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Showing results 1 to 10 of approximately 32.
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Speech
The Federal Reserve’s Pandemic Response
Remarks at Union of Arab Banks Webinar: Global Banking in Light of COVID-19 and Geopolitical Development (delivered via videoconference).
Interest rate volatility contributed to higher mortgage rates in 2022
The Federal Reserve aggressively tightened monetary policy in 2022, responding to high and persistent inflation. The resulting borrowing cost increase for households and firms was generally anticipated. However, fixed-rate mortgage interest rates were especially sensitive to the policy regime change.
Speech
Treasury Market Liquidity and Early Lessons from the Pandemic Shock
Remarks at Brookings-Chicago Booth Task Force on Financial Stability (TFFS) meeting, panel on market liquidity (delivered via videoconference).
Working Paper
Beyond the Doomsday Economics of “Proof-of-Work” in Cryptocurrencies
This paper discusses the economics of how Bitcoin achieves data immutability, and thus payment finality, via costly computations, i.e., ?proof-of-work.? Further, it explores what the future might hold for cryptocurrencies modelled on this type of consensus algorithm. The conclusions are, first, that Bitcoin counterfeiting via ?double-spending? attacks is inherently profitable, making payment finality based on proof-of-work extremely expensive. Second, the transaction market cannot generate an adequate level of ?mining? income via fees as users free-ride on the fees of other transactions in a ...
Journal Article
Development bank funds border infrastructure to aid U.S.–Mexico trade
Calixto Mateos, former managing director of the North American Development Bank, discusses his work at the NADBank and its role enhancing trade.
Mexican peso strength noteworthy among emerging markets during Fed tightening
Many emerging-market currencies have depreciated modestly during the Federal Reserve’s tightening cycle that began in March 2022. The Mexican peso, however, outperformed the group during the period.
Policy impact of unexpected Fed rate movements blurred by key information cues
Unexpected Federal Reserve monetary policy moves can profoundly affect market participants, investors and the economy. The impact of policy stems not only from its direct effects—the traditional focus for economists—but also from the new information revealed about the Fed’s economic outlook.
Location, location, location: Mortgage rate impact varies by metro
The role of individual housing markets and their sensitivity to mortgage rate changes play an important part in understanding the impact of higher rates.
Speech
Price discovery, risk transfer and energy finance
Opening remarks by Sam Schulhofer-Wohl at the “Energy Finance and the Energy Transition” conference, organized by the Federal Reserve Bank of Dallas and University of Houston.
Reciprocal deposit networks provide means to exceed FDIC’s $250,000 account cap
Because of their prominence, reciprocal deposits are important in the broader discussion of deposit insurance. Though they have the potential to increase banks’ moral hazard, they also bring increased trust and safety to the banking system.