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Author:Morgan, Donald P. 

Conference Paper
Bond market discipline of banks

Proceedings , Paper 687

Working Paper
Bank monitoring mitigates agency problems: new evidence using the financial covenants in bank loan commitments

Research Working Paper , Paper 93-16

Discussion Paper
Crisis Chronicles: The Gold Panic of 1869, America’s First Black Friday

Wall Street in the late 1860s was a bare-knuckles affair plagued by robber barons, political patronage, and stock manipulation. In perhaps the most scandalous instance of manipulation ever, a cabal led by Jay Gould, a successful but ruthless railroad executive and speculator, and several highly placed political contacts, conspired to corner the gold market. Although ultimately foiled, they succeeded in bankrupting several venerable brokerage houses and crashing the stock market, causing America?s first Black Friday.
Liberty Street Economics , Paper 20160115

Discussion Paper
Stress Test Success and Bank Opacity

In contemplating the recent financial panic, it is easy to get lost in the weeds of repo markets and asset-backed securities and lose sight of the fact that, at the fundamental level, the panic was about inadequate information. Investors were uncertain about what particular assets were worth, and they were uncertain about which banks were exposed to those assets and to what degree. They were also uncertain about how the government would handle undercapitalized banks. It was against this background that the Treasury announced in February 2009 that the nineteen largest U.S. bank holding ...
Liberty Street Economics , Paper 20110525

Conference Paper
The credit cycle and the business cycle: new findings using the \\"lost\\" series on commercial credit standards

Proceedings , Paper 813

Discussion Paper
Fear of $10 Billion

Ten billion has become a big number in banking since the Dodd-Frank Act of 2010. When banks? assets exceed that threshold, they face considerably heightened supervision and regulation, including exams by the Consumer Financial Protection Bureau, caps on interchange fees, and annual stress tests. There are plenty of anecdotes about banks avoiding the $10 billion threshold or waiting to cross with a big merger, but we?ve seen no systematic evidence of this avoidance behavior. We provide some supporting evidence below and then discuss the implications for size-based bank regulation?where ...
Liberty Street Economics , Paper 20161003

Discussion Paper
Introducing a Series on Large and Complex Banks

The chorus of criticism levied against mega-banks has, in some cases, outrun the research needed to back the criticism. To help the research catch up with the rhetoric, financial economists here at the New York Fed have engaged in a systematic study of the economics of large and complex banks and their resolution in the event of failure. The result of those efforts is a collection of eleven papers, each of which was subject to review (internal and external). The papers are now online in our Economic Policy Review. Today, we begin a two-week series of posts that present the key findings of ...
Liberty Street Economics , Paper 201404325b

Price-increasing competition: the curious case of overdraft versus deferred deposit credit

We find that banks charge more for overdraft credit when depositors have access to a potential substitute: deferred deposit ("payday") credit. We attribute this rise in prices partly to adverse selection created by banks' practice of charging a flat fee regardless of the overdraft amount--pricing that favors depositors prone to large overdrafts. When deferred deposit credit priced per dollar borrowed is available, depositors prone to small overdrafts switch to that option. That selection works against banks; large overdrafts cost more to supply and, if depositors default, banks lose more, ...
Staff Reports , Paper 391

Discussion Paper
Crisis Chronicles: The British Export Bubble of 1810 and Pegged versus Floating Exchange Rates

In the early 1800s, Napoleon’s plan to defeat Britain was to destroy its ability to trade. The plan, however, was initially foiled. After Britain helped the Portuguese government flee Napoleon in 1807, the Portuguese returned the favor by opening Brazil to British exports—a move that caused trade to boom. In addition, Britain was able to circumvent Napoleon’s continental blockade by means of a North Sea route through the Baltics, which provided continental Europe with a conduit for commodities from the Americas. But when Britain’s trade via the North Sea was interrupted in 1810, the ...
Liberty Street Economics , Paper 20140905

Discussion Paper
Reframing the Debate about Payday Lending

Except for the ten to twelve million people who use them every year, just about everybody hates payday loans. Their detractors include many law professors, consumer advocates, members of the clergy, journalists, policymakers, and even the President! But is all the enmity justified? We show that many elements of the payday lending critique?their ?unconscionable? and ?spiraling? fees and their ?targeting? of minorities?don?t hold up under scrutiny and the weight of evidence. After dispensing with those wrong reasons to object to payday lenders, we focus on a possible right reason: the tendency ...
Liberty Street Economics , Paper 20151019a


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