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An Examination of First-Mover Advantage for a CBDC CBDC的先发优势研究
FEDS Notes Pub Date : 2022-11-01 DOI: 10.17016/2380-7172.3230
Ken Isaacson, J. Maniff, Paul Wong
{"title":"An Examination of First-Mover Advantage for a CBDC","authors":"Ken Isaacson, J. Maniff, Paul Wong","doi":"10.17016/2380-7172.3230","DOIUrl":"https://doi.org/10.17016/2380-7172.3230","url":null,"abstract":"This paper explores whether there could be a first-mover advantage for a jurisdiction issuing a central bank digital currency (CBDC) compared to other jurisdictions that subsequently issue their own CBDC. Conventional academic literature provides a framework by which one can assess a CBDC in the domestic payments market, the international payments market, and the technology markets that support payments. However, a CBDC may be more than just a means of payment and thus first-mover advantage is examined for both the asset component of reserve currency and a future financial system built on CBDCs. Overall, the first mover literature does not suggest that there is a compelling first-mover advantage for issuing a CBDC.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"161 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116399897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
House Price Growth and Inflation During COVID-19 COVID-19期间的房价增长和通货膨胀
FEDS Notes Pub Date : 2022-11-01 DOI: 10.17016/2380-7172.3228
Aditya Aladangady, Elliot Anenberg, Daniel Garcia
{"title":"House Price Growth and Inflation During COVID-19","authors":"Aditya Aladangady, Elliot Anenberg, Daniel Garcia","doi":"10.17016/2380-7172.3228","DOIUrl":"https://doi.org/10.17016/2380-7172.3228","url":null,"abstract":"House prices have risen rapidly during the pandemic, creating $9 trillion in owner occupied housing wealth between the first quarter of 2020 and the first quarter of 2022. Both housing and non-housing inflation also moved up over this time period to its highest level in many decades.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124004712","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Non-bank financial institutions and the slope of the yield curve 非银行金融机构与收益率曲线的斜率
FEDS Notes Pub Date : 2022-10-01 DOI: 10.17016/2380-7172.3185
Sebastian Infante, Phillip J. Monin, Lubomir Petrasek, Mary H. Tian
{"title":"Non-bank financial institutions and the slope of the yield curve","authors":"Sebastian Infante, Phillip J. Monin, Lubomir Petrasek, Mary H. Tian","doi":"10.17016/2380-7172.3185","DOIUrl":"https://doi.org/10.17016/2380-7172.3185","url":null,"abstract":"In this note, we examine how changes in the yield curve slope affect the provision of credit and intermediation services by non-bank financial institutions (NBFIs), including broker-dealers and hedge funds. Although these NBFIs typically do not lend directly to the non-financial sector, they indirectly support the flow of credit by investing in debt securities and extending financing to investors who own such securities.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"112 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122940733","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Excess Savings during the COVID-19 Pandemic COVID-19大流行期间的过度储蓄
FEDS Notes Pub Date : 2022-10-01 DOI: 10.17016/2380-7172.3223
Aditya Aladangady, D. Cho, Laura Feiveson, Eugenio P. Pinto
{"title":"Excess Savings during the COVID-19 Pandemic","authors":"Aditya Aladangady, D. Cho, Laura Feiveson, Eugenio P. Pinto","doi":"10.17016/2380-7172.3223","DOIUrl":"https://doi.org/10.17016/2380-7172.3223","url":null,"abstract":"Over the pandemic, historic levels of government transfers boosted household income while household spending was severely curtailed by social distancing. This led the personal saving rate to soar (Figure 1), and we estimate that U.S. households accumulated about $2.3 trillion in savings in 2020 and through the summer of 2021, above and beyond what they would have saved if income and spending components had grown at recent, pre-pandemic trends.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122841901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Dealer Intermediation in the Primary Market of Commercial Paper 商业票据一级市场的交易商中介
FEDS Notes Pub Date : 2022-10-01 DOI: 10.17016/2380-7172.3213
Max Gross, Yi Li, Ashley Wang
