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Speech
Welcoming Remarks, Bank Structure Conference
Remarks by Michael H. Moskow President and Chief Executive Officer Federal Reserve Bank of Chicago. The Westin Hotel - 909 North Michigan Avenue, Chicago, Illinois 60611 - May 17, 2007.
Working Paper
Why are big banks getting bigger?
The U.S. banking sector has become substantially more concentrated since the 1990s, raising questions about both the causes and implications of this consolidation. We address these questions using nonparametric empirical methods that characterize dynamic power law distributions in terms of two shaping factors ? the reversion rates (a measure of crosssectional mean reversion) and idiosyncratic volatilities of assets for different size-ranked banks. Using quarterly data for subsidiary commercial banks and thrifts and their parent bank-holding companies, we show that the greater concentration of ...