Atlanta Fed Working Papers

The Research Department of the Federal Reserve Bank of Atlanta publishes a working paper series to convey the research of staff economists and visiting scholars and stimulate professional discussion and exploration of economic and financial subjects.


A Theory of Housing Demand Shocks

Zheng Liu, Pengfei Wang, and Tao Zha
Working Paper 2019-4 (March)
Standard macro models fail to generate a volatile price-to-rent ratio that comoves with the house price (the "price-rent puzzle"). The authors provide a microeconomic foundation that accounts for this fact.

Bayesian Nonparametric Learning of How Skill Is Distributed across the Mutual Fund Industry

Mark Fisher, Mark J. Jensen, and Paula Tkac
Working Paper 2019-3 (March)
The authors use Bayesian nonparametric learning to estimate the skill of actively managed mutual funds and also to estimate the population distribution for this skill. They find the population distribution of skill to be multi-modal and skewed toward higher levels of performance.

How the ATM Affects the Way We Pay

Oz Shy
Working Paper 2019-2 (February)
Exploring how consumers pay for goods and services, the author investigates how the denominations dispensed by automated teller machines affect consumers' decision of when to use cash and when to use credit or debit cards.

Migration Constraints and Disparate Responses to Changing Job Opportunities

Kalee E. Burns and Julie L. Hotchkiss
Working Paper 2019-1 (February)
Investigating the role constraints to migration might play in explaining racial/ethnic disparities in the labor market, the authors examine the distributional mismatch between race/education specific workers and jobs among minorities relative to white non-Hispanics. Their findings suggest that social constraints might play a role in the mismatch.

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