Using quarterly real GDP data from 2005 to 2019 for all U. S. states from the Bureau of Economic Analysis, we construct an economic inequality measure which is additively decomposable into within and between-region inequality. We find increases in economic disparity in terms of total real GDP...

Understanding within and between group inequality is fundamental in understanding the evolution of income inequality in any country. Using a century of data for France, and the Theil measure of income inequality, which is decomposable, we show that income inequality within the bottom 90\%...

We apply recently developed tests of information sufficiency in structural VARs to extract fundamental structural shocks to the yield curve. A medium-scale specification properly augmented with information on inflation expectations improves the sufficiency test for all specifications we...

Cryptocurrencies have exploded in popularity, due in no small part to the rising value of Bitcoin. Yet much of their success relies upon stablecoins maintaining a consistent value pegged to fiat currencies like the US dollar. Customers of cryptocurrency exchanges regularly trade between these...

One difficulty in testing the efficient market hypothesis (EMH) is overcoming Fama's (1970) joint hypothesis problem of market rationality and the unknown equilibrium E(R). We exploit the fact that the equilibrium expected rate of return for stablecoins is E(R)=0 and employ traditional market...

These government-sponsored enterprises continue to make headlines because of their explosive growth and resulting heavyweight status within the nation's financial system.

With higher overhead costs and lower fee income, small banks are in serious danger of getting lapped by their larger competitors. Can community banks find a way to stay on the track?