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Speech
Panel Remarks: Supervisory and Regulatory Action to Support the Economy and Protect Consumers
Stiroh, Kevin J. (2020-04-23)
Panel Remarks at The Fed and Main Street during the Coronavirus Pandemic, WebEx event, April 23, 2020.
Speech

Journal Article
Is the United States losing its productivity advantage?
Amiti, Mary; Stiroh, Kevin J. (2007-09)
Strikingly high rates of labor productivity growth in China, India, and other emerging economies have prompted concerns that U.S. workers and firms are losing ground to their competitors in world markets. A closer look at the evidence, however, suggests that rapid foreign productivity growth will bring gains as well as losses to the U.S. economy. Some import-competing firms may be compelled to restructure or leave the market, but consumers will benefit from lower import prices and more import varieties, and U.S. exporters may gain access to cheaper intermediate products from abroad.
Current Issues in Economics and Finance , Volume 13 , Issue Sep

Journal Article
Why we do what we do: the views of bankers, insurers, and securities firms on specialization and diversification
Castellano, Michael J.; Stiroh, Kevin J.; Heckinger, Richard; Hendricks, Darryll; Candito, Tony (2000-10)
Economic Policy Review , Issue Oct , Pages 81-87

Speech
The Impact of the Pandemic on Cultural Capital in the Finance Industry
Stiroh, Kevin J. (2020-11-16)
Remarks at the Risk USA Conference (delivered via videoconference).
Speech

Journal Article
What drives productivity growth?
Stiroh, Kevin J. (2001-03)
Economists have long debated the best way to explain the sources of productivity growth. Neoclassical theory and "new growth" theory both regard investment?broadly defined to include purchases of tangible assets, human capital expenditures, and research and development efforts?as a critical source of productivity growth, but they differ in fundamental ways. Most notably, the neoclassical framework focuses on diminishing and internal returns to aggregate capital, while new growth models emphasize constant returns to capital that may yield external benefits. This article finds that despite ...
Economic Policy Review , Issue Mar , Pages 37-59

Speech
Climate Change and Risk Management in Bank Supervision
Stiroh, Kevin J. (2020-03-04)
Remarks at Risks, Opportunities, and Investment in the Era of Climate Change, Harvard Business School, Boston, Massachusetts.
Speech

Speech
A Microprudential Perspective on the Financial Risks of Climate Change
Stiroh, Kevin J. (2020-11-10)
Remarks at the 2020 Climate Risk Symposium, Global Association of Risk Professionals (delivered via videoconference).
Speech

Journal Article
Will the U.S. productivity resurgence continue?
Stiroh, Kevin J.; Ho, Mun S.; Jorgenson, Dale W. (2004-12)
U.S. productivity growth has accelerated in recent years, despite a series of negative economic shocks. An analysis of the sources of this growth over the 1995-2003 period suggests that the production and use of information technology account for a large share of the gains. The authors project that during the next decade, private sector productivity growth will continue at a rate of 2.6 percent per year, a significant increase from their 2002 projection of 2.2 percent growth.
Current Issues in Economics and Finance , Volume 10 , Issue Dec

Journal Article
The role of retail banking in the U.S. banking industry: risk, return, and industry structure
Williams, Robard; Hirtle, Beverly; Stiroh, Kevin J.; Clark, Timothy; Dick, Astrid A. (2007-12)
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 ...
Economic Policy Review , Volume 13 , Issue Dec , Pages 39-56

Report
The return to retail and the performance of U.S. banks
Hirtle, Beverly; Stiroh, Kevin J. (2005)
The U.S. banking industry is experiencing a renewed focus on retail banking, a trend often attributed to the stability and profitability of retail activities. This paper examines the impact of banks' retail intensity on performance from 1997 to 2004 by developing three complementary definitions of retail intensity (retail loan share, retail deposit share, and branches per dollar of assets) and comparing these measures with both equity market and accounting measures of performance. We find that an increased focus on retail banking across U.S. banks is linked to significantly lower equity ...
Staff Reports , Paper 233

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