ECONOMY
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The Origins of Market Power in DeFi
Pablo D. Azar, Adrian G. Casillas, and Maryam Farboodi In our previous Liberty Street Economics post, we introduced the decentralized…
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When College Might Not Be Worth It
Jaison R. Abel and Richard Deitz In our last post, we showed that the economic benefits of a college degree…
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Will Peak Demand Roil Global Oil Markets?
Matthew Higgins and Thomas Klitgaard “Peak oil”—the notion that the depletion of accessible petroleum deposits would soon lead to declining…
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Recent Shifts Seen in Consumers’ Public Policy Expectations
Joseph Delehanty, Gizem Kosar, and Wilbert van der Klaauw In this post we examine changes in households’ beliefs following the…
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Monetary Policy Spillovers and the Role of the Dollar
Sushant Acharya, Ozge Akinci, Silvia Miranda-Agrippino, and Paolo A. Pesenti In the literature on monetary policy spillovers considered in the…
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Credit Score Impacts from Past Due Student Loan Payments
Daniel Mangrum and Crystal Wang In our companion post, we highlighted how the pandemic and subsequent policy actions disrupted trends…
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An Interoperability Framework for Payment Systems
Jon Durfee, Michael Junho Lee, and Joseph Torregrossa Novel payment systems based on blockchain networks promise to redesign financial architecture,…
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Why Are Credit Card Rates So High?
Itamar Drechsler, Hyeyoon Jung, Weiyu Peng, Dominik Supera, and Guanyu Zhou Credit cards play a crucial role in U.S. consumer…
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Interoperability of Blockchain Systems and the Future of Payments
Jon Durfee, Michael Junho Lee, Joseph Torregrossa, and Sarah Yu Wang In a previous post, we introduced a three-pillar framework for interoperability…
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The New York Fed DSGE Model Forecast—March 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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