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.
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.
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
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