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Journal Article
Banking Trends: Measuring Cov-Lite Right
Yu, Edison (2018-07)
More business loans today lack traditional covenants governing borrowers. Does that leave banks with fewer tools to ward off default?
Economic Insights , Volume 3 , Issue 3 , Pages 1-8

Speech
The Federal Reserve’s Pandemic Response
Held, Michael (2020-06-25)
Remarks at Union of Arab Banks Webinar: Global Banking in Light of COVID-19 and Geopolitical Development (delivered via videoconference).
Speech

Report
Federal Reserve tools for managing rates and reserves
Palida, Ali; McAndrews, James J.; Martin, Antoine; Skeie, David R. (2013-09-01)
The Federal Reserve announced in January 2019 that it would maintain an ample supply of reserves amid its balance sheet reduction. We model the impact of reserves on banks’ liquidity and balance sheet costs. In competitive general equilibrium, the optimal supply of reserves equates bank deposit rates to the interest rate paid on excess reserves (IOER), consistent with ample reserves. Raising the Fed’s overnight reverse repo rate up to IOER would increase liquidity, expediently reduce the overabundance of reserves, and stabilize the volatility of overnight market rates. Empirical analysis ...
Staff Reports , Paper 642

Discussion Paper
Banking the Unbanked: The Past and Future of the Free Checking Account
Berre, Stein; Blickle, Kristian S.; Chakrabarti, Rajashri (2021-06-30)
About one in twenty American households are unbanked (meaning they do not have a demand deposit or checking account) and many more are underbanked (meaning they do not have the range of bank-provided financial services they need). Unbanked and underbanked households are more likely to be lower-income households and households of color. Inadequate access to financial services pushes the unbanked to use high-cost alternatives for their transactional needs and can also hinder access to credit when households need it. That, in turn, can have adverse effects on the financial health, educational ...
Liberty Street Economics , Paper 20210630a

Journal Article
Banking recovery could be vulnerable to interest rate increases
Robinson, Kenneth J. (2014-04)
The earnings on assets?generally loans?may not respond as rapidly as the cost of funds?deposits?leading to declining profits.
Southwest Economy , Issue Q2 , Pages 10-13

Speech
Remarks at the New Jersey Bankers Association Regional Meeting
Dobbeck, Dianne (2023-11-28)
Remarks at the New Jersey Bankers Association Regional Meeting, Woodbridge, New Jersey.
Speech

Discussion Paper
The Rise of the Originate-to-Distribute Model and the Role of Banks in Financial Intermediation
Santos, Joao A. C. (2012-07-17)
In yesterday’s post, Nicola Cetorelli argued that while financial intermediation has changed dramatically over the last two decades, banks have adapted and remained key players in the process of channeling funds between lenders and borrowers. In today’s post, we focus on an important change in the way banks provide credit to corporations—the substitution of the so-called originate-to-distribute model for the originate-to-hold model. Historically, banks originated loans and kept them on their balance sheets until maturity. Over time, however, banks began increasingly to distribute the ...
Liberty Street Economics , Paper 20120717

Working Paper
Lending Relationships and Optimal Monetary Policy
Bethune, Zachary; Rocheteau, Guillaume; Wong, Russell; Zhang, Cathy (2020-09-25)
We construct and calibrate a monetary model of corporate finance with endogenous formation of lending relationships. The equilibrium features money demands by firms that depend on their access to credit and a pecking order of financing means. We describe the mechanism through which monetary policy affects the creation of relationships and firms' incentives to use internal or external finance. We study optimal monetary policy following an unanticipated destruction of relationships under different commitment assumptions. The Ramsey solution uses forward guidance to expedite creation of new ...
Working Paper , Paper 20-13

Working Paper
Macroeconomic Effects of Banking Sector Losses across Structural Models
Covas, Francisco; Kiley, Michael T.; Driscoll, John C.; Jahan-Parvar, Mohammad; Iacoviello, Matteo; Sim, Jae W.; Guerrieri, Luca; Queraltó, Albert (2015-06-03)
The macro spillover effects of capital shortfalls in the financial intermediation sector are compared across five dynamic equilibrium models for policy analysis. Although all the models considered share antecedents and a methodological core, each model emphasizes different transmission channels. This approach delivers "model-based confidence intervals" for the real and financial effects of shocks originating in the financial sector. The range of outcomes predicted by the five models is only slightly narrower than confidence intervals produced by simple vector autoregressions.
Finance and Economics Discussion Series , Paper 2015-44

Discussion Paper
The Recent Rise in Discount Window Borrowing
Sarkar, Asani; Lee, Helene (2023-01-17)
The Federal Reserve’s primary credit program—offered through its “discount window” (DW)—provides temporary short-term funding to fundamentally sound banks. Historically, loan activity has been low during normal times due to a variety of factors, including the DW’s status as a back-up source of liquidity with a relatively punitive interest rate, the stigma attached to DW borrowing from the central bank, and, since 2008, elevated levels of reserves in the banking system. However, beginning in 2022, DW borrowing under the primary credit program increased notably in comparison to past ...
Liberty Street Economics , Paper 20230117

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