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Journal Article
Are bank loans still special?
Journal Article
Coordinating circuit breakers in stock and futures markets
Journal Article
Managing interest rate risk with interest rate futures
Journal Article
What should banks be allowed to do?
The health of the U.S. economy is heavily dependent on the health of the banking system. Commercial banks support economic activity through a number of traditional services-taking deposits, making loans, and providing payment services. Many of today's large banking organizations, however, don't look much like traditional banks. Morris examines how the financial structure has changed over the years and resulted in more complex banking organizations that combine traditional banking and nonbank activities. The increased complexity may have also increased their risk. Increased risk, in turn, can ...
Journal Article
Market value accounting for banks: pros and cons
Journal Article
Bank lending and monetary policy: evidence on a credit channel
While there is widespread agreement that banks play a key part in the transmission of monetary policy actions to the economy, debate continues on whether bank lending plays a special part in the monetary transmission mechanism. If a special lending or credit channel exists, changes in the willingness and ability of banks to extend credit may have implications for the economy. Moreover, ongoing changes in the role of banks in financial markets may affect the credit channel and so alter the monetary transmission mechanism.> Recent research on a bank credit channel has focused on two questions. ...
Journal Article
Managing stock market risk with stock index futures
Working Paper
The determinants of banking market structure
Journal Article
Fiscal policies aimed at spurring capital formation: a framework for analysis
In recent years, policymakers have proposed various fiscal policies to spur long-run economic growth through increased capital formation. The Bush Administration, for example, proposed lowering the capital gains tax rate. The Clinton Administration, among other measures in its economic package, proposed reinstituting the investment tax credit. These proposals stem from heightened concerns that the U.S. economy has been growing by less than its long-run potential, and from the judgment that this subpar growth is due in part to deficient capital formation.> Chirinko and Morris present a ...