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Payment system design can encourage intraday liquidity efficiency
Levy, Rosie (2025-10-02)
Efficient allocation of bank reserves improves central bank balance sheet efficiency. Frictions in such redistribution can affect monetary policy implementation.
Dallas Fed Economics

Network structure of money markets and firms affects policy transmission
McCormick, Matthew; De Vere, Hugo (2025-10-07)
Understanding the underlying network structure of money markets provides valuable insights for monitoring reserve scarcity and its evolution in response to regulatory and market changes.
Dallas Fed Economics

Domestic banks are inelastic providers of marginal funding to repo markets
McCormick, Matthew; Levy, Rosie (2026-02-12)
As system liquidity declines and rates of return rise, new types of participants enter repo markets as lenders, although some may not be able to reliably deploy cash in the early morning when markets are most active. The short tenor and early-morning timing of most private market repo transactions make domestic banks especially inelastic lenders in response to unanticipated demands for lending
Dallas Fed Economics

Working Paper
The federal home loan bank system and U.S. housing finance
Frame, W. Scott (2016-01-01)
This paper examines the role of the Federal Home Loan Bank (FHLB) System in the U.S. housing finance system. This cooperatively owned government-sponsored enterprise has changed markedly over the past 25 years as a result of membership liberalization and the demise of thrift institutions. Today, despite its name, size, and principal activities, the FHLB System actually provides little targeted support to the housing sector. Instead, recent research highlights the role of the FHLB System as a provider of subsidized general liquidity to its members, including the very largest commercial banking ...
FRB Atlanta Working Paper , Paper 2016-2

Working Paper
COVID-19 and SME Failures
Kalemli-Özcan, Ṣebnem; Sander, Nick; Penciakova, Veronika; Gourinchas, Pierre-Olivier (2020-12-03)
We estimate the impact of the COVID-19 crisis on business failures among small and medium-size enterprises (SMEs) in seventeen countries using a large representative firm-level database. We use a simple model of firm cost minimization and measure each firm’s liquidity shortfall during and after COVID-19. Our framework allows for a rich combination of sectoral and aggregate supply, productivity, and demand shocks. Accommodation and food services; arts, entertainment, and recreation; education; and other services are among the sectors most affected. The SME jobs at risk due to business ...
FRB Atlanta Working Paper , Paper 2020-21

Working Paper
Business Formation: A Tale of Two Recessions
Dunne, Timothy; Haltiwanger, John; Dinlersoz, Emin M.; Penciakova, Veronika (2021-01-29)
The trajectory of new business applications and transitions to employer businesses differ markedly during the Great Recession and the COVID-19 recession. Both applications and transitions to employer startups decreased slowly but persistently in the post-Lehman crisis period of the Great Recession. In contrast, during the COVID-19 recession new applications initially declined but have since sharply rebounded, resulting in a surge in applications during 2020. Projected transitions to employer businesses also rise, but this projection is dampened by a change in the composition of applications ...
FRB Atlanta Working Paper , Paper 2021-5

Report
Bitcoin as money?
Lo, Stephanie; Wang, J. Christina (2014-09-04)
The spectacular rise late last year in the price of Bitcoin, the dominant virtual currency, has attracted much public attention as well as scholarly interest. This policy brief discusses how some features of Bitcoin, as designed and executed to date, have hampered its ability to perform the functions required of a fiat money??as a medium of exchange, unit of account, and store of value. Furthermore, we document how various forms of intermediaries have emerged and evolved within the Bitcoin network, particularly noting the convergence toward concentrated processing, both on and off the ...
Current Policy Perspectives , Paper 14-4

Report
Credit supply disruptions: from credit crunches to financial crisis
Rosengren, Eric; Peek, Joe (2015-10-01)
Events that transpired during the recent financial crisis highlight the important role that financial intermediaries still play in the economy, especially during economic downturns. While the breadth and severity of the financial crisis took most observers by surprise, it has renewed academic interest in understanding the effects on the real economy of both financial shocks and the changing nature of financial intermediation. This interest in the real effects of financial shocks highlights a literature that began more than 20 years ago associated with the bank credit crunch of the early ...
Current Policy Perspectives , Paper 15-5

Speech
Addressing the Economic Effects of the COVID-19 Pandemic
Rosengren, Eric (2020-04-01)
Today, we’re witnessing the pandemic’s stark effects on public health. Meanwhile, the necessary response – social distancing – has stilled our strong economy, disrupting countless lives and livelihoods. It’s also been distorting the credit and liquidity flows that underpin our economy, threatening the greater pain of a full-blown financial crisis. Traditional economic models are challenged by this unique situation. To me, the most important factors are how well we avoid financial spillovers, and how effective the fiscal stimulus is, as well as the progression of COVID-19 infections. ...
Speech

Speech
Taking Stock of the Economic Recovery and the Opportunities to Bolster Financial Stability
Rosengren, Eric (2021-04-12)
It seems likely that the economy will grow rapidly this year. This should reduce the slack in the labor markets and eventually return inflation to the Federal Reserve’s 2 percent target. Assuming virus variants do not become especially problematic, we should see an unusually strong post-recession recovery. While the near-term public health and macroeconomic improvements are more than welcome and critically important, I also believe that policymakers across the spectrum should take the time to examine some of the problems brought to the forefront over the past year. In doing so, they can ...
Speech

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