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Fabio Natalucci on Bloomberg FICC Focus 10/07/2025
Stablecoins: A Revolutionary Payment Technology with Financial Risks
The GENIUS Act, recently signed into law, establishes a dual federal and state regulatory framework for stablecoins, a new tech-driven financial product, effectively segmenting the USD stablecoin market into GENIUS-compliant stablecoins and those that are not. This paper first discusses…
Geoeconomics: The New Frontier with Matteo Maggiori
The Risk to Fed Independence Is A Divided Congress
The Lurking Risk of a Buildup in Financial Leverage
Demographics & Data Centers with Brooke Lierman
Economics & Markets Roundup – Fall 2025 – Issue I
Last week, the Federal Reserve delivered a widely expected 25 basis point rate cut, noting that shift in the balance of risks to its dual mandate of maximum employment and stable prices. In addition, the “dot plot” in the Summary…
Interest Rate Cuts and Bank Loan Supply: Locking Out the Small Borrower in the Great Depression
We examine the effects of changes in an interest rate cap on small loan brokers in New Jersey during the Great Depression. Using newly constructed data on brokers and banks, we find that small loans declined sharply when the cap…
The State of Capitalism with Luigi Zingales
Federal Reserve Independence, Federal Finance, and the Uneasy Relationship
“With a Federal debt which is so large a part of all debts, public and private, which permeates and dominates to some extent the whole securities market, and which has become the principal medium for adjusting portfolios of financial institutions,…