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Relationship loans and regulatory capital: why fair-value accounting is inappropriate for bank loans
Emmons, William R.; Sierra, Gregory E. - Federal Reserve Bank of St. Louis - 2006
Banks have been required to report many securities and all derivatives at fair values under U.S. GAAP rules for many years. Soon, International Accounting Standards will provide some banks with a “fair-value option” for loans, also. A similar movement toward applying fair values to loans may...
Persistent link: https://www.econbiz.de/10005065523
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U.S. commercial bank lending through 2008:Q4: new evidence from gross credit flows
Contessi, Silvio; Francis, Johanna - Federal Reserve Bank of St. Louis - 2009
to construct quarterly gross credit flows (credit expansion and credit contraction series) for the U.S. banking system … during the period 1999:Q1-2008:Q4 and provide new evidence on changes in lending. We show that credit expansion, as defined … in this paper, began declining during the first half of 2008 while credit contraction began steeply increasing only …
Persistent link: https://www.econbiz.de/10005352954
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Self-fulfilling credit cycles
Azariadis, Costas; Kaas, Leo - Federal Reserve Bank of St. Louis - 2012
This paper argues that self-fulfilling beliefs in credit conditions can generate endoge- nously persistent business … productivity shocks. Capital from less productive firms is lent to more productive ones in the form of credit secured by collateral … and also as unsecured credit based on reputation. A dynamic complemen- tarity between current and future credit …
Persistent link: https://www.econbiz.de/10010585882
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Do bank loan rates exhibit a countercyclical mark-up?
Dueker, Michael J.; Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 1997
Based on a switching-cost model, we examine empirically the hypotheses that bank loan mark-ups are countercyclical and asymmetric in their responsiveness to recessionary and expansionary impulses. The first econometric model treats changes in the mark-up as a continuous variable. The second...
Persistent link: https://www.econbiz.de/10005360605
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Learning and structural change in macroeconomic data
Bullard, James B.; Duffy, John - Federal Reserve Bank of St. Louis - 2004
We include learning in a standard equilibrium business cycle model with explicit growth. We use the model to study how the economy's agents could learn in real time about the important trend-changing events of the postwar era in the U.S., such as the productivity slowdown, increased labor force...
Persistent link: https://www.econbiz.de/10005360544
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On learning and the stability of cycles
Bullard, James; Duffy, John - Federal Reserve Bank of St. Louis - 1995
We study a general equilibrium model where the multiplicity of stationary periodic perfect foresight equilibria is pervasive. We investigate the extent of which agents can learn to coordinate on stationary perfect foresight cycles. The example economy, taken from Grandmont (1985), is an...
Persistent link: https://www.econbiz.de/10005360549
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Regional business cycle phases in Japan
Wall, Howard J. - Federal Reserve Bank of St. Louis - 2006
This paper uses a Markov-switching model with structural breaks to characterize and compare regional business cycles in Japan for 1976-2005. An early 1990s structural break meant a reduction in national and regional growth rates in expansion and recession, usually resulting in an increase in the...
Persistent link: https://www.econbiz.de/10005360555
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Endogenous money supply and the business cycle
Gavin, William T.; Kydland, Finn E. - Federal Reserve Bank of St. Louis - 1997
This paper documents changes in the cyclical behavior of nominal data series that appear after 1979:Q3 when the Federal Reserve implemented a policy to lower the inflation rate. Such changes were not apparent in real variables. A business cycle model with impulses to technology and a role for...
Persistent link: https://www.econbiz.de/10005360556
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The cyclical relationship between output and prices: an analysis in the frequency domain
Pakko, Michael R. - Federal Reserve Bank of St. Louis - 1997
Recent research showing negative correlations between detrended output and prices during the postwar period has brought into question the conventional wisdom that prices are procyclical. However, this finding has been shown to be sensitive to the sample period considered. This paper examines the...
Persistent link: https://www.econbiz.de/10005360577
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Inventories, liquidity, and the macroeconomy
Wen, Yi - Federal Reserve Bank of St. Louis - 2008
It is widely believed in the literature that inventory fluctuations are destabilizing to the economy. This paper re-assesses this view by developing an analytically-tractable general-equilibrium model of inventory dynamics based on a precautionary stockout-avoidance motive. The model's...
Persistent link: https://www.econbiz.de/10005360585