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Working Paper
Navigating Constraints: The Evolution of Federal Reserve Monetary Policy, 1935-59
Carlson, Mark A.; Wheelock, David C. (2014-06-09)
The 1950s are often pointed to as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of policy in the 1950s. Whereas others have debated whether the Fed had a sophisticated understanding of how to implement policy, our focus is on how the constraints on the Fed changed over time. Roosevelt Administration gold policies and New Deal legislation limited the Fed's ability to conduct an ...
Finance and Economics Discussion Series , Paper 2014-44

Discussion Paper
Stigma and the Discount Window
Carlson, Mark A.; Rose, Jonathan D. (2017-12-19)
One of the primary roles of central banks like the Federal Reserve is to provide liquidity to the financial system, particularly during periods of stress. The discount window is a critical tool for providing that liquidity. In this note, we discuss several topics related to stigma in depth and describe how concerns about stigma have influenced changes in Federal Reserve discount window policies.
FEDS Notes , Paper 2017-12-19

Journal Article
A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-54
Wheelock, David C.; Hanes, Christopher; Anbil, Sriya; Carlson, Mark A. (2021-01-14)
This article describes the origins and development of the federal funds market from its inception in the 1920s to the early 1950s. We present a newly digitized daily data series on the federal funds rate from April 1928 through June 1954. We compare the behavior of the funds rate with other money market interest rates and the Federal Reserve discount rate. Our federal funds rate series will enhance the ability of researchers to study an eventful period in U.S. financial history and better understand how monetary policy was transmitted to banking and financial markets. For the 1920s-30s, our ...
Review , Volume 103 , Issue 1 , Pages 45-70

Journal Article
Profits and balance sheet developments at U.S. commercial banks in 2006
Carlson, Mark A.; Weinbach, Gretchen C. (2007-07)
The U.S. commercial banking industry continued to be quite profitable in 2006, and industry assets grew considerably. The strength in profitability and growth of bank balance sheets last year reflected favorable U.S. financial market conditions and the generally solid economic expansion. Industry return on equity advanced from its 2005 level, and the return on assets edged up to match its highest annual level in recent decades. Profitability was supported by brisk growth in non-interest income and generally strong asset quality; the flattening of the yield curve and competitive pressures, ...
Federal Reserve Bulletin , Volume 93 , Issue Jul

Working Paper
A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-1954
Wheelock, David C.; Hanes, Christopher; Anbil, Sriya; Carlson, Mark A. (2020-07-13)
This article describes the origins and development of the federal funds market from its inception in the 1920s to the early 1950s. We present a newly digitized daily data series on the federal funds rate that covers the period from April 1928 through June 1954. We compare the behavior of the funds rate with other money market interest rates and the Federal Reserve discount rate. Our federal funds rate series will enhance the ability of researchers to study an eventful period in U.S. financial history and to better understand how monetary policy was transmitted to banking and financial ...
Working Papers , Paper 2020-016

Working Paper
Near-Money Premiums, Monetary Policy, and the Integration of Money Markets : Lessons from Deregulation
Wheelock, David C.; Carlson, Mark A. (2016-06)
The 1960s and 1970s witnessed rapid growth in the markets for new money market instruments, such as negotiable certificates of deposit (CDs) and Eurodollar deposits, as banks and investors sought ways around various regulations affecting funding markets. In this paper, we investigate the impacts of the deregulation and integration of the money markets. We find that the pricing and volume of negotiable CDs and Eurodollars issued were influenced by the availability of other short-term safe assets, especially Treasury bills. Banks appear to have issued these money market instruments as ...
Finance and Economics Discussion Series , Paper 2016-077

Working Paper
Navigating constraints: the evolution of Federal Reserve monetary policy, 1935-59
Wheelock, David C.; Carlson, Mark A. (2014-06-01)
The 1950s are often pointed to as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of policy in the 1950s. Whereas others have debated whether the Fed had a sophisticated understanding of how to implement policy, our focus is on how the constraints on the Fed changed over time. Roosevelt Administration gold policies and New Deal legislation limited the Fed?s ability to conduct an ...
Working Papers , Paper 2014-13

Working Paper
Interbank Markets and Banking Crises: New Evidence on the Establishment and Impact of the Federal Reserve
Wheelock, David C.; Carlson, Mark A. (2015-11-01)
This paper examines the impact of the Federal Reserve?s founding on seasonal pressures and contagion risk in the interbank system. Deposit flows among classes of banks were highly seasonal before 1914; amplitude and timing varied regionally. Panics interrupted normal flows as banks throughout the country sought funds from the central money markets simultaneously. Seasonal pressures and contagion risk in the system were lower by the 1920s, when the Fed provided seasonal liquidity and reserves. Panics returned in the 1930s, due in part to shocks from nonmember banks and because the Fed?s ...
Working Papers , Paper 2015-37

Discussion Paper
Federal Reserve Discount Rate Press Releases in the 1960s and 1970s through the Lens of Monetary Policy Communications
Carlson, Mark A.; Chen, Daben; Johannsen, Benjamin K. (2026-05-29)
This article examines press releases from the Board of Governors of the Federal Reserve System (Board) in the 1960s and 1970s related to changes in the discount rate through the lens of monetary policy communications. As argued by Yellen (2013), we start from the premise that communications have a "distinct and special role in monetary policymaking."
FEDS Notes , Paper 2026-05-29-2

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