Publications

System Working Papers

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 18-16 | June 28, 2018

Early-Stage Business Formation: An Analysis of Applications for Employer Identification Numbers

Kimberly Bayard | Board of Governors of the Federal Reserve System
Emin Dinlersoz | U.S. Census Bureau
Timothy Dunne | University of Notre Dame
John Haltiwanger | University of Maryland
Javier Miranda | U.S. Census Bureau
John J. Stevens | Board of Governors of the Federal Reserve System

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System Working Paper 18-15 | May 23, 2018

What Would You Do with $500? Spending Responses to Gains, Losses, News, and Loans

Andreas Fuster | Federal Reserve Bank of New York
Greg Kaplan | University of Chicago and Opportunity and Inclusive Growth Institute Advisor
Basit Zafar | Arizona State University

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System Working Paper 18-14 | May 15, 2018

Inequality in 3-D: Income, Consumption, and Wealth

Jonathan Fisher | Stanford University
David Johnson | University of Michigan
Timothy Smeeding | University of Wisconsin-Madison
Jeffrey Thompson | Board of Governors of the Federal Reserve System

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System Working Paper 18-13 | May 8, 2018

Top Income Concentration and Volatility

Jeffrey Thompson | Board of Governors of the Federal Reserve System
Michael Parisi | Internal Revenue Service
Jesse Bricker | Board of Governors of the Federal Reserve System

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System Working Paper 18-12 | May 2, 2018

Internal Migration in the United States: A Comparative Assessment of the Utility of the Consumer Credit Panel

Jack DeWaard | University of Minnesota
Janna E. Johnson | University of Minnesota
Stephan D. Whitaker | Federal Reserve Bank of Cleveland

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System Working Paper 18-11 | April 2, 2018

Regional Consumption Responses and the Aggregate Fiscal Multiplier

Bill Dupor | Federal Reserve Bank of St. Louis
Marios Karabarbounis | Federal Reserve Bank of Richmond
Marianna Kudlyak | Federal Reserve Bank of San Francisco
M. Saif Mehkari | University of Richmond

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System Working Paper 18-10 | March 26, 2018

Internal Immigrant Mobility in the Early 20th Century: Experimental Evidence from Galveston Immigrants

Daniel Aaronson | Federal Reserve Bank of Chicago
Jonathan Davis | University of Chicago
Karl Schulze | Federal Reserve Bank of Chicago

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System Working Paper 18-09 | March 23, 2018

Demographics and the Evolution of Global Imbalances

Michael Sposi | Federal Reserve Bank of Dallas

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System Working Paper 18-08 | March 19, 2018

Hysteresis in Employment among Disadvantaged Workers

Bruce Fallick | Federal Reserve Bank of Cleveland
Pawel Krolikowski | Federal Reserve Bank of Cleveland

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System Working Paper 18-07 | February 22, 2018

Racial Gaps in Labor Market Outcomes in the Last Four Decades and over the Business Cycle

Tomaz Cajner | Board of Governors of the Federal Reserve System
Tyler Radler | Board of Governors of the Federal Reserve System
David Ratner | Board of Governors of the Federal Reserve System
Ivan Vidangos | Board of Governors of the Federal Reserve System

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System Working Paper 18-06 | February 15, 2018

The Paper Trail of Knowledge Spillovers: Evidence from Patent Interferences

Ina Ganguli | University of Massachusetts-Amherst
Jeffrey Lin | Federal Reserve Bank of Philadelphia
Nicholas Reynolds | Brown University

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System Working Paper 18-05 | January 17, 2018

On Intergenerational Immobility: Evidence that Adult Credit Health Reflects the Childhood Environment

Sarena F. Goodman | Board of Governors of the Federal Reserve System
Alice Henriques | Board of Governors of the Federal Reserve System
Alvaro Mezza | Board of Governors of the Federal Reserve System

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System Working Paper 18-04 | January 10, 2018

Macroeconomic Nowcasting and Forecasting with Big Data

Brandyn Bok | Federal Reserve Bank of New York
Daniele Caratelli | Federal Reserve Bank of New York
Domenico Giannone | Federal Reserve Bank of New York
Argia Sbordone | Federal Reserve Bank of New York
Andrea Tambalotti | Federal Reserve Bank of New York

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System Working Paper 18-03 | January 8, 2018

Measuring the “Free” Digital Economy Within the GDP and Productivity Accounts

Leonard Nakamura | Federal Reserve Bank of Philadelphia
Jon Samuels | U.S. Bureau of Economic Analysis
Rachel Soloveichik | U.S. Bureau of Economic Analysis

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System Working Paper 18-02 | January 4, 2018

