US fair-lending law prohibits lenders from making credit determinations that disparately
affect minority borrowers if those determinations are based on characteristics unrelated to …

We assess the complicated reality of monetary policy transmission through mortgage
markets by synthesizing the existing literature on the role of refinancing in policy …

This article reviews and explains the recent policy reactions of the Federal Reserve, the
European Central Bank, the Bank of England, and the Bank of Japan to the financial and …

The way in which securities are traded is very different from the idealized picture of a
frictionless and self-equilibrating market offered by the typical finance textbook. Market …

In Finance-Led Capitalism, bestselling author and economist Robert Guttmann provides a
new conceptual framework to assess the dominate role of modern finance within the …

How do differences of opinion affect asset prices? Do investors earn a risk premium when
disagreement arises in the market? Despite their fundamental importance, these questions …

Large-scale asset purchases (LSAPs), also often referred to as quantitative easing (QE), are
a tool first deployed in 2001 by the Bank of Japan, and then used more widely since the …

In this article, we survey the literature that studies fixed-income trading rules and outcomes,
including Treasury securities, corporate and municipal bonds, and structured credit …

We study the evolution of US mortgage credit supply during the COVID-19 pandemic.
Although the mortgage market experienced a historic boom in 2020, we show there was …

We study an over-the-counter (OTC) market in which the usefulness of assets as a means of
payment or collateral is limited by the threat of fraudulent practices. Agents can produce …