Economy
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The Future of Payment Infrastructure Could Be Permissionless
Rod Garratt and Michael Junho Lee Following the recent passage of legislation in the U.S., payment stablecoins seem to be…
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Is Monetary Policy Still Seasonal?
Richard Crump, Keshav Dogra, and Dennis Kongoli A 2012 Liberty Street Economics post noted that U.S. monetary policy exhibits a…
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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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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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The Shadow Value of Central Bank Lending
Lorenzo Burlon, Nicola Pavanini, Tomas Jankauskas, and Ugo Albertazzi After the Great Financial Crisis, the European Central Bank (ECB) extended…
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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 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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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 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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