Properly regulating stablecoins could achieve the same objectives as issuing a central bank digital currency.

After regulations were implemented, dealer capital commitment, trade frequency and size decreased, while dealer bid-ask spread increased.

The recent stock market gyrations of GameStop and AMC Entertainment illustrate that companies' fates can sometimes hinge on self-fulfilling beliefs of stock buyers.

Economists at the Richmond Fed analyze the role of dealer-provided liquidity in sovereign credit default swap markets.

This Economic Brief reviews the intuition and theory behind bank runs and the most popular proposed solutions.

How do credit default swaps (CDS) affect sovereign debt markets? The answer depends crucially on trading frictions, risk-sharing, arbitrage violations, and spillovers from secondary to primary markets. We propose a sovereign default model where investors trade bonds and CDS over the counter via directed search.

We study the implications of mixing economics and personal finance standards in a high school course.

In this discussion paper, I provide a cautionary tale. I show also in a version of Green and Lin (2003) that the information content in the blockchain prevents agents from attaining all the gains from risk sharing — highlighting the downsides of too much public information.