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Working Paper
Coalitions, power, and the FOMC
Humpage, Owen F.; Haubrich, Joseph G. (2001)
The authors apply a notion of power, defined for coalitions, which is derived from the Shapley value. They calculate the power of coalitions within a 12-person committee meant to correspond to the FOMC.
Working Papers (Old Series) , Paper 0103

Working Paper
Banking and commerce: a liquidity approach
Santos, João A. C.; Haubrich, Joseph G. (1999)
This paper looks at the advantages and disadvantages of mixing banking and commerce, using the "liquidity" approach to financial intermediation. Adding a commercial firm makes it easier for a bank to dispose of assets seized in a loan default. This "internal market" increases the liquidity of such assets and improves the bank's ability to perform financial intermediation. More generally, owning a commercial firm may act either as a substitute or a complement to commercial lending. In some cases, a bank will voluntarily refrain from making loans, choosing to become a nonbank bank in an ...
Working Papers (Old Series) , Paper 9907

Working Paper
Committing and reneging: a dynamic model of policy regimes.
Ritter, Joseph A.; Haubrich, Joseph G. (1999)
Actual policy decisions are made in real time and are not irrevocable. These observations are mundane, but most policy modeling has neglected them. We show that when policy is made in an environment of uncertainty, costs of switching policies give the option to wait positive value. This insight has several implications: First, the option to wait itself makes the incumbent regime relatively more attractive (compared to the traditional once-and-for-all analysis). Second, the option to wait means that increased uncertainty makes the incumbent regime more attractive. Third, because the commitment ...
Working Papers , Paper 1999-020

Journal Article
Capital requirements for financial firms
Haubrich, Joseph G.; Thomson, James B. (2012-11)
One of the reforms proposed for preventing financial crises is to require financial institutions to hold more capital. There are a number of unresolved issues related to such a requirement, ranging from the costs of increased capital requirements to the best way to structure them. Some of this research was presented at a recent conference, and we discuss the major findings in this Commentary.
Economic Commentary , Issue Nov

Journal Article
The sources and nature of long-term memory in aggregate output
Lo, Andrew W.; Haubrich, Joseph G. (2001-04)
This article examines the stochastic properties of aggregate macroeconomic time series from the standpoint of fractionally integrated models, focusing on the persistence of economic shocks. The authors develop a simple macroeconomic model that exhibits long-range dependence, a consequence of aggregation in the presence of real business cycles. To implement these results empirically, they employ a test for fractionally integrated time series based on the Hurst-Mandelbrot rescaled range. This test is robust to short-range dependence and is applied to quarterly and annual real GDP to determine ...
Economic Review , Issue Q II , Pages 15-30

Working Paper
Gross loan flows
Craig, Ben R.; Haubrich, Joseph G. (2006)
Changes in net lending hide the much larger and more variable gross lending flows. We present a series of stylized facts about gross loan flows and how they vary over time, bank size, and the business cycle. We look at both the intensive (increases and decreases) and extensive (entry and exits) margins. We compare these results with the output from a simple stochastic search model.
Working Papers (Old Series) , Paper 0604

Journal Article
A conference on federal credit allocation
Haubrich, Joseph G.; Thomson, James B. (1994-07)
An overview of an October 1993 conference that examined the costs, causes, and consequences of credit allocation by the federal government, covering both the broad rationale for government intervention in U.S. credit markets and a number of specific programs and regulations.
Economic Review , Volume 30 , Issue Q III , Pages 2-13

Journal Article
Interest rates, yield curves, and the monetary regime
Haubrich, Joseph G. (2004-06)
The yield curve has a wealth of information about future interest rates and economic conditions. Users should exercise caution, though, as many of the relationships that hold between the behavior of the curve and what it foretells depend on the monetary regime in place at the time the curve is drawn.
Economic Commentary , Issue Jun

Journal Article
Do excess reserves reveal credit crunches?
Haubrich, Joseph G. (1991-07)
The author finds that because the level of excess reserves depends directly on the Federal Reserve's monetary policy stance, this measure is generally a poor indicator of credit availability.
Economic Commentary , Issue Jul

Journal Article
Planning for Surprises, Learning from Crises: The 2021 Financial Stability Conference
Haubrich, Joseph G. (2022-06-28)
This Commentary summarizes the academic papers and keynote talks delivered at the 2021 Financial Stability Conference hosted by the Office of Financial Research and the Federal Reserve Bank of Cleveland, held virtually on November 17–19, 2021.
Economic Commentary , Volume 2022 , Issue 08 , Pages 5

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