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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
Branch banking, bank competition, and financial stability
Carlson, Mark A.; Mitchener, Kris James (2005)
It is often argued that branching stabilizes banking systems by facilitating diversification of bank portfolios; however, previous empirical research on the Great Depression offers mixed support for this view. Analyses using state-level data find that states allowing branch banking had lower failure rates, while those examining individual banks find that branch banks were more likely to fail. We argue that an alternative hypothesis can reconcile these seemingly disparate findings. Using data on national banks from the 1920s and 1930s, we show that branch banking increases competition and ...
Finance and Economics Discussion Series , Paper 2005-20

Working Paper
The Demand for Short-Term, Safe Assets and Financial Stability: Some Evidence and Implications for Central Bank Policies
Carlson, Mark A.; Nelson, William R.; Van den Heuvel, Skander J.; Stein, Jerome L.; Duygan-Bump, Burcu; Ochoa, Marcelo; Natalucci, Fabio M. (2014-11-25)
A number of researchers have recently argued that the growth of the shadow banking system in the years preceding the recent U.S. financial crisis was driven by rising demand for "money-like" claims--short-term, safe instruments (STSI)--from institutional investors and nonfinancial firms. These instruments carry a money premium that lowers their yields. While government securities are an important part of the supply of STSI, financial intermediaries also take advantage of this money premium when they issue certain types of low-risk, short-term debt, such as asset-backed commercial paper or ...
Finance and Economics Discussion Series , Paper 2014-102

Working Paper
Distress in the financial sector and economic activity
Lewis, Kurt F.; King, Thomas B.; Carlson, Mark A. (2008)
This paper explores the relationship between the health of the financial sector and the rest of the economy. We develop an index of financial sector health using a distance-to-default measure based on a Merton-style option pricing model. Our index spans over three decades and appears to capture periods when financial sector institutions were strong and when they were weak. We then use vector autoregressions to assess whether our index of financial-sector health affects the real economy, in particular non-residential investment. The results indicate that our index has a considerable impact. ...
Finance and Economics Discussion Series , Paper 2008-43

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