Search Results
Speech
The regional economic outlook
Remarks by William C. Dudley, President and Chief Executive Officer, New York, New York.
Working Paper
The Tail That Wagged the Dog: What Explains the Persistent Employment Effect of the 10-Day PPP Funding Delay?
This study explores the mechanisms explaining the large, persistent effect of the 10-day funding delay in the 2020 Paycheck Protection Program (PPP) on employment recovery during the COVID-19 pandemic, as estimated by Doniger and Kay (2021). We find that the top 1 percent of urban counties by population fully account for the significant effect of the delay on county-level employment. The strong correlation between worse loan delay and slower employment growth in these counties is due to a factor commonly omitted from analyses: The nature of business and the high rate of human interactions in ...
Working Paper
"Let Us Put Our Moneys Together": Minority-Owned Banks and Resilience to Crises
Minority-owned banks have a mission to promote economic well-being in their communities. In particular, specialization in lending based on a central mechanism of shared-minority identity can yield an advantage in serving community needs through times of financial and economic crises. To test this proposition, we analyze individual banks in their local market context from 2006 to 2020. Results suggest minority-owned banks improve economic resilience in their communities during the global financial crisis (GFC) and the COVID-19 crisis through increased small business and household lending, but ...
Briefing
A Portrait of First District Banks
This Regional Brief sketches a portrait of the banks in the Federal Reserve System’s First Federal Reserve District, which includes all of New England except Connecticut’s Fairfield County. It highlights a few characteristics that distinguish the district’s banking industry, noting that, relative to the rest of the United States, larger shares of the region’s banks are state (Federal Reserve System) member banks, state savings banks, and cooperative banks, and the share of banks classified as community banks is twice as large.