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Author:Styczynski, Mary-Frances 

Working Paper
The Effect of the PPPLF on PPP Lending by Commercial Banks

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

Discussion Paper
The Effects of Liquidity Regulation on Participation in the Term Deposit Facility

We find that banks subject to the Liquidity Coverage Ratio (LCR) submit tenders relatively more often than banks not subject to it in operations that allow banks to withdraw funds prior to the maturity date.
FEDS Notes , Paper 2015-06-19

Working Paper
The Effects of Liquidity Regulation on Bank Demand in Monetary Policy Operations

We estimate the effects of the liquidity coverage ratio (LCR), a liquidity requirement for banks, on the tenders that banks submit in Term Deposit Facility operations, a Federal Reserve tool created to manage the quantity of bank reserves. We identify these effects using variation in LCR requirements across banks and a change over time that allowed term deposits to count toward the LCR. Banks subject to the LCR submit tenders more often and submit larger tenders than exempt banks when term deposits qualify for the LCR. These results suggest that liquidity regulation affects bank demand in ...
Finance and Economics Discussion Series , Paper 2016-090

Discussion Paper
Approaches to Estimating Aggregate Demand for Reserve Balances

This note describes our approach in estimating aggregate reserve demand using survey-reported data and two methods to account for sampling and non-sampling error, concluding with a discussion of some important items for consideration. 
FEDS Notes , Paper 2019-10-17

Discussion Paper
Estimating System Demand for Reserve Balances Using the 2018 Senior Financial Officer Survey

In this Note, we introduce a range of estimates of the banking system’s contemporary demand for reserves based on newly available, confidential micro data from a Senior Financial Officer Survey (SFOS) conducted by the Federal Reserve in September 2018.
FEDS Notes , Paper 2019-04-09

Discussion Paper
How Have the Fed's Three Rate Hikes Passed Through to Selected Short-term Interest Rates?

Since December 2015, the Federal Open Market Committee (FOMC) has increased the target range for the federal funds rate by 25 basis points three times, bringing the target range from 0 to 25 basis points in late 2015 to 75 to 100 basis points in March 2017. This Note examines how this cumulative 75 basis point increase in the target range for the Fed's policy rate has transmitted to other short-term interest rates.
FEDS Notes , Paper 2017-06-02

Discussion Paper
The Cleared Bilateral Repo Market and Proposed Repo Benchmark Rates

As described in a recent statement and blog post, the Federal Reserve Bank of New York (FRBNY), in cooperation with the Office of Financial Research (OFR), is considering the publication of several new benchmark rates for overnight Treasury general collateral repurchase agreement (repo) transactions in order to enhance market transparency and efficiency by improving the quality and breadth of repo market information available to the public. This note sheds light on another important segment of the overnight repo market – the segment of the bilateral repo market cleared by FICC – based on ...
FEDS Notes , Paper 2017-02-27-2

Discussion Paper
Demand for Voluntary Balance Requirements: The U.S. Experience with Contractual Clearing Balances from 2000 to 2007

In this note, we explore the factors contributing to bank demand for contractual clearing balances from 2000 to 2007.
FEDS Notes , Paper 2017-01-04


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