Delivered at the 119th Annual Arkansas Bankers Association & Tradeshow, Day with the Commissioner, Hot Springs, AR. May 1, 2009.

Regional Economic Summit, Evansville, Ind., Nov. 20, 2008

Cato Institute, Washington, D.C., Nov. 30, 2007

Memphis, Tenn., Oct. 14, 2008

Cato Institute, Washington, D.C., Nov. 30, 2007

Memphis, Tenn., Oct. 14, 2008

Regional Economic Summit, Evansville, Ind., Nov. 20, 2008

How have U.S. commercial banks responded during the current financial crisis? What was hiding behind the dynamics of aggregate commercial bank loans through the end of 2008? We use balance sheet data for the entire population of commercial banks to construct quarterly gross credit flows (credit...

We study the contraction of Foreign Direct Investment (FDI) flows in the United States during the recent financial crisis and show their unusual non-resiliency, which depends in part on the global nature of the economic recession, but also on the increases in the cost of financing FDI in the...

Forecasting is a daunting challenge for business economists and policymakers, often made more difficult by pervasive uncertainty. No such uncertainty is more difficult than projecting the reaction of policymakers to major shifts in the economy. We explore the process by which the FOMC came to...