Search Results
Speech
Why focus on culture?
Remarks at Towards a New Age of Responsibility in Banking and Finance: Getting the Culture and the Ethics Right, Goethe-Universitt Frankfurt am Main, Frankfurt, Germany.
Speech
Luncheon remarks at the Community Bankers Conference, Federal Reserve Bank of New York, New York City
Remarks at the Community Bankers Conference, Federal Reserve Bank of New York, New York City.
Discussion Paper
What Makes Cryptocurrencies Different?
Permissionless blockchains, which support the most popular cryptocurrency networks like Bitcoin and Ethereum, have shown that it is possible to transfer value without relying on centralized trusted third parties, something that is new and remarkable (although perhaps most clearly useful for less developed financial markets). What makes permissionless blockchains able to transfer value without relying on a small number of trusted third parties is the combination of several components that all need to work together. The components themselves are not particularly new, but the combination of ...
Speech
Forming the next generation of bankers: the future of business education and ethics: remarks at the Symposium Celebrating the 50th Anniversary of the Frank G. Zarb School of Business at Hofstra University and Looking Ahead to the Next 50 Years of Business Education, The University Club, New York City
Remarks at the Symposium Celebrating the 50th Anniversary of the Frank G. Zarb School of Business at Hofstra University and Looking Ahead to the Next 50 Years of Business Education, The University Club, New York City.
Working Paper
Beyond Banks: Trust Among the Financially Underserved
In 2023, over 18 percent of US households were either unbanked or underbanked, a group commonly referred to as financially underserved (e.g., see Burhouse, Navarro and Osaki (2016)). Prior work and survey evidence identify a lack of broad-scope trust in banks as an important reason for financial exclusion (e.g., FDIC (2024), Falcettoni and Nygaard (2025), and Xu (2020)). Yet it is not clear whether this mistrust is unique to banks or whether it extends to other institutions, such as government entities or nonbank providers of account services. This distinction matters for policymakers when ...
Working Paper
Social Capital and Mortgages
Using comprehensive mortgage-level data, we discover that the social capital of the community in which households live positively influences the likelihood of the approval of their mortgage applications, the terms of approved mortgages, and the subsequent performance of those mortgages. The results hold when conditioning on extensive household and community characteristics and a battery of fixed effects, including individual effects, data permitting, and when employing instrumental variables and propensity score matching to address identification and selection concerns. Concerning causal ...
Report
Barriers to household risk management: evidence from India
Financial engineering offers the potential to significantly reduce the consumption fluctuations faced by individuals, households, and firms. Yet much of this potential remains unfulfilled. This paper studies the adoption of an innovative rainfall insurance product designed to compensate low-income Indian farmers in the event of insufficient rainfall during the primary monsoon season. We first document relatively low adoption of this new risk management product: Only 5-10 percent of households purchase the insurance, even though they overwhelmingly cite rainfall variability as their most ...
Speech
Shelter from the Storm: Psychological Safety and Workplace Culture during the Coronavirus Pandemic
Keynote Address for the 6th Annual Culture and Conduct Forum for the Financial Services Industry – 'Culture, Conduct and COVID-19'.