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Author:Jacewitz, Stefan 

Working Paper
Shadow Insurance? Money Market Fund Investors and Bank Sponsorship

We argue that bank holding companies (BHCs) extend shadow insurance to the prime institutional money market funds (PI-MMFs) they sponsor and that PI-MMFs price this shadow insurance by charging investors significantly higher expense ratios and paying lower net yields. We provide evidence that after September 2008, expense ratios at BHC-sponsored PI-MMFs increased more than at non-BHC-sponsored PI-MMFs. Despite higher expense ratios, BHC-sponsored PI-MMFs did not experience larger redemptions than non-BHC-sponsored PI-MMFs. In addition, we show that expenses ratios increased with BHCs’ ...
Research Working Paper , Paper RWP 21-07

Journal Article
The Increasing Brick-and-Mortar Efficiency of Community Banks

The number of community banks in the United States has been declining steadily for decades, as has the share of total industry assets held by these banks. Because community banks play an outsized role in originating loans to small businesses, a continued decline in their numbers and asset holdings could constrain entrepreneurs’ access to credit—and, accordingly, constrain growth in the overall economy.One possible explanation for the declining number of community banks is that larger banks have benefitted from economies of scale and outpaced them in efficiency. Stefan Jacewitz examines ...
Economic Review , Volume 107 , Issue no.2

Working Paper
Shared Destinies? Small Banks and Small Business Consolidation

We identify a new source of bank consolidation in the United States. For decades, boththe financial and real sides of the economy have experienced considerable consolidation. Weshow that banking-sector consolidation is, in part, a consequence of real-sector consolidation;because small banks are a disproportionate source of small-business credit, they are disproportionately exposed to shocks to small-business growth. Using a Bartik instrument based onnational small-business trends and county-level industry exposure, we show that changes tothe real-side demand for small-business credit is ...
Research Working Paper , Paper RWP 21-19

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