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Report
Bond market discipline of banks: is the market tough enough?
Morgan, Donald P.; Stiroh, Kevin J. (1999-12-01)
As the banking business grows more complex, government supervisors of banks seem increasingly willing to share the role of policing bank risk with private investors, especially bondholders. This paper investigates the disciplinary role of markets using bond spreads, ratings, and bank portfolio data on over 4,100 new bonds issued between 1993 and 1998, including almost 600 bond issues by banks and bank holding companies. We find that the bond spread/rating relationship is the same for the bank issues as for nonbank issues, especially among the investment grade issues. This suggests that the ...
Staff Reports , Paper 95

Speech
Emerging Issues for Risk Managers
Stiroh, Kevin J. (2019-11-07)
Introductory Remarks at the GARP Global Risk Forum, Federal Reserve Bank of New York, New York City.
Speech , Paper 336

Speech
Opening remarks at the Community Bankers’ Conference
Stiroh, Kevin J. (2016-04-07)
Remarks at the Community Bankers? Conference, Federal Reserve Bank of New York, New York City.
Speech , Paper 202

Journal Article
Is the United States losing its productivity advantage?
Amiti, Mary; Stiroh, Kevin J. (2007-09)
Strikingly high rates of labor productivity growth in China, India, and other emerging economies have prompted concerns that U.S. workers and firms are losing ground to their competitors in world markets. A closer look at the evidence, however, suggests that rapid foreign productivity growth will bring gains as well as losses to the U.S. economy. Some import-competing firms may be compelled to restructure or leave the market, but consumers will benefit from lower import prices and more import varieties, and U.S. exporters may gain access to cheaper intermediate products from abroad.
Current Issues in Economics and Finance , Volume 13 , Issue Sep

Report
Diversification in banking: is noninterest income the answer?
Stiroh, Kevin J. (2002)
The U.S. banking industry is steadily increasing its reliance on nontraditional business activities that generate fee income, trading revenue, and other types of noninterest income. This paper assesses potential diversification benefits from this shift. At the aggregate level, declining volatility of net operating revenue reflects reduced volatility of net interest income, rather than diversification benefits from noninterest income, which is quite volatile and has become more correlated with net interest income. At the bank level, growth rates of net interest income and noninterest income ...
Staff Reports , Paper 154

Conference Paper
Bond market discipline of banks
Morgan, Donald P.; Stiroh, Kevin J. (2000)
Proceedings , Paper 687

Working Paper
Climate Change and the Role of Regulatory Capital: A Stylized Framework for Policy Assessment
Holscher, Michael; Ignell, David; Lewis, Morgan; Stiroh, Kevin J. (2022-10-18)
This paper presents a stylized framework to assess conceptually how the financial risks of climate change could interact with a regulatory capital regime. We summarize core features of a capital regime such as expected and unexpected losses, regulatory ratios and risk-weighted assets, and minimum requirements and buffers, and then consider where climate-related risk drivers may be relevant. We show that when considering policy implications, it is critically important to be precise about how climate change may impact the loss-generating process for banks and to be clear about the specific ...
Finance and Economics Discussion Series , Paper 2022-068

Journal Article
What drives productivity growth?
Stiroh, Kevin J. (2001-03)
Economists have long debated the best way to explain the sources of productivity growth. Neoclassical theory and "new growth" theory both regard investment?broadly defined to include purchases of tangible assets, human capital expenditures, and research and development efforts?as a critical source of productivity growth, but they differ in fundamental ways. Most notably, the neoclassical framework focuses on diminishing and internal returns to aggregate capital, while new growth models emphasize constant returns to capital that may yield external benefits. This article finds that despite ...
Economic Policy Review , Issue Mar , Pages 37-59

Journal Article
Investing in information technology: productivity payoffs for U.S. industries
Stiroh, Kevin J. (2001-06)
Although firms have invested billions of dollars in information technology to boost their productivity, many analysts continue to question whether these investments do in fact lead to productivity gains. An industry-level analysis of productivity performance provides robust evidence of a link, showing that the industries experiencing the largest productivity acceleration in the late 1990s were the producers and most intensive users of information technology.
Current Issues in Economics and Finance , Volume 7 , Issue Jun

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