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Working Paper
Forward-looking and Incentive-compatible Operational Risk Capital Framework
Migueis, Marco (2017-08-22)
This paper proposes an alternative framework to set banks? operational risk capital, which allows for forward-looking assessments and limits gaming opportunities by relying on an incentive-compatible mechanism. This approach would improve upon the vulnerability to gaming of the AMA and the lack of risk-sensitivity of BCBS?s new standardized approach for operational risk.
Finance and Economics Discussion Series , Paper 2017-087

Journal Article
Stylized Facts on the Organization of Small Business Partnerships
Espino, Emilio; Sanchez, Juan M.; Kozlowski, Julian (2016)
The authors study the internal organization of small business partnerships and focus on the number of owners and ownership structure and the dynamics of these variables. They find that partnerships tend to have a small number of owners with equal distribution of ownership shares. Moreover, while partnerships with equally distributed shares tend to keep this distribution constant, those with unequally distributed shares tend to move toward more equal distribution over time. The authors highlight that these facts are in line with the theory of private information in small business partnerships ...
Review , Volume 98 , Issue 4 , Pages 297-310

Working Paper
Extended Loan Terms and Auto Loan Default Risk
Cordell, Lawrence R.; An, Xudong; Tang, Sharon (2020-05-20)
A salient feature of the $1.2 trillion auto-loan market is the extension of loan maturity terms in recentyears. Using a large, national sample of auto loans from the entire auto market, we find that the default rates on six- and seven-year loans are multiple times that of shorter five-year term loans. Most of the default risk difference is due to borrower risks associated with longer-term loans, as those longer-term auto borrowers are more credit and liquidity constrained. We also find borrowers’ loan-term choice to be endogenous and that the endogeneity bias is substantial in conventional ...
Working Papers , Paper 20-18

Discussion Paper
What Do Financial Conditions Tell Us about Risks to GDP Growth?
Boyarchenko, Nina; Adams, Patrick A.; http://fedora:8080/fcrepo/rest/objects/authors/; Liang, J. Nellie; Giannone, Domenico; Adrian, Tobias (2020-05-21)
The economic fallout from the COVID-19 pandemic has been sharp. Real U.S. GDP growth in the first quarter of 2020 (advance estimate) was -4.8 percent at an annual rate, the worst since the global financial crisis in 2008. Most forecasters predict much weaker growth in the second quarter, ranging widely from an annual rate of -15 percent to -50 percent as the economy pauses to allow for social distancing. Although growth is expected to begin its rebound in the third quarter absent a second wave of the pandemic, the speed of the recovery is highly uncertain. In this post, we estimate the risks ...
Liberty Street Economics , Paper 20200521

Working Paper
Levered Returns and Capital Structure Imbalances
Ippolito, Filippo; Villa, Alessandro (2022-01-08)
We revisit the relation between equity returns and financial leverage through the lens of a dynamic trade-off model with costly capital structure rebalancing. The model predicts that expected equity returns depend on whether a firm's leverage is above or below its target leverage. We provide empirical evidence in support of the model predictions. Controlling for leverage, overlevered (underlevered) firms earn higher (lower) returns. A quantitative version of our model reproduces key facts about capital structure rebalancing and equity returns for U.S. corporations. Overall, our results ...
Working Paper Series , Paper WP 2022-42

Report
Banking globalization, transmission, and monetary policy autonomy
Goldberg, Linda S. (2013-09-01)
International financial linkages, particularly through global bank flows, generate important questions about the consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I address the monetary autonomy issue in the context of the international policy trilemma: Countries seek three typically desirable but jointly unattainable objectives?stable exchange rates, free international capital mobility, and monetary policy autonomy oriented toward, and effective at, achieving domestic goals. I argue that global banking entails some ...
Staff Reports , Paper 640

Discussion Paper
Blockchain and Financial Market Innovation
Lewis, Rebecca; Ranjan, Rajeev; McPartland, John (2017-06-01)
Blockchain technology is likely to be a key source of future financial market innovation. It allows the creation of immutable records of transactions accessible by all participants in a network. A blockchaindatabase is made up of a number of blocks “chained” together through a reference in each block to the previous block. Each block records one or more transactions, which are essentially changes in the listed owner of assets. New blocks are added to the existing chain through a consensus mechanism in which members of the blockchain network confirm transactions as valid.While all are in ...
Policy Discussion Paper Series

Journal Article
Financial services used by small businesses: evidence from the 2003 Survey of Small Business Finances
Wolken, John D.; Mach, Traci L. (2006-10)
Federal Reserve Bulletin , Volume 92 , Issue Oct

Working Paper
An Estimated Structural Model of Entrepreneurial Behavior
Pratap, Sangeeta; Jones, John Bailey (2017-05-08)
Using a rich panel of owner-operated New York dairy farms, we provide new evidence on entrepreneurial behavior. We formulate a dynamic model of farms facing uninsured risks and financial constraints. Farmers derive nonpecuniary benefits from operating their businesses. We estimate the model via simulated minimum distance, matching both production and financial data. We find that financial factors and nonpecuniary benefits are of first-order importance. Collateral constraints and liquidity restrictions inhibit borrowing and the accumulation of capital. The nonpecuniary benefits to farming are ...
Working Paper , Paper 17-7

Working Paper
Did life insurers benefit from TARP or regulatory forbearance during the financial crisis of 2008–2009?
Barnes, Michelle L. (2016-10-25)
Life insurers? odds of being placed under regulatory control (for example, conservatorship or receivership) during the financial crisis years of 2008 and 2009 increased with deteriorating fundamentals at a much higher rate than during normal times or during the previous recession. However, no life insurer in the sample belonging to a life insurance holding company system (LIHCS) in receipt of TARP funds experienced such insolvency issues, and life insurers with poor and deteriorating performance that belonged to a LIHCS in receipt of TARP funds received increased capital inflows during the ...
Working Papers , Paper 16-24

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