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Working Paper
The Effect of the PPPLF on PPP Lending by Commercial Banks
Anbil, Sriya; Carlson, Mark A.; Styczynski, Mary-Frances (2021-05-05)
We analyze whether the Federal Reserve's Paycheck Protection Program Liquidity Facility (PPPLF) was successful in bolstering the ability of commercial banks to provide credit to small businesses under the Small Business Administration's Paycheck Protection Program (PPP). Using an instrumental variables approach, we find a causal effect of the facility boosting PPP lending. On average, commercial banks that used the PPPLF extended over twice as many PPP loans, relative to their total assets, as banks that did not use the PPPLF. Our instrument is a measure of banks' familiarity with the ...
Finance and Economics Discussion Series , Paper 2021-030

Working Paper
A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-1954
Wheelock, David C.; Anbil, Sriya; Carlson, Mark A.; Hanes, Christopher (2020-07-13)
This article describes the origins and development of the federal funds market from its inception in the 1920s to the early 1950s. We present a newly digitized daily data series on the federal funds rate that covers the period from April 1928 through June 1954. We compare the behavior of the funds rate with other money market interest rates and the Federal Reserve discount rate. Our federal funds rate series will enhance the ability of researchers to study an eventful period in U.S. financial history and to better understand how monetary policy was transmitted to banking and financial ...
Working Papers , Paper 2020-016

Journal Article
The Fed's First (and Lasting) Job: Lender of Last Resorts
Wheelock, David C.; Carlson, Mark A. (2013-04)
Forefront , Issue Spring , Pages 5-8

Working Paper
Near-Money Premiums, Monetary Policy, and the Integration of Money Markets : Lessons from Deregulation
Carlson, Mark A.; Wheelock, David C. (2016-06)
The 1960s and 1970s witnessed rapid growth in the markets for new money market instruments, such as negotiable certificates of deposit (CDs) and Eurodollar deposits, as banks and investors sought ways around various regulations affecting funding markets. In this paper, we investigate the impacts of the deregulation and integration of the money markets. We find that the pricing and volume of negotiable CDs and Eurodollars issued were influenced by the availability of other short-term safe assets, especially Treasury bills. Banks appear to have issued these money market instruments as ...
Finance and Economics Discussion Series , Paper 2016-077

Working Paper
Liquidity Requirements, Free-Riding, and the Implications for Financial Stability Evidence from the Early 1900s
Carlson, Mark A.; Jaremski, Matthew (2018-03-09)
Maintaining sufficient liquidity in the financial system is vital for financial stability. However, since returns on liquid assets are typically low, individual financial institutions may seek to hold fewer such assets, especially if they believe they can rely on other institutions for liquidity support. We examine whether state banks in the early 1900s took advantage of relatively high cash balances maintained by national banks, due to reserve requirements, to hold less cash themselves. We find that state banks did hold less cash in places where both state legal requirements were lower and ...
Finance and Economics Discussion Series , Paper 2018-018

Working Paper
Lessons from the historical use of reserve requirements in the United States to promote bank liquidity
Carlson, Mark A. (2013)
Efforts in the United States to promote bank liquidity through reserve requirements, a minimum ratio of liquid assets relative to liabilities, extend at least as far back as the aftermath of the Panic of 1837. These requirements were quite important during the National Banking Era. Nevertheless, suspensions of deposit convertibility and liquidity shortfalls continued to occur during banking panics. Eventually, efforts to ensure that banks remained liquid resulted in a shift away from reserve requirements in favor of a central bank able to add liquidity to the financial system. This paper ...
Finance and Economics Discussion Series , Paper 2013-11

Journal Article
Profits and balance sheet developments at U.S. commercial banks in 2003
Perli, Roberto; Carlson, Mark A. (2004-04)
Amid a strengthening economic expansion, U.S. commercial banks remained highly profitable in 2003. Return on assets reached a record level for the second year in a row, and return on equity was near the top of its recent range. Banks' profits were bolstered by decreased loan-loss provisions as a rising economy and considerable debt refinancing at very low interest rates led to lower delinquency rates on business and household loans. Fees associated with record mortgage refinancing activity and robust corporate bond issuance boosted non-interest income. Increases in non-interest expense were ...
Federal Reserve Bulletin , Volume 90 , Issue Spring

Working Paper
The Demand for Short-Term, Safe Assets and Financial Stability: Some Evidence and Implications for Central Bank Policies
Carlson, Mark A.; Nelson, William R.; Van den Heuvel, Skander J.; Stein, Jerome L.; Duygan-Bump, Burcu; Ochoa, Marcelo; Natalucci, Fabio M. (2014-11-25)
A number of researchers have recently argued that the growth of the shadow banking system in the years preceding the recent U.S. financial crisis was driven by rising demand for "money-like" claims--short-term, safe instruments (STSI)--from institutional investors and nonfinancial firms. These instruments carry a money premium that lowers their yields. While government securities are an important part of the supply of STSI, financial intermediaries also take advantage of this money premium when they issue certain types of low-risk, short-term debt, such as asset-backed commercial paper or ...
Finance and Economics Discussion Series , Paper 2014-102

Working Paper
Branch banking, bank competition, and financial stability
Carlson, Mark A.; Mitchener, Kris James (2005)
It is often argued that branching stabilizes banking systems by facilitating diversification of bank portfolios; however, previous empirical research on the Great Depression offers mixed support for this view. Analyses using state-level data find that states allowing branch banking had lower failure rates, while those examining individual banks find that branch banks were more likely to fail. We argue that an alternative hypothesis can reconcile these seemingly disparate findings. Using data on national banks from the 1920s and 1930s, we show that branch banking increases competition and ...
Finance and Economics Discussion Series , Paper 2005-20

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