ECONOMY
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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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Who’s Paying Those Overdraft Fees?
Gabriel Leonard, Donald Morgan, and Wilbert van der Klaauw One criticism of overdraft credit is that the fees seem borne…
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Are Businesses Absorbing the Tariffs or Passing Them On to Their Customers?
Jaison R. Abel, Richard Deitz, Sebastian Heise, Ben Hyman, and Nick Montalbano U.S. import tariffs increased to historically high rates…
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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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How Uncertain Is the Estimated Probability of a Future Recession?
Richard Crump and Nikolay Gospodinov Since World War II, the U.S. economy has experienced twelve recessions—one every sixty-four months, on…
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Why Does the U.S. Always Run a Trade Deficit?
Thomas Klitgaard The obvious answer to the question of why the United States runs a trade deficit is that its…
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Nonbanks and Banks: Alone or Together?
Nicola Cetorelli, Gonzalo Cisternas, and Asani Sarkar Nonbank financial institutions (NBFIs) constitute a variety of entities—fintech companies, mutual funds, hedge…
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Student Loan Delinquencies Are Back, and Credit Scores Take a Tumble
Andrew F. Haughwout, Donghoon Lee, Daniel Mangrum, Joelle Scally, and Wilbert van der Klaauw This morning, the Center for Microeconomic…
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