A Tax Plan for Endogenous Innovation

M.M. Croce | University of North Carolina at Chapel Hill
A.G. Karantounias | Federal Reserve Bank of Atlanta
S. Raymond | University of North Carolina at Chapel Hill
L. Schmid | Duke University

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System Working Paper 18-01 | January 2, 2018

Missing Growth from Creative Destruction

Philippe Aghion | College de France and London School of Economics
Antonin Bergeaud | London School of Economics
Timo Boppart | IIES, Stockholm University
Peter J. Klenow | Consultant
Huiyu Li | Federal Reserve Bank of San Francisco

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System Working Paper 17-33 | December 28, 2017

The Persistence of Financial Distress

Kartik Athreya | Federal Reserve Bank of Richmond
José Mustre-del-Río | Federal Reserve Bank of Kansas City
Juan M. Sánchez | Federal Reserve Bank of St. Louis

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System Working Paper 17-32 | December 27, 2017

Parental Proximity and Earnings after Job Displacements

Patrick Coate | National Council for Compensation Insurance
Pawel Krolikowski | Federal Reserve Bank of Cleveland
Mike Zabek | University of Michigan

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System Working Paper 17-31 | December 15, 2017

The Fiscal Theory of the Price Level in a World of Low Interest Rates

Marco Bassetto | Federal Reserve Bank of Chicago
Wei Cui | University College London and Centre for Macroeconomics

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System Working Paper 17-30 | December 13, 2017

Geographic Inequality of Economic Well-being among U.S. Cities: Evidence from Micro Panel Data

Chi-Young Choi | University of Texas at Arlington
Alexander Chudik | Federal Reserve Bank of Dallas

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System Working Paper 17-29 | December 7, 2017

An Assessment of the National Establishment Time Series (NETS) Database

Keith Barnatchez | Colby College
Leland D. Crane | Board of Governors of the Federal Reserve System
Ryan A. Decker | Board of Governors of the Federal Reserve System

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System Working Paper 17-28 | November 28, 2017

First-Time Homebuyers: Toward a New Measure

Arthur Acolin | University of Washington
Paul Calem | Federal Reserve Bank of Philadelphia
Julapa Jagtiani | Federal Reserve Bank of Philadelphia
Susan Wachter | The Wharton School of the University of Pennsylvania

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System Working Paper 17-27 | November 20, 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 | Board of Governors of the Federal Reserve System
David Wilcox | Board of Governors of the Federal Reserve System

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System Working Paper 17-26 | November 13, 2017

The Effect of Fertility on Mothers’ Labor Supply over the Last Two Centuries

Daniel Aaronson | Federal Reserve Bank of Chicago
Rajeev Dehejia | New York University
Andrew Jordan | University of Chicago
Cristian Pop-Eleches | Columbia University
Cyrus Samii | New York University
Karl Schulze | Federal Reserve Bank of Chicago

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System Working Paper 17-25 | November 9, 2017

The Local Aggregate Effects of Minimum Wage Increases

Daniel Cooper | Federal Reserve Bank of Boston
María José Luengo-Prado | Federal Reserve Bank of Boston
Jonathan A. Parker | Massachusetts Institute of Technology

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System Working Paper 17-24 | November 2, 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 | Federal Reserve Bank of Philadelphia
Leonard Nakamura | Federal Reserve Bank of Philadelphia

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System Working Paper 17-23 | October 18, 2017

Reservation Employer Establishments: Data from the U.S. Census Longitudinal Business Database

Randall Akee | University of California, Los Angeles
Elton Mykerezi | University of Minnesota
Richard M. Todd | Vice President and Advisor to the CICD

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System Working Paper 17-22 | August 9, 2017

Old, Frail, and Uninsured: Accounting for Puzzles in the U.S. Long-Term Care Insurance Market

R. Anton Braun | Federal Reserve Bank of Atlanta
Karen A. Kopecky | Federal Reserve Bank of Atlanta
Tatyana Koreshkova | Concordia University and CIREQ

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System Working Paper 17-21 | July 6, 2017

The Decline in Intergenerational Mobility After 1980

Jonathan Davis | University of Chicago
Bhashkar Mazumder | Federal Reserve Bank of Chicago and University of Bergen

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System Working Paper 17-20 | June 21, 2017

Residential Rent Affordability across U.S. Metropolitan Areas

Kelly D. Edmiston | Federal Reserve Bank of Kansas City

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System Working Paper 17-19 | June 20, 2017

A Theory of Sticky Rents: Search and Bargaining with Incomplete Information

Randal J. Verbrugge | Federal Reserve Bank of Cleveland
Joshua Gallin | Board of Governors of the Federal Reserve System

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System Working Paper 17-18 | June 19, 2017

