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Working Paper
Would the Euro Area Benefit from Greater Labor Mobility?
We assess how within euro area labor mobility impacts economic dynamics in response to shocks. In the analysis we use an estimated two-region monetary union dynamic stochastic general equilibrium model that allows for a varying degree of labor mobility across regions. We find that, in contrast with traditional optimal currency area predictions, enhanced labor mobility can either mitigate or exacerbate the extent to which the two regions respond differently to shocks. The effects depend crucially on the nature of shocks and variable of interest. In some circumstances, even when it contributes ...
Working Paper
The Main Street Lending Program: Who Borrowed and How Have They Benefited?
The Main Street Lending Program (MSLP) was established by the Federal Reserve to supply credit to small and, especially, midsize businesses so they could weather COVID-19–induced disruptions. This study uses Dun & Bradstreet (D&B) data on the financial condition and overall viability of firms to examine the characteristics of MSLP borrowers and their performance after receiving a loan relative to the performance of their peers. Estimates show that, even when differences in firms' industries and geographic regions are taken into account, a firm was more likely to borrow from the MSLP if it ...