This paper presents new data on the depth and penetration of mortgage markets across countries. We find a large variation across both dimensions of mortgage market development, both across countries but also – in terms of depth – within countries. Mortgage markets seem to develop only at...

This paper presents new data on the depth and penetration of mortgage markets across countries. There is a large variation across both dimensions of mortgage market development, across countries, but also-in terms of depth-within countries. Mortgage markets seem to develop only at relatively...

This paper presents new data on the depth and penetration of mortgage markets across countries. There is a large variation across both dimensions of mortgage market development, across countries, but also -- in terms of depth -- within countries. Mortgage markets seem to develop only at...

This paper presents new data on the depth and penetration of mortgage markets across countries. There is a large variation across both dimensions of mortgage market development, across countries, but also -- in terms of depth -- within countries. Mortgage markets seem to develop only at...

We analyze the universe of payments settled through the Fedwire Funds Service--the primary U.S. real-time gross settlement service operated by the Federal Reserve--for the period January 2004 to December 2020. We report on trends in payments volume, payments value, balances, and overdrafts, in...

The emerging world of decentralized finance (DeFi), facilitated by smart contracts operating on blockchain networks, has been notable both for its rapid growth and the high-profile collapses of several of its largest participants. In this paper, we provide a technical account of the financial...

This paper provides the necessary technical background to understand basic Bitcoin operations and documents a set of empirical regularities related to Bitcoin usage. We present the micro-structure of the Bitcoin transaction process and highlight the use of cryptography for the purposes of...

Replaced with revised version of paper 08/24/07.

Favorable weather and the adoption of Genetically Modified (GM) cornhybrids are often argued to be factors that explain recent corn yield increasesand risk reduction in the U.S. Corn Belt. The focus of this analysisis to determine whether favorable weather is the main factor explainingincreased...