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Working Paper
Pricing kernels, inflation, and the term structure of interest rates
Craig, Ben R.; Haubrich, Joseph G. (2003)
We estimate a discrete-time multivariate pricing kernel for the term structure of interest rates, using both yields and inflation rates. This gives a separate estimate of the real kernel and the nominal kernel, taking into account a relatively sophisticated dynamical structure and mutual interaction between the real and nominal side of the economy. Along with obtaining an estimate of the real term structure, we use the estimates to obtain a new perspective on how real and nominal influences interact to produce the observed term structure.
Working Papers (Old Series) , Paper 0308

Working Paper
Bank mergers and the dynamics of deposit interest rates
Dinger, Valeriya; Craig, Ben R. (2008)
Despite extensive research interest in the last decade, the banking literature has not reached a consensus on the impact of bank mergers on deposit rates. In particular, results on the dynamics of deposit rates surrounding bank mergers vary substantially across studies. In this paper, we aim for a comprehensive empirical analysis of a bank merger?s impact on deposit rate dynamics. We base the analysis on a unique dataset comprising deposit rates of 624 U.S. banks with a monthly frequency for the time period 1997?2006. These data are matched with individual bank and local market ...
Working Papers (Old Series) , Paper 0806

Working Paper
Federal Home Loan Bank lending to community banks: are targeted subsidies necessary?
Craig, Ben R.; Thomson, James B. (2001)
The Gramm-Leach-Bliley Act of 1999 extended the lending authority of Federal Home Loan Banks to include advances secured by small-enterprise loans of community financial institutions. The authors examine three possible reasons for the extension of this selective credit subsidy to community banks and thrifts, including the need to subsidize community depository institutions, stabilize the Federal Home Loan Banks, and address a market failure for small enterprise loans in rural banking markets. They use two empirical models to investigate whether funding constraints affect small-business ...
Working Papers (Old Series) , Paper 0112

Journal Article
Competing currencies: back to the future?
Craig, Ben R. (1996-10)
Economic Commentary , Issue Oct

Journal Article
Are SBA loan guarantees desirable?
Craig, Ben R.; Thomson, James B.; Jackson, William E. (2004-09)
Over the last 10 years, the Small Business Administration has been responsible for well over $100 billion in small business credit extensions, more than any single private lender. This Commentary explores the motivations for such a large investment of taxpayer dollars.
Economic Commentary , Issue Sep

Conference Paper
Bank mergers and the dynamics of deposit interest rates
Dinger, Valeriya; Craig, Ben R. (2008)
Proceedings , Paper 1093

Working Paper
The importance of financial market development on the relationship between loan guarantees for SMEs and local market employment rates
Craig, Ben R.; Armstrong, Craig E.; Thomson, James B.; Jackson, William E. (2010)
We empirically examine whether a major government intervention in the small-firm credit market yields significantly better results in markets that are less financially developed. The government intervention that we investigate is SBA-guaranteed lending. The literature on financing small and medium size enterprises (SMEs) suggests that small firms may be exposed to a particular type of market failure associated with credit rationing. And SMEs in markets that are less financially developed will likely face a greater degree of this market failure. To test our hypothesis, we use the level of bank ...
Working Papers (Old Series) , Paper 1020

Journal Article
Rethinking the welfare cost of inflation
Rocheteau, Guillaume; Craig, Ben R. (2005-03)
New models of monetary economies, developed in the last 15 years, suggest that traditional measures of the welfare cost of inflation may underestimate the true loss that inflation inflicts on society. According to these models, the cost of 10 percent inflation ranges from 1 to 5 percent of real income.
Economic Commentary , Issue Mar

Working Paper
Lending patterns in poor neighborhoods
Craig, Ben R.; Richter, Francisca (2010)
Concentrated poverty has been said to impose a double burden on those that confront it. In addition to an individual's own financial constraints, institutions and social networks of poor neighborhoods can further limit access to quality services and resources for those that live there. This study contributes to the characterization of the relationship between subprime lending and poor neighborhoods by including a spatial dimension to the analysis, in an attempt to capture social effect differences in poor and less poor neighborhoods. The analysis is applied to 2004-2006 census tract level ...
Working Papers (Old Series) , Paper 1006

Working Paper
Substitution between net and gross settlement systems: A concern for financial stability?
Craig, Ben R.; Fecht, Falko (2011)
While net settlement systems make more efficient use of liquidity than gross settlement systems, they are known to generate systemic risk. What does that tendency imply for the stability of the payments (or financial) system when the two settlement systems coexist? Do liquidity shortages induce banks to settle more transactions in the net settlement system, thereby increasing systemic risk? Or do banks require their counterparties to send payments through the gross settlement system when default risks are high, increasing the need for liquidity and the money market rate but reducing overall ...
Working Papers (Old Series) , Paper 1132

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