Research
The Federal Reserve is committed to understanding the market and gaining insights on innovative financial technologies and their impacts on firms and the financial system through peer-tested research. Below is a sample of Federal Reserve research papers on innovation-related topics.
- Jess Cheng and Joseph Torregrossa, "A Lawyer's Perspective on U.S. Payment System Evolution and Money in the Digital Age" (February 4, 2022).
- Peter Lone, Kumar Nagarajan, Trish Supples, and Paul Wong, "Using Distributed Ledger Technology for Payment Directories" (February 3, 2022).
- Tarik Hansen and Katya Delak, "Security Considerations for a Central Bank Digital Currency" (February 3, 2022).
- John Caramichael and Gordon Liao, "Stablecoins: Growth and Impact on Banking" (February 2, 2022).
- Alexander Lee, "What is programmable money?" (June 23, 2021).
- Matthew Malloy and David Lowe, "Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective" (March 22, 2021).
- Jess Cheng, Angela N Lawson, and Paul Wong, "Preconditions for a general-purpose central bank digital currency" (February 24, 2021).
- Alexander Lee, Brendan Malone, and Paul Wong, "Tokens and accounts in the context of digital currencies" (December 23, 2020).
- Francesca Carapella and Jean Flemming, "Central Bank Digital Currency: A Literature Review" (November 09, 2020).
- Paul Wong and Jesse Leigh Maniff, "Comparing Means of Payment: What Role for a Central Bank Digital Currency?" (August 13, 2020).
- Jillian Buttecali, Zachary Proom, Paul Wong, "Observations from the FooWire Project: Experimenting with DLT for Payments Use" (August 13, 2020).
- Garth Baughman and Jean Flemming, "Global Demand for Basket-Backed Stablecoins" (June 22, 2020).
- Joseph P. Hughes, Julapa Jagtiani, and Choon-Geol Moon, "Consumer Lending Efficiency: Commercial Banks versus Fintech Lender (PDF)," (Philadelphia: Federal Reserve Bank of Philadelphia, April 2019).
- "Federal Reserve Banks' 2019 Small Business Credit Survey (PDF)" (2019).
- Julapa Jagtiani and Catherine Lemieux, "The Roles of Alternative Data and Machine Learning in Fintech Lending: Evidence from the Lending Club Consumer Platform (PDF)," (Philadelphia: Federal Reserve Bank of Philadelphia, April 2018).
- Barbara J. Lipman and Ann Marie Wiersch, "Browsing to Borrow: Mom & Pop Small Business Perspectives on Online Lenders (PDF)," (Washington, DC: Board of Governors of the Federal Reserve System, June 2018).
- David Mills, Kathy Wang, Brendan Malone, Anjana Ravi, Jeff Marquardt, Clinton Chen, Anton Badev, Timothy Brezinski, Linda Fahy, Kimberley Liao, Vanessa Kargenian, Max Ellithorpe, Wendy Ng, and Maria Baird, "Distributed ledger technology in payments, clearing, and settlement (PDF)," (Washington, DC: Board of Governors of the Federal Reserve System, 2016).
- Barbara J. Lipman and Ann Marie Wiersch, "Alternative Lending through the Eyes of 'Mom-and-Pop' Small-Business Owners," (Cleveland: Federal Reserve Bank of Cleveland, August 2015).
- Anton Badev and Matthew Chen, "Bitcoin: Technical Background and Data Analysis (PDF)," (Washington, DC: Board of Governors of the Federal Reserve System, October 2014).