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.
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Stories
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.
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The Shadow Value of Central Bank Lending
A look at the effectiveness of central bank lending programs using a novel structural model.
A Danger to Self and Others: Consequences of Involuntary Hospitalization
A look at the impact of involuntary hospitalization on individuals’ risk of danger to themselves or others, earnings, and housing.
Consumption Sensitivity of Uncertain Households
A look at the economic effects of consumer uncertainty using data from the New York Fed’s Survey of Consumer Expectations and the authors’ research.
End‑of‑Month Activity Across the Treasury Market
An analysis of the high concentration of end-of-month trading for a full range of Treasury securities and market segments.
The Rise of Sponsored Service for Clearing Repo
A look at the costs and benefits of Sponsored Service, the main avenue of dealer-to-client Treasury repurchase (repo) trades to central clearing.
Dutch Treat: The Netherlands’ Exorbitant Privilege in the Eighteenth Century
A look at the exorbitant privilege held by the Dutch guilder in the eighteenth century and its effects on the Dutch financial system.
A Country‑Specific View of Tariffs
A look at the factors that explain cross-country differences in U.S. tariff rates.