ECONOMY
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Who Lends to Households and Firms?
Nina Boyarchenko and Leonardo Elias The financial sector in the U.S. economy is deeply interconnected. In our previous post, we…
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How Shadow Banking Reshapes the Optimal Mix of Regulation
Kinda Hachem Decisions that are privately optimal often impose externalities on other agents, giving rise to regulations aimed at implementing…
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The Fed’s Treasury Purchase Prices During the Pandemic
Ellen Correia Golay, Maximilian Dunn, Michael J. Fleming, Peter Johansson, Isabel Krogh, Or Shachar, and Joshua Younger In March 2020, the…
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The Rise in Deposit Flightiness and Its Implications for Financial Stability
Kristian Blickle, Jian Li, Xu Lu, and Yiming Ma Deposits are often perceived as a stable funding source for banks.…
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The Zero Lower Bound Remains a Medium-Term Risk
Sophia Cho, Thomas M. Mertens, and John C. Williams Interest rates have fluctuated significantly over time. After a period of…
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New Dataset Maps Losses from Natural Disasters to the County Level
Matteo Crosignani and Martin Hiti The Federal Reserve’s mission and regional structure ask that it always work to better understand…
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Financial Intermediaries and the Changing Risk Sensitivity of Global Liquidity Flows
Stefan Avdjiev and Linda S. Goldberg Global risk conditions, along with monetary policy in major advanced economies, have historically been…
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Reserves and Where to Find Them
Gara Afonso, Marco Cipriani, JC Martinez, and Matthew Plosser Banks use central bank reserves for a multitude of purposes including…
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The New York Fed DSGE Model Forecast—June 2025
Marco Del Negro, Ibrahima Diagne, Pranay Gundam, Donggyu Lee, and Brian Pacula This post presents an update of the economic…
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How Much Does Immigration Data Explain the Employment-Gap Puzzle?
Richard Audoly and Roshie Xing A puzzling feature of official U.S. employment statistics in recent years has been the increase…
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