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DOI: https://doi.org/10.17016/2380-7172.2298 Read More December 21, 2018 How the Largest Bank Holding Companies Grew: Organic Growth or Acquisitions? Robert Adams and John Driscoll In this note, we decompose growth into that related to mergers and acquisitions (M&A) and to all other sources; discuss factors that have affected growth and consolidation; describe our data sources and methodology; and present results. DOI: https://doi.org/10.17016/2380-7172.2282 Read More December 21, 2018 Factors in Unemployment Dynamics Hie Joo Ahn and James Hamilton (University of California, San Diego) The U.S. unemployment rate averaged 8.4% during the first five years of recovery from the Great Recession of 2007-2009, the weakest recovery on record. But as the expansion continued, unemployment continued to decline and by 2018 reached the lowest levels in almost half a century. In this Note, we explore why unemployment remained so high for so long, and what factors contributed to the recent lows. DOI: https://doi.org/10.17016/2380-7172.2274 Read More December 21, 2018 Education Debt Owed by Older Families in the 2016 Survey of Consumer Finances Jesse Bricker, Alice Volz, and Elizabeth Llanes Much of the education debt in the Survey of Consumer Finances (SCF) currently resides in households headed by person 40 years or older. These families are the focus of this note. DOI: https://doi.org/10.17016/2380-7172.2292 Read More December 07, 2018 Overview of the changes to the FRB/US model (2018) Jean-Philippe Laforte This FEDS Note summarizes a more comprehensive set of modifications introduced with the November 2018 public release of the FRB/US model and provides some motivation for why they were made. DOI: https://doi.org/10.17016/2380-7172.2306 Read More November 29, 2018 Breaking Down TRACE Volumes Further Doug Brain (Federal Reserve Bank of New York), Michiel De Pooter, Dobrislav Dobrev, Michael Fleming (Federal Reserve Bank of New York), Peter Johansson (Federal Reserve Bank of New York), Frank Keane (Federal Reserve Bank of New York), Michael Puglia, Tony Rodrigues (Federal Reserve Bank of New York), Or Shachar (Federal Reserve Bank of New York) This joint FEDS Note and Liberty Street Economics blog post from staff at the Board of Governors and the Federal Reserve Bank of New York aims to share further initial insights on Treasury cash transactions reported in the Financial Industry Regulatory Authority (FINRA)’s Trace Reporting and Compliance Engine (TRACE). DOI: https://doi.org/10.17016/2380-7172.2299 Read More November 19, 2018 Money in the Bank? Assessing Families' Liquid Savings using the Survey of Consumer Finances Neil Bhutta and Lisa Dettling We estimate that sixty percent of American families have liquid savings of less than three months of their own expenses, and nearly one-quarter have less than $400. DOI: https://doi.org/10.17016/2380-7172.2275 Read More November 16, 2018 The Effects of the Ability-to-Repay / Qualified Mortgage Rule on Mortgage Lending Aurel Hizmo and Shane Sherlund In this note, we use a unique set of mortgage applications and locks data from January 2013 through September 2018 to examine the effects of the ATR/QM rule on mortgage lending and mortