Wilbert van der Klaauw

Federal Reserve Bank of New York

Senior Vice President

33 Liberty Street

New York, NY 10045

United States

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SCHOLARLY PAPERS

43

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Scholarly Papers (43)

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1.

Debt, Jobs, or Housing: What's Keeping Millennials at Home?

FRB of New York Staff Report No. 700
Number of pages: 49 Posted: 26 Nov 2014
Zachary Bleemer, Meta Brown, Donghoon Lee and Wilbert van der Klaauw
University of California - Department of Economics, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 1,508 (15,366)
Citation 16

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student loans, household information

2.

Real Estate Investors, the Leverage Cycle, and the Housing Market Crisis

FRB of New York Staff Report No. 514
Number of pages: 52 Posted: 13 Sep 2011
Andrew Haughwout, Donghoon Lee, Joseph S. Tracy and Wilbert van der Klaauw
Federal Reserve Bank of New York, Federal Reserve Bank of New York, National Bureau of Economic Research (NBER) and Federal Reserve Bank of New York
Downloads 1,026 (27,362)
Citation 105

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mortgages, leverage

3.

The Financial Crisis at the Kitchen Table: Trends in Household Debt and Credit

Downloads 628 ( 53,576)
Citation 21

The Financial Crisis at the Kitchen Table: Trends in Household Debt and Credit

Current Issues in Economics and Finance, Vol. 19, No. 2, 2013
Number of pages: 10 Posted: 20 May 2013
Meta Brown, Andrew Haughwout, Donghoon Lee and Wilbert van der Klaauw
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 361 (103,649)
Citation 10

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household debt, mortgages, household finance, financial crisis

The Financial Crisis at the Kitchen Table: Trends in Household Debt and Credit

FRB of New York Staff Report No. 480
Number of pages: 30 Posted: 05 Jan 2011
Meta Brown, Andrew Haughwout, Donghoon Lee and Wilbert van der Klaauw
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 267 (143,707)
Citation 14

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household debt, mortgages, household finance, financial crisis

4.

Echoes of Rising Tuition in Students’ Borrowing, Educational Attainment, and Homeownership in Post-Recession America

FRB of NY Staff Report No. 820
Number of pages: 50 Posted: 17 Jul 2017
Zachary Bleemer, Meta Brown, Donghoon Lee, Katherine Strair and Wilbert van der Klaauw
University of California - Department of Economics, Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 428 (85,869)
Citation 5

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homeownership, student loans, household formation

5.

Measuring Student Debt and Its Performance

FRB of New York Staff Report No. 668
Number of pages: 21 Posted: 11 Apr 2014
Donghoon Lee, Wilbert van der Klaauw, Andrew Haughwout, Meta Brown and Joelle Scally
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 387 (96,518)
Citation 6

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student debt, household debt

6.

An Overview of the Survey of Consumer Expectations

Downloads 329 (116,165)
Citation 14

An Overview of the Survey of Consumer Expectations

Economic Policy Review, Issue 23-2, pp. 51-72, 2017
Number of pages: 22 Posted: 20 Dec 2017
Olivier Armantier, Giorgio Topa, Wilbert van der Klaauw and Basit Zafar
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York and Arizona State University
Downloads 243 (158,500)
Citation 1

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survey, expectations, inflation, measurement

An Overview of the Survey of Consumer Expectations

FRB of NY Staff Report No. 800
Number of pages: 32 Posted: 18 Nov 2016 Last Revised: 21 Sep 2017
Olivier Armantier, Giorgio Topa, Wilbert van der Klaauw and Basit Zafar
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York and Arizona State University
Downloads 86 (364,443)
Citation 9

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survey, expectations, inflation, measurement

7.

How Economic Crises Affect Inflation Beliefs: Evidence from the COVID-19 Pandemic

FRB of New York Staff Report No. 949
Number of pages: 40 Posted: 08 Dec 2020
Olivier Armantier, Gizem Koşar, Rachel Pomerantz, Daphné Skandalis, Kyle T. Smith, Giorgio Topa and Wilbert van der Klaauw
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, New York University (NYU) - Grossman School of Medicine, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 325 (117,349)
Citation 6

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inflation expectations, inflation uncertainty and disagreement, COVID-19 pandemic

8.

An Introduction to the FRBNY Consumer Credit Panel

FRB of New York Staff Report No. 479
Number of pages: 18 Posted: 03 Dec 2010
Donghoon Lee and Wilbert van der Klaauw
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 287 (133,945)
Citation 97

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Household Credit, Consumer Debt, Mortgage Liabilities, Panel Data

9.

