We investigate trends and drivers of cross-border flows of the two major native cryptoassets (Bitcoin and Ether) and the two major asset-backed stablecoins (Tether and USD Coin) between 184 countries ...

YouTube video by Andrej Karpathy

YouTube video by Andrej Karpathy

The 2025 Annual Meeting of the Central Bank Research Association (CEBRA) is co-organized with the Federal Reserve Bank of Boston and

YouTube video by Yahoo Finance

The 2015 Swiss franc appreciation provided researchers with a unique empirical setting for understanding how large exchange rate movements shape economic outcomes. This column discusses key findings about the response of firms and consumers. The relatively muted pass-through observed in Switzerland reveals that a stronger currency does not fully translate into proportionate reductions in consumer prices, either at short or medium horizons. Household heterogeneity is also a key theme – low-income households which are more price-sensitive can benefit disproportionately from cheaper foreign goods, while households near the border can further benefit by shopping abroad.

The 2015 Swiss franc appreciation provided researchers with a unique empirical setting for understanding how large exchange rate movements shape economic outcomes. This column discusses key findings about the response of firms and consumers. The relatively muted pass-through observed in Switzerland reveals that a stronger currency does not fully translate into proportionate reductions in consumer prices, either at short or medium horizons. Household heterogeneity is also a key theme – low-income households which are more price-sensitive can benefit disproportionately from cheaper foreign goods, while households near the border can further benefit by shopping abroad.