Research

Federal Reserve districts average away slightly more state labor-market dispersion than they preserve, with over two-thirds of the loss concentrated in three districts.

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.

A national full-employment unemployment rate tracks the center of the state distribution but changes how local labor-market conditions are classified in 15.5 percent of state-months.

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.

In a pre-COVID VARX shock replay, reducing the policy response to the national unemployment gap when state dispersion is high lowers stabilization loss by 4 to 15 percent.

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.

I examine whether clearer information about retirement benefits changes perceived wealth, spending, or saving while holding benefit entitlements fixed.

I combine worker-level evidence with a search model to study how occupational backgrounds and firms' screening decisions shape hiring during recoveries.

I use worker employment histories and a planned search model to distinguish first reemployment, stable employment, restored pay, and recovery of cumulative earnings losses.

I examine whether the 1971 end of dollar convertibility into gold changed private research and development spending, with uncertainty as a possible mechanism.

We combine regional comparisons with a model of labor markets and enforcement to study how Syrian refugee settlement affects native employment, informal work, and property crime in Turkey.