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Working Paper
Superstar Economists: Coauthorship networks and research output
Hsieh, Chih-Sheng; König, Michael D.; Zimmermann, Christian; Liu, Xiaodong (2018-10-09)
We study the impact of research collaborations in coauthorship networks on research output and how optimal funding can maximize it. Through the links in the collaboration network, researchers create spillovers not only to their direct coauthors but also to researchers indirectly linked to them. We characterize the equilibrium when agents collaborate in multiple and possibly overlapping projects. We bring our model to the data by analyzing the coauthorship network of economists registered in the RePEc Author Service. We rank the authors and research institutions according to their contribution ...
Working Papers , Paper 2018-28

Journal Article
Subjective Assessment of Managerial Performance and Decisionmaking in Banking
Coster, Daniel; Dahl, Drew (2022-07-14)
We examine subjective supervisory assessments of managerial performance in the banking industry. Results of empirical tests show that better assessments are (i) positively associated with decisions made by examiners to upgrade relatively objective bank performance ratings; (ii) negatively associated with decisions made by examiners to downgrade relatively objective bank performance ratings; and (iii) positively associated with decisions made by bank holding company managers to distribute resources among subsidiary banks. These results are consistent with the finding that soft information ...
Review , Volume 104 , Issue 3 , Pages 210-223

Working Paper
Intermediation in Networks
Siedlarek, Jan-Peter (2015-10-09)
I study intermediation in networked markets using a stochastic model of multilateral bargaining in which players compete on different routes through the network. I characterize stationary equilibrium payoffs as the fixed point of a set of intuitive value function equations and study efficiency and the impact of network structure on payoffs. There is never too little trade but there may be an inefficiency through too much trade in states where delay would be efficient. With homogeneous trade surplus the payoffs for players that are not essential to a trade opportunity go to zero as trade ...
Working Papers (Old Series) , Paper 1518

Report
Information and Market Power in DeFi Intermediation
Azar, Pablo D.; Casillas, Adrian; Farboodi, Maryam (2024-05-01)
The decentralized nature of blockchain markets has given rise to a complex and highly heterogeneous market structure, gaining increasing importance as traditional and decentralized (DeFi) finance become more interconnected. This paper introduces the DeFi intermediation chain and provides theoretical and empirical evidence for private information as a key determinant of intermediation rents. We propose a repeated bargaining model that predicts that profit share of Ethereum market participants is positively correlated with their private information, and employ a novel instrumental variable ...
Staff Reports , Paper 1102

Working Paper
Filling in the Blanks: Network Structure and Interbank Contagion
von Peter, Goetz; Craig, Ben R.; Anand, Kartik (2014-10-02)
The network pattern of financial linkages is important in many areas of banking and finance. Yet bilateral linkages are often unobserved, and maximum entropy serves as the leading method for estimating counterparty exposures. This paper proposes an efficient alternative that combines information-theoretic arguments with economic incentives to produce more realistic interbank networks that preserve important characteristics of the original interbank market. The method loads the most probable links with the largest exposures consistent with the total lending and borrowing of each bank, yielding ...
Working Papers (Old Series) , Paper 1416

Working Paper
Interbank Connections, Contagion and Bank Distress in the Great Depression
Wheelock, David C.; Jaremski, Matthew; Calomiris, Charles W. (2019-01-01)
Liquidity shocks transmitted through interbank connections contributed to bank distress during the Great Depression. New data on interbank connections reveal that banks were much more likely to close when their correspondents closed. Further, after the Federal Reserve was established, banks? management of cash and capital buffers was less responsive to network risk, suggesting that banks expected the Fed to reduce network risk. Because the Fed?s presence removed the incentives for the most systemically important banks to maintain capital and cash buffers that had protected against liquidity ...
Working Papers , Paper 2019-001

Report
Payment networks in a search model of money
Skeie, David R.; Orlando, Michael J.; Martin, Antoine (2006-10-01)
In a simple search model of money, we study a special kind of memory that gives rise to an arrangement resembling a payment network. Specifically, we assume that agents can pay a cost to access a central database that tracks payments made and received. Incentives must be provided to agents to access the central database and to produce when they participate in this arrangement. We also study policies that can loosen these incentive constraints. In particular, we show that a "no-surcharge" rule has good incentive properties. Finally, we compare our model with that of Cavalcanti and Wallace.
Staff Reports , Paper 263

Working Paper
The Role of Interbank Relationships and Liquidity Needs
Tumer-Alkan, Gunseli; Craig, Ben R.; Fecht, Falko (2014-10-17)
In this paper, we focus on the interconnectedness of banks and the price they pay for liquidity. We assess how the concentration of credit relationships and the position of a bank in the network topology of the system influence the bank?s ability to meet its liquidity demand. We use quarterly data of bilateral interbank credit exposures between all German banks from 2000 to 2008 to measure interbank relationships and the network characteristics. We match these data with the bids placed by the individual banks in the European Central Bank?s (ECB) weekly repo auctions. The bids measure each ...
Working Papers (Old Series) , Paper 1421

Working Paper
The Founding of the Federal Reserve, the Great Depression and the Evolution of the U.S. Interbank Network
Wheelock, David C.; Jaremski, Matthew (2019-01-17)
Financial network structure is an important determinant of systemic risk. This paper examines how the U.S. interbank network evolved over a long and important period that included two key events: the founding of the Federal Reserve and the Great Depression. Banks established connections to correspondents that joined the Federal Reserve in cities with Fed offices, initially reducing overall network concentration. The network became even more focused on Fed cities during the Depression, as survival rates were higher for banks with more existing connections to Fed cities, and as survivors ...
Working Papers , Paper 2019-2

Working Paper
Identifying Contagion in a Banking Network
Wilson, Mungo; Zikes, Filip; Vasios, Michalis; Morrison, Alan (2017-08-15)
We present the first micro-level evidence of the transmission of shocks through financial networks. Using the network of credit default swap (CDS) transactions between banks, we identify bank CDS returns attributable to counterparty losses. A bank's own CDS spread increases whenever counterparties from whom it has purchased default protection themselves experience losses. We find no such effect from losses of non-counterparties, nor from counterparties to whom the bank has sold protection. The effect on bank CDS returns through this counterparty loss channel is large relative to the direct ...
Finance and Economics Discussion Series , Paper 2017-082

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