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Speech
Responding to economic crises: good intentions, bad incentives, and ugly results: a speech at The Union League of Philadelphia, October 20, 2010
Plosser, Charles I. (2010-10-20)
Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia> The Union League of Philadelphia, October 20, 2010
Speech , Paper 44

Speech
Guiding Principles for Financial Regulation; Panel Remarks at \"The Future of Global Finance: Populism, Technology, and Regulation\" Conference, Columbia University, New York, NY
Mester, Loretta J. (2017-10-20)
At times, the regulatory framework that has arisen since the global financial crisis can seem like the game of fizzbin (appeared in the original Star Trek TV Show) ? very complicated, seemingly without rationale, and constantly changing. In such an environment, sometimes it helps to take a step back and focus on some underlying principles that should serve as a foundation for any financial regulatory framework, and that can help guide any potential changes to strengthen the framework and promote cross-country harmonization.
Speech , Paper 87

Working Paper
Credit Ratings, Private Information, and Bank Monitoring Ability
Nakamura, Leonard I.; Roszbach, Kasper (2016-06-16)
In this paper, we use credit rating data from two large Swedish banks to elicit evidence on banks' loan monitoring ability. For these banks, our tests reveal that banks' internal credit ratings indeed include valuable private information from monitoring, as theory suggests. Banks' private information increases with the size of loans.
Working Papers , Paper 16-14

Working Paper
Efficient bailouts?
Bianchi, Javier (2012)
This paper develops a non-linear DSGE model to assess the interaction between ex-post interventions in credit markets and the build-up of risk ex ante. During a systemic crisis, bailouts relax balance sheet constraints and mitigate the severity of the recession. Ex ante, the anticipation of such bailouts leads to an increase in risk-taking, making the economy more vulnerable to a financial crisis. The optimal policy requires, in general, a mix of ex-post intervention and ex-ante prudential policy. We also analyze the effects of bailouts on financial stability and welfare in the absence of ...
Globalization Institute Working Papers , Paper 133

Journal Article
Seeking stability: what's next for banking regulation?
Cociuba, Simona E. (2009)
Despite improvements over the years, capital regulation failed to ensure stability of the financial system in the crisis that flared in the summer of 2007. The billions of dollars of write-downs on assets related to subprime mortgages raised fears of insolvency and led to lending freezes and liquidity problems at many institutions. ; Some banks heavily reliant on short-term funding, such as Britain's Northern Rock, experienced runs. Others found themselves with a need to replenish rapidly deteriorating capital positions. All in all, the recent events underscore the need for further revisions ...
Economic Letter , Volume 4

Working Paper
Financial Stability Implications of CBDC
Carapella, Francesca; Chang, Jin-Wook; Infante, Sebastian; Leistra, Melissa; Lubis, Arazi; Vardoulakis, Alexandros (2024-04-12)
A Central Bank Digital Currency (CBDC) is a form of digital money that is denominated in the national unit of account, constitutes a direct liability of the central bank, and can be distinguished from other central bank liabilities. We examine the positive and negative implications for financial stability of a CBDC under different design options. We base our analysis on the lessons derived from historical case studies as well as on analytical frameworks useful to characterize the mechanisms through which a CBDC can affect financial stability. We further discuss various policy tools that can ...
Finance and Economics Discussion Series , Paper 2024-021

Working Paper
Is the Rent Too High? Aggregate Implications of Local Land-Use Regulation
Bunten, Devin (2017-06)
Highly productive U.S. cities are characterized by high housing prices, low housing stock growth, and restrictive land-use regulations (e.g., San Francisco). While new residents would benefit from housing stock growth in cities with highly productive firms, existing residents justify strict local land-use regulations on the grounds of congestion and other costs of further development. This paper assesses the welfare implications of these local regulations for income, congestion, and urban sprawl within a general-equilibrium model with endogenous regulation. In the model, households choose ...
Finance and Economics Discussion Series , Paper 2017-064

Working Paper
Bank Complexity, Governance, and Risk
Goldberg, Linda S.; Correa, Ricardo (2020-07-02)
Bank holding companies (BHCs) can be complex organizations, conducting multiple lines of business through many distinct legal entities and across a range of geographies. While such complexity raises the the costs of bank resolution when organizations fail, the effect of complexity on BHCs' broader risk profiles is less well understood. Business, organizational, and geographic complexity can engender explicit trade-offs between the agency problems that increase risk and the diversification, liquidity management, and synergy improvements that reduce risk. The outcomes of such trade-offs may ...
International Finance Discussion Papers , Paper 1287

Working Paper
Where Are All the New Banks? The Role of Regulatory Burden in New Charter Creation
Adams, Robert M.; Gramlich, Jacob P. (2014-12-16)
New bank formation in the U.S. has declined dramatically since the financial crisis, from well over 100 new banks per year to less than 1. Many have suggested that this is due to newly-instituted regulation, but the current weak economy and low interest rates (which both depress banking profits) could also have played a role. We estimate a model of bank entry decisions on data from 1976 to 2013 which indicates that at least 75% of the decline in new bank formation would have occurred without any regulatory change. The standalone effect of regulation is more difficult to quantify.
Finance and Economics Discussion Series , Paper 2014-113

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