Subscribe: St. Louis Fed - Review
Preview: St. Louis Fed - Review


Our most academic publication offers research and surveys on monetary policy, national and international developments, banking, and more. The content is written for an economically informed readership—from the undergraduate student to the PhD.

Published: Wed, 10 Jan 2018 00:00:00 CST

Last Build Date: Wed, 10 Jan 2018 00:00:00 CST

Copyright: Copyright 2018 Federal Reserve Bank of St. Louis

A Short Introduction to the World of Cryptocurrencies by Aleksander Berentsen and Fabian Schar


This article is a short introduction to cryptocurrencies and blockchain technology. The focus of the introduction is on Bitcoin, but many elements are shared by other blockchain implementations and alternative cryptoassets.

Furnishing an “Elastic Currency”: The Founding of the Fed and the Liquidity of the U.S. Banking System by Mark A. Carlson and David C. Wheelock


This article examines how the U.S. banking system responded to the founding of the Federal Reserve System in 1914. The Fed was established to end the frequent crises that plagued the U.S. banking system, which reform proponents attributed to the nation’s “inelastic” currency stock and dependence on interbank relationships to allocate liquidity and operate the payments system. 

Credit Cycles and Business Cycles by Costas Azariadis


Unsecured firm credit moves procyclically in the United States and tends to lead gross domestic product, while secured firm credit is acyclical. Shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to secured credit. 

The Aggregate Implications of Size-Dependent Distortions by Nicolas Roys


This article examines the aggregate implications of size-dependent distortions. These regulations misallocate labor across firms and hence reduce aggregate productivity.