Search Results
Conference Paper
Bond market discipline of banks
Speech
Supervisory implications of rising similarity in banking: remarks at the Financial Times U.S. Banking Forum: Charting a Course for Stability and Success, New York City
Remarks at the Financial Times U.S. Banking Forum: Charting a Course for Stability and Success, New York City.
Journal Article
Projecting productivity growth: lessons from the U.S. growth resurgence
Following the 1995-2000 period of more rapid output growth and lower inflation in the United States, economists have strenuously debated whether improvements in economic performance can be sustained. The recession that began in March 2001 intensified the debate, and the economic impacts of the events of September 11 have yet to be fully understood. Both factors add to the considerable uncertainties about future growth that currently face decision makers in both the public and private sectors. ; In this article, the authors analyze the sources of U.S. labor productivity growth in the post-1995 ...
Report
Volatility accounting: a production perspective on increased economic stability
This paper examines the declining volatility of U.S. output growth from a production perspective. At the aggregate level, increased output stability reflects decreased volatility in both labor productivity growth and hours growth as well as a significant decline in the correlation. The decline in output volatility can also be traced to less volatile labor input and total factor productivity (TFP) growth and the smaller covariance between them. This relationship suggests that labor market changes such as increased labor market flexibility are an important source of increased output stability. ...
Working Paper
Explaining a productive decade
This paper analyzes the sources of U.S. productivity growth in recent years using both aggregate and industry-level data. We confirm the central role for information technology (IT) in the productivity revival during 1995-2000 and show that IT played a significant, though smaller, role after 2000. Productivity growth after 2000 appears to have been boosted by industry restructuring and cost cutting in response to profit pressures, an unlikely source of future strength. In addition, the incorporation of intangible capital into the growth accounting framework takes some of the luster off the ...
Speech
The complexity of culture reform in finance: remarks at the 4th Annual Culture and Conduct Forum for the Financial Services Industry, London
Remarks at the 4th Annual Culture and Conduct Forum for the Financial Services Industry, London.
Journal Article
The role of retail banking in the U.S. banking industry: risk, return, and industry structure
The U.S. banking industry is experiencing a renewed interest in retail banking, broadly defined as the range of products and services provided to consumers and small businesses. This article documents the ?return to retail? in the U.S. banking industry and offers some insight into why the shift has occurred. At the bank level, the principal attraction of retail banking seems to be the belief that its revenues are stable and thus can offset volatility in nonretail businesses. At the industry level, the authors show that interest in retail activities fluctuates in rather predictable ways with ...
Speech
Panel Remarks: Supervisory and Regulatory Action to Support the Economy and Protect Consumers
Panel Remarks at The Fed and Main Street during the Coronavirus Pandemic, WebEx event, April 23, 2020.
Report
Compositional dynamics and the performance of the U.S. banking industry
As the U.S. banking industry continuously evolves, changes in industry composition have a direct impact on the aggregate performance of the industry. This paper presents a new decomposition framework for commercial banks and shows that both firm-level changes and dynamic reallocation effects--due to increased market share of successful banks, exit of poor performers, and new entrants--made substantial contributions to changes in profitability and capitalization of the U.S. banking industry from 1976 to 1998. In periods of declining profits, these reallocations were particularly important, ...