Economy

Who’s Paying Those Overdraft Fees?

Gabriel Leonard, Donald Morgan, and Wilbert van der Klaauw One criticism of overdraft credit is that the fees seem borne…

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Nonbanks and Banks: Alone or Together?

Nicola Cetorelli, Gonzalo Cisternas, and Asani Sarkar Nonbank financial institutions (NBFIs) constitute a variety of entities—fintech companies, mutual funds, hedge…

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Student Loan Delinquencies Are Back, and Credit Scores Take a Tumble 

Andrew F. Haughwout, Donghoon Lee, Daniel Mangrum, Joelle Scally, and Wilbert van der Klaauw This morning, the Center for Microeconomic…

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The Origins of Market Power in DeFi

Pablo D. Azar, Adrian G. Casillas, and Maryam Farboodi In our previous Liberty Street Economics post, we introduced the decentralized…

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Gauging the Strength of China’s Economy in Uncertain Times

Jeffrey B. Dawson and Hunter L. Clark Amid increasing pressure on the Chinese economy from China’s trade conflict with the…

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Stablecoins and Crypto Shocks: An Update

Kenechukwu Anadu, Pablo D. Azar, Marco Cipriani, Thomas M. Eisenbach, Catherine Huang, Mattia Landoni, Gabriele La Spada, Marco Macchiavelli, Antoine…

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When College Might Not Be Worth It

Jaison R. Abel and Richard Deitz In our last post, we showed that the economic benefits of a college degree…

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Monetary Policy Spillovers and the Role of the Dollar

Sushant Acharya, Ozge Akinci, Silvia Miranda-Agrippino, and Paolo A. Pesenti In the literature on monetary policy spillovers considered in the…

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Why Are Credit Card Rates So High?

Itamar Drechsler, Hyeyoon Jung, Weiyu Peng, Dominik Supera, and Guanyu Zhou Credit cards play a crucial role in U.S. consumer…

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Credit Score Impacts from Past Due Student Loan Payments

Daniel Mangrum and Crystal Wang In our companion post, we highlighted how the pandemic and subsequent policy actions disrupted trends…

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