This paper aims to clarify the relationship between monetary policy shocks and wage inequality. We emphasize the relevance of within and between wage group inequalities in explaining total wage inequality in the United States. Relying on the quarterly data for the period 2000-2020, our analysis...

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...

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...