Letters of Recommendation in the PhD Job Market: Lessons from Specialized Banks
A look at how a model of banks’ lending decisions can be applied to how institutions evaluate job candidates using letters of recommendation.
Today's focus
Equities Global marketsCentral banks Rates & policyTechnology AI & innovationEnergy Commodities & supplyGlobal trade Business & geopolitics
Trade World News / Section
Economy
Central banks, inflation, jobs, growth and global economic policy.
TW
Latest stories
452 stories
Economy desk
Designing Bank Regulation with Accounting Discretion
A look at the challenges involved in designing and implementing bank regulation, focusing on bank capital.
The New York Fed DSGE Model Forecast— December 2025
The authors present an update of the economic forecasts generated by the Federal Reserve Bank of New York’s dynamic stochastic general equilibrium (DSGE) model. They describe their forecast and its change since September...
The Future of Payment Infrastructure Could Be Permissionless
A look at how stablecoins are transferred by global, open-access, peer-to-peer systems—or “permissionless systems,” for short.
How Businesses Set Prices—In Their Own Words
A look at the factors that businesses consider when adjusting their prices in response to various shocks.
Is Monetary Policy Still Seasonal?
An update on previous research that finds that the seasonal pattern in monetary policy still holds today.
Banks Develop a Nonbank Footprint to Better Manage Liquidity Needs
A look at how the evolution of U.S. banks to incorporate nonbank activities has been driven by their liquidity needs.
U.S. Banks Have Developed a Significant Nonbank Footprint
A look at how U.S. banks have expanded in recent decades to include nonbank financial institution subsidiaries.
How Has Treasury Market Liquidity Fared in 2025?
A look at how economic developments in 2025 have affected treasury market liquidity.
Economic Capital: A Better Measure of Bank Failure?
A look at how Economic Capital, the authors’ new solvency metric, identifies failing backs earlier and more accurately than more conventional measures.
Banking System Vulnerability: 2025 Update
An update on the vulnerability of the U.S. banking system using data through the second quarter of 2025, based on four analytical models.
The Shadow Value of Central Bank Lending
A look at the effectiveness of central bank lending programs using a novel structural model.