Skip to main content

Third Quarter 2022

View Full Issue
Posted 2022-07-14

The Blockchain Revolution: Decoding Digital Currencies

by David Andolfatto and Fernando M. Martin

Cryptocurrencies and decentralized finance have grown considerably since the publication of the white paper on bitcoin in 2009. This article presents an overview of cryptocurrencies, blockchain technology, and their applications, explaining the spirit of the enterprise and how it compares with traditional operations.

Posted 2022-07-14

Increasing Employment by Halting Pandemic Unemployment Benefits

by Iris Arbogast and Bill Dupor

In mid-2021, 26 states halted participation in all or some federal emergency unemployment benefits (EUB) programs before those programs' federal funding lapsed. This article uses this asynchronous EUB cessation between early- and late-halting states to estimate the causal impact of benefit cessation on employment. 

Posted 2022-07-14

The Murky Future of Monetary Policy

by Mickey D. Levy and Charles I. Plosser

In August 2020, the Federal Reserve unveiled its new strategic framework. One major objective of the Fed was to address its concerns over the potential consequences for the conduct of monetary policy when the policy rate was constrained by its effective lower bound. 

Posted 2022-07-14

Turbulent Years for U.S. Banks: 2000-20

by Paul W. Wilson

The first 20 years of the twenty-first century have presented U.S. banks with three recessions, long periods of very low interest rates, and increased regulation. The number of commercial banks operating in the United States declined by 51 percent during this period. 

Posted 2022-07-14

Subjective Assessment of Managerial Performance and Decisionmaking in Banking

by Drew Dahl and Daniel C. Coster

We examine subjective supervisory assessments of managerial performance in the banking industry. Results of empirical tests show that better assessments are (i) positively associated with decisions made by examiners to upgrade relatively objective bank performance ratings; (ii) negatively associated with decisions made by examiners to downgrade relatively objective bank performance ratings; and (iii) positively associated with decisions made by bank holding company managers to distribute resources among subsidiary banks.