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Journal Article
President's message : The (limited) role of credit ratings in the financial crisis
Lacker, Jeffrey M. (2009-04)
Econ Focus , Volume 13 , Issue Spr , Pages 1

Conference Paper
A framework for more effective stress testing
Ohsawa, Makoto; Shimizu, Tokiko; Mori, Atsutoshi (1995)
Proceedings

Working Paper
The adverse selection approach to financial intermediation: some characteristics of the equilibrium financial structure
Weinberg, John A. (1995)
This paper examines an adverse selection economy in which efficient resource allocation is supported by intermediary contracts (coalitions). Agents differ along an ex ante publicly observable dimension, so that the equilibrium arrangement yields a diverse set of financial arrangements among borrowers, lenders and intermediaries. Loans made by intermediaries would appear to be mispriced relative to a naive benchmark that ignores the (unobservable) adverse selection aspects of the environment. The model also yields an equilibrium mix of intermediated and direct finance which is broadly ...
Working Paper , Paper 95-05

Journal Article
On the importance of the plumber : the intersection of theory and practice in policymaking for federal financial institutions
Elliott, Douglas J. (2006-07)
The federal government's role as lender and insurer is very important, with over $1.4 trillion of loans and guarantees and at least $7 trillion of insured risk. Tens of millions of Americans benefit from housing loans, student loans, flood insurance, etc. Yet the federal financial institutions established to run these activities are often created almost as an afterthought, with little focus on their structure. This paper emphasizes the crucial importance of ending this neglect and recognizing how proper structure can help avoid major failures, such as the current problems at the Pension ...
Review , Volume 88 , Issue Jul , Pages 259-272

Journal Article
Macroeconomics with hetereogeneity : a practical guide
Guvenen, Fatih (2011-07)
This article reviews macroeconomic models with heterogeneous households. A key question for the relevance of these models concerns the degree to which markets are complete. This is because the existence of complete markets imposes restrictions on (i) how much heterogeneity matters for aggregate phenomena and (ii) the types of cross-sectional distributions that can be obtained. The degree of market incompleteness, in turn, depends on two factors: (i) the richness of insurance opportunities provided by the economic environment and (ii) the nature and magnitude of idiosyncratic risks to be ...
Economic Quarterly , Volume 97 , Issue 3Q , Pages 255-326

Journal Article
Group lending and financial intermediation: an example
Prescott, Edward Simpson (1997-10)
Economic Quarterly , Issue Fall , Pages 23-48

Conference Paper
Governance, risk management, and the financial crisis : learnings from the financial crisis inquiry commission
Stanton, Thomas H. (2011)
Proceedings , Paper 1117

Working Paper
Financial innovation in the United States -- background, current and prospects
Broaddus, Alfred (1985)
The purpose of this paper is to describe recent financial innovation in the United States, outline its principal implications with regard to (1) the structure and behavior of financial markets and (2) the conduct of monetary policy, and speculate on the likely character of further innovation in the near-term future. In the United States as elsewhere, financial innovation has been a continuous but uneven process, where the rate of innovation has varied substantially from one period to the next depending on a variety of circumstances.
Working Paper , Paper 85-02

Journal Article
Maintaining financial stability in a global economy : a summary of the Bank's 1997 Symposium
Parrish, Klara; Morris, Charles S. (1997-10)
World financial markets have experienced tremendous growth in recent years. New financial instruments have emerged, transaction volumes in markets has skyrocketed, and capital flows across countries have risen dramatically. While these developments have made financial markets more efficient, they have also increased the risk that events at one institution or in one market will have immediate and wide-ranging effects on the entire global financial system.> To better understand how policymakers can keep financial systems safe, efficient, and stable, and how policymakers can respond to financial ...
Economic Review , Volume 82 , Issue Q IV , Pages 23-35

Journal Article
Credit unions: What's the fuss?
anonymous (1998-10)
Financial Update , Volume 11 , Issue Oct , Pages 4

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