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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

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

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

Journal Article
Membership structure, competition, and occupational credit union deposit rates

How do occupational credit unions set deposit rates? This article shows that the answer to this question will depend on (i) who actually makes business decisions in credit unions (who is in control), and (ii) whether local deposit market competition is important. It is not obvious who controls occupational credit unions. If the sponsor (the employer) is in control, then loans and deposits are priced to maximize the surplus received by all of the credit union?s current and potential members (those eligible to join). If members are in control, then a group of members with a majority can ...
Review , Volume 83 , Issue Jan , Pages 41-50

Journal Article
The housing giants in plain view

These government-sponsored enterprises continue to make headlines because of their explosive growth and resulting heavyweight status within the nation's financial system.
The Regional Economist , Issue Jul , Pages 4-9

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