WASHINGTON, Dec. 23 (TNSRep) -- The Federal Reserve issued the following white paper (No. 2025-1427) in December 2025 by Wenxin Du, Ritt Keerati, and Jesse Schreger entitled "Decoupling Dollar and Treasury Privilege". Here are excerpts: * * * We document a strong decoupling between the convenience yield on the US Dollar and US Treasuries. We measure the convenience of the U.S. dollar using covered interest parity (CIP) deviations between risk-free bank rates, such as secured overnight rates  more PR

WASHINGTON, Dec. 23 (TNSRep) -- The Federal Reserve issued the following white paper (No. 2025-1429) in December 2025 by Swapan-Kumar Pradhan, Eswar Prasad, Elod Takats, and Judit Temesvary entitled "Dollarization Waves: New Evidence from a Comprehensive International Bond Database". Here are excerpts: * * * We investigate how the U.S. dollar's prominence in the denomination of international debt securities has evolved in recent decades, using a comprehensive global dataset with far more ext more PR

WASHINGTON, Dec. 23 (TNSRep) -- The Federal Reserve issued the following white paper (No. 2025-1426) in December 2025 by Francois de Soyres, Simon Fuchs, Illenin O. Kondo, and Helene Maghin entitled "Economic Diversity and the Resilience of Cities". Here are excerpts: * * * We develop a framework to assess how economic shocks affect local labor markets and worker welfare, with a focus on city-level economic diversity. Using detailed worker flow data across cities, sectors, and occupations, w more PR

WASHINGTON, Dec. 23 (TNSRep) -- The Federal Reserve issued the following white paper (No. 2025-1428) in December 2025 by Momo Komatsu entitled "To Cap or Not to Cap? Energy Crises in a Currency Union". Here are excerpts: * * * During the energy crisis in 2022 some Euro Area countries introduced price caps on energy, while others did not, leading to about 30 percentage points higher energy inflation in uncapped countries. This paper investigates the trade-offs policymakers face with energy pr more PR