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Author:Emmons, William R. 

Journal Article
Why do gasoline prices react to things that have not happened?

Some people complain they are being gouged at the pump, but raising prices now in anticipation of what might happen helps ensure an adequate gas supply.
The Regional Economist , Issue Jul , Pages 10-11

Is College an Engine of Inequality?

Higher education holds the promise of helping to level the playing field, yet data suggest that Black and Hispanic students are falling behind.
On the Economy

Journal Article
Housing's great fall: putting household balance sheets together again

The simplest way to avoid another devastating housing crash and foreclosure crisis probably is to reduce household borrowing and, then, to keep it low.
The Regional Economist , Issue Oct , Pages 14-15

Periodic Essay
Hispanic population's share of wealth likely to increase by 2025

In the Balance , Issue 8 , Pages 1-4

Do College Degrees Mean More Wealth?

College degrees usually indicate higher income and wealth over those without. But the college wealth premium for those born more recently is getting smaller.
On the Economy

Journal Article
The Asian crisis and the exposure of large U.S. firms

A deep financial and economic crisis ravaged many Asian nations during 1997 and 1998. In this article, William Emmons and Frank Schmid examine the impact of the crisis on corporate risk for a subset of large U.S. firms that are included in the S&P 100 stock-market index. They find that the Asian crisis changed many of these firms' exposure to stock-market movements-that is, their "betas" or sensitivity to stock-market risk. In particular, the extent of a firm's sales exposure to Asia appears to be an important link through which the crisis affected beta. This effect is amplified by ...
Review , Volume 82 , Issue Jan , Pages 15-34

Journal Article
Credit unions and the common bond

A distinguishing feature of credit unions is the legal requirement that members share a common bond. This organizing principle recently became the focus of national attention when the Supreme Court and the U.S. Congress took opposite sides in a controversy regarding the number of common bonds (fields of membership) that could coexist within a single credit union. In this article, Emmons and Schmid develop and simulate a model of credit-union formation and consolidation to examine the effects of common-bond restrictions on the performance of credit unions. The performance measures are ...
Review , Volume 81 , Issue Sep , Pages 41-64

Journal Article
Don't expect consumer spending to be the engine of economic growth it once was

The Regional Economist

Working Paper
Conflict of interest between borrowers and lenders in credit co- operatives: the case of German co-operative banks

Over the last few decades, the co-operative banking sector in Germany has steadily increased its market share at the expense of other types of banks. This outcome is surprising from the standpoint of traditional economic thinking about co-operatives, which suggests that they are most appropriate for "backward" economies. We develop a model of co-operative banks that highlights the dual role ofmembers as borrowers and lenders. We show that a shift in the median (hence pivotal) member of the co-operative from predominantly a borrower orientation toward a lender orientation causes the ...
Working Papers , Paper 1997-009

Journal Article
Measuring the Fed’s Monetary Policy Stance during COVID-19

As the COVID-19 period shows, measuring both the Fed’s instrument settings and the economy’s condition are important to gauge the stance of monetary policy.
The Regional Economist

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