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Working Paper
Climate-related Financial Stability Risks for the United States: Methods and Applications
Brunetti, Celso; Caramichael, John; Crosignani, Matteo; Dennis, Benjamin; Kotta, Gurubala; Morgan, Donald P.; Shin, Chaehee; Zer, Ilknur (2022-07-05)
This report has two objectives: 1. Review the available literature on Climate-Related Financial Stability Risks (CRFSRs) as it pertains to the United States. Specifically, the literature review considers several modeling approaches and aims to 1.1 Identify financial market vulnerabilities (e.g., bank leverage), 1.2 Provide an assessment of those vulnerabilities (high/medium/low) as identified by the current literature, and 1.3 Evaluate the uncertainty surrounding these assessments based on interpretation of the findings and coverage of existing literature (high/low). 2. Identify methodologies ...
Finance and Economics Discussion Series , Paper 2022-043

Journal Article
Credit effects in the monetary mechanism
Lown, Cara S.; Morgan, Donald P. (2002-05)
Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Economic Policy Review , Volume 8 , Issue May , Pages 217-235

Journal Article
What makes large bank failures so messy and what should be done about it?
Morgan, Donald P.; Yorulmazer, Tanju; Santos, Joao A. C.; McAndrews, James J. (2014-12)
This study argues that the defining feature of large and complex banks that makes their failures messy is their reliance on runnable financial liabilities. These liabilities confer liquidity or money-like services that may be impaired or destroyed in bankruptcy. To make large bank failures more orderly, the authors recommend that systemically important bank holding companies be required to issue ?bail-in-able? long-term debt that converts to equity in resolution. This reassures holders of uninsured liabilities that their claims will be honored in resolution, making them less likely to run. In ...
Economic Policy Review , Issue Dec , Pages 229-244

Discussion Paper
Crisis Chronicles: The Panic of 1825 and the Most Fantastic Financial Swindle of All Time
Narron, James; Morgan, Donald P. (2015-04-10)
Centered in London, the banking panic of 1825 has been called the first modern financial crisis, the first Latin American crisis, and the first emerging market crisis. And while the panic displayed many of the key elements of past crises we have covered?fluctuations in money growth, an investment bubble, a stock market crash, and bank runs?this crisis had its own twists, including a Bank of England that hesitated before stepping in as lender of last resort. But it is perhaps best known for an infamous bond market swindle surrounding an entirely made-up Central American principality. In this ...
Liberty Street Economics , Paper 20150410

Discussion Paper
Parting Reflections on the Series on Large and Complex Banks
Morgan, Donald P.; McAndrews, James J. (2014-04-04)
The motivation for the Economic Policy Review series was to understand better the behavior of large and complex banks, and we have covered a lot of ground toward that end. We have examined large banks? economies of scale, their proclivity toward risk taking, their possible funding advantages (pre-Dodd Frank), the sources and types of their complexity, and the sources and means of dealer bank financing. We have also looked at resolution issues surrounding large and complex banks, including a case study on the Lehman bankruptcy, a review of resolution methods, and two studies of the rationale ...
Liberty Street Economics , Paper 20140404b

Discussion Paper
Crisis Chronicles: The Crisis of 1816, the Year without a Summer, and Sunspot Equilibira
Narron, James; Morgan, Donald P. (2014-10-03)
In 1815, England emerged victorious after what had been nearly a quarter century of war with France. And during those years, encouraged by high prices and profits, England greatly expanded its agricultural and industrial capacity in terms of land and new machinery, with these activities often financed on credit. Improved harvests from 1812 to 1815 coincided with an export market boom in 1814, as the continent began to reopen for trade and speculation in South America increased. But the speculation turned to frenzy compared to the boom of 1810 as everything that could be shipped was ...
Liberty Street Economics , Paper 20141003

Report
Defining and detecting predatory lending
Morgan, Donald P. (2007)
Staff Report no. 273 has been removed at the request of the author. See links to related papers.
Staff Reports , Paper 273

Report
Piggy banks: financial intermediaries as a commitment to save
Samolyk, Katherine A.; Morgan, Donald P. (1998)
Savers with uncertain life spans cannot stick to long-term investment plans when they invest directly in liquid assets. Before horizons are known, all savers will plan to roll over their short-term assets if returns turn out high. Ex post, the short-term investors will consume their liquid assets rather than reinvest them. Delegating investment decisions to an intermediary reduces the commitment problem, and leads to more efficient portfolios. The higher return to savings should also increase savings rates.
Staff Reports , Paper 50

Journal Article
Will just-in-time inventory techniques dampen recessions?
Morgan, Donald P. (1991-03)
Economic Review , Volume 76 , Issue Mar , Pages 21-33

Discussion Paper
Getting More from the Senior Loan Officer Opinion Survey?
Morgan, Donald P.; Sporn, John (2017-02-22)
Every quarter, senior loan officers at selected large banks around the United States are asked by Fed economists how their standards for approving business loans changed compared with the quarter before. Of all the questions in the Senior Loan Officer Opinion Survey (SLOOS), responses to that question about standards usually attract the most attention from the financial press and researchers. Relatively ignored by comparison are loan officers? reports on how they changed interest spreads, collateral requirements, and other terms on loans they are willing to approve. Lenders can clearly expand ...
Liberty Street Economics , Paper 20170222

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