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Journal Article
Banks with something to lose: the disciplinary role of franchise value
Strahan, Philip E.; Saidenberg, Marc R.; Demsetz, Rebecca (1996-10)
As protectors of the safety and soundness of the banking system, banking supervisors are responsible for keeping banks' risk taking in check. The authors explain that franchise value--the present value of the stream of profits that a firm is expected to earn as a going concern--makes the supervisor's job easier by reducing banks' incentives to take risks. The authors explore the relationship between franchise value and risk taking from 1986 to 1994 using both balance-sheet data and stock returns. They find that banks with high franchise value operate more safely than those with low franchise ...
Economic Policy Review , Volume 2 , Issue Oct , Pages 1-14

Journal Article
Coping with globally integrated financial markets
Corrigan, E. Gerald (1986-01)
Quarterly Review , Volume 11 , Issue Win , Pages 1-5

Report
Money demand, transactions proxies, and the effects of fiscal policies in open economies
Weiller, Kenneth J. (1986)
Research Paper , Paper 8602

Speech
Remarks at the New York Fed’s Economic Press Briefing on the Household Debt and Credit Report
Dudley, William (2016-02-12)
Remarks at the New York Fed?s Economic Press Briefing, Federal Reserve Bank of New York, New York City.
Speech , Paper 192

Report
How do college students form expectations?
Zafar, Basit (2009-07-01)
This paper focuses on how college students form expectations about various major-specific outcomes. For this purpose, I collect a panel data set of Northwestern University undergraduates that contains their subjective expectations about major-specific outcomes. Although students tend to be overconfident about their future academic performance, they revised their expectations in expected ways. The updating process is found to be consistent with a Bayesian learning model. I show that learning plays a role in the decision to switch majors, and that major-switchers respond to information from ...
Staff Reports , Paper 378

Report
Technological diffusion through trade and imitation
Connolly, Michelle P. (1997)
An endogenous growth model is developed demonstrating both static and dynamic gains from trade for developing nations due to the beneficial effects of trade on imitation and technological diffusion. The concept of learning-to-learn in both imitative and innovative processes is incorporated into a quality ladder model with North-South trade. Domestic technological progress occurs via innovation or imitation, while growth is driven by technological advances in the quality of domestically available inputs, regardless of country of origin. In the absence of trade, Southern imitation of Northern ...
Staff Reports , Paper 20

Journal Article
Are there good alternatives to the CPI?
Steindel, Charles (1997-04)
Critics of the consumer price index--the most widely watched inflation measure--contend that it overstates inflation by as much as 1 percentage point a year. Some have argued that alternative indexes eliminate the CPI's upward bias and offer a more accurate reading of inflation levels. A closer look at these alternatives, however, reveals that they have substantive problems of their own, suggesting that the CPI, though flawed, is still our most reliable indicator of changes in inflation.
Current Issues in Economics and Finance , Volume 3 , Issue Apr

Discussion Paper
Follow That Money! How Global Banks Manage Liquidity Globally
Goldberg, Linda S.; Cetorelli, Nicola (2012-08-29)
Banks increasingly move money around the world. Over the last thirty years, gross international claims of banks from all countries have grown ten-fold, reaching a peak of about $25 trillion in 2007 (see chart below). Such global banking flows have been much in the news recently, sometimes depicted as a key culprit of the transmission around the globe of the shocks following the bankruptcy of Lehman Brothers, and more recently the European sovereign debt crisis. The discourse in the regulatory arena seems to share this sentiment, with a bias towards curbing some of the global banking activity ...
Liberty Street Economics , Paper 20120829

Discussion Paper
On Fire-Sale Externalities, TARP Was Close to Optimal
Eisenbach, Thomas M.; Duarte, Fernando M. (2014-04-15)
Imagine that many large and levered banks suffer heavy losses and must quickly sell assets to reduce their leverage. We expect the market price of the assets sold to decline, at least temporarily. As a result, any other financial institutions that happen to hold the same assets will experience balance sheet losses through no fault of their own —a negative fire-sale externality. In this post, we show that the vulnerability to fire-sale externalities was high during the crisis and that the capital injections of the government’s Troubled Asset Relief Program (TARP) helped reduce it ...
Liberty Street Economics , Paper 20140415

Discussion Paper
Just Released: Total Household Debt Nears 2008 Peak but Debt Picture Looks Much Different
Lee, Donghoon; Haughwout, Andrew F.; Scally, Joelle; Van der Klaauw, Wilbert (2017-02-16)
The latest Quarterly Report on Household Debt and Credit from the New York Fed?s Center for Microeconomic Data showed a substantial increase in aggregate household debt balances in the fourth quarter of 2016 and for the year as a whole. As of December 31, 2016, total household debt stood at $12.58 trillion, an increase of $226 billion (or 1.8 percent) from the third quarter of 2016. Total household debt is now just 0.8 percent ($99 billion) below its third quarter 2008 peak of $12.68 trillion, and 12.8 percent above the second quarter 2013 trough. But debt looks very different in 2016 than it ...
Liberty Street Economics , Paper 20170216

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