{"title":"Dealer Intermediation in the Primary Market of Commercial Paper","authors":"Max Gross, Yi Li, Ashley Wang","doi":"10.17016/2380-7172.3213","DOIUrl":"https://doi.org/10.17016/2380-7172.3213","url":null,"abstract":"The commercial paper (CP) market is an important source of short-term funding for highly-rated financial and nonfinancial firms, with over $1 trillion in outstanding assets. The Global Financial Crisis in 2008 and the COVID-19 crisis in March 2020 both demonstrated the fragility of the CP market, which seized up in both crises and only recovered following interventions from the Federal Reserve in the form of several liquidity facilities.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134503331","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Credit Card Profitability 信用卡盈利能力
FEDS Notes Pub Date : 2022-09-09 DOI: 10.17016/2380-7172.3100
R. Adams, Vitaly Bord, Bradley Katcher
{"title":"Credit Card Profitability","authors":"R. Adams, Vitaly Bord, Bradley Katcher","doi":"10.17016/2380-7172.3100","DOIUrl":"https://doi.org/10.17016/2380-7172.3100","url":null,"abstract":"Credit cards are one of the most ubiquitous consumer financial products in the United States, with more than 75 percent of households owning at least one general purpose credit card in 2019. According to the G.19 Consumer Credit Statistical release, revolving consumer credit, which mainly consists of credit cards and related plans, stood at over one trillion dollars at the end of 2021.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116491863","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
The coming long-run slowdown in corporate profit growth and stock returns 即将到来的企业利润增长和股票回报的长期放缓
FEDS Notes Pub Date : 2022-09-01 DOI: 10.17016/2380-7172.3167
Michael Smolyansky
{"title":"The coming long-run slowdown in corporate profit growth and stock returns","authors":"Michael Smolyansky","doi":"10.17016/2380-7172.3167","DOIUrl":"https://doi.org/10.17016/2380-7172.3167","url":null,"abstract":"Over the past two decades, the corporate profits of stock market listed firms have been substantially boosted by declining interest rate expenses and lower corporate tax rates. This note's key finding is that the reduction in interest and tax expenses is responsible for a full one-third of all profit growth for S&P 500 nonfinancial firms over the prior two-decade period.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125118379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Long COVID, Cognitive Impairment, and the Stalled Decline in Disability Rates 长期COVID，认知障碍和残疾率停滞下降
FEDS Notes Pub Date : 2022-08-01 DOI: 10.17016/2380-7172.3189
Brendan M. Price
{"title":"Long COVID, Cognitive Impairment, and the Stalled Decline in Disability Rates","authors":"Brendan M. Price","doi":"10.17016/2380-7172.3189","DOIUrl":"https://doi.org/10.17016/2380-7172.3189","url":null,"abstract":"Long COVID encompasses a suite of long-term symptoms that commonly include fatigue, shortness of breath, and so-called brain fog, along with many others. Individuals with long-term symptoms may be unable to work (or work full-time) as a result of their condition, and there is growing speculation that long COVID may be restraining labor supply.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124889177","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Are Stocks Pricing in Recession Risks? Evidence from Dividend Futures 股票价格反映了衰退风险吗?股息期货的证据
FEDS Notes Pub Date : 2022-08-01 DOI: 10.17016/2380-7172.3176
M. Ibert, Benjamin Knox, Francisco Vazquez-Grande
{"title":"Are Stocks Pricing in Recession Risks? Evidence from Dividend Futures","authors":"M. Ibert, Benjamin Knox, Francisco Vazquez-Grande","doi":"10.17016/2380-7172.3176","DOIUrl":"https://doi.org/10.17016/2380-7172.3176","url":null,"abstract":"Since the beginning of this year, broad equity price indexes around the world have declined significantly. In interpreting the declines, market commentaries have highlighted the risks to the economic outlook in the United States and other advanced economies.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127368239","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How Do U.S. Life Insurers Manage Liquidity in Times of Stress? 美国寿险公司在危机时期如何管理流动性?
FEDS Notes Pub Date : 2022-08-01 DOI: 10.17016/2380-7172.3161
Nathan Foley-Fisher, Nathan Heinrich, Stéphane Verani
{"title":"How Do U.S. Life Insurers Manage Liquidity in Times of Stress?","authors":"Nathan Foley-Fisher, Nathan Heinrich, Stéphane Verani","doi":"10.17016/2380-7172.3161","DOIUrl":"https://doi.org/10.17016/2380-7172.3161","url":null,"abstract":"In this note, we describe U.S. life insurers’ liquidity management when the COVID-19 pandemic broke. We show that life insurance companies immediately created cash buffers to manage potential liquidity shocks.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"90 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122524954","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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