Briefing
The Fed’s Evolving Involvement in the Repo Markets
Ennis, Huberto M.; Huther, Jeff W. (2021-09)
Richmond Fed Economic Brief , Volume 21 , Issue 31

Journal Article
Do we know what we owe? Consumer debt as reported by borrowers and lenders
Haughwout, Andrew F.; Brown, Meta; Lee, Donghoon; Van der Klaauw, Wilbert (2015-21-01)
Household surveys are the source of some of the most widely studied data on consumer balance sheets, with the Survey of Consumer Finances (SCF) generally cited as the leading source of wealth data for the United States. At the same time, recent research questions survey respondents? propensity and ability to report debt characteristics accurately. This study compares household debt as reported by borrowers to the SCF with household debt as reported by lenders to Equifax using the new FRBNY Consumer Credit Panel (CCP). The borrower and lender debt distributions are compared by year, age of ...
Economic Policy Review , Issue 21-1 , Pages 19-44

Firm Debt Structure Can Mitigate Impact of Uncertainty Shock
Ozdagli, Ali K.; Wang, Jianlin; Shah, Sona (2022-08-09)
We found evidence that the way a firm structures its debt can mitigate a significant amount of the negative effects from uncertainty shocks, especially for zombie firms.
Dallas Fed Economics

Briefing
Should the Fed Issue Digital Currency?
Wang, Zhu; Wong, Russell; Romero, Jessie (2021-03)
The United States might benefit from eventually replacing most physical cash with central bank digital currency (CBCD), but first the Federal Reserve must resolve several key policy and implementation issues, such as establishing comparative advantage over private issuers and ensuring safety and soundness.
Richmond Fed Economic Brief , Volume 21 , Issue 10

Briefing
Bank Lending in the Time of COVID
Jarque, Arantxa; Ennis, Huberto M. (2021-02)
We discuss the evolution of bank lending during the first several months of the COVID-19 pandemic. Large domestic banks and foreign-related banks increased significantly their lending to businesses during these months, much of it through existing lines of credit. Small domestic banks played an active role in providing paycheck protection loans. In terms of consumer credit, the stock of banks' residential mortgage loans did not change substantially, and the amount of bank credit flowing directly to consumers decreased.
Richmond Fed Economic Brief , Volume 21 , Issue 05

Briefing
Why Is the U.S. Lagging in Adopting Mobile Payments?
Wang, Zhu; Han, Pengfei (2021-06)
Richmond Fed Economic Brief , Volume 21 , Issue 21

Briefing
Federal Reserve MBS Purchases in Response to the COVID-19 Pandemic
Grochulski, Borys (2020-07)
The Federal Reserve’s purchases of agency mortgage-backed securities — launched in response to financial disruptions caused by COVID-19 — appear to have restored smooth market function supporting the continued flow of credit to mortgage borrowers. However, the amount of purchases necessary to achieve this outcome raises concerns about the resilience of private-market structures that perform this critically important function
Richmond Fed Economic Brief , Volume 20 , Issue 08 , Pages 5pgs.

Briefing
Who Borrows From the Discount Window in "Normal" Times?
Ennis, Huberto M. (2021-03)
New rules mandate the release of transaction-level data on loans at the Federal Reserve's discount window. This higher level of transparency has created an opportunity to learn more about the role of the discount window outside of crisis periods. These data show that larger and less liquid banks use the discount window more actively and that holdings of bank reserves are negatively correlated with discount window borrowing. Access to the discount window affects bank portfolio decisions, in particular holdings of reserves, in subtle ways.
Richmond Fed Economic Brief , Volume 21 , Issue 09