We theoretically and empirically investigate how climate risks affect collateralized debt markets. Our results highlight the importance of heterogeneous beliefs in understanding the effects of climate change on the financial system.

This paper studies a platform's business model choice between accepting cash and issuing tokens, as well as the implications for welfare, resiliency, and interoperability.

We construct and calibrate a monetary model of corporate finance with endogenous formation of lending relationships. The equilibrium features money demands by firms that depend on their access to credit and a pecking order of financing means.

Some think such a trap for China is imminent, due to factors such as a surge in deposits, mounting deflationary pressures and high youth unemployment rates.

FTX and its affiliated arms seemed to create a risky situation that ultimately fell apart.

When confidence in Terra's currencies was shaken, it created a freefall that couldn't be stopped.

Perhaps history can be a guide on whether central banks should issue digital currencies.

The recent removal of several Russian banks from SWIFT has sparked questions about unintended consequences.

The Fed's Overnight Reverse Repo facility has seen significant activity since the onset of the COVID-19 pandemic.

Facebook and Amazon are examining creating digital currencies, like Alibaba has. What drives platforms to develop these currencies, and should central banks be worried?

The U.S. might benefit from replacing physical cash with central bank digital currency, but first the Fed must resolve several policy and implementation issues.

Economists at the Richmond Fed, the University of Virginia, UC Irvine, and Purdue analyze how monetary policy affects lending relationships for small businesses and vice versa.