HeadlinesSEE ALL

• 07.16.19

  Bitcoin’s Decentralized Decision Structure

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  Ben R. Craig Joseph Kachovec

  With the introduction of bitcoin, the world got not just a new currency, it also got evidence that a decentralized control structure could work in practice for institutional governance. This Commentary discusses the advantages and disadvantages of centralized and decentralized control structures by examining the features of the bitcoin payment system. We show that while the decentralized nature of the Bitcoin network "democratizes" payments, it is not obvious that the approach increases the equity or efficiency of markets or that the costs of the decentralized control structure won’t outweigh the benefits in the long run. Read More

• 07.15.19

  The Community Reinvestment Act (CRA) for Smaller Communities and Rural Regions

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  Drew Pack

  What’s one key element to drive funding to low-income areas of the country? Meaningful and productive partnerships between banks and community-based organizations (CBOs). Read More

• 07.10.19

  The Flattening of the Phillips Curve: Policy Implications Depend on the Cause

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  Filippo Occhino

  According to the historical relationship known as the Phillips curve, strengthening of the economy is commonly associated with increasing inflation. With inflation having only modestly picked up in the past few years as the economy has become more robust, many believe the Phillips curve relationship has weakened, with the curve becoming flatter. I show that the flattening can be due to very different types of structural changes and that knowing the type of change that has occurred is crucial for choosing the appropriate monetary policy. Read More