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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

Working Paper
The system of national accounts and alternative economic perspectives
Nakamura, Leonard I.; Nakamura, Alice O. (2015-09-01)
Brent Moulton and Nicole Mayerhauser (2015) point out that, for more than 50 years, economists have featured the concept of human capital in their models of labor, growth, productivity, and distribution of income. The authors recommend the addition to the System of National Accounts (SNA) of supplemental person-level accounts: i.e., a System of Person Accounts (SPA). They see this as the best way of recognizing the processes of human capital creation as well as related issues of how income is distributed among individuals and families. The authors argue that this change would support three ...
Working Papers , Paper 15-32

Working Paper
Domestic bond markets and inflation
Spiegel, Mark M.; Rose, Andrew K. (2015-02-17)
This paper explores the relationship between inflation and the existence of a local, nominal, publicly-traded, long-maturity, domestic-currency bond market. Bond holders are exposed to capital losses through inflation and therefore represent a potential anti-inflationary force; we ask whether their influence is apparent both theoretically and empirically. We develop a simple theoretical model with heterogeneous agents where the issuance of such bonds leads to political pressure on the government to choose a lower inflation rate. We then check this prediction empirically using a panel of data, ...
Working Paper Series , Paper 2015-5

Working Paper
Trade Risk and Food Security
Adamopoulos, Tasso; Leibovici, Fernando (2024-02)
We study the role of international trade risk for food security, the patterns of production and trade across sectors, and its implications for policy. We document that food import dependence across countries is associated with higher food insecurity, particularly in low-income countries. We provide causal evidence on the role of trade risk for food security by exploiting the exogeneity of the Ukraine-Russia war as a major trade disruption limiting access to imports of critical food products. Using micro-level data from Ethiopia, we empirically show that districts relatively more exposed to ...
Working Papers , Paper 2024-004

Speech
When the Map No Longer Matches the Terrain
Nistor, Mihaela (2025-06-04)
Remarks at the XLoD Global – New York Conference, New York City.
Speech

Discussion Paper
What Happens When Regulatory Capital Is Marked to Market?
Vickery, James; Fuster, Andreas (2018-10-11)
Minimum equity capital requirements are a key part of bank regulation. But there is little agreement about the right way to measure regulatory capital. One of the key debates is the extent to which capital ratios should be based on current market values rather than historical ?accrual? values of assets and liabilities. In a new research paper, we investigate the effects of a recent regulatory change that ties regulatory capital directly to the market value of the securities portfolio for some banks.
Liberty Street Economics , Paper 20181011

Speech
The LIBOR Countdown Has Not Stopped
Held, Michael (2020-09-29)
Remarks at the IMN Virtual Investors' Conference on LIBOR.
Speech

Newsletter
Do You Want an Extended Warranty with That?
Suiter, Mary; Lorson, Eleanor (2021-10-01)
Before buying an extended warranty or a service contract for your home, a car, or an appliance, be sure to read the fine print and weigh the costs and benefits.
Page One Economics Newsletter

Briefing
Are Some Homebuyers Strategically Transferring Climate Risks to Lenders?
Phan, Toan (2022-04)
Recent empirical research suggests that certain homebuyers may be strategically transferring climate risks to banks via the mortgage market, and banks may be transferring such risks to government-sponsored enterprises via securitization. The evidence highlights the nuanced ways in which participants in the financial markets strategically adapt to climate change.
Richmond Fed Economic Brief , Volume 22 , Issue 14

Report
International Trade, Risk and the Role of Banks
Schmidt-Eisenlohr, Tim; Niepmann, Friederike (2013-09-01)
Banks play a critical role in international trade by providing trade finance products that reduce the risk of exporting. This paper employs two new data sets to shed light on the magnitude and structure of this business, which, as we show, is highly concentrated in a few large banks. The two principal trade finance instruments, letters of credit and documentary collections, covered about 10 percent of U.S. exports in 2012. They are preferred for larger transactions, which indicates the existence of substantial fixed costs in the provision and use of these instruments. Letters of credit are ...
Staff Reports , Paper 633

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