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Author:Adams, Robert M. 

Working Paper
Scale economies, scope economies, and technical change in Federal Reserve payment processing

In the past decade, the U.S. economy has witnessed a tremendous surge in the usage of electronic payment processing services and an increased importance of the firms that provide these services. The payments industry has also undergone changes in cost structure with the introduction of new technology. Unfortunately, data on the private provision of payment processing services are not available. However, the Federal Reserve provides similar services and collects data on its own provision of payments processing, offering an opportunity to gain insights into the cost structure of payments ...
Finance and Economics Discussion Series , Paper 2002-57

Working Paper
The effects of local banking market structure on the banking-lending channel of monetary policy

We study the relationship between banking competition and the transmission of monetary policy through the bank lending channel. Using business small loan origination data provided from the Community Reinvestment Act from 1996-2002 in our analysis, we are able to reaffirm the existence of the bank lending channel of monetary transmission. Moreover, we find that the impact of monetary policy on loan originations is weaker in more concentrated markets.
Finance and Economics Discussion Series , Paper 2005-16

Working Paper
Bank Fees, Aftermarkets, and Consumer Behavior

Fees for banking services have been a policy concern for over 20 years and the subject of several government agencies studies, which focused on the magnitude, incidence, or disclosure of such fees. Using a sample of single market banks, I study the relationship between market-level consumer characteristics and bank fee revenue, fees, and bank return on assets (ROA) to infer consumer and firm behavior. Of particular interest, I use county-level IRS tax records as a measure of the consumer income distribution, but my analysis also includes measures of age and education distributions. I find ...
Finance and Economics Discussion Series , Paper 2017-054

Working Paper
Is Lending Distance Really Changing? Distance Dynamics and Loan Composition in Small Business Lending

Has information technology improved small businesses' access to credit by hardening the information used in loan underwriting and reducing the importance of proximity to lenders? Previous research, pointing to increasing average lending distances, suggests that it has. But this conclusion can obscure differences across loans and lenders. Using over 20 years of Community Reinvestment Act data on small business lending, we find that while average distances have increased substantially, distances at individual banks remain unchanged. Instead, average distance has increased because a small group ...
Finance and Economics Discussion Series , Paper 2021-011

Journal Article
Money, the fallacy of composition, and inflation

Cross Sections , Volume 7 , Issue fall , Pages 8-11

Conference Paper
Preface

Proceedings , Issue Oct , Pages ix

Working Paper
Who competes with whom? the case of depository institutions

Little empirical work exists on the substitutability of depository institutions. In particular, the willingness of consumers to substitute banks for thrifts and to switch between multimarket and single-market institutions (i.e., institutions with large vs. small branch networks) has been of strong interest to policymakers. We estimate a structural model of consumer choice of depository institutions using a panel data set that includes most depository institutions and market areas in the United States over the period 1990-2001. Using a flexible framework, we uncover utility parameters that ...
Finance and Economics Discussion Series , Paper 2005-03

Working Paper
Scope and scale economies in Federal Reserve payment processing

In the past decade, the U.S. economy has witnessed a tremendous surge in the usage of electronic payment processing services and an increased importance of the firms that provide these services. The payments industry has also undergone changes in cost structure with the introduction of new technology. Unfortunately, data on the private provision of payment processing services are not available. However, the Federal Reserve provides similar services and collects data on its own provision of payments processing, offering an opportunity to gain insights into the cost structure of payments ...
Working Papers (Old Series) , Paper 0213

Discussion Paper
How the Largest Bank Holding Companies Grew: Organic Growth or Acquisitions?

In this note, we decompose growth into that related to mergers and acquisitions (M&A) and to all other sources; discuss factors that have affected growth and consolidation; describe our data sources and methodology; and present results.
FEDS Notes , Paper 2018-12-21-4

Discussion Paper
Do Marketplace Lending Platforms Offer Lower Rates to Consumers?

This note analyzes interest rates of loans from the two largest P2P platforms, Lending Club and Prosper, to observe their potential benefits to borrowers.
FEDS Notes , Paper 2018-10-22

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