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Working Paper
Bridging the gap? Government subsidized lending and access to capital

The consequences of providing public funds to financial institutions remain controversial. We examine the Community Development Financial Institution (CDFI) Fund?s impact on credit union activity, using hitherto little studied U.S. Treasury data. The CDFI Fund grants increase lending at credit unions by 3%. For every dollar awarded, 45 additional cents are loaned out to borrowers in the first year, and up to an additional $1.60 is loaned out within three years. Delinquent loan rates also increase slightly. Our panel results are supported by a broadband regression discontinuity analysis. ...
Working Papers (Old Series) , Paper 1229

Conference Paper
The stock market and capital accumulation

The value of a firm's securities measures the value of the firm's productive assets. If the assets include only capital goods and not a permanent monopoly franchise, the value of the securities measures the value of the capital. Finally, if the price of the capital can be measured or inferred, the quantity of the firm's capital is the value divided by the price. A standard model of adjustment costs enables the inference of the price of installed capital. I explore the implications of the proposition using data from U.S. non-farm, non-financial corporations over the past 50 years. The data ...
Proceedings , Issue Apr

Journal Article
Capital requirements for interest-rate and foreign-exchange hedges

Economic Review , Issue May , Pages 14-28

Working Paper
How do large banking organizations manage their capital ratio?

Large banking organizations in the U.S. hold significantly more equity capital than the minimum required by bank regulators. This capital cushion has built up during a period of unusual profitability for the banking system, leading some observers to argue that the capital merely reflects recent profits. Others contend that the banks deliberately choose target capital levels based on their risk exposures and their counterparties? sensitivities to default risk. In either case, the existence of ?excess? capital makes it difficult to observe how banks manage their capital levels, particularly in ...
Research Working Paper , Paper RWP 08-01

Conference Paper
Inflation, financial markets and capital formation - commentary

Proceedings , Volume 78 , Issue May , Pages 36-37

Journal Article
The formation of private business capital: trends, recent developments, and measurement issues

Federal Reserve Bulletin , Issue Dec , Pages 771-783

Journal Article
Variable capital rules in a risky world

The recent financial crisis showed that a financial institution's equity may be sufficient to absorb losses during normal times, but insufficient during periods of systemic distress. In recognition of this risk, the Basel III agreement last year introduced a new element of macroprudential regulation called countercyclical buffers, variable capital requirements that shift based on credit growth. These buffers raise the classic regulatory dilemma of safety versus economic growth, but may provide protection against financial calamity at an acceptable cost.
FRBSF Economic Letter

Working Paper
Institutional investment patterns and corporate financial behavior in the U.S. and Japan

Finance and Economics Discussion Series , Paper 108

Does public capital crowd out private capital?

Staff Memoranda , Paper 88-10

Discussion Paper
Capital accumulation in a model of growth and creative destruction

Capital accumulation and creative destruction is modeled together with risk-averse households. The novel aspect-risk-averse households-allows to use well-known models not only for analyzing long-run growth as in the literature but also short-run fluctuations. The model remains analytically tractable due to a very convenient property of the household's investment decision in this stochastic continuous-time setup.
Discussion Paper / Institute for Empirical Macroeconomics , Paper 139



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