Expanded central clearing would increase Treasury market resilience
The smooth functioning of markets for Treasury securities is critically important to the U.S. economy. The federal government relies on the sale of Treasuries to finance essential services, and the Federal Reserve uses Treasury markets to implement monetary policy.
December 23, 2022
Blockchain technology aims to expand role of digital transactions on internet
While the resources devoted to blockchain technology development have increased dramatically the past few years, the technology’s ultimate success depends on whether blockchain protocols can interact with the current economic landscape and how that occurs.
December 20, 2022
Globalization Institute Working Paper
A Theory of Gross and Net Capital Flows over the Global Financial Cycle
This paper develops a theory to account for changes in prices of risky and safe assets and gross and net capital flows over the global financial cycle.
December 19, 2022
Research Department Working Papers
The Contribution of Jump Signs and Activity to Forecasting Stock Price Volatility
This paper proposes a novel approach to decompose realized jump measures by type of activity (finite/infinite) and by sign.
December 17, 2022
Mission-oriented banks in Texas and underserved businesses: lessons from the Paycheck Protection Program
Although it is too soon to have outcome data on the ECIP, we can still explore how useful expanding MDI and CDFI lending might be to underserved small firms by using data on loan access and forgiveness from its predecessor, the PPP.
December 16, 2022
Research Department Working Papers
Why Has U.S. Stock Ownership Doubled Since the Early 1980s? Equity Participation Over the Past Half Century
The U.S. stock ownership rate doubled between 1983 and 2001 but remains below predictions of some equity participation models.
November 18, 2022
Surveys
Banking Conditions Survey
Loan volumes declined for a second period in a row, and loan demand fell sharply.
November 14, 2022
Surveys
Banking Conditions Survey
Loan demand declined for the first time in nearly two years, and overall loan volumes decreased over the past six weeks.
October 03, 2022
Research Department Working Papers
Operational Loss Recoveries and the Macroeconomic Environment: Evidence from the U.S. Banking Sector
Using supervisory data from large U.S. bank holding companies, this paper documents that operational loss recovery rates decrease in macroeconomic downturns.
September 01, 2022
Research Department Working Papers
Are Equity Option Returns Abnormal? IPCA Says No
This paper shows that much of the profitability in equity option return strategies, which try to capture option mispricing by taking exposure to underlying volatility, can be explained by an IPCA model.
August 26, 2022