Journal Article
Cyclical Properties of Bank Margins: Small versus Large Banks
Grochulski, Borys; Zhang, Yuzhe; Schwam, Daniel (2018-01)
We study cyclical properties of the net interest margin (NIM) in the US banking sector in the aggregate as well as separately for small and large banks. In the aggregate and among large banks, NIM is countercyclical. Among small banks, however, NIM is procyclical. Further, we find that this result is driven by differences in the cyclical dynamics of small and large banks' funding costs rather than asset yields.
Economic Quarterly , Issue 1Q , Pages 1-33

Journal Article
Recent Spike in Immigration and Easing Labor Markets
Duzhak, Evgeniya A. (2024-07-15)
The Congressional Budget Office recently raised its demographic projections for net U.S. immigration. Most of the increase in the projections came from undocumented immigrants. Updating the CBO estimates with recent data points shows a continuing strong inflow of undocumented migrants. Analysis linking the revised estimates for this group to labor market statistics shows that immigrants joining the workforce are likely to have modestly eased labor market tightness.
FRBSF Economic Letter , Volume 2024 , Issue 19 , Pages 6