A Return to Monetarism? (Hudson Bay Capital Management)
Due to the instability of money demand, monetary policy implementation in the United States has held a smaller and…
Currency Management
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The Digital Money Supply (VoxEU)
Nine-tenths of the money in daily circulation has been created by commercial banks. In this week’s episode Tim…
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Covered Interest Parity: The Long Run Evidence
Employing a novel daily dataset for 19 advanced-economy currencies over the years 1963-2025, the authors find that…
Stablecoins and Non-Crypto Shocks: A 2026 Update (FRBNY)
The authors document the continued growth of stablecoins since April 2025. They then examine how shocks from…
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