AIadmin
AIadmin
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,…
Political Cycles & Policy with Nellie Liang
Financial Fragmentation is Creating New Risks in Your Portfolio
Stablecoins and Safe Asset Prices
This paper examines the impact of dollar-backed stablecoin flows on short- term US Treasury yields using daily data from 2021 to 2025. Estimates from instrumented local projection regressions suggest that a 2-standard deviation inflow into stablecoins lowers 3-month Treasury yields…
The Tariff Map: Who Can Pass Along Price Increases & Who Can’t
Defending Federal Reserve Independence
We Must Defend Fed Independence but Enhance Transparency and Accountability
