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    <link>https://hdl.handle.net/10419/64621</link>
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    <pubDate>Wed, 29 Apr 2026 17:43:24 GMT</pubDate>
    <dc:date>2026-04-29T17:43:24Z</dc:date>
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      <title>Skills, migration, and urban amenities over the life cycle</title>
      <link>https://hdl.handle.net/10419/315929</link>
      <description>Title: Skills, migration, and urban amenities over the life cycle
Authors: Albouy, David; Faberman, R. Jason
Abstract: We examine sorting behavior across metropolitan areas by skill over individuals' life cycles. We show that high-skill workers disproportionately sort into high-amenity areas, but do so relatively early in life. Workers of all skill levels tend to move towards lower-amenity areas during their thirties and forties. Consequently, individuals' time use and expenditures on activities related to local amenities are U-shaped over the life cycle. This contrasts with well-documented life-cycle consumption profiles, which have an opposite inverted-U shape. We present evidence that the move towards lower-amenity (and lower-cost) metropolitan areas is driven by changes in the number of household children over the life cycle: individuals, particularly the college educated, tend to move towards lower-amenity areas after having their first child. We develop an equilibrium model of location choice, labor supply, and amenity consumption and introduce life-cycle changes in household composition that affect leisure preferences, consumption choices, and required home production time. Key to the model is a complementarity between leisure time spent going out and local amenities, which we estimate to be large and significant. Ignoring this complementarity and the distinction between types of leisure misses the dampening effect child rearing has on urban agglomeration. Since the value of local amenities is capitalized into housing prices, individuals will tend to move to lower-cost locations to avoid paying for amenities they are not consuming.</description>
      <pubDate>Wed, 01 Jan 2025 00:00:00 GMT</pubDate>
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      <dc:date>2025-01-01T00:00:00Z</dc:date>
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      <title>The dollar channel of monetary policy transmission</title>
      <link>https://hdl.handle.net/10419/315951</link>
      <description>Title: The dollar channel of monetary policy transmission
Authors: Meisenzahl, Ralf R.; Niepmann, Friederike; Schmidt-Eisenlohr, Tim
Abstract: This paper documents a new dollar channel that transmits monetary policy across borders. Exploiting unique features of the syndicated loan market for identification, we show that changes in the euro-dollar exchange rate around ECB monetary policy announcements that are orthogonal to simultaneous changes in euro-area interest rates and stock prices affect U.S. leveraged loan spreads. Specifically, in response to dollar appreciation, investors require higher compensation for risk, and borrowing costs for U.S. firms increase. These findings imply a causal link between the U.S. dollar and investors' risk appetite.</description>
      <pubDate>Wed, 01 Jan 2025 00:00:00 GMT</pubDate>
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      <dc:date>2025-01-01T00:00:00Z</dc:date>
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      <title>The evolving core of usable macroeconomics for policymakers</title>
      <link>https://hdl.handle.net/10419/315936</link>
      <description>Title: The evolving core of usable macroeconomics for policymakers
Authors: Fisher, Jonas D. M.; Hobijn, Bart; Villa, Alessandro T.
Abstract: We provide a brief primer on how the core of usable macroeconomic theory for monetary policymakers has evolved over the past 50 years. Today's policy discussions center on the New Keynesian (NK) synthesis, which builds on the Neoclassical growth model and the AS-AD framework. It incorporates nominal and real rigidities, financial and labor market frictions, the importance of expectations, and inspired terms used by policymakers such as "anchored inflation expectations" and "forward guidance." While essential for communication during the Great Recession and COVID-19 pandemic, these events also revealed the NK model's limitations. Newer models incorporating heterogeneous agents potentially offer richer policy insights but add complexity and the challenge of distilling their main policy implications going forward.</description>
      <pubDate>Wed, 01 Jan 2025 00:00:00 GMT</pubDate>
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      <dc:date>2025-01-01T00:00:00Z</dc:date>
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      <title>Rushing to judgment and the banking crisis of 2023</title>
      <link>https://hdl.handle.net/10419/315942</link>
      <description>Title: Rushing to judgment and the banking crisis of 2023
Authors: Kelly, Steven; Rose, Jonathan
Abstract: This article critically reviews the 2023 banking crisis with the benefit of two years of hindsight. We highlight seven facts that depart from the standard account of the crisis that has developed. We describe the crisis as a reaction to bank business models that focused on providing banking services to certain economic sectors, crypto-asset firms and venture capital, that had come under economic pressure during the preceding year. We argue this view of the crisis provides a more precise explanation of which banks were affected compared to an explanation focused solely on banks' balance sheet metrics. We also argue that this view of the crisis has different policy implications, more focused on surveilling bank business models and institutional depositors.</description>
      <pubDate>Wed, 01 Jan 2025 00:00:00 GMT</pubDate>
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      <dc:date>2025-01-01T00:00:00Z</dc:date>
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