ECONOMY
-
The Unintended Effects of Interest Rate Caps: Credit Rationing for Risky Borrowers
Rajashri Chakrabarti, Gabriel Leonard, Donald P. Morgan, Thu Pham, and Lee Seltzer In imperial China, 3 percent was the maximum…
Read More » -
The Unintended Effects of Interest Rate Caps: Credit Reallocation to Safer Borrowers
Rajashri Chakrabarti, Gabriel Leonard, Donald P. Morgan, Thu Pham, and Lee Seltzer Several states have recently capped consumer loan rates…
Read More » -
Food Insecurity and Consumer Pessimism
Gizem Kosar, Ishva Mehta, and Wilbert van der Klaauw Current discussions regarding a bifurcated U.S. economy highlight the increasing economic…
Read More » -
The Regional Side of the Story: K-Shaped Pattern in Region, Wider Gap in Gas Spending
Rajashri Chakrabarti, Thu Pham, Beck Pierce, and Maxim L. Pinkovskiy In this post, we use the inaugural release of our…
Read More » -
Honey, Who Shrunk the U.S. Income Surplus?
Matthew Higgins and Thomas Klitgaard Foreign holdings of U.S. financial assets are immense, with official estimates putting their current market…
Read More » -
AI’s Macroeconomic Challenges and Promises
Simone Lenzu In the third quarter of 2025, America’s largest tech firms for the first time spent more on capital…
Read More » -
The Global Credit Cycle in Corporate Bond Returns
Nina Boyarchenko and Leonardo Elias The global corporate nonfinancial bond market is both a large investment asset class and a…
Read More » -
Do Job Postings Show Early Labor-Market Effects of AI?
Richard Audoly, Miles Guerin, and Giorgio Topa As generative AI tools become more widely used, a key issue is the…
Read More » -
Federal Student Loan Defaults Return After Pandemic Pause
Zara Jacob, Donghoon Lee, Daniel Mangrum, Joelle W. Scally, and Wilbert van der Klaauw During 2026:Q1, household debt balances increased…
Read More » -
Stress and Strain from NBFIs to Banks
Viral V. Acharya, Nicola Cetorelli, and Bruce Tuckman Do the recent stresses in the NBFI space—notably the bankruptcies of Tricolor…
Read More »