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Report
The impact of network size on bank branch performance
Hirtle, Beverly (2005)
Despite recent innovations that might have reduced banks' reliance on brick-and-mortar branches for distributing retail financial services, the number of U.S. bank branches has continued to increase steadily over time. Further, an increasing percentage of these branches are held by banks with large branch networks. This paper assesses the implications of these developments by examining a series of simple branch performance measures and asking how these measures vary, on average, across institutions with different branch network sizes. The key findings are that banks with 100 to 500 branches ...
Staff Reports , Paper 211

Working Paper
Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry
Gerardi, Kristopher S.; Dennis, Patrick; Schenone, Carola (2019-07-01)
Institutional investors often own significant equity in firms that compete in the same product market. These "common owners" may have an incentive to coordinate the actions of firms that would otherwise be competing rivals, leading to anti-competitive pricing. This paper uses data on airline ticket prices to test whether common owners induce anti-competitive pricing behavior. We find little evidence to support such a hypothesis, and show that the positive relationship between average ticket prices and a commonly used measure of common ownership previously documented in the literature is ...
FRB Atlanta Working Paper , Paper 2019-15

Working Paper
Capital Buﬀers in a Quantitative Model of Banking Industry Dynamics
Corbae, Dean; D'Erasmo, Pablo (2021-06-11)
We develop a model of banking industry dynamics to study the quantitative impact of regulatory policies on bank risk taking and market structure as well as the feedback eﬀect of market structure on the eﬃcacy of policy. Since our model is matched to U.S. data, we propose a market structure where big banks with market power interact with small, competitive fringe banks. Banks face idiosyncratic funding shocks in addition to aggregate shocks which aﬀect the fraction of performing loans in their portfolio. A nontrivial bank size distribution arises out of endogenous entry and exit, as well ...
Working Papers , Paper 21-24

Report
U.S. Market Concentration and Import Competition
Heise, Sebastian; Amiti, Mary (2021-05-01)
A rapidly growing literature has shown that market concentration among domestic firms has increased in the United States over the last three decades. Using confidential census data for the manufacturing sector, we show that typical measures of concentration, once adjusted for sales by foreign exporters, actually stayed constant between 1992 and 2012. We reconcile these findings by linking part of the increase in domestic concentration to import competition. Although concentration among U.S.-based firms rose, the growth of foreign firms, mostly at the bottom of the sales distribution, ...
Staff Reports , Paper 968

Journal Article
Changes in the distribution of banking offices
Canner, Glenn B.; Calem, Paul S.; Bostic, Raphael W.; Avery, Robert B. (1997-09)
The past twenty years have been marked by major structural and regulatory changes in the banking industry. This article explores the relationships between these changes and the distribution of "brick and mortar" banking offices between 1975 and 1995. The analysis explores how population shifts, deregulation, and mergers, acquisitions, and failures may have influenced changes in the number and location of banking offices. Special attention is given to changes in banking office distributions across neighborhoods grouped by the median income of their residents and their central city, suburban, ...
Federal Reserve Bulletin , Volume 83 , Issue Sep

Working Paper
Market exposure and endogenous firm volatility over the business cycle
D'Erasmo, Pablo; Moscoso Boedo, Herman J.; Decker, Ryan A. (2014-03-24)
First Draft: November 1, 2011 We propose a theory of endogenous firm-level volatility over the business cycle based on endogenous market exposure. Firms that reach a larger number of markets diversify market-specific demand risk at a cost. The model is driven only by total factor productivity shocks and captures the business cycle properties of firm-level volatility. Using a panel of U.S. firms (Compustat), we empirically document the countercyclical nature of firm-level volatility. We then match this panel to Compustat?s Segment data and the U.S. Census?s Longitudinal Business Database (LBD) ...
Working Papers , Paper 14-12

Working Paper
Corporate tax cuts and the decline of the manufacturing labor share
Kaymak, Barış; Schott, Immo (2022-12-20)
We document a strong empirical connection between corporate taxation and the manufacturing labor share, both in the US and across OECD countries. Our estimates associate 30 percent to 60 percent of the observed decline in labor shares with the fall in corporate taxation. Using an equilibrium model of an industry where firms differ in their capital intensities, we show that lower corporate tax rates reduce the labor share by raising the market share of capital-intensive firms. The tax elasticity of the labor share depends on the joint distribution of labor intensities and value added at the ...
Working Papers , Paper 22-39

Report
Informational Rigidities and the Stickiness of Temporary Sales
Simester, Duncan; Anderson, Eric; Steinsson, Jon; Malin, Benjamin A.; Nakamura, Emi (2015-06-25)
We use unique price data to study how retailers react to underlying cost changes. Temporary sales account for 95% of price changes in our data. Simple models would, therefore, suggest that temporary sales play a central role in price responses to cost shocks. We find, however, that, in response to a wholesale cost increase, the entire increase in retail prices comes through regular price increases. Sales actually respond temporarily in the opposite direction from regular prices, as though to conceal the price hike. Additional evidence from responses to commodity cost and local unemployment ...
Staff Report , Paper 513

Working Paper
Entry and Exit, Unemployment, and Macroeconomic Tail Risk
Bernstein, Joshua; Throckmorton, Nathaniel A.; Richter, Alexander W. (2020-06-24)
This paper builds a nonlinear business cycle model with endogenous firm entry and exit and equilibrium unemployment. The entry and exit mechanism generates asymmetry and amplifies the transmission of productivity shocks, exposing the economy to significant tail risk. When calibrating the rates of entry and exit to match their shares of job creation and destruction, our quantitative model generates higher-order moments consistent with U.S. data. Firm exit particularly amplifies the severity and persistence of deep recessions such as the COVID-19 crisis. In the absence of entry and exit, the ...
Working Papers , Paper 2018

Working Paper
Misallocation, informality, and human capital: understanding the role of institutions
Senkal, Asli; D'Erasmo, Pablo; Moscoso Boedo, Herman J. (2014-03-24)
Accepted for publication, Journal of Economic Dynamics and Control The aim of this paper is to quantify the role of formal-sector institutions in shaping the demand for human capital and the level of informality. We propose a firm dynamics model where firms face capital market imperfections and costs of operating in the formal sector. Formal firms have a larger set of production opportunities and the ability to employ skilled workers, but informal firms can avoid the costs of formalization. These firm-level distortions give rise to endogenous formal and informal sectors and, more importantly, ...
Working Papers , Paper 14-11

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