Research

Together, the results show that public enforcement actions change which customer problems enter regulator-managed processes as formal complaints and that, at Wells Fargo, the disclosure action coincides with weaker monitored response performance.

Banks facing larger pre-policy reserve requirements increased non-PPP loan balances more after the Federal Reserve eliminated reserve requirements in March 2020.

Using monthly unemployment and vacancy data from 2001 through 2025, this paper measures how much state labor-market variation survives when the 50 states and the District of Columbia are summarized by twelve Federal Reserve districts and one national statistic.

Rising policy uncertainty predicts broad U.S. industrial weakness, with the clearest relative response in business-equipment output.

Aggregate reserve abundance does not reveal which banks hold thin reserve-policy-base buffers.

Responding to uneven labor-market slack across states, not just the national average, can improve monetary policy stabilization.

State-level full-employment unemployment rates reveal persistent regional variation hidden by a single national natural-rate estimate.

A new human-capital heterogeneity index explains why employment can lag output during recoveries.

A broader merger model shows that common empirical restrictions bias estimates of M&A determinants.

State labor policies and institutions help explain persistent regional differences in full-employment unemployment.

A refugee inflow can raise property crime by expanding informality and weakening the formal tax base that funds enforcement.

The Nixon Shock created policy uncertainty that appears to have reduced private R&D investment.