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Speech
Introductory remarks at 2017 Community Bankers Conference, Federal Reserve Bank of New York, New York City
Remarks at the 2017 Community Bankers Conference, Federal Reserve Bank of New York, New York City.
Discussion Paper
Insights from Newly Digitized Banking Data, 1867-1904
Call reports—regulatory filings in which commercial banks report their assets, liabilities, income, and other information—are one of the most-used data sources in banking and finance. Though call reports were collected as far back as 1867, the underlying data are only easily accessible for the recent past: the mid-1980s onward in the case of the FDIC’s FFIEC call reports. To help researchers look farther back in time, we’ve begun creating a complete digital record of this “missing” call report data; this data release covers 1867 through 1904, the bulk of the National Banking Era. ...
Working Paper
Assessing the macroeconomic impact of bank intermediation shocks: a structural approach
We take a structural approach to assessing the empirical importance of shocks to the supply of bank-intermediated credit in affecting macroeconomic fluctuations. First, we develop a theoretical model to show how credit supply shocks can be transmitted into disruptions in the production economy. Second, we use the unique micro-banking data to identify and support the model's key mechanism. Third, we find that the output effect of credit supply shocks is not only economically and statistically significant but also consistent with the vector autogression evidence. Our mode estimation indicates ...