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Journal Article
The Coronavirus and the Economy
Journal Article
Interview: Raghuram Rajan
In August 2005, at the annual conference of central bankers in Jackson Hole, Raghuram Rajan created a stir. Rajan, then chief economist of the International Monetary Fund, argued in a presentation that a hidden danger of massive failures was lurking in the global financial system. Risks had been building up, he said, a result of the incentives facing private institutions in the environment of that era.
Briefing
Identifying systemically important financial institutions
The Dodd-Frank Act, in addressing systemic risks to the financial system, requires federal regulators to extend a variety of requirements to nonbank financial institutions that are deemed "systemically important." But how can regulators, and the institutions themselves, best determine whether an institution is systemically important? Research in this area has generated a number of potential approaches.
Journal Article
Will the Graying of America Change Monetary Policy?
Economists ponder whether demographic change will reduce the potency of the Fed's interest rate moves
Briefing
It's a Wonderful Loan: A Short History of Building and Loan Associations
Prior to the advent of modern home mortgage markets in the United States, markets in which mortgage-backed securities and government-sponsored enterprises now play significant roles, prospective homebuyers had to rely on other mechanisms of home finance. For about a century, cooperative organizations known as building and loan associations, a concept imported from Britain, served millions of American savers and homebuyers.
Briefing
Experimenting with contingent capital triggers
Contingent capital is debt that converts to equity when some triggering event occurs. It can automatically recapitalize a bank in distress, thus avoiding potentially costly failure. Unfortunately, little is known empirically about contingent capital regimes because there have been only a few issuances of contingent capital. Results from laboratory experiments suggest that contingent capital with price triggers would increase volatility of prices and the chance of mistakes in conversion decisions.Contingent capital is debt that converts to equity when some triggering event occurs. It can ...
Journal Article
First Designations of ‘Systemically Important’ Firms
Journal Article
Federal Reserve: Sifting for SIFIs: Federal regulators face challenges in identifying \\"systematically important\\" financial institutuions
Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2011/q2/federal_reserve_weblinks.cfm
Journal Article
Book review: Cities growing apart
Review of Enrico Moretti's "The new geography of jobs" Houghton Mifflin Harcourt, 2012, 252 pages.