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Firm Entry and Employment Dynamics in the Great Recession
Siemer, Michael - Federal Reserve Board (Board of Governors of the … - 2014
The 2007-2009 recession is characterized by: a large drop in employment, an unprecedented decline in firm entry, and a slow recovery. Using confidential firm-level data, I show that financial constraints reduced employment growth in small relative to large firms by 4.8 to 10.5 percentage points....
Persistent link: https://www.econbiz.de/10010886223
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Why Do We Need Both Liquidity Regulations and a Lender of Last Resort? A Perspective from Federal Reserve Lending during the 2007-09 U.S. Financial Crisis
Carlson, Mark A.; Duygan-Bump, Burcu; Nelson, William R. - Federal Reserve Board (Board of Governors of the … - 2015
During the 2007-09 financial crisis, there were severe reductions in the liquidity of financial markets, runs on the shadow banking system, and destabilizing defaults and near-defaults of major financial institutions. In response, the Federal Reserve, in its role as lender of last resort (LOLR),...
Persistent link: https://www.econbiz.de/10011255344
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Loan Sales and Bank Liquidity Risk Management: Evidence from a U.S. Credit Register
Irani, Rustom M.; Meisenzahl, Ralf R. - Federal Reserve Board (Board of Governors of the … - 2015
We examine the impact of banks' liquidity risk management on secondary loan sales. We track the dynamics of bank loan … importance of bank liquidity risk management as a motivation for loan sales, in addition to the credit risk transfer motive …
Persistent link: https://www.econbiz.de/10011273699
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The Real Effects of Credit Line Drawdowns
Berrospide, Jose M.; Meisenzahl, Ralf R. - Federal Reserve Board (Board of Governors of the … - 2015
with theory, our results confirm that firms use drawdowns to sustain investment after an idiosyncratic liquidity shock …
Persistent link: https://www.econbiz.de/10011273700
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Loan Sales and Bank Liquidity Risk Management: Evidence from a U.S. Credit Register
Irani, Rustom M.; Meisenzahl, Ralf R. - Federal Reserve Board (Board of Governors of the … - 2014
We examine the impact of banks' liquidity risk management on secondary loan sales. We track the dynamics of bank loan … importance of bank liquidity risk management as a motivation for loan sales, in addition to the credit risk transfer motive …
Persistent link: https://www.econbiz.de/10011119862
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Assessing Targeted Macroprudential Financial Regulation: The Case of the 2006 Commercial Real Estate Guidance for Banks
Bassett, William F.; Marsh, Blake - Federal Reserve Board (Board of Governors of the … - 2014
In the mid-2000s, federal bank regulatory agencies became alarmed by steadily increasing concentrations of commercial real estate (CRE) loans at many banks, particularly loans used to finance construction and land development (CLD). In January 2006, they issued guidance that required banks with...
Persistent link: https://www.econbiz.de/10010886224
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Credit Status and College Investment: Implications for Student Loan Policies
Ionescu, Felicia; Simpson, Nicole B. - Federal Reserve Board (Board of Governors of the … - 2014
The private market for student loans has become an important source of college financing in the United States. Unlike government student loans, the terms on student loans in the private market are based on credit status. We quantify the importance of the private market for student loans and of...
Persistent link: https://www.econbiz.de/10010892304
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An agency problem in the MBS market and the solicited refinancing channel of large-scale asset purchases
Kandrac, John; Schlusche, Bernd - Federal Reserve Board (Board of Governors of the … - 2015
mortgages that underlie the MBS no longer share in the prepayment risk of the securities, thereby increasing incentives to …
Persistent link: https://www.econbiz.de/10011273692
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An Empirical Analysis of Futures Margin Changes: Determinants and Policy Implications
Abruzzo, Nicole; Park, Yang-Ho - Federal Reserve Board (Board of Governors of the … - 2014
Margin regulation raises two policy concerns. First, an alignment of margins to volatility can amplify procyclicality … various futures margins from Chicago Mercantile Exchange (CME) Group. We first find that CME Group raises margins quickly … following volatility spikes but does not immediately lower margins following volatility declines, implying that margin …
Persistent link: https://www.econbiz.de/10011075125
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Debt Deflation Effects of Monetary Policy
Lin, Li; Tsomocos, Dimitrios P.; Vardoulakis, Alexandros - Federal Reserve Board (Board of Governors of the … - 2014
with collateralized loans, trade in fiat money and production. Long-term nominal loans are backed by collateral, the value … collateral to face value of the loan. Default results in foreclosure, higher borrowing costs, inefficient investment and a …
Persistent link: https://www.econbiz.de/10010784164