Social Security and the Retirement and Savings Behavior of Low Income Households

Number of pages: 89 Posted: 06 May 2005
Wilbert van der Klaauw and Kenneth I. Wolpin
Federal Reserve Bank of New York and University of Pennsylvania - Department of Economics
Downloads 285 (134,937)
Citation 52

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Social Security, Retirement, Savings

10.

Financial Education and the Debt Behavior of the Young

FRB of New York Staff Report No. 634
Number of pages: 45 Posted: 02 Oct 2013
Meta Brown, Wilbert van der Klaauw, Jaya Wen and Basit Zafar
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Yale University and Arizona State University
Downloads 258 (149,342)
Citation 39

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financial literacy, debt

11.

Trends in Household Debt and Credit

FRB of New York Staff Report No. 882
Number of pages: 40 Posted: 03 Apr 2019
Andrew Haughwout, Donghoon Lee, Joelle Scally, Lauren Thomas and Wilbert van der Klaauw
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 182 (208,179)
Citation 2

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household finance, consumer debt

12.

The Consequences of 'In-Work' Benefit Reform in Britain: New Evidence from Panel Data

Number of pages: 74 Posted: 11 Aug 2004
Marco Francesconi and Wilbert van der Klaauw
University of Essex and Federal Reserve Bank of New York
Downloads 175 (214,324)
Citation 2

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difference-in-difference and panel-data estimators, welfare-to-work program evaluation, lone mothers, anticipation effects

13.

Long-Run Net Distributionary Effects of Federal Disaster Insurance: The Case of Hurricane Katrina

Journal of Urban Economics, Vol. 110, 2019
Number of pages: 64 Posted: 15 Feb 2017 Last Revised: 13 Nov 2019
Zachary Bleemer and Wilbert van der Klaauw
University of California - Department of Economics and Federal Reserve Bank of New York
Downloads 153
Citation 2

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disaster insurance, household finances, homeownership, migration

14.

Maternal Employment, Migration, and Child Development

Number of pages: 47 Posted: 03 Jun 2004
Haiyong Liu, Thomas A. Mroz and Wilbert van der Klaauw
East Carolina University - Department of Economics, Department of Economics, Andrew Young School of Policy Studies and Federal Reserve Bank of New York
Downloads 138 (260,818)
Citation 11

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Child development, family migration, maternal labor supply

15.

Improving Survey Measures of Household Inflation Expectations

Current Issues in Economics and Finance, Vol. 16, No. 7, August/September 2010
Number of pages: 7 Posted: 24 Sep 2010
Wändi Bruine de Bruin, Simon Potter, Robert W. Rich, Giorgio Topa and Wilbert van der Klaauw
Carnegie Mellon University, Peter G. Peterson Institute for International Economics, Federal Reserve Banks - Federal Reserve Bank of Cleveland, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 132 (269,922)
Citation 8

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inflation expectations, wage expectations

16.

Household Debt and Saving During the 2007 Recession

Downloads 122 (286,314)

Household Debt and Saving During the 2007 Recession

FRB of New York Staff Report No. 482
Number of pages: 67 Posted: 15 Jan 2011
Rajashri Chakrabarti, Donghoon Lee, Wilbert van der Klaauw and Basit Zafar
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Arizona State University
Downloads 100 (330,786)

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Household Debt and Saving, 2007 Recession, Credit Access, Mortgage Debt

Household Debt and Saving During the 2007 Recession

NBER Working Paper No. w16999
Number of pages: 67 Posted: 02 May 2011
Rajashri Chakrabarti, Donghoon Lee, Wilbert van der Klaauw and Basit Zafar
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Arizona State University
Downloads 22 (646,502)

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17.

The Advantages of Probabilistic Survey Questions

Review of Economic Analysis 9 (1), 1-32
Number of pages: 32 Posted: 12 Jan 2018
Simon Potter, Marco Del Negro, Giorgio Topa and Wilbert van der Klaauw
Peter G. Peterson Institute for International Economics, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 114 (300,346)
Citation 1

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subjective uncertainty, probabilistic survey questions, expectation formation and updating, belief heterogeneity

18.

Determinants of Mortgage Default and Consumer Credit Use: The Effects of Foreclosure Laws and Foreclosure Delays

FRB of New York Staff Report No. 732, NYU Wagner Research Paper No. 2622619
Number of pages: 33 Posted: 26 Jun 2015 Last Revised: 28 Oct 2015
Sewin Chan, Andrew Haughwout, Andrew T. Hayashi and Wilbert van der Klaauw
New York University (NYU) - Robert F. Wagner Graduate School of Public Service, Federal Reserve Bank of New York, University of Virginia School of Law and Federal Reserve Bank of New York
Downloads 100 (328,485)
Citation 4

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mortgage default, state foreclosure laws, consumer finance

19.

