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Author:Emmons, William R. 

Journal Article
The current P/E ratio: higher than you think

Monetary Trends , Issue Jun

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

U.S. Population Growth Slowed Further in 2020

This year will likely be the slowest annual population increase in U.S. history outside of wartime.
On the Economy

Periodic Essay
Household Wealth is at a Post-WWII High: Should We Celebrate or Worry?

In the Balance , Issue 17 , Pages 1-3

Journal Article
Bank competition and concentration: do credit unions matter?

One interesting aspect of the financial services industry is that for-profit institutions, such as commercial banks, compete directly with not-for-profit financial intermediaries, such as credit unions. In this article, William R. Emmons and Frank A. Schmid analyze the competition between banks and credit unions. Using annual county-level data on banking-market concentration and household participation rates at occupational credit unions for the period between 1989 and 1996, the authors find empirical evidence of two-way competitive interactions between banks and credit unions.
Review , Volume 82 , Issue May

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

Periodic Essay
Wealth recovery still not complete, remains uneven across families and locations

In the Balance , Issue 6 , Pages 1-2

Journal Article
Credit unions make friends-but not with bankers

Unable to slow the growth of credit unions by protesting their tax breaks and sponsor subsidies, banks are citing other reasons to bolster their case that the competition has an unfair edge.
The Regional Economist , Issue Oct , Pages 4-9

Journal Article
Why are Eighth District Populations Growing More Slowly than the Rest of the U.S.?

Our Center for Household Financial Stability evaluates the factors that led to recent population decline among the seven states that encompass the Eighth District.
Bridges

Working Paper
Cracks in the facade: American economic and financial structures after the boom

The United States experienced a historic boom during the late 1990s and briefly into the new millennium, highlighted by rapid economic and productivity growth, surging corporate profitability, sustained business investment in many areas, including high technology and telecommunications, and a soaring stock market. Many observers concluded that a "new era" had arrived. Meanwhile, the prestige of the Federal Reserve rose along with faith in the U.S. economy and its stock market. Deflation of the great boom brings with it many unanswered questions. Was there ever really a "new era" in the ...
Working Papers , Paper 2002-026

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