordone, and Andrea Tambalotti
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System Working Paper 18-03 (January 2018)Measuring the “Free” Digital Economy Within the GDP and Productivity Accounts
Leonard Nakamura, Jon Samuels, and Rachel Soloveichik
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System Working Paper 18-02 (January 2018)A Tax Plan for Endogenous Innovation
M.M. Croce, A.G. Karantounias, S. Raymond, and L. Schmid
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System Working Paper 18-01 (January 2018)Missing Growth from Creative Destruction
Philippe Aghion, Antonin Bergeaud, Timo Boppart, Peter J. Klenow, and Huiyu Li
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System Working Paper 17-33 (December 2017)The Persistence of Financial Distress
Kartik Athreya, José Mustre-del-Río, and Juan M. Sánchez
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System Working Paper 17-32 (December 2017)Parental Proximity and Earnings after Job Displacements
Patrick Coate, Pawel Krolikowski, and Mike Zabek
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System Working Paper 17-31 (December 2017)The Fiscal Theory of the Price Level in a World of Low Interest Rates
Marco Bassetto and Wei Cui
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System Working Paper 17-30 (December 2017)Geographic Inequality of Economic Well-being among U.S. Cities: Evidence from Micro Panel Data
Chi-Young Choi and Alexander Chudik
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System Working Paper 17-29 (December 2017)An Assessment of the National Establishment Time Series (NETS) Database
Keith Barnatchez, Leland D. Crane, and Ryan A. Decker
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System Working Paper 17-28 (November 2017)First-Time Homebuyers: Toward a New Measure
Arthur Acolin, Paul Calem, Julapa Jagtiani, and Susan Wachter
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System Working Paper 17-27 (November 2017)The Unequal Distribution of Economic Education: A Report on the Race, Ethnicity, and Gender of Economics Majors at US Colleges and Universities
Amanda Bayer and David W. Wilcox
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System Working Paper 17-26 (November 2017)The Effect of Fertility on Mothers’ Labor Supply over the Last Two Centuries
Daniel Aaronson, Rajeev Dehejia, Andrew Jordan, Cristian Pop-Eleches, Cyrus Samii, and Karl Schulze
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System Working Paper 17-25 (November 2017)The Local Aggregate Effects of Minimum Wage Increases
Daniel Cooper, María José Luengo-Prado, and Jonathan A. Parker
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System Working Paper 17-24 (November 2017)“Don’t Know What You Got Till It’s Gone” – The Effects of the Community Reinvestment Act (CRA) on Mortgage Lending in the Philadelphia Market
Lei Ding and Leonard Nakamura
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System Working Paper 17-23 (October 2017)Reservation Employer Establishments: Data from the U.S. Census Longitudinal Business Database
Randall Akee, Elton Mykerezi, and Richard M. Todd
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System Working Paper 17-22 (August 2017)Old, Frail, and Uninsured: Accounting for Puzzles in the U.S. Long-Term Care Insurance Market
R. Anton Braun, Karen A. Kopecky, and Tatyana Koreshkova
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System Working Paper 17-21 (July 2017)The Decline in Intergenerational Mobility After 1980
Jonathan Davis and Bhashkar Mazumder
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System Working Paper 17-20 (June 2017)Residential Rent Affordability across U.S. Metropolitan Areas
Kelly D. Edmiston
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System Working Paper 17-19 (June 2017)A Theory of Sticky Rents: Search and Bargaining with Incomplete Information
Randal J. Verbrugge and Joshua Gallin
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System Working Paper 17-18 (June 2017)Who Counts as Employed? Informal Work, Employment Status, and Labor Market Slack
Anat Bracha and Mary A. Burke
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System Working Paper 17-17 (June 2017)The Unintended Consequences of Employer Credit Check Bans on Labor and Credit Markets
Kristle Cortés, Andrew Glover, and Murat Tasci
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System Working Paper 17-16 (June 2017)Monetary Policy and Inequality
Pedro Amaral
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System Working Paper 17-15 (June 2017)Evidence on the Production of Cognitive Achievement from Moving to Opportunity
Dionissi Aliprantis
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System Working Paper 17-14 (June 2017)Does Differential Treatment Translate to Differential Outcomes for Minority Borrowers? Evidence from Matching a Field Experiment to Loan-Level Data
Andrew Hanson, Zackary Hawley, and Hal Martin
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System Working Paper 17-13 (June 2017)New Findings on the Fiscal Impact of Immigration in the United States
Pia Orrenius
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System Working Paper 17-12 (June 2017)College Is Not Enough: Higher Education Does Not Eliminate Racial and Ethnic Wealth Gaps
William R. Emmons and Lowell R. Ricketts
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System Working Paper 17-11 (June 2017)Organizations, Skills, and Wage Inequality
Roberto Pinheiro and Murat Tasci
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System Working Paper 17-10 (June 2017)Wage Shocks and the Technological Substitution of Low-Wage Jobs
Daniel Aaronson and Brian J. Phelan
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System Working Paper 17-09 (May 2017)Assessing Differences in Labor Market Outcomes Across Race, Age, and Educational Attainment
Economic Research Department
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System Working Paper 17-08 (April 2017)Are Central Cities Poor and Non-White?
Jenny Schuetz, Arturo Gonzalez, Jeff Larrimore, Ellen A. Merry, and Barbara J. Robles
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System Working Paper 17-07 (March 2017)Un-Fortunate Sons: Effects of the Vietnam Draft Lottery on the Next Generation's Labor Market
Sarena F. Goodman and Adam M. Isen
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System Working Paper 17-06 (January 2017)Levels and Trends in the Income Mobility of U.S. Families, 1977-2012
Katharine Bradbury
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System Working Paper 17-05 (January 2017)Optimal Income Taxation: Mirrlees Meets Ramsey
Jonathan Heathcote and Hitoshi Tsujiyama
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System Working Paper 17-04 (January 2017)Does Greater Inequality Lead to More Household Borrowing? New Evidence from Household Data
Olivier Coibion, Yuriy Gorodnichenko, Marianna Kudlyak, and John Mondragon
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System Working Paper 17-03 (January 2017)Household Formation over Time: Evidence from Two Cohorts of Young Adults
Daniel Cooper and María José Luengo-Prado
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System Working Paper 17-02 (January 2017)The Role of Selective High Schools in Equalizing Educational Outcomes: Heterogeneous Effects by Neighborhood Socioeconomic Status
Lisa Barrow, Lauren Sartain, and Marisa de la Torre
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System Working Paper 17-01 (January 2017)The Effects of Mortgage Credit Availability: Evidence from Minimum Credit Score Lending Rules
Steven Laufer and Andrew Paciorek
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