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Discussion Paper
Market Failures and Official Sector Interventions
Kovner, Anna; Martin, Antoine (2020-09-23)
In the United States and other free market economies, the official sector typically has minimal involvement in market activities absent a clear rationale to justify intervention, such as a market failure. In this post, we consider arguments for official sector intervention, focusing on the market failure arising from externalities related to business closures. These externalities are likely to be particularly high for closures arising from pandemic-related economic disruptions. We discuss how the official sector, including institutions such as Congress and the Treasury, can increase social ...
Liberty Street Economics , Paper 20200923

Discussion Paper
Expanding the Toolkit: Facilities Established to Respond to the COVID-19 Pandemic
Kovner, Anna; Martin, Antoine (2020-09-22)
The Federal Reserve’s response to the coronavirus pandemic has been unprecedented in its size and scope. In a matter of months, the Fed has, among other things, cut the federal funds rate to the zero lower bound, purchased a large amount of Treasury securities and agency mortgage‑backed securities (MBS) and, together with the U.S. Treasury, introduced several lending facilities. Some of these facilities are very similar to ones introduced during the 2007-09 financial crisis while others are completely new. In this post, we argue that the new facilities, while unprecedented, are a natural ...
Liberty Street Economics , Paper 20200922

Report
Supervising large, complex financial companies: what do supervisors do?
Lucca, David O.; Haughwout, Andrew F.; Hirtle, Beverly; Eisenbach, Thomas M.; Kovner, Anna; Plosser, Matthew (2015-05-01)
The Federal Reserve is responsible for the prudential supervision of bank holding companies (BHCs) on a consolidated basis. Prudential supervision involves monitoring and oversight to assess whether these firms are engaged in unsafe or unsound practices, as well as ensuring that firms are taking corrective actions to address such practices. Prudential supervision is interlinked with, but distinct from, regulation, which involves the development and promulgation of the rules under which BHCs and other regulated financial intermediaries operate. This paper describes the Federal Reserve?s ...
Staff Reports , Paper 729

Speech
Panel Remarks: The Fed and Main Street during the Coronavirus Pandemic
Kovner, Anna (2020-04-23)
Panel Remarks at The Fed and Main Street during the Coronavirus Pandemic, WebEx event, April 23, 2020.
Speech

Journal Article
Opinion: Banks and the Commercial Real Estate Challenge
Kovner, Anna (2024-10)
Even though years have passed since the major disruptions of the COVID-19 pandemic, it's clear that demand has been hard hit for some types of commercial real estate — especially downtown office buildings. Researchers at the Richmond Fed surveyed employers in March and found that more than a third expect employees to be on site three days a week or fewer. Asset values have adjusted accordingly to this change in demand. One measure of these price declines comes from publicly traded office real estate investment trusts (REITs), where values have fallen by more than 30 percent since early 2022.
Econ Focus , Volume 24 , Issue 4Q , Pages 32

Discussion Paper
Can I Speak to Your Supervisor? The Importance of Bank Supervision
Hirtle, Beverly; Kovner, Anna (2024-04-15)
In March of 2023, the U.S. banking industry experienced a period of significant turmoil involving runs on several banks and heightened concerns about contagion. While many factors contributed to these events—including poor risk management, lapses in firm governance, outsized exposures to interest rate risk, and unrecognized vulnerabilities from interconnected depositor bases, the role of bank supervisors came under particular scrutiny. Questions were raised about why supervisors did not intervene more forcefully before problems arose. In response, supervisory agencies, including the Federal ...
Liberty Street Economics , Paper 20240415

Discussion Paper
Implications of the COVID-19 Disruption for Corporate Leverage
An, Sungmin; Luck, Stephan; Kovner, Anna (2020-08-10)
The COVID-19 pandemic has caused significant economic disruptions among U.S. corporations. In this post, we study the preliminary impact of these disruptions on the cash flow and leverage of public U.S. corporations using public filings through April 2020. We find that the pandemic had a negative impact on cash flow while also reducing corporations’ interest expenses. However, the cash flow shock far outpaced the benefits of lower interest payments, especially in industries that were disproportionately levered. Looking ahead, we find that a sizable share of U.S. corporations have interest ...
Liberty Street Economics , Paper 20200810

Discussion Paper
Doing Well by Doing Good? Community Development Venture Capital
Kovner, Anna (2012-11-21)
In a new working paper, Josh Lerner and I explore how the venture capital (VC) model can be harnessed to achieve socially targeted ends by examining the investment record of community development venture capital (CDVC) firms. Our results are mixed. Investments made by CDVC firms are less likely to succeed than are investments made by traditional VC firms. This lower probability of success persists even after controlling for the fact that CDVC firms invest in industries and geographies that have, on average, lower success rates. However, we do find that CDVC firms have the benefit of bringing ...
Liberty Street Economics , Paper 20121121

Discussion Paper
Municipal Debt Markets and the COVID-19 Pandemic
Cipriani, Marco; Haughwout, Andrew F.; La Spada, Gabriele; Kovner, Anna; Nee, Shawn; http://fedora:8080/fcrepo/rest/objects/authors/; Hyman, Benjamin (2020-06-29)
In March, with the outbreak of the COVID-19 pandemic in the United States, the market for municipal securities was severely stressed: mutual fund redemptions sparked unprecedented selling of municipal securities, yields increased sharply, and issuance dried up. In this post, we describe the evolution of municipal bond market conditions since the onset of the COVID-19 crisis. We show that conditions in municipal markets have improved significantly, in part a result of the announcement and implementation of several Federal Reserve facilities. Yields have decreased substantially, mutual funds ...
Liberty Street Economics , Paper 20200629

Discussion Paper
Are BHCs Mimicking the Fed's Stress Test Results?
Kovner, Anna; Hirtle, Beverly; Deng, Angela (2015-09-21)
In March, the Federal Reserve and thirty-one large bank holding companies (BHCs) disclosed their annual Dodd-Frank Act stress test (DFAST) results. This is the third year in which both the BHCs and the Fed have published their projections. In a previous post, we looked at whether the Fed’s and the BHCs’ stress test results are converging in the aggregate and found mixed results. In this post, we look at stress test projections made by individual BHCs. If the Fed’s projections are very different from a BHC’s in one year, do the BHC projections change in the following year to close this ...
Liberty Street Economics , Paper 20150921

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