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Discussion Paper
The Community Reinvestment Act (CRA) and Bank Branching Patterns
Reid, Carolina; Ding, Lei (2019-09-10)
This paper examines the relationship between the Community Reinvestment Act (CRA) and bank branching patterns, measured by the risk of branch closure and the net loss of branches at the neighborhood level, in the aftermath of Great Recession. Between 2009 and 2017, there was a larger decline in the number of bank branches in lower-income neighborhoods than in more affluent ones, raising concerns about access to mainstream financial services. However, once we control for supply and demand factors that influence bank branching decisions, we find generally consistent evidence that the CRA is ...
Community Affairs Discussion Paper , Paper 19-1

Working Paper
The Effect of Common Ownership on Profits : Evidence From the U.S. Banking Industry
Gramlich, Jacob P.; Grundl, Serafin J. (2018-10-03)
Theory predicts that "common ownership" (ownership of rivals by a common shareholder) can be anticompetitive because it reduces the weight firms place on their own profits and shifts weight toward rival firms held by common shareholders. In this paper we use accounting data from the banking industry to examine empirically whether shifts in the profit weights are associated with shifts in profits. We present the distribution of a wide range of estimates that vary the specification, sample restrictions, and assumptions used to calculate the profit weights. The distribution of estimates is ...
Finance and Economics Discussion Series , Paper 2018-069

Working Paper
Embedded Supervision: How to Build Regulation into Blockchain Finance
Auer, Raphael (2019-10-01)
The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, i.e., a regulatory framework that provides for compliance in tokenized markets to be automatically monitored by reading the market?s ledger, thus reducing the need for firms to actively collect, verify and deliver data. After sketching out a design for such schemes, the paper explores the conditions under which distributed ledger data might be used to monitor compliance. To this end, a decentralized market is modelled ...
Globalization Institute Working Papers , Paper 371

Working Paper
Firm Dynamics and the Minimum Wage: A Putty-Clay Approach
Aaronson, Daniel; French, Eric; Sorkin, Isaac (2013-12-14)
We document two new facts about the market-level response to minimum wage hikes: firm exit and entry both rise. These results pose a puzzle: canonical models of firm dynamics predict that exit rises but that entry falls. We develop a model of firm dynamics based on putty-clay technology and show that it is consistent with the increase in both exit and entry. The putty-clay model is also consistent with the small short-run employment effects of minimum wage hikes commonly found in empirical work. However, unlike monopsony-based explanations for small short-run employment effects, the model ...
Working Paper Series , Paper WP-2013-26

Working Paper
Assessing the Common Ownership Hypothesis in the US Banking Industry
Grundl, Serafin J.; Gramlich, Jacob P. (2024-07-12)
The common ownership hypothesis (COH) states that firms with common shareholders, primarily large asset managers, compete less aggressively with each other. The U.S. banking industry is well suited to assess the common ownership hypothesis, because thousands of private banks without common ownership (CO) compete with hundreds of public banks with high and increasing levels of CO. This paper assesses the COH in the banking industry using more comprehensive ownership data than previous studies. In simple comparisons of raw deposit rate averages we document that the deposit rates of public banks ...
Finance and Economics Discussion Series , Paper 2024-022r1

Working Paper
Competition and Health-Care Spending: Theory and Application to Certificate of Need Laws
Bailey, James; Hamami, Tom (2019-10-03)
Hospitals and other health-care providers in 34 states must obtain a Certificate of Need (CON) from a state board before opening or expanding, leading to reduced competition. We develop a theoretical model of how market concentration affects health-care spending. Our theoretical model shows that increases in concentration, such as those brought about by CON, can either increase or decrease spending. Our model predicts that CON is more likely to increase spending in markets in which costs are low and patients are sicker. We test our model using spending data from the Household Component of the ...
Working Papers , Paper 19-38

Working Paper
Indivisibilities in Distribution
Singer, Ethan; Holmes, Thomas J. (2017-03-13)
This paper develops and estimates a model of indivisibilities in shipping and economies of scale in consolidation. It uses highly detailed data on imports where it is possible to observe the contents of individual containers. In the model, ?rms are able to adapt to indivisibility constraints by using consolidation strategies and by making adjustments to shipment size. The ?rm determines the optimal number of domestic ports to use, taking into account that adding more ports lowers inland freight cost, at the expense of a higher indivisibility cost. The estimated model is able to roughly ...
Working Papers , Paper 739

Journal Article
Corporate Leverage and Investment
Marsh, W. Blake; Chelluri, Karna; Rodziewicz, David (2020-02-27)
In this article, we examine the relationship between high corporate leverage and future firm investment spending on structures, machinery, and equipment. In other words, we examine how debt influences the growth of a firm’s capital stock or fixed assets. We find that, on average, more leveraged firms across industries tend to have lower levels of investment activity in the future. Specifically, we find that the negative relationship between debt and investment is strongest for the most highly indebted firms and is evident in both economic downturns and expansions.
Economic Review , Volume v.105 , Issue no.1 , Pages 37-55

Working Paper
Macroeconomic Implications of Uniform Pricing
Kozlowski, Julian; Daruich, Diego (2021-05-11)
We compile a new database of grocery prices in Argentina. We find uniform pricing both within and across regions—i.e., prices almost do not vary within stores of a chain. In line with uniform pricing, prices in stores of chains operating in one region react to changes in regional employment, while prices in multi-region chains do not. Using a quantitative regional model with multi-region firms and uniform pricing, we find a one-half smaller elasticity of prices to a regional than an aggregate shock. This result highlights that some caution may be necessary when using regional shocks to ...
Working Papers , Paper 2019-024

Working Paper
Charged and Almost Ready—What Is Holding Back the Resale Market for Battery Electric Vehicles?
McGranahan, Leslie; Klier, Thomas H.; Brave, Scott A. (2023-09-13)
We utilize vehicle registration microdata for all new and used vehicles registered in the U.S. for model years 2010-2022 to study the market for used battery electric vehicles (BEVs). From these records, we establish two stylized facts: 1) BEVs enter the used market at the slowest rate compared to any other powertrain technology, and 2) BEVs are driven significantly less than vehicles featuring other powertrain technologies. We connect these facts through a statistical model of used vehicle registration counts and find that there are significant behavioral differences between BEV and other ...
Working Paper Series , Paper WP 2023-35

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