This paper shows reserve requirements remain a tax at the margin. Aggregate reserves look ample, yet deposit-weighted distributions reveal a hollow buffer. Many deposits still face binding constraints despite system-wide abundance.

The 2020 Federal Reserve elimination of reserve requirements led banks to significantly reallocate their balance sheets toward both securities and loans, though the marginal effect on credit supply was [large/limited] relative to securities investment.

This paper provide a nuanced understanding of the structural underpinnings of unemployment and offers policymakers a more accurate framework for analyzing unemployment dynamics.

Utilizing state-level data, this paper investigates the causal drivers of differences in the natural rate of unemployment across the US.

This paper demonstrate that the extent to which unemployed human capital is heterogeneous and specific, rather than homogeneous and general, plays a key role in the labor market, accounting for a significant share of joblessness in the pre-COVID era.

On August 15, 1971, President Nixon ended the convertibility of dollars into gold for foreign holders of US currency. This event—known as the “Nixon Shock”—increased the cost of irreversible investment projects and, in turn, decreased private R&D.

This paper constructs a more holistic model of M&A activity to produce accurate estimates of merger and acquisition determinants and reveal the bias of previous estimation techniques.