In the aftermath of the Covid-19 pandemic, the U.S. equity markets have witnessed a surge in the number of publicly listed companies. Using data for the three major U.S. stock exchanges (AMEX, NYSE, and NASDAQ), we find that the number of publicly traded companies went from 4,144 at the end of...

A notable development in the U.S. banking system following the onset of the COVID-19 pandemic has been the rapid and sustained growth in aggregate bank deposits. Total deposits at domestic commercial banks rose by more than 35 percent since the end of 2019 and stood at around $18 trillion as of...

On April 6, 2022, the Department of Education (DoEd) announced a new extension on the forbearance provision for federal student loans, which is now set to expire on August 31, 2022, almost 30 months after being set for the first time. These measures—originally intended for a period of 60...

Over the course of the COVID-19 pandemic, state and local governments have instituted a wide array of restrictions on activity, easing or tightening these restrictions as concerns about transmission evolved. The particular choices that governments made could have large impacts on both public...

Global geopolitical risks have soared since Russia's invasion of Ukraine. Investors, market participants, and policymakers expect that the war will exert a drag on the global economy while pushing up inflation, with a sharp increase in uncertainty and risks of severe adverse outcomes. As an...

A large body of work suggests that trade affects workers unevenly. By shifting economic activity across occupations, industries, or regions, freer trade can generate gains for some workers and losses for others

Cyber risk, defined as the risk of loss from dependence on computer systems and digital technologies, has grown in the financial system. Cyber events, especially cyberattacks, are among the top risks cited in financial stability surveys in the United States and globally

As with many other aspects of life—including the record-setting decline in employment—the COVID-19 pandemic has profoundly affected the living arrangements of millions of Americans. In this note, we document a fact that has as yet received little attention

This note updates our previous work on household formation and living arrangements from the summer of 2020. At that early stage in the pandemic, the data showed a dramatic decline in headship rates as millions of Americans changed their living arrangements, many by remaining with or moving back...