A digitized chain link in blues and greens.

Blockchain Economics

WP 22-15 – We develop an economic theory to study the design of blockchain record-keeping protocols. Our main result characterizes the fundamental tradeoffs that arise when record-keepers must be provided with incentives to behave honestly.

Featured Work

The Impact of Fintech Lending on Credit Access for U.S. Small Businesses

WP 22-14 – Small business lending (SBL) plays an important role in funding productive investment and fostering local economic growth.

Disentangling the Content of Earnings Calls: How Corporate Messaging Affects Firms’ Financial Performance

Research in Focus — Vitaly Meursault of the Philly Fed and his coauthor analyze the use of facts and opinions in earnings calls and their differential impact on firm fundamentals and stock returns.

Should Central Banks Issue Digital Currencies? Modeling the Costs and Benefits

Research in Focus — Central banks are moving toward issuing their own digital currencies, but they need to strike a balance between the benefits and downsides of this novel monetary tool.

Featured Data

Map of the Third Federal Reserve District

Institutions in the Third District

The lists include a summary of market statistics and each institution’s location and asset size as of the most recent quarter.

Updated: 15 Mar ’22

Map of the Third Federal Reserve District

Third District Banking Conditions

Third District Banking Conditions is a semiannual report comparing the trends of Third District community banks with their national peers.

Updated: 25 Mar ’22