Who Counts as Employed? Informal Work, Employment Status, and Labor Market Slack

Anat Bracha | Federal Reserve Bank of Boston
Mary A. Burke | Federal Reserve Bank of Boston

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System Working Paper 17-17 | June 16, 2017

The Unintended Consequences of Employer Credit Check Bans on Labor and Credit Markets

Kristle Cortés | Federal Reserve Bank of Cleveland
Andrew Glover | University of Texas at Austin
Murat Tasci | Federal Reserve Bank of Cleveland

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System Working Paper 17-16 | June 15, 2017

Monetary Policy and Inequality

Pedro Amaral | Federal Reserve Bank of Cleveland

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System Working Paper 17-15 | June 13, 2017

Evidence on the Production of Cognitive Achievement from Moving to Opportunity

Dionissi Aliprantis | Federal Reserve Bank of Cleveland

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System Working Paper 17-14 | June 13, 2017

Does Differential Treatment Translate to Differential Outcomes for Minority Borrowers? Evidence from Matching a Field Experiment to Loan-Level Data

Andrew Hanson | Marquette University
Zackary Hawley | Texas Christian University
Hal Martin | Federal Reserve Bank of Cleveland

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System Working Paper 17-13 | June 13, 2017

New Findings on the Fiscal Impact of Immigration in the United States

Pia Orrenius | Federal Reserve Bank of Dallas

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System Working Paper 17-12 | June 9, 2017

College Is Not Enough: Higher Education Does Not Eliminate Racial and Ethnic Wealth Gaps

William R. Emmons | Federal Reserve Bank of St. Louis
Lowell R. Ricketts | Federal Reserve Bank of St. Louis

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System Working Paper 17-11 | June 9, 2017

Organizations, Skills, and Wage Inequality

Roberto Pinheiro | Federal Reserve Bank of Cleveland
Murat Tasci | Federal Reserve Bank of Cleveland

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System Working Paper 17-10 | June 9, 2017

Wage Shocks and the Technological Substitution of Low-Wage Jobs

Daniel Aaronson | Federal Reserve Bank of Chicago
Brian J. Phelan | DePaul University

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System Working Paper 17-09 | May 1, 2017

Assessing Differences in Labor Market Outcomes Across Race, Age, and Educational Attainment

Economic Research Department | Federal Reserve Bank of Kansas City

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System Working Paper 17-08 | April 10, 2017

Are Central Cities Poor and Non-White?

Jenny Schuetz | Board of Governors of the Federal Reserve System
Arturo Gonzalez | Board of Governors of the Federal Reserve System
Jeff Larrimore | Board of Governors of the Federal Reserve System
Ellen A. Merry | Board of Governors of the Federal Reserve System
Barbara J. Robles | Board of Governors of the Federal Reserve System

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System Working Paper 17-07 | March 30, 2017

Un-Fortunate Sons: Effects of the Vietnam Draft Lottery on the Next Generation's Labor Market

Sarena F. Goodman | Board of Governors of the Federal Reserve System
Adam M. Isen | Office of Tax Analysis, U.S. Department of the Treasury

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System Working Paper 17-06 | January 19, 2017

Levels and Trends in the Income Mobility of U.S. Families, 1977-2012

Katharine Bradbury | Federal Reserve Bank of Boston

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System Working Paper 17-05 | January 18, 2017

Optimal Income Taxation: Mirrlees Meets Ramsey

Jonathan Heathcote | Federal Reserve Bank of Minneapolis and CEPR
Hitoshi Tsujiyama | Goethe University Frankfurt

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System Working Paper 17-04 | January 18, 2017

Does Greater Inequality Lead to More Household Borrowing? New Evidence from Household Data

Olivier Coibion | University of Texas at Austin and NBER
Yuriy Gorodnichenko | University of California, Berkeley and NBER
Marianna Kudlyak | Federal Reserve Bank of San Francisco
John Mondragon | Northwestern University

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System Working Paper 17-03 | January 18, 2017

Household Formation over Time: Evidence from Two Cohorts of Young Adults

Daniel Cooper | Federal Reserve Bank of Boston
María José Luengo-Prado | Federal Reserve Bank of Boston

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System Working Paper 17-02 | January 18, 2017

The Role of Selective High Schools in Equalizing Educational Outcomes: Heterogeneous Effects by Neighborhood Socioeconomic Status

Lisa Barrow | Federal Reserve Bank of Chicago
Lauren Sartain | University of Chicago Consortium on School Research
Marisa de la Torre | University of Chicago Consortium on School Research

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System Working Paper 17-01 | January 18, 2017

The Effects of Mortgage Credit Availability: Evidence from Minimum Credit Score Lending Rules

Steven Laufer | Board of Governors of the Federal Reserve System
Andrew Paciorek | Board of Governors of the Federal Reserve System

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