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Journal Article
Transmission of Sovereign Risk to Bank Lending

Banks hold a significant exposure to their own sovereigns. An increase in sovereign risk may hurt banks' balance sheets, causing a decrease in lending and a decline in economic activity. We quantify the transmission of sovereign risk to bank lending and provide new evidence about the effect of sovereign risk on economic outcomes. We consider the 1999 Marmara earthquake in Turkey as an exogenous shock leading to an increase in Turkey's default risk. Our empirical estimates show that, for banks holding a higher amount of government securities, the exogenous change in sovereign default risk ...
Policy Hub , Volume 2023 , Issue 2

Journal Article
International ACH debuts at the Federal Reserve

Financial Update , Volume 13 , Issue Apr , Pages 3

Journal Article
Lovell named Atlanta Fed chairman, Wieland to retire

Financial Update , Volume 15 , Issue Oct , Pages 3

Working Paper
Liquidity Premia, Price-Rent Dynamics, and Business Cycles

n the U.S. economy during the past 25 years, house prices exhibit fluctuations considerably larger than house rents, and these large fluctuations tend to move together with business cycles. We build a simple theoretical model to characterize these observations by showing the tight connection between price-rent fluctuation and the liquidity constraint faced by productive firms. After developing economic intuition for this result, we estimate a medium-scale dynamic general equilibrium model to assess the empirical importance of the role the price-rent fluctuation plays in the business cycle. ...
FRB Atlanta Working Paper , Paper 2014-15

Working Paper
The big problem of large bills: the Bank of Amsterdam and the origins of central banking

This paper outlines a model of the first true central bank, the Bank of Amsterdam, founded in 1609. Employing a variant of the Freeman (1996) model of money and payments, we first analyze the problematic monetary situation in the Netherlands prior to the founding of the Bank. We then use the model to describe how the Bank could remedy this situation by creating a stable medium for the settlement of commercial obligations.
FRB Atlanta Working Paper , Paper 2005-16

Report
Community Education Circles in the Lawrence Public Schools: evaluation design and baseline survey data

This paper describes a plan for evaluating the Community Education Circles (CECs) program that is being implemented in the Lawrence Public Schools as part of an effort to enhance family-school engagement and improve outcomes for both students and parents. The CECs program supports the larger Lawrence Working Families Initiative, which in 2013 was awarded a multiyear grant through the Boston Fed?s Working Cities Challenge. This paper accomplishes several objectives: (1) describe the goals and methods of the CECs program as well as the larger goals of the Lawrence Working Families Initiative; ...
Current Policy Perspectives , Paper 17-1

Report
U. S. consumer cash use, 2012 and 2015: an introduction to the Diary of Consumer Payment Choice

U.S. consumer cash payments averaged 26 percent of all U.S. consumer payments by number (volume share) from 2008 to 2015, according to the Survey of Consumer Payment Choice (SCPC), and were essentially unchanged between 2012 and 2015. New estimates from the Diary of Consumer Payment Choice (DCPC) show that the volume share of consumer cash payments is higher than estimated in the SCPC and suggest that the cash volume share was 8 percentage points lower in 2015 than in 2012. The DCPC most likely does not provide an accurate estimate of the actual change in the cash volume share, however, due ...
Research Data Report , Paper 17-6

Report
The growing shortage of affordable housing for the extremely low income in Massachusetts

This report identifies ways that the state?s policymakers and housing agencies and providers can more efficiently use limited resources to address the affordable housing needs of extremely low-income households. The first is to prioritize rental assistance in areas of the state where rents are low and the inventory of market-supplied housing is high. Doing so will take advantage of local market conditions that are favorable to rental-assistance subsidies while addressing these areas? high rates of rent burden. Tax-credit and other supply-oriented subsidies can be targeted more heavily to ...
New England Public Policy Center Policy Reports , Paper 19-1

Journal Article
Observations: take home pay

While employer-assisted housing programs may allow companies to help their own workers with housing issues, it remains to be seen whether the programs can contribute substantially to resolving Boston's affordable housing problem.
Regional Review , Issue Q 2 , Pages 1-2

Working Paper
Interbank tiering and money center banks

Interbank markets are tiered rather than flat, in the sense that many banks do not lend to each other directly but through money center banks which act as intermediaries. This paper captures the notion of tiering by designing a core-periphery model and develops a procedure for fitting an empirical network to this model. We find strong evidence of tiering for the German banking system, using bilateral interbank exposures among 1,800 banks. Moreover, bank-specific features, such as bank size, help explain how banks position themselves in the interbank market, suggesting that models with ...
Working Papers (Old Series) , Paper 0912

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