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Working Paper
Interconnectedness in the Interbank Market
Brunetti, Celso; Harris, Jeffrey H.; Mankad, Shawn; Michailidis, George (2015-09-30)
We study the behavior of the interbank market before, during and after the 2008 financial crisis. Leveraging recent advances in network analysis, we study two network structures, a correlation network based on publicly traded bank returns, and a physical network based on interbank lending transactions. While the two networks behave similarly pre-crisis, during the crisis the correlation network shows an increase in interconnectedness while the physical network highlights a marked decrease in interconnectedness. Moreover, these networks respond differently to monetary and macroeconomic shocks. ...
Finance and Economics Discussion Series , Paper 2015-90

Discussion Paper
Analyzing State Resilience to Weather and Climate Disasters
Brunetti, Celso; Dennis, Benjamin; Kotta, Gurubala; Smith, Adam (2023-09-07)
The National Oceanic and Atmospheric Administration (NOAA) reports that climate change is increasing the frequency of extreme conditions that lead to disasters such as droughts, hurricanes, flooding, and wildfires. These climate-related physical risks are likely to disrupt local economic activity.
FEDS Notes , Paper 2023-09-07

Working Paper
Does Banking Consolidation Harm Households?
Brunetti, Celso; Harris, Jeffrey H.; Spyridopoulos, Ioannis (2026-05-13)
No, in the mortgage market. Using confidential micro-level data combining mortgage contracts with credit and repayment records for 44 million loans spanning 5,000 bank mergers over nearly three decades, we find no changes to mortgage rates, approval rates, or delinquency rates. Local mortgage markets remain remarkably competitive despite consolidation, averaging over 100 active lenders in each county every post-merger quarter. Our findings reveal significant merger selection motives: large acquiring banks target community banks with relationship-intensive, portfolio-lending business models, ...
Finance and Economics Discussion Series , Paper 2026-027

Working Paper
Bank Regulation and the Rise of Nonbank Intermediation
Brunetti, Celso; Frei, Christoph (2026-05-11)
We study the rise of nonbank financial intermediation and its implications for systemic risk. We develop a structural network model of banks and nonbank financial institutions (NBFIs) that decomposes intermediation into a capacity channel, driven by bank balance-sheet constraints, and a reliance channel, reflecting NBFI funding reliance. Using U.S. banking confidential supervisory data, we estimate key structural parameters and quantify both channels. We find that fluctuations in bank-NBFI intermediation are primarily explained by the reliance channel, with variation in NBFI fragility ...
Finance and Economics Discussion Series , Paper 2026-030

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