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Working Paper
Can self-help groups really be self-help?

This paper examines a cost-reducing innovation to the delivery of "Self-Help Group" microfinance services. These groups typically rely on outside agents to found and administer the groups although funds are raised by the group members. The innovation is to have the agents earn their payment by charging membership fees rather than following the status quo in which the agents are paid by an outside organization and instead offer free services to clients. The theory we develop shows that such member- ship fees could actually improve performance without sacrificing membership, simply by ...
Working Papers , Paper 2013-014

Working Paper
Can feedback from the jumbo-CD market improve bank surveillance?

We examine the value of jumbo certificate-of-deposit (CD) signals in bank surveillance. To do so, we first construct proxies for default premiums and deposit runoffs and then rank banks based on these risk proxies. Next, we rank banks based on the output of a logit model typical of the econometric models used in off-site surveillance. Finally, we compare jumbo-CD rankings and surveillance-model rankings as tools for predicting financial distress. Our comparisons include eight out-of-sample test windows during the 1990s. We find that rankings obtained from jumbo-CD data would not have improved ...
Working Papers , Paper 2003-041

Journal Article
Addressing the financing needs of small businesses in the Seventh Federal Reserve District

Addressing the Financing Needs of Small Businesses is a Federal Reserve System initiative designed to inform policymakers on the issues that restrict the flow of credit and opportunities to improve the flow of credit to small businesses. A widely held view among policymakers and other observers is that economic recovery and prospects for job growth will falter if small businesses cannot meet payroll, pay suppliers and invest in innovation and expansion. ; As part of this national initiative, the Community Development division of the Federal Reserve Bank of Chicago held meetings in Davenport, ...
Profitwise , Issue Dec , Pages 2-22

Journal Article
The use of equity positions by banks: the Japanese evidence

Economic Review , Issue Fall , Pages 41-55

Journal Article
Manufactured housing finance and the secondary market

Manufactured housing, or mobile homes, is often the most attractive housing option for many low- and moderate-income Americans. Reinforcing the concept that it is expensive to be poor, the financing of manufactured housing is often much more expensive than it needs to be. This article reviews how the current financing for manufactured homes functions, explores why it is so expensive, and suggests an important strategy to reduce its costs by pursuing a secondary market for manufactured home mortgages.
Community Development Investment Review , Issue 1 , Pages 35-47

Journal Article
Commentary on \\"Macroeconomic implications of changes in the term premium\\"

Review , Volume 89 , Issue Jul , Pages 271-282

Conference Paper
Changes in small business finance

Proceedings , Paper 754

Journal Article
Macroeconomic implications of changes in the term premium

Linearized New Keynesian models and empirical no-arbitrage macro-finance models offer little insight regarding the implications of changes in bond term premiums for economic activity. This paper investigates these implications using both a structural model and a reduced-form framework. The authors show that there is no structural relationship running from the term premium to economic activity, but a reduced-form empirical analysis does suggest that a decline in the term premium has typically been associated with stimulus to real economic activity, which contradicts earlier results in the ...
Review , Volume 89 , Issue Jul , Pages 241-270

Working Paper
Estimating stochastic volatility diffusion using conditional moments of integrated volatility

We exploit the distributional information contained in high-frequency intraday data in constructing a simple conditional moment estimator for stochastic volatility diffusions. The estimator is based on the analytical solutions of the first two conditional moments for the latent integrated volatility, the realization of which is effectively approximated by the sum of the squared high-frequency increments of the process. Our simulation evidence indicates that the resulting GMM estimator is highly reliable and accurate. Our empirical implementation based on high-frequency five-minute foreign ...
Finance and Economics Discussion Series , Paper 2001-49

Working Paper
Modeling bond yields in finance and macroeconomics

From a macroeconomic perspective, the short-term interest rate is a policy instrument under the direct control of the central bank. From a finance perspective, long rates are risk-adjusted averages of expected future short rates. Thus, as illustrated by much recent research, a joint macro-finance modeling strategy will provide the most comprehensive understanding of the term structure of interest rates. We discuss various questions that arise in this research, and we also present a new examination of the relationship between two prominent dynamic, latent factor models in this literature: the ...
Working Paper Series , Paper 2005-04


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