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Working Paper
Financial Literacy, Risk Tolerance, and Cryptocurrency Ownership in the United States
Hayashi, Fumiko; Routh, Aditi (2024-03-19)
Cryptocurrency owners without sufficient financial literacy and risk tolerance may be financially vulnerable, as the cryptocurrency market is highly volatile and lacks consumer protections. Our study divides cryptocurrency owners into three groups based on their purpose for holding cryptocurrencies—for investment only (investors), for transactions only (transactors), and for a mix of investment and transactions (mix users)—and examines how each group correlates with financial literacy and risk tolerance compared to consumers who do not own cryptocurrencies (nonowners). Using the 2022 ...
Research Working Paper , Paper RWP 24-03

Discussion Paper
Blockchain and Financial Market Innovation
Lewis, Rebecca; Ranjan, Rajeev; McPartland, John (2017-06-01)
Blockchain technology is likely to be a key source of future financial market innovation. It allows the creation of immutable records of transactions accessible by all participants in a network. A blockchaindatabase is made up of a number of blocks “chained” together through a reference in each block to the previous block. Each block records one or more transactions, which are essentially changes in the listed owner of assets. New blocks are added to the existing chain through a consensus mechanism in which members of the blockchain network confirm transactions as valid.While all are in ...
Policy Discussion Paper Series

Speech
The Song Remains the Same
Williams, John C. (2022-06-01)
Remarks at the New York Fed and Columbia SIPA Monetary Policy Implementation Workshop, New York City.
Speech

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

Working Paper
Should Central Banks Issue Digital Currency?
Keister, Todd; Sanches, Daniel R. (2019-06-03)
We study how the introduction of a central bank-issued digital currency affects interest rates, the level of economic activity, and welfare in an environment where both central bank money and private bank deposits are used in exchange. Banks in our model are financially constrained, and the liquidity premium on bank deposits affects the level of aggregate investment. We study the optimal design of a digital currency in this setting, including whether it should pay interest and how widely it should circulate. We highlight an important policy tradeoff: while a digital currency tends to promote ...
Working Papers , Paper 19-26

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

Journal Article
New Moneys in the Digital Era
Sanches, Daniel R. (2023-07-23)
The history of money helps explain the recent turmoil in cryptocurrencies.
Economic Insights , Volume 8 , Issue 2 , Pages 2-10

Discussion Paper
Token- or Account-Based? A Digital Currency Can Be Both
Garratt, Rod; Martin, Antoine; Malone, Brendan; Lee, Michael Junho (2020-08-12)
Digital currencies, including potential central bank digital currencies (CBDC), have generated a lot of interest over the past decade, since the emergence of Bitcoin. The interest has only grown in recent months because of a desire for contactless payment methods, stemming from the coronavirus pandemic. In this post, we discuss a common distinction made between “token-based” and “account-based” digital currencies. We show that this distinction is problematic because Bitcoin and many other digital currencies satisfy both definitions.
Liberty Street Economics , Paper 20200812

Report
The Price of Processing: Information Frictions and Market Efficiency in DeFi
Azar, Pablo D.; Olivas, Sergio; Sinha, Nish (2025-04-01)
This paper investigates the speed of price discovery when information becomes publicly available but requires costly processing to become common knowledge. We exploit the unique institutional setting of hacks on decentralized finance (DeFi) protocols. Public blockchain data provides the precise time a hack’s transactions are recorded—becoming public information—while subsequent social media disclosures mark the transition to common knowledge. This empirical design allows us to isolate the price impact occurring during the interval characterized by information asymmetry driven purely by ...
Staff Reports , Paper 1153

Tokens vs. Accounts: Why the Distinction Still Matters
Kahn, Charles M. (2020-10-05)
Computer science experts may say the difference is irrelevant in the digital world. But when it comes to payments, distinguishing the two still has value in the real world.
On the Economy

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