Stablecoins and (Non)Crypto Shocks: A 2026 Update
A look at the continued growth of stablecoins since April 2025 and how shocks from outside the crypto industry can impact stablecoins’ reserve assets.
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Nonbank Subsidiaries and the Hidden Fragility of Internal Capital Markets Reallocation
A look at the internal capital markets reallocation that occurred after Basel III and whether it reduced the risk for nonbank subsidiaries as a whole.
How Basel III Changes Where Capital Sits: Nonbank Subsidiaries as Equity Reservoirs
A look at how bank holding companies responded if their depository subsidiaries fell short of Basel III’s binding capital minimums, effective January 2015.
Capitalizing on Nonbanks: Regulatory Arbitrage Within Bank Holding Companies
A look at nonbank activity within bank holding companies and the balance-sheet features that make these subsidiaries a vehicle for regulatory arbitrage.
Effect of Tariffs on U.S. Small Businesses
A look at how the recent implementation of tariffs has affected small businesses nationally and regionally using the 2025 Small Business Credit Survey.
More Tariff Pass‑Through Is in the Pipeline
A look at whether businesses have finished adjusting prices due to changes in U.S. trade policy or if further tariff-induced price increases lie ahead.
What Do Over 3,000 Bank Runs Teach Us About Banking Crises?
A look at the role of bank runs as markers of financial crises using a new database of more than 3,000 bank runs.
Using AI to Let History Speak About Bank Runs
The authors create a comprehensive database of U.S. bank runs using large language models to extract information from millions of digitized newspapers.
The Disappearing Overnight Drift
A look at how and why the “overnight drift" - the large, persistent return to holding U.S. equity futures between 2:00 and 3:00 a.m. - has faded since 2021.
Liquidity Fades as Treasuries Age
A look at how trading activity and liquidity evolve as securities age, using key results in the authors’ paper with transaction-level Treasury TRACE data.
How Resilient Were Emerging Market Economies Through the 2022‑23 U.S. Monetary Tightening Cycle?
A look at how emerging market economies fared through the U.S. monetary policy tightening cycle of 2022-23 relative to predictions of a model.
The Post‑COVID Decline in the Labor Share
A look at the decline of the labor share of income that occurred post-COVID, comparing its dynamics to declines in earlier periods.