Discussion Paper
Credit Portfolio Convergence in U.S. Banks since the COVID-19 Shock
Hawley, Andrew; Wang, Ke (2021-11-26)
The COVID-19 pandemic has materially affected U.S. consumer behavior and business operations in many important aspects. This note focuses on the changes in banks’ balance sheets and demonstrates how we could apply a novel measure of portfolio similarity to balance sheet data and assess the drivers of similarity change along the path of the pandemic.
FEDS Notes , Paper 2021-11-26-1

Discussion Paper
Measuring the systemic importance of large US banks
Hawley, Andrew; Migueis, Marco (2021-09-30)
The failure of large and connected financial institutions often leads to system-wide financial crises and economic downturns (Labonte 2015). Even absent outright failure and bankruptcy, perceived weakness of a large and connected financial firm can result in decrease valuation of other firms – due to perceived linkages – and overall decrease in market liquidity.
FEDS Notes , Paper 2021-09-30