ECONOMY
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Consumption Sensitivity of Uncertain Households
Davide Melcangi and Gizem Kosar Uncertainty is a key component of everyday economic decisions of consumers and, perhaps not surprisingly,…
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A Danger to Self and Others: Consequences of Involuntary Hospitalization
Natalia Emanuel, Pim Welle, and Valentin Bolotnyy Every state in the country has a law permitting involuntary hospitalization if a…
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The Shadow Value of Central Bank Lending
Tomas Jankauskas, Ugo Albertazzi, Lorenzo Burlon, and Nicola Pavanini After the Great Financial Crisis, the European Central Bank (ECB) extended…
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The Rise of Sponsored Service for Clearing Repo
Adam Copeland and R. Jay Kahn Recently instituted rule amendments have initiated a large migration of dealer-to-client Treasury repurchase trades…
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End-of-Month Activity across the Treasury Market
Michael J. Fleming, Jonathan Palash-Mizner, and Or Shachar In a 2024 post, we showed that interdealer trading in benchmark U.S.…
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Dutch Treat: The Netherlands’ Exorbitant Privilege in the Eighteenth Century
Stein Berre and Asani Sarkar The term “exorbitant privilege” emerged in the 1960s to describe the advantages derived by the…
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Do Employers Comply with Pay Transparency Requirements in Job Postings?
Richard Audoly and Roshie Xing Over the past few months, New Jersey and Vermont have joined a growing number of…
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A Historical Perspective on Stablecoins
Stephan Luck Digital currencies have grown rapidly in recent years. In July 2025, Congress passed the “Guiding and Establishing National…
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The Emergence of Tokenized Investment Funds and Their Use Cases
Pablo Azar, Francesca Carapella, JP Perez-Sangimino, Nathan Swem, and Alexandros P. Vardoulakis A blockchain is a distributed database where independent computers across…
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The Financial Stability Implications of Tokenized Investment Funds
Pablo Azar, Francesca Carapella, JP Perez-Sangimino, Nathan Swem, and Alexandros P. Vardoulakis In a previous post, we provided background information…
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