ECONOMY

The Dueling Intraday Demands on Reserves

Adam Copeland and Sarah Yu Wang A central use of reserves held at Federal Reserve Banks (FRBs) is for the…

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Tracking Reserve Ampleness in Real Time Using Reserve Demand Elasticity

Gara Afonso, Domenico Giannone, Gabriele La Spada, and John C. Williams As central banks shrink their balance sheets to restore price stability…

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The Central Banking Beauty Contest

Gonzalo Cisternas and Aaron Kolb Expectations can play a significant role in driving economic outcomes, with central banks factoring market…

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A New Indicator of Labor Market Tightness for Predicting Wage Inflation

Sebastian Heise, Jeremy Pearce, and Jacob P. Weber A key question in economic policy is how labor market tightness affects…

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International Stock Markets’ Reactions to EU Climate Policy Shocks

Julian di Giovanni, Galina Hale, Neel Lahiri, and Anirban Sanyal While policies to combat climate change are designed to address…

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What Do Climate Risk Indices Measure?

Hyeyoon Jung and Oliver Hannaoui As interest in understanding the economic impacts of climate change grows, the climate economics and…

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Exposure to Generative AI and Expectations About Inequality

Natalia Emanuel and Emma Harrington With the rise of generative AI (genAI) tools such as ChatGPT, many worry about the…

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Are Nonbank Financial Institutions Systemic?

Andres Aradillas Fernandez, Martin Hiti, and Asani Sarkar Recent events have heightened awareness of systemic risk stemming from nonbank financial…

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End-of-Month Liquidity in the Treasury Market

Henry Dyer, Michael Fleming, and Or Shachar Trading activity in benchmark U.S. Treasury securities now concentrates on the last trading…

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Flood Risk Outside Flood Zones — A Look at Mortgage Lending in Risky Areas

Kristian Blickle, Evan Perry, and João A.C. Santos In support of the National Flood Insurance Program (NFIP), the Federal Emergency…

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