Purpose: While central bankers have widely discussed the trade-offs of negative interest rates on monetary policy, the consequences of negative rates on financial stability are less well understood. The purpose of this paper is to examine the likely and possible financial stability consequences...

The Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 alters the competitive structure of the debit card payment processing industry and caps debit card interchange fees for banks with over $10 billion in assets. Market participants predicted that debit...

The Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 alters the competitive structure of the debit card payment processing industry and caps debit card interchange fees for banks with over $10 billion in assets. Market participants predicted that debit...

The Centers for Disease Control and Prevention (CDC) provides sample classroom layouts that promote 6-foot social distancing during in-person education. These sample 30' by 30' classroom layouts hold at most 9 students while complying with the 6-foot social distancing requirement. I offer an...

Delay in the provision of Paycheck Protection Program (PPP) loans—due to insufficient initial funding under the CARES Act—substantially and persistently reduced employment. Delayed loans increased layoffs and labor force exit between April and May and reduced recalls throughout the summer....

We use credit card data from the Federal Reserve Board's FR Y-14M reports to study the impact of the COVID-19 shock on the use and availability of consumer credit across borrower types from March through August 2020. We document an initial sharp decrease in credit card transactions and...