Working Paper
Work from Home and Migration
This paper studies how full-time work from home affects migration and economic activity across cities.
July 01, 2026
Working Paper
The Interest Rate Effect of Government Debt and Deficits: Does Domestic Borrowing Have a Different Impact Than Foreign Borrowing?
This paper investigates the relationship between government debt and interest rates in advanced economies.
June 22, 2026
Working Paper
The Impacts of Unauthorized Immigration on U.S. Labor and Housing Markets: New Evidence from Administrative Microdata
From early 2021 to early 2024, the U.S. experienced an unprecedented boom in unauthorized immigration, followed by a rapid slowdown beginning in mid-2024. This paper provides the first systematic empirical assessment of the labor- and housing-market effects of this episode.
March 23, 2026
Working Paper
Public Debt Levels and Real Interest Rates: Causal Evidence from Parliamentary Elections
This paper uses close parliamentary elections as natural experiments to estimate the debt sensitivity of interest rates.
November 17, 2025
Working Paper
Subcontracting in Federal Spending: Micro and Macro Implications
This paper studies the critical but underexplored role of subcontracting in shaping the spatial and firm-level effects of federal government spending.
September 22, 2025
Working Paper
Pollution Taxes and Clean Subsidies in an Open Economy
This paper shows that the same conditions that lead to pollution leakage enhance the efficacy of clean subsidies.
August 18, 2025
Working Paper
Time-Limited Subsidies: Optimal Taxation with Implications for Renewable Energy Subsidies
Pigouvian subsidies are efficient, but output subsidies with uncertain or limited durations are not Pigouvian. This paper shows that optimal “time-limited” policies must also subsidize investment to correct externalities generated after the output subsidy ends.
August 05, 2025
Working Paper
The Fatal Consequences of Brain Drain
This paper examines the welfare consequences of reallocating high-skilled labor across national borders.
August 04, 2025
Working Paper
Revisiting the Interest Rate Effects of Federal Debt
This paper revisits the relationship between federal debt and interest rates, which is a key input for assessments of fiscal sustainability.
April 23, 2025
Dallas Fed Economics
Monetary policy implementation and the consolidated government balance sheet
This essay examines the trade-offs between different monetary policy implementation methods through the lens of the consolidated government balance sheet and income statement
April 15, 2025