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Interest rate volatility contributed to higher mortgage rates in 2022
Frame, W. Scott; McCormick, Matthew (2023-04-04)
The Federal Reserve aggressively tightened monetary policy in 2022, responding to high and persistent inflation. The resulting borrowing cost increase for households and firms was generally anticipated. However, fixed-rate mortgage interest rates were especially sensitive to the policy regime change.
Dallas Fed Economics

Speech
Calibrating Policy in an Uncertain Time
Daly, Mary C. (2023-04-12)
Remarks delivered at Salt Lake Chamber, Salt Lake City, UT, April 12, 2023, by Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco.
Speech

Speech
Welcoming Remarks, Bank Structure Conference
Moskow, Michael H. (2007-04-17)
Remarks by Michael H. Moskow President and Chief Executive Officer Federal Reserve Bank of Chicago. The Westin Hotel - 909 North Michigan Avenue, Chicago, Illinois 60611 - May 17, 2007.
Speech , Paper 13

Working Paper
Embedded Supervision: How to Build Regulation into Blockchain Finance
Auer, Raphael (2019-10-01)
The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, i.e., a regulatory framework that provides for compliance in tokenized markets to be automatically monitored by reading the market?s ledger, thus reducing the need for firms to actively collect, verify and deliver data. After sketching out a design for such schemes, the paper explores the conditions under which distributed ledger data might be used to monitor compliance. To this end, a decentralized market is modelled ...
Globalization Institute Working Papers , Paper 371

Working Paper
Why Do Firms Pay Different Interest Rates on Their Bank Loans?
Amiti, Mary; Kashyap, Anil K.; Kovner, Anna; Weinstein, David E. (2026-02-20)
We document significant variation in interest rates among similar commercial and industrial loans using confidential supervisory data on the largest US banks. This dispersion does not appear to be due to risk. We rationalize the data using a search cost model and find that search costs are highest for smaller and riskier borrowers and lower for public firms, consistent with predictable differences in the costs of screening and monitoring. We find that search costs are substantial. Over a third of firms behave as if they do not comparison shop; half of all firms appear to only obtain two ...
Working Paper , Paper 26-03

Fed Releases Proposal for CRA Reform, Seeks Comments
White, Carl (2020-10-29)
The Fed and the OCC have both issued proposals for reforming CRA regulations. How do they differ?
On the Economy

Gazing at r-star: Gauging U.S. monetary policy via the natural rate of interest
Martinez-Garcia, Enrique (2023-07-03)
While estimating r-star is fraught with difficulty, the latest evidence suggests U.S. monetary policy likely turned restrictive at the start of 2023, after the Federal Reserve started raising rates in March 2022.
Dallas Fed Economics

Report
Payout Restrictions and Bank Risk-Shifting
Fringuellotti, Fulvia; Kroen, Thomas (2024-09-01)
This paper studies the effects of regulatory payout restrictions on bank risk-shifting. Using policies imposed during the Covid-crisis on U.S. banks as a natural experiment and a high frequency differences-in-differences approach, we show that, when payouts are restricted, banks’ equity prices fall while their debt values appreciate. Moreover, banks that are ex-ante more exposed to the payout restrictions decrease risk-taking in lending relative to less exposed banks. Consistent with a risk-shifting channel, these effects revert once restrictions are lifted. These results indicate that ...
Staff Reports , Paper 1123

Working Paper
Technological Change and Financial Innovation in Banking: Some Implications for Fintech
Frame, W. Scott; Wall, Larry D.; White, Lawrence J. (2018-10-01)
Financial intermediation has changed dramatically over the past 30 years, due in large part to technological change. The paper first describes the role of the financial system in a modern economy and how technological change and financial innovation can affect social welfare. We then survey the empirical literatures relating to several specific financial innovations, broadly categorized as new production processes, new products or services, or new organizational forms. In each case, we also include examples of significant fintech innovations that are transforming various aspects of banking. ...
FRB Atlanta Working Paper , Paper 2018-11

Small Business Lending Gives a Boost to Banks
White, Carl (2020-09-30)
Small business loans are up 40% at community banks compared with a year ago, spurred on by the Paycheck Protection Program.
On the Economy

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