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.


Low-Income Consumers and Payment Choice

Oz Shy
Working Paper 2020-3 (February)
Low-income consumers are not only constrained with spending, but also with the type and variety of payment methods available. The author analyzes the low level of possession of credit and debit cards among low-income consumers who are also unbanked.

Monetary Policy Implementation with an Ample Supply of Reserves

Gara Afonso, Kyungmin Kim, Antoine Martin, Ed Nosal, Simon Potter, and Sam Schulhofer-Wohl
Working Paper 2020-2 (January)
Before the 2007–09 financial crisis, excess reserves in the banking system were tiny. After the crisis, they became huge. Recently, they have been falling. The authors address the question of whether there is a best level of reserves.

Bundling Time and Goods: Implications for Hours Dispersion

Lei Fang, Anne Hannusch, and Pedro Silos
Working Paper 2020-1 (January)
The authors document large cross-sectional dispersion in hours worked. Using a model in which households combine market inputs and time to produce nonmarket activities, they show that the substitutability between market inputs and time within and across activities is key to accounting for this fact.

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