This model explains how an increase in intermediation costs leads to structural changes in the corporate bond market.

Our baseline specification predicts trading frictions and an inability to short sell bonds significantly improves sovereign debt prices, but policies that restrict CDS trading have small effects.

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

Sometimes money gets used when it should not, and we investigate why using surveys plus measures.

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.

What do various economic schools of thought say about the use of money?

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.