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Keywords:deregulation OR Deregulation 

Speech
Modern recipes for financial crises

Remarks at the University of Iowa, December 4, 2015.
Speech , Paper 190

Working Paper
Deposit interest rate ceilings as credit supply shifters: bank level evidence on the effects of Regulation Q

Shocks emanating from and propagating through the banking system have recently gained interest in the macroeconomics literature, yet they are not a feature unique to the 2008/09 financial crisis. Banking disintermediation shocks occured frequently during the Great Inflation era due to fixed deposit rate ceilings. I estimate the effect of deposit rate ceilings inscribed in Regulation Q on the transmission of federal funds rate changes to bank level credit growth using a historic bank level data set spanning half a century from 1959 to 2013 with about two million observations. Measures of the ...
Working Papers , Paper 1406

Working Paper
Near-Money Premiums, Monetary Policy, and the Integration of Money Markets : Lessons from Deregulation

The 1960s and 1970s witnessed rapid growth in the markets for new money market instruments, such as negotiable certificates of deposit (CDs) and Eurodollar deposits, as banks and investors sought ways around various regulations affecting funding markets. In this paper, we investigate the impacts of the deregulation and integration of the money markets. We find that the pricing and volume of negotiable CDs and Eurodollars issued were influenced by the availability of other short-term safe assets, especially Treasury bills. Banks appear to have issued these money market instruments as ...
Finance and Economics Discussion Series , Paper 2016-077

Working Paper
The Domestic and International Effects of Interstate U.S. Banking

This paper studies the domestic and international effects of national bank market integration in a two-country, dynamic, stochastic, general equilibrium model with endogenous producer entry. Integration of banking across localities reduces the degree of local monopoly power of financial intermediaries. The economy that implements this form of deregulation experiences increased producer entry, real exchange rate appreciation, and a current account deficit. The foreign economy experiences a long-run increase in GDP and consumption. Less monopoly power in financial intermediation results in less ...
International Finance Discussion Papers , Paper 1111

Working Paper
Near-Money Premiums, Monetary Policy, and the Integration of Money Markets : Lessons from Deregulation

The 1960s and 1970s witnessed rapid growth in the markets for new money market instruments, such as negotiable certificates of deposit (CDs) and Eurodollar deposits, as banks and investors sought ways around various regulations affecting funding markets. In this paper, we investigate the impacts of the deregulation and integration of the money markets. We find that the pricing and volume of negotiable CDs and Eurodollars issued were influenced by the availability of other short-term safe assets, especially Treasury bills. Banks appear to have issued these money market instruments as ...
Working Papers , Paper 2016-15

Briefing
How Do Banks Choose Where to Place Branches?

Prior to the 1980s, U.S. banks faced restrictions on where they could open branches, which essentially confined them to their home states. Subsequent deregulation over the next two decades eliminated these restrictions, drastically changing the landscape of the banking industry. Some banks grew rapidly, while many others exited the market due to either competitive forces or consolidation. The main effect of deregulation was to allow banks to open branches in new locations; as such, this episode provides a natural experiment to study the mechanisms behind the sorting patterns that emerge from ...
Richmond Fed Economic Brief , Volume 25 , Issue 06

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