Rethinking the Measurement of Household Inflation Expectations: Preliminary Findings

FRB of New York Staff Report No. 359
Number of pages: 149 Posted: 26 Dec 2008
Wilbert van der Klaauw, Wändi Bruine de Bruin, Giorgio Topa, Simon Potter and Michael F. Bryan
Federal Reserve Bank of New York, Carnegie Mellon University, Federal Reserve Banks - Federal Reserve Bank of New York, Peter G. Peterson Institute for International Economics and Federal Reserve Bank of Cleveland
Downloads 93 (344,038)
Citation 17

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inflation expectations, survey measurement

20.

The Effects of In-Work Benefit Reform in Britain on Couples: Theory and Evidence

IZA Discussion Paper No. 2980
Number of pages: 75 Posted: 01 Sep 2007
Marco Francesconi, Helmut Rainer and Wilbert van der Klaauw
University of Essex, CESifo (Center for Economic Studies and Ifo Institute) - Ifo Institute and Federal Reserve Bank of New York
Downloads 90 (351,188)

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tax credit, household labour supply, intrahousehold bargaining, divorce

21.

What Determines Family Structure?

IZA Discussion Paper No. 4912
Number of pages: 65 Posted: 03 May 2010
David M. Blau and Wilbert van der Klaauw
University of North Carolina (UNC) at Chapel Hill - Department of Economics and Federal Reserve Bank of New York
Downloads 89 (353,608)
Citation 1

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family structure

22.

Do We Know What We Owe? A Comparison of Borrower- and Lender-Reported Consumer Debt

FRB of New York Staff Report No. 523
Number of pages: 59 Posted: 21 Oct 2011
Meta Brown, Andrew Haughwout, Donghoon Lee and Wilbert van der Klaauw
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 87 (358,590)
Citation 3

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consumer debt, measurement

23.

The Price is Right: Updating of Inflation Expectations in a Randomized Price Information Experiment

FRB of New York Staff Report No. 543
Number of pages: 50 Posted: 31 Jan 2012 Last Revised: 03 Feb 2013
Olivier Armantier, Scott Nelson, Giorgio Topa, Wilbert van der Klaauw and Basit Zafar
Federal Reserve Bank of New York, University of Chicago - Booth School of Business, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York and Arizona State University
Downloads 82 (371,710)
Citation 63

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inflation expectations, information, heterogeneous expectations, updating

24.

Expectations of Inflation: The Biasing Effect of Thoughts about Specific Prices

FRB of New York Staff Report No. 489
Number of pages: 34 Posted: 25 Apr 2011
Wändi Bruine de Bruin, Wilbert van der Klaauw and Giorgio Topa
Carnegie Mellon University, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 76 (388,425)
Citation 9

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inflation expectations, perceptions of specific prices, memory bias, recall

25.

Understanding Migration Aversion Using Elicited Counterfactual Choice Probabilities

CESifo Working Paper No. 8117
Number of pages: 107 Posted: 27 Feb 2020
Gizem Koşar, Tyler Ransom and Wilbert van der Klaauw
Federal Reserve Banks - Federal Reserve Bank of New York, University of Oklahoma and Federal Reserve Bank of New York
Downloads 75 (391,285)
Citation 1

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subjective probabilities, stated choice methodology, migration, location choice

26.

A Demographic Analysis of the Family Structure Experiences of Children in the United States

IZA Discussion Paper No. 3001
Number of pages: 61 Posted: 11 Sep 2007
David M. Blau and Wilbert van der Klaauw
University of North Carolina (UNC) at Chapel Hill - Department of Economics and Federal Reserve Bank of New York
Downloads 74 (394,272)

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family structure, marriage, cohabitation, race, ethnicity

27.

Inflation Expectations and Behavior: Do Survey Respondents Act on Their Beliefs?

Downloads 70 (406,511)
Citation 63

Inflation Expectations and Behavior: Do Survey Respondents Act on Their Beliefs?

FRB of New York Staff Report No. 509
Number of pages: 51 Posted: 26 Aug 2011
Olivier Armantier, Wändi Bruine de Bruin, Giorgio Topa, Wilbert van der Klaauw and Basit Zafar
Federal Reserve Bank of New York, Carnegie Mellon University, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York and Arizona State University
Downloads 70 (411,388)
Citation 65

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inflation expectations, surveys, experimental economics

Inflation Expectations and Behavior: Do Survey Respondents Act on Their Beliefs?

International Economic Review, Vol. 56, Issue 2, pp. 505-536, 2015
Number of pages: 32 Posted: 29 Apr 2015
Olivier Armantier, Wändi Bruine de Bruin, Giorgio Topa, Wilbert van der Klaauw and Basit Zafar
Federal Reserve Bank of New York, Carnegie Mellon University, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York and Arizona State University
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28.

Measuring Expectations of Inflation: Effects of Survey Mode, Wording, and Opportunities to Revise

De Nederlandsche Bank Working Paper No. 506
Number of pages: 49 Posted: 13 Mar 2016
Wändi Bruine de Bruin, Wilbert van der Klaauw, Maarten van Rooij, Federica Teppa and Klaas de Vos
Carnegie Mellon University, Federal Reserve Bank of New York, De Nederlandsche Bank, De Nederlandsche Bank and CentERdata
Downloads 69 (409,652)
Citation 3

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Consumer surveys, inflation expectations, question wording, mode effects

29.

Do We Know What We Owe? Consumer Debt as Reported by Borrowers and Lenders

Economic Policy Review, Issue 21-1, pp. 19-44, 2015
Number of pages: 26 Posted: 22 Oct 2015
Andrew Haughwout and Wilbert van der Klaauw
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 65 (422,773)

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Microeconomics, Banking and Finance, consumer debt, measurement

30.

A Boost in the Paycheck: Survey Evidence on Workers’ Response to the 2011 Payroll Tax Cuts

FRB of New York Staff Report No. 592
Number of pages: 50 Posted: 10 Jan 2013
Grant Graziani, Wilbert van der Klaauw and Basit Zafar
National Bureau of Economic Research (NBER), Federal Reserve Bank of New York and Arizona State University
Downloads 64 (426,134)
Citation 12

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tax cuts, consumption, liquidity constraints, mental accounts, permanent-income hypothesis, present-bias

31.

The Effect of Question Wording on Reported Expectations and Perceptions of Inflation

FRB of New York Staff Report No. 443
Number of pages: 37 Posted: 23 Apr 2010
Wändi Bruine de Bruin, Wilbert van der Klaauw, Julie S. Downs, Baruch Fischhoff, Giorgio Topa and Olivier Armantier
Carnegie Mellon University, Federal Reserve Bank of New York, Carnegie Mellon University, Department of Engineering and Public Policy, Institute for Politics and Strategy, Carnegie Mellon University, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 63 (429,537)
Citation 8

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Inflation Expectations, Question Design, Consumer Surveys

32.

Evaluating the Effect of an Antidiscrimination Law Using a Regression-Discontinuity Design

NBER Working Paper No. w7131
Number of pages: 42 Posted: 21 Sep 1999 Last Revised: 01 Apr 2015
Jinyong Hahn, Petra Todd and Wilbert van der Klaauw
University of California, Los Angeles, University of Pennsylvania - Department of Economics and Federal Reserve Bank of New York
Downloads 63 (429,537)

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33.

Measuring Consumer Uncertainty about Future Inflation

FRB of New York Staff Report No. 415
Number of pages: 40 Posted: 21 Dec 2009
Wändi Bruine de Bruin, Charles F. Manski, Giorgio Topa and Wilbert van der Klaauw
Carnegie Mellon University, Northwestern University - Department of Economics, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 48 (486,262)
Citation 19

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inflation expectations, forecast uncertainty, wage expectations, probabilistic survey questions

34.

Unintended Consequences of Welfare Reform: The Case of Divorced Parents

Downloads 46 (494,969)

Unintended Consequences of Welfare Reform: The Case of Divorced Parents

IZA Discussion Paper No. 3891
Number of pages: 42 Posted: 22 Dec 2008
Marco Francesconi, Helmut Rainer and Wilbert van der Klaauw
University of Essex, CESifo (Center for Economic Studies and Ifo Institute) - Ifo Institute and Federal Reserve Bank of New York
Downloads 43 (518,512)

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non-intact families, in-work benefit reform, child care, child support, non-cooperation

Unintended Consequences of Welfare Reform: The Case of Divorced Parents

CEPR Discussion Paper No. DP7107
Number of pages: 43 Posted: 18 Feb 2009
Marco Francesconi, Helmut Rainer and Wilbert van der Klaauw
University of Essex, CESifo (Center for Economic Studies and Ifo Institute) - Ifo Institute and Federal Reserve Bank of New York
Downloads 3 (804,159)
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Child care, Child support, In-work benefit reform, Non-intact families, Noncooperation

35.

Is Economics Coursework, or Majoring in Economics, Associated with Different Civic Behaviors?

FRB of New York Staff Report No. 450
Number of pages: 38 Posted: 03 Jun 2010
Sam Allgood, William Bosshardt, Wilbert van der Klaauw and Michael W. Watts
University of Nebraska at Lincoln - Department of Economics, affiliation not provided to SSRN, Federal Reserve Bank of New York and Purdue University, Krannert School of Management, Department of Economics (deceased)
Downloads 44 (503,911)
Citation 5

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economics training, civic behaviors

36.

Anatomy of Welfare Reform Evaluation: Announcement and Implementation Effects

IZA Discussion Paper No. 6050
Number of pages: 60 Posted: 30 Oct 2011
Richard W. Blundell, Richard W. Blundell, Marco Francesconi and Wilbert van der Klaauw
UCLaffiliation not provided to SSRN, University of Essex and Federal Reserve Bank of New York
Downloads 42 (512,945)

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policy evaluation, in-work benefit, anticipation effects, labor market frictions, intertemporal substitution

37.

Understanding Migration Aversion Using Elicited Counterfactual Choice Probabilities

Downloads 36 (542,190)
Citation 4

Understanding Migration Aversion Using Elicited Counterfactual Choice Probabilities

FRB of New York Staff Report No. 883
Number of pages: 86 Posted: 10 Apr 2019
Gizem Koşar, Tyler Ransom and Wilbert van der Klaauw
Federal Reserve Banks - Federal Reserve Bank of New York, University of Oklahoma and Federal Reserve Bank of New York
Downloads 31 (583,758)
Citation 7

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geographic labor mobility, migration, neighborhood characteristics

Understanding Migration Aversion Using Elicited Counterfactual Choice Probabilities

IZA Discussion Paper No. 12271
Number of pages: 87 Posted: 21 May 2019
Gizem Koşar, Tyler Ransom and Wilbert van der Klaauw
Federal Reserve Banks - Federal Reserve Bank of New York, University of Oklahoma and Federal Reserve Bank of New York
Downloads 5 (786,929)

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migration, geographic labor mobility, neighborhood characteristics

38.

Estimating the Effect of Financial Aid Offers on College Enrollment: A Regression-Discontinuity Approach

Number of pages: 39 Posted: 05 Jan 2003
Wilbert van der Klaauw
Federal Reserve Bank of New York
Downloads 26 (599,575)
Citation 18
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39.

Economics Coursework and Long‐Term Behavior and Experiences of College Graduates in Labor Markets and Personal Finance

Economic Inquiry, Vol. 49, Issue 3, pp. 771-794, 2011
Number of pages: 24 Posted: 29 Jun 2011
Sam Allgood, William Bosshardt, Wilbert van der Klaauw and Michael W. Watts
University of Nebraska at Lincoln - Department of Economics, affiliation not provided to SSRN, Federal Reserve Bank of New York and Purdue University, Krannert School of Management, Department of Economics (deceased)
Downloads 3 (770,952)
Citation 1
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40.

Regression Discontinuity Analysis: A Survey of Recent Developments in Economics

LABOUR, Vol. 22, Issue 2, pp. 219-245, June 2008
Number of pages: 27 Posted: 30 May 2008
Wilbert van der Klaauw
Federal Reserve Bank of New York
Downloads 2 (780,360)
Citation 2
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41.

What Determines Family Structure?

Economic Inquiry, Vol. 51, Issue 1, pp. 579-604, 2013
Number of pages: 26 Posted: 30 Nov 2012
David M. Blau and Wilbert van der Klaauw
Ohio State University (OSU) - Economics and Federal Reserve Bank of New York
Downloads 1 (791,766)
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42.

The Graying of American Debt

Wharton Pension Research Council Working Paper No. 2019-09, Published in Mitchell, O., and A. Lusardi (Eds.) (2020). Remaking Retirement: Debt in an Aging Economy. Oxford, UK: Oxford University Press.
Posted: 20 Feb 2020 Last Revised: 30 Nov 2020
Meta Brown, Donghoon Lee, Joelle Scally and Wilbert van der Klaauw
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of New York

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older adults, debt, home-secured debt, Great Recession

43.

Measuring Inflation Expectations

Annual Review of Economics, Vol. 5, pp. 273-301, 2013
Posted: 07 Aug 2013
Olivier Armantier, Wändi Bruine de Bruin, Simon Potter, Wilbert van der Klaauw, Giorgio Topa and Basit Zafar
Federal Reserve Bank of New York, Carnegie Mellon University, Peter G. Peterson Institute for International Economics, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Arizona State University

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