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Bank:Federal Reserve Bank of Atlanta  Series:Policy Hub 

Journal Article
So Far, So Good: Government Insurance of Financial Sector Tail Risk

The US government has intervened to provide extraordinary support 16 times from 1970 to 2020 with the goal of preventing or mitigating (or both) the cost of financial instability to the financial sector and the real economy. This article discusses the motivation for such support, reviewing the instances where support was provided, along with one case where it was expected but not provided. The article then discusses the moral hazard and fiscal risks posed by the government's insurance of the tail risk along with ways to reduce the government's risk exposure.
Policy Hub , Volume 2021 , Issue 13

Discussion Paper
Wage Growth over Unemployment Spells

This article looks at the wage growth associated with a spell of unemployment during the past three recessions. Our main findings are threefold. First, half of all unemployed workers experience a lower hourly wage once they regain employment. Second, after an unemployment spell, older workers and those without a college degree experience lower wage rowth. Third, workers who regain employment in a different industry than they were in previously tend to experience a substantial wage decline. The analysis suggests that the COVID-19 pandemic not only led to unprecedented job losses, but it could ...
Policy Hub , Paper 2020-09

Journal Article
Digital Currency, Digital Payments, and the 'Last Mile' to the Unbanked

Digital forms of payment are either not accessible or highly costly for unbanked consumers. This is because these forms of payment must be "funded" by some source of money, such as cash or a bank account. That creates the "last-mile" problem for the unbanked. This article examines various solutions for the funding problem that have been proposed in the literature, by regulators, and in bills submitted to Congress.
Policy Hub , Volume 2021 , Issue 9 , Pages 9

Discussion Paper
Why Cash Transfers Are Good Policy in the COVID-19 Pandemic

The COVID-19 pandemic has had an exceptionally large and negative impact on economic activity around the world. We show that cash transfers can be a useful policy tool during a pandemic. Cash transfers mitigate consumption inequality induced by the pandemic and provide incentives to individuals who are most negatively affected by lockdown policies to adhere to them.
Policy Hub , Paper 2020-4

Journal Article
Heat versus Light: Fact-Checking the Debate over De-Risking

In this article, we examine the evidence for claims about the connection between bank de-risking and anti–money laundering (AML) regulation. Specifically, we examine evidence for the claim that the cost of increased AML compliance and increasing bank fines have led to banks exiting entire sectors or geographical regions and that this de-risking is deeply damaging to economies. We draw on multiple sources of evidence, including financial flow data, discourse and social media analysis, an evidentiary history, elite interviews, and participant observation. In the end, we find that substantial ...
Policy Hub , Volume 2021 , Issue 8 , Pages 20

Discussion Paper
Wage Growth over Unemployment Spells

This article looks at the wage growth associated with a spell of unemployment during the past three recessions. Our main findings are threefold. First, half of all unemployed workers experience a lower hourly wage once they regain employment. Second, afteran unemployment spell, older workers and those without a college degree experience lower wage growth. Third, workers who regain employment in a different industry than they were in previously tend to experience a substantial wage decline. The analysis suggests that the COVID-19 pandemic not only led to unprecedented job losses, but it could ...
Policy Hub , Paper 2020-9

Journal Article
Payment Card Adoption and Payment Choice

Using data from the 2021 Diary of Consumer Payment Choice, this article investigates two questions: how do consumers without credit or debit cards make payments, and do consumers without these payment cards differ from other consumers?
Policy Hub , Volume 2022 , Issue 10

Journal Article
Where Are They Now? Workers with Young Children during COVID-19

Employment levels for prime-age workers have been greatly reduced during the COVID-19 pandemic. The decline has fallen disproportionately on females, especially compared to past recessions, and the presence of young children is a driving factor in this differential response. This article identifies the impact of gender, young children, and the presence of a spouse on the attachment to employment for individuals who were employed immediately prior to the pandemic. Compared to the Great Recession and the most recent expansionary period in 2019, women with young children have a relatively lower ...
Policy Hub , Volume 2021 , Issue 10

Journal Article
Digital Currency, Digital Payments, and the 'Last Mile' to the Unbanked

Digital forms of payment are either not accessible or highly costly for unbanked consumers. This is because these forms of payment must be "funded" by some source of money, such as cash or a bank account. That creates the "last-mile" problem for the unbanked. This article examines various solutions for the funding problem that have been proposed in the literature, by regulators, and in bills submitted to Congress.
Policy Hub , Volume 2021 , Issue 9 , Pages 9

Journal Article
Should the US Issue a Central Bank Digital Currency?

If the web 3.0 requires a public ledger–based payments platform, central bank digital currency (CBDC) is unlikely to provide the digital currency needed to fuel the smart contracts of tomorrow. This payments dilemma can be solved by a hybrid digital currency that includes a new type of bank deposit as well as regulated private stablecoins, both of which clear and settle on a next-generation public ledger created and managed as a joint venture between banks and private stablecoin issuers. With this payments platform under Federal Reserve oversight, there would be no need for the Federal ...
Policy Hub , Volume 2022 , Issue 6

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Hotchkiss, Julie L. 8 items

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