ECONOMY
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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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Financial Intermediaries and Pressures on International Capital Flows
Linda S. Goldberg and Samantha Hirschhorn Global factors, like monetary policy rates from advanced economies and risk conditions, drive fluctuations…
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What Is Natural Disaster Clustering—and Why Does It Matter for the Economy?
Jacob Kim-Sherman and Lee Seltzer Understanding the economic and financial consequences of natural disasters is a major concern for researchers…
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Are Businesses Scaling Back Hiring Due to AI?
Jaison R. Abel, Richard Deitz, Natalia Emanuel, Ben Hyman, and Nick Montalbano The swift advancement of artificial intelligence (AI) has…
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