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Author:Emmons, William R. 

Journal Article
Economic hangover: recovery is likely to be prolonged, painful

It's time to pay the piper for our freewheeling spending of the past decade. Although some scenarios for the future economy provide reason to hope, the recovery is likely to be slow and volatile.
The Regional Economist , Issue Apr , Pages 4-9

Periodic Essay
Still digging out: real net worth per household has rebounded 63 percent since hitting bottom in early 2009

Short essays related to research on understanding and strengthening the balance sheets of American households.
In the Balance , Issue 4

Journal Article
What can \"buy-and-hold\" stock investors expect?

Monetary Trends , Issue Jun

Working Paper
Corporate governance, entrenched labor, and economic growth

The German system of codetermination contributes to the entrenchment of labor. We show in a two-period model of project choice that entrenched labor leads to underinvestment and overstaffing. We provide empirical evidence that German firms subject to codetermination with equal representation of workers on supervisory boards during 1989-93 were, on average, overstaffed. In addition, the fraction of employees in codetermined firms has decreased over time. The expanded reach of codetermination during the mid-1970s therefore may have contributed to the deterioration of German economic growth ...
Working Papers , Paper 2001-023

Report
Household Debt at the Tipping Point: When and Why Does Household Borrowing Hurt the Economy?

While household credit booms and busts are not new phenomena, the financial crisis in 2008 and its devastating effects have spurred a deeper examination of the mechanics underlying these episodes. We review this growing literature and attempt to answer four primary questions: What drove the recent (and previous) household credit booms? What factors precipitated the tipping point in household borrowing in the economy? How did the following deleveraging efforts affect the economy? Can the literature guide us on how to avoid these destructive cycles or mitigate the damage in the future? Looking ...
Community Development Publications and Reports

Have Fed Asset Purchases Reshaped Bank Balance Sheets? Part 2

The de-risking of commercial banks’ balance sheets since 2008 likely reflects regulatory changes and economic conditions rather than the Fed’s bond buying.
On the Economy

Working Paper
Universal banking, allocation of control rights, and corporate finance in Germany

Corporate governance practices differ greatly in the United States and Germany. This paper describes the main institutional features of the German corporate governance system, focusing on universal banks and codetermination. The paper also summarizes existing empirical evidence that has investigated how- and how well- this system works.
Working Papers , Paper 1998-001

Journal Article
The Asian crisis and the exposure of large U.S. firms

A deep financial and economic crisis ravaged many Asian nations during 1997 and 1998. In this article, William Emmons and Frank Schmid examine the impact of the crisis on corporate risk for a subset of large U.S. firms that are included in the S&P 100 stock-market index. They find that the Asian crisis changed many of these firms' exposure to stock-market movements-that is, their "betas" or sensitivity to stock-market risk. In particular, the extent of a firm's sales exposure to Asia appears to be an important link through which the crisis affected beta. This effect is amplified by ...
Review , Volume 82 , Issue Jan , Pages 15-34

Journal Article
The housing giants in plain view

These government-sponsored enterprises continue to make headlines because of their explosive growth and resulting heavyweight status within the nation's financial system.
The Regional Economist , Issue Jul , Pages 4-9

The Real State of Family Wealth: Will COVID-19 Worsen Racial, Educational and Generational Gaps in the U.S.?

A new quarterly assessment tracks the pandemic’s impact on wealth trends by demographic groups.
On the Economy

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