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Discussion Paper
Ten Years after the Crisis, Is the Banking System Safer?
Eisenbach, Thomas M.; Duarte, Fernando M.; Choi, Dong Beom; Vickery, James (2018-11-14)
In the wake of the 2007-09 financial crisis, a wide range of new regulations have been introduced to improve the stability of the banking system. But has the banking system become safer since the crisis? In this post, we provide a new perspective on this question by employing four analytical models, each measuring a different aspect of banking system vulnerability, to evaluate how system stability has evolved over the past decade.
Liberty Street Economics , Paper 20181114

Report
LIBOR: origins, economics, crisis, scandal, and reform
Hou, David; Skeie, David R. (2014-03-01)
The London Interbank Offered Rate (LIBOR) is a widely used indicator of funding conditions in the interbank market. As of 2013, LIBOR underpins more than $300 trillion of financial contracts, including swaps and futures, in addition to trillions more in variable-rate mortgage and student loans. LIBOR's volatile behavior during the financial crisis provoked questions surrounding its credibility. Ongoing regulatory investigations have uncovered misconduct by a number of financial institutions. Policymakers across the globe now face the task of reforming LIBOR in the aftermath of the scandal and ...
Staff Reports , Paper 667

Report
Bank holding company dividends and repurchases during the financial crisis
Hirtle, Beverly (2014-03-01)
Many large U.S. bank holding companies (BHCs) continued to pay dividends during the 2007-09 financial crisis, even as financial market conditions deteriorated, large losses accumulated, and emergency capital and liquidity were being provided by the official sector. In contrast, share repurchases by these BHCs dropped sharply in the early part of the crisis. Documenting this divergent behavior is one of the key contributions of this paper. The paper also examines the role that repurchases played in large BHCs? decisions to reduce or eliminate dividends. The key findings are that smaller BHCs ...
Staff Reports , Paper 666

Working Paper
Financial stress regimes and the macroeconomy
Galvão, Ana B.; Owyang, Michael T. (2014-07-24)
Some financial stress events lead to macroeconomic downturns, while others appear to be isolated to financial markets. We identify financial stress regimes using a model that explicitly links financial variables to macroeconomic outcomes. The stress regimes are identified using an unbalanced panel of financial variables with an embedded method for variable selection. Our identified stress regimes are associated with corporate credit tightening and with NBER recessions. An exogenous deterioration in our financial condition index has strong negative effects in economic activity, and negative ...
Working Papers , Paper 2014-20

Report
Credit supply disruptions: from credit crunches to financial crisis
Peek, Joe; Rosengren, Eric S. (2015-10-01)
Events that transpired during the recent financial crisis highlight the important role that financial intermediaries still play in the economy, especially during economic downturns. While the breadth and severity of the financial crisis took most observers by surprise, it has renewed academic interest in understanding the effects on the real economy of both financial shocks and the changing nature of financial intermediation. This interest in the real effects of financial shocks highlights a literature that began more than 20 years ago associated with the bank credit crunch of the early ...
Current Policy Perspectives , Paper 15-5

Speech
Unprecedented Times in our Economy
Evans, Charles L. (2008-10-17)
Remarks by Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Fond du Lac Area Association of Commerce Fond du Lac, WI
Speech , Paper 21

Speech
Discussion on the Current Economy
Evans, Charles L. (2008-11-21)
Remarks by Charles L. Evans, President and Chief Executive, Officer, Federal Reserve Bank of Chicago Economic Club of Indiana Indianapolis, Ind.
Speech , Paper 22

Speech
Recurring Themes for the New Year
Evans, Charles L. (2014-01-15)
A speech delivered on January 15, 2014, at the Corridor Economic Forecast Luncheon in Coralville, IA.
Speech , Paper 2

Working Paper
The Tradeoffs in Leaning Against the Wind
Gourio, Francois; Kashyap, Anil K.; Sim, Jae W. (2017-08-01)
Credit booms sometimes lead to financial crises which are accompanied with severe and persistent economic slumps. Does this imply that monetary policy should ?lean against the wind? and counteract excess credit growth, even at the cost of higher output and inflation volatility? We study this issue quantitatively in a standard small New Keynesian dynamic stochastic general equilibrium model which includes a risk of financial crisis that depends on ?excess credit?. We compare monetary policy rules that respond to the output gap with rules that respond to excess credit. We find that leaning ...
Working Paper Series , Paper WP-2017-21

Working Paper
The Effects of the Saving and Banking Glut on the U.S. Economy
Tambalotti, Andrea; Primiceri, Giorgio E.; Justiniano, Alejandro (2013-11-29)
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in U.S. house prices and household debt that preceded the financial crisis. The key to these findings is that the model generates the sustained low level of interest rates observed over that period.
Working Paper Series , Paper WP-2013-17

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