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Women-Veteran Entrepreneurs Face Hardships Made Worse by Pandemic
Businesses that were already vulnerable before the COVID-19 pandemic have become even more so during the ensuing recession the last few months. These businesses tend to be smaller and younger and are disproportionately owned by Hispanic and especially Black entrepreneurs.
Lowest-Income Workers See Accelerated Earnings Growth During Pandemic
In many respects, the pandemic has disproportionately harmed low-income workers. Earnings growth, triggered by labor shortages and high turnover rates, could be a rare exception.
Discussion Paper
Tax Reform's Impact on Bank and Corporate Cyclicality
The Tax Cuts and Jobs Act (TCJA) is expected to increase after-tax profits for most companies, primarily by lowering the top corporate statutory tax rate from 35 percent to 21 percent. At the same time, the TCJA provides less favorable treatment of net operating losses and limits the deductibility of net interest expense. We explain how the latter set of changes may heighten bank and corporate borrower cyclicality by making bank capital and default risk for highly levered corporations more sensitive to economic downturns.
Communities, Service Providers in Region See Long Road to COVID-19 Recovery, Fed Survey Shows
Nearly all respondents reported "significant" disruption to economic conditions in their communities, and over two-thirds anticipate a "difficult" economic recovery.
Shock, Grief and Opportunity: The Emotional Roller Coaster of COVID-19 in the Small Business Community
Given that small businesses employ nearly half of all private sector workers, their struggles directly impact both the well-being of workers and the broader economy.
Working Paper
The Importance of Technology in Banking during a Crisis
What are the implications of information technology (IT) in banking for financial stability? Data on US banks' IT equipment and the background of their executives reveals that higher pre-crisis IT adoption led to fewer non-performing loans and more lending during the global financial crisis. Empirical evidence indicates a direct role of IT adoption in strengthening bank resilience; this includes instrumental variable estimates exploiting the historical location of technical schools. Loan-level analysis shows that high-IT banks originated mortgages with better performance, indicating better ...
Hard-Hit Child Care Industry May Need Multisector Response to Revive and Thrive
Millions of U.S. workers have lost their jobs during the pandemic. When they are ready to return to work, their child care options may be few.
Communities Step Up to Address Economic Impact of COVID-19
At local and national levels, nonprofits, government agencies, funders and financial institutions are all working to mitigate this economic shock for households and businesses.
Working Paper
Welfare Implications of Asset Pricing Facts: Should Central Banks Fill Gaps or Remove Volatility?
More than 20 years of financial market data suggest a term structure of the welfare cost of economic uncertainty that is downward-sloping on average, especially during downturns. This evidence offers guidance in selecting a model to study the benefits of macroeconomic stabilization from a structural perspective. The addition of nonlinear external habit formation to a textbook monetary model can rationalize the evidence. The model is observationally equivalent in its quantity implications to a standard New Keynesian model with CRRA utility, but the optimal policy prescription is overturned. In ...
The Federal Reserve Is Updating the Community Reinvestment Act. Here’s How You Can Help.
Whether you are a community-service organization member, an economic development professional or simply interested in helping communities in our region thrive, your comments and ideas are a critical part of ensuring an inclusive financial services industry.