David Bowman, Yesol Huh, and Sebastian InfanteIn this paper, we provide a comprehensive investigation of the potential for expanded central clearing to reduce the costs of the supplementary leverage ratio (SLR) on Treasury market intermediation in both cash and repo markets.
A global payments issue that was affecting the Bank's CHAPS service and delaying some high value and time-sensitive payments is now resolved.
Bradley Katcher, Geng Li, Alvaro Mezza, and Steve RamosWe document a secular trend of increasing auto loan maturity from 30 months to over 70 months during the past 50 years, partly reflecting improved vehicle durability.
NicoElNino/ShutterstockWhen a company makes a mistake – such as a marketing misstep or a product failure that leads to a recall – a good apology can make a big difference in how we as customers feel about them.
We need collective action and social movements to bring about change, but where is our sense of community and shared identity?
Theodore F. Figinski, Sydney Keenan, Richard Sweeney, and Erin TrolandIn response to the COVID-19 pandemic, Congress established the Emergency Rental Assistance (ERA) program, which provided nearly $45 billion to prevent evictions and increase housing stability. We provide new evidence on the implementation of ERA by examining the fine-grained geographic distribution of ERA funds and the timing of ERA expenditures by state and local governments.
The McKinsey report's highlighting of an extremely high job vacancy ratio in recent years does not reflect the true state of the U.S. labor market.
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Michael T. KileyTreasury yields have fallen since the 1980s. Standard decompositions of Treasury yields into expected short-term interest rates and term premiums suggest term premiums account for much of the decline. In an alternative real-time decomposition, term premiums have fluctuated in a stable range, while long-run expected short-term interest rates have fallen. For example, a real-time decomposition of the 10-yr.
Hassan Afrouzi, Joel P. Flynn, Choongryul YangThis paper studies how measured beliefs can be used to identify monetary non-neutrality. In a general equilibrium model with both nominal rigidities and endogenous information acquisition, we analytically characterize firms’ optimal dynamic information policies and how their beliefs affect monetary non-neutrality.
The concentration of innovation in a handful of urban centers engenders large and persistent regional disparities in economic opportunity.
