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Discussion Paper
Bank Supervisory Goals versus Monetary Policy Implementation
Wall, Larry D. (2021-03-29)
The global financial crisis of 2007–09 revealed substantial weaknesses in large banks' capital adequacy and liquidity. Bank regulators responded with a variety of prudential measures intended to strengthen both. However, these prudential measures resulted in conflicts with the implementation of monetary policy that helped alter the way the Federal Reserve conducts monetary policy. I review three such conflicts: regulation inhibiting interest on excess reserves arbitrage starting in 2008, regulation inhibiting banks' operations in the repo market in 2019, and regulation inhibiting their ...
Policy Hub , Paper 2021-03

Journal Article
Payment Card Adoption and Payment Choice
Greene, Claire; Shy, Oz (2022-07-11)
Using data from the 2021 Diary of Consumer Payment Choice, this article investigates two questions: how do consumers without credit or debit cards make payments, and do consumers without these payment cards differ from other consumers?
Policy Hub , Volume 2022 , Issue 10

Journal Article
Should the United States Issue a Central Bank Digital Currency? Lessons from Abroad
Kahn, Charles M. (2022-06-22)
If the web 3.0 requires a public ledger–based payments platform, central bank digital currency (CBDC) is unlikely to provide the digital currency needed to fuel the smart contracts of tomorrow. This payments dilemma can be solved by a hybrid digital currency that includes a new type of bank deposit as well as regulated private stablecoins, both of which clear and settle on a next-generation public ledger created and managed as a joint venture between banks and private stablecoin issuers. With this payments platform under Federal Reserve oversight, there would be no need for the Federal ...
Policy Hub , Volume 2022 , Issue 8

Journal Article
Decentralized Finance (DeFi): Transformative Potential and Associated Risks
Swem, Nathan; Gerszten, Jacob; Carapella, Francesca; Dumas, Edward (2022-10-18)
Financial services in the crypto finance world are provided by a combination of centralized finance (CeFi) organizations and decentralized finance (DeFi). CeFi's are roughly similar to traditional financial intermediaries, but DeFi seeks to provide services using smart contracts (computer code) rather than an intermediary. DeFi's unusual structure creates some interesting potential but also raises new risks in addition to those already inherent in blockchains and crypto finance. This paper reviews some of the opportunities and risks.
Policy Hub , Volume 2022 , Issue 14

Journal Article
An Introduction to Web3 with Implications for Financial Services
Parlour, Christine (2023-05-15)
Web3 is used to describe the next iteration of the internet in which decentralized services are automated on blockchains. This paper describes the elements of Web3 including blockchains and tokens. It describes the largest decentralized finance protocols and some specific services where blockchain and tokens can be used. The paper concludes with a brief discussion of some regulatory challenges.
Policy Hub , Volume 2023 , Issue 3

Discussion Paper
Wage Growth over Unemployment Spells
Silos, Pedro; Fang, Lei (2020-07-13)
This article looks at the wage growth associated with a spell of unemployment during the past three recessions. Our main findings are threefold. First, half of all unemployed workers experience a lower hourly wage once they regain employment. Second, after an unemployment spell, older workers and those without a college degree experience lower wage rowth. Third, workers who regain employment in a different industry than they were in previously tend to experience a substantial wage decline. The analysis suggests that the COVID-19 pandemic not only led to unprecedented job losses, but it could ...
Policy Hub , Paper 2020-09

Journal Article
The CARES Act Unemployment Insurance Program during the COVID-19 Pandemic
Fang, Lei; Nie, Jun; Xie, Zoe (2020-12-21)
The outbreak of COVID-19 led to widespread shutdowns in March and April 2020 and an historically unprecedented increase in the generosity of unemployment insurance (UI) through the CARES Act. This article summarizes the key policy-relevant results from Fang, Nie, and Xie (2020), whose research examines the interactions of virus infection risk, shutdown policy, and increased UI generosity.
Policy Hub , Volume 2020 , Issue 16 , Pages 7

Journal Article
Is the Last Mile More Arduous?
Rapach, David E. (2024-01-16)
US inflation surged starting in spring 2021, with Consumer Price Index (CPI) inflation reaching a 40-year high of 9 percent in mid-2022. Together with improving supply-chain conditions, policy tightening by the Fed decreased inflation to within 1 to 2 percentage points of its 2 percent target by late 2023 without a significant increase in unemployment. However, concerns have been raised that the last mile of disinflation to reduce inflation consistently to its 2 percent target will be more arduous than the previous miles. Close examination of such concerns indicates that they do not receive ...
Policy Hub , Volume 2024 , Issue 1

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