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Keywords:credit 

Report
Who Pays the Price? Overdraft Fee Ceilings and the Unbanked

Would a cap on overdraft fees increase financial inclusion? Studying an event in which state-level caps were relaxed for national banks, we find that caps constrain the supply of overdraft credit and deposit accounts. Absent caps, banks charge customers more for overdraft but bounce fewer checks and reduce required minimum deposits. Low-income households are both more likely to open accounts and less likely to lose them, suggesting they prefer being banked despite higher overdraft fees. Overdraft fee caps thus hamper, rather than foster, financial inclusion.
Staff Reports , Paper 973

Speech
A Time for Bold Action

Remarks at Economic Club of New York (delivered via videoconference).
Speech

Discussion Paper
Weathering the Storm: Who Can Access Credit in a Pandemic?

Credit enables firms to weather temporary disruptions in their business that may impair their cash flow and limit their ability to meet commitments to suppliers and employees. The onset of the COVID recession sparked a massive increase in bank credit, largely driven by firms drawing on pre-committed credit lines. In this post, which is based on a recent Staff Report, we investigate which firms were able to tap into bank credit to help sustain their business over the ensuing downturn.
Liberty Street Economics , Paper 20201013a

Discussion Paper
Capital Flight inside the Euro Area: Cooling Off a Fire Sale

Countries in the euro area periphery such as Greece, Italy, Portugal, and Spain saw large-scale capital flight in 2011 and the first half of 2012. While events unfolded much like a balance of payments crisis, the contraction in domestic credit was less severe than would ordinarily be caused by capital flight of this scale. Why was that? An important reason is that much of the capital flight was financed by credits to deficit countries? central banks, with those credits extended collectively by other central banks in the euro area. This balance of payments financing was paired with policies to ...
Liberty Street Economics , Paper 20131002

Working Paper
Decomposing Gender Differences in Bankcard Credit Limits

In this paper, we examine if there are gender differences in total bankcard limits by utilizing a data set that links mortgage applicant information with individual-level credit bureau data from 2006 to 2016. We document that after controlling for credit score, income, and demographic characteristics, male borrowers on average have higher total bankcard limits than female borrowers. Using a standard Kitagawa-Oaxaca-Blinder decomposition, we find that 87 percent of the gap is explained by differences in the effect of observed characteristics between male and female borrowers, while ...
Working Papers , Paper 21-35

Speech
Addressing the Economic Effects of the COVID-19 Pandemic

Today, we’re witnessing the pandemic’s stark effects on public health. Meanwhile, the necessary response – social distancing – has stilled our strong economy, disrupting countless lives and livelihoods. It’s also been distorting the credit and liquidity flows that underpin our economy, threatening the greater pain of a full-blown financial crisis. Traditional economic models are challenged by this unique situation. To me, the most important factors are how well we avoid financial spillovers, and how effective the fiscal stimulus is, as well as the progression of COVID-19 infections. ...
Speech

Discussion Paper
Why Do Banks Feel Discount Window Stigma?

Even when banks face acute liquidity shortages, they often appear reluctant to borrow at the New York Fed’s discount window (DW) out of concern that such borrowing may be interpreted as a sign of financial weakness. This phenomenon is often called “DW stigma.” In this post, we explore possible reasons why banks may feel such stigma.
Liberty Street Economics , Paper 20140115

Working Paper
Financial Frictions, the Housing Market, and Unemployment

We develop a two-sector search-matching model of the labor market with imperfect mobility of workers, augmented to incorporate a housing market and a frictional goods market. Homeowners use home equity as collateral to finance idiosyncratic consumption opportunities. A financial innovation that raises the acceptability of homes as collateral raises house prices and reduces unemployment. It also triggers a reallocation of workers, with the direction of the change depending on firms? market power in the goods market. A calibrated version of the model under adaptive learning can account for ...
Working Paper Series , Paper 2014-26

Speech
Rising to the Challenge: Central Banking, Financial Markets, and the Pandemic

Remarks at the 16th Meeting of the Financial Research Advisory Committee for the Treasury’s Office of Financial Research (delivered via videoconference).
Speech

Speech
The Fed’s Emergency Facilities: Usage, Impact, and Early Lessons

Remarks at Hudson Valley Pattern for Progress (delivered via videoconference).
Speech

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