Board of Governors of the Federal Reserve System

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• The Fed - Banks in the Age of Stablecoins: Lessons from Their Historical Responses to Financial Innovations

  Li et al. (2021)). While banks adapted and maintained their intermediation

  URL: https://www.federalreserve.gov/econres/notes/feds-notes/banks-in-the-age-of-stablecoins-lessons-from-their-historical-responses-to-financial-innovations-20260501.html
  



• The Fed - The Effect of the Federal Reserve’s Securities Holdings on Longer-term Interest Rates

  Li, Schulte, and Wei (2012).6 Our term structure model follows Li and ...Li and Wei (2013) can be justified by the additional assumption that the

  URL: https://www.federalreserve.gov/econres/notes/feds-notes/effect-of-the-federal-reserves-securities-holdings-on-longer-term-interest-rates-20170420.html
  



• Speech by Governor Barr on stablecoins

  For release on delivery 9:00 a.m. EDT October 16, 2025 Exploring the Possibilities and Risks of New Payment Technologies Remarks by Michael S. Barr Member

  URL: https://www.federalreserve.gov/newsevents/speech/files/barr20251016a.pdf
  



• The Fed - Belief Dispersion among Household Investors and Stock Trading Volume

  Li and Geng Li Abstract: We study the effects of belief dispersion on

  URL: https://www.federalreserve.gov/econres/feds/belief-dispersion-among-household-investors-and-stock-trading-volume.htm
  



• The Fed - Are Household Investors Noise Traders: Evidence from Belief Dispersion and Stock Trading Volume

  Li and Geng Li Abstract: We document a robust positive relationship between

  URL: https://www.federalreserve.gov/econres/feds/are-household-investors-noise-traders-evidence-from-belief-dispersion-and-stock-trading-volume.htm
  



• Federal Reserve Board - Seminars

  Li, and Francesco Zanetti) Francesco D'Acunto Georgetown University Subjective...Li Federal Reserve Bank of San Francisco Ideas, Rents and Firm Growth

  URL: https://www.federalreserve.gov/econres/seminars.htm
  



• The Fed - Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market

  Li, and Yi Li Abstract: Among growing concerns about potential financial

  URL: https://www.federalreserve.gov/econres/feds/institutional-herding-and-its-price-impact-evidence-from-the-corporate-bond-market.htm
  



• A Framework for Understanding the Vulnerabilities of New Money-Like Products

  Finance and Economics Discussion Series Federal Reserve Board, Washington, D.C. ISSN 1936-2854 (Print) ISSN 2767-3898 (Online) A Framework for

  URL: https://www.federalreserve.gov/econres/feds/files/2026002pap.pdf
  



• The Fed - FEDS Notes - 2016

  Li, and Daniel Vine A number of recent studies and press articles have

  URL: https://www.federalreserve.gov/econres/notes/feds-notes/2016-index.htm
  



• The Fed - Your Friends, Your Credit: Social Capital Measures Derived from Social Media and the Credit Market

  Li Abstract: Chetty et al. (2022a) introduced an array of social capital...Li (2017) proposed the average credit score of a community's residents

  URL: https://www.federalreserve.gov/econres/feds/your-friends-your-credit-social-capital-measures-derived-from-social-media-and-the-credit-market.htm
  

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