The Economy

WP 26-13 – Quantitative spatial models (QSMs) can assess the equilibrium impacts of transportation infrastructure within cities. I describe a simple QSM and identify common weaknesses and promising future directions for research.

WP 26-05 – When politicians care only about winning, standard models predict that they adopt centrist policies. But if they also value raising campaign funds per se, their agendas diverge — possibly explaining polarization in the politics we see.

WP 26-12 – This paper’s macrofinance model — in which financial intermediaries face frictions in adjusting their portfolios, generating inelastic asset demand — quantitatively illustrates how institutional frictions explain asset pricing puzzles.

WP 26-11 – This paper explores how spatial spillovers — changes in the perceived value of a location as a result of the choices of others — affect how neighborhoods are shaped and how they change over time.

Research in Focus — Two Fed economists and their coauthor design a new method for producing a digitized historical panel data set. Their test case is the adoption of vehicles in 20th century America.