Sharjil Haque, Young Soo Jang, and Jessie Jiaxu WangThis paper examines how banks’ financing of nonbank lenders affects monetary policy transmission. Using supervisory bank loan-level data and deal-level private credit data, we document an intermediation chain: Banks lend to Business Development Companies (BDCs)—large private credit providers—which then lend to firms.
Edward P. Herbst and Benjamin K. JohannsenThis comment discusses Kolesár and Plagborg-Møller's (2025) finding that the standard linear local projection (LP) estimator recovers the average marginal effect (AME) even in nonlinear settings. We apply and discuss a subset their results using a simple nonlinear time series model, emphasizing the role of the weighting function and the impact of nonlinearities on small-sample properties.
John Coglianese, Seth Murray, and Christopher J. NekardaThe official labor force statistics often exhibit discontinuities in January, when updated population estimates are incorporated into the Current Population Survey (CPS) for the current year but are not revised backward through history.
Why do market-centric fixes for “unequal exchange” fall short? Sidelining social relations and production power turns colonialism into a pricing problem—and hides the mechanisms that keep uneven development in place.
Cast Of Thousands/ShutterstockTense, overworked employees everywhere will recognise the features of burnout: exhaustion, depersonalisation (feeling detached from others or yourself in the workplace) and a reduced sense of personal accomplishment. It happens when chronic workplace stress isn’t managed appropriately.
When business researchers analyze data, they often rely on assumptions to help make sense of what they find. But like anyone else, they can run into a whole lot of trouble if those assumptions turn out to be wrong – which may happen more often than they realize. That’s what we found in a recent study looking at financial data from about a thousand major U.S. companies.
When business researchers analyze data, they often rely on assumptions to help make sense of what they find. But like anyone else, they can run into a whole lot of trouble if those assumptions turn out to be wrong – which may happen more often than they realize. That’s what we found in a recent study looking at financial data from about a thousand major U.S. companies.
This article examines the macroeconomic implications of critical dependencies in the euro area, the United States and China. Using a data-driven approach, it identifies products for which countries rely heavily on a small number of foreign suppliers for their imports in strategic sectors, such as health, energy and digital technologies.
Without transparent accounting practices and proper risk management, the Federal Reserve’s current financial losses—unprecedented in scale—and the questionable accounting practices it uses to downplay their impact threaten public trust, economic stability, and the integrity of fiscal policy.
The Federal Reserve is experiencing something new in its history: sustained and sizable operating losses. These losses—currently running at more than $100 billion a year on an annualized basis—stem largely from the sharp rise in short-term interest rates, which has increased the interest the Fed pays on bank reserves while the income from its long-term securities portfolio remains comparatively low.
