ECONOMY
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How Has Treasury Market Liquidity Fared in 2025?
Michael J. Fleming In 2025, the Federal Reserve has cut interest rates, trade policy has shifted abruptly, and economic policy…
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Banking System Vulnerability: 2025 Update
Matteo Crosignani, Thomas Eisenbach, and Fulvia Fringuellotti As in previous years, we provide in this post an update on the…
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Economic Capital: A Better Measure of Bank Failure?
Beverly Hirtle and Matthew C. Plosser Bank failures and distress can be costly to the economy, causing losses to creditors…
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The New York Fed DSGE Model Forecast—September 2025
Donggyu Lee, Elena Elbarmi, Ibrahima Diagne, Keshav Dogra, Marco Del Negro, and Michael Pham This post presents an update of…
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Reading the Panic: How Investors Perceived Bank Risk During the 2023 Bank Run
Natalia Fischl-Lanzoni, Martin Hiti, and Asani Sarkar The bank run that started in March 2023 in the U.S. occurred at…
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Calming the Panic: Investor Risk Perceptions and the Fed’s Emergency Lending during the 2023 Bank Run
Asani Sarkar, Martin Hiti, and Natalia Fischl-Lanzoni In a companion post, we showed that during the bank run of spring…
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A Country-Specific View of Tariffs
Matthew Higgins and Thomas Klitgaard U.S. trade policy remains in flux. Nevertheless, important elements of the new policy regime are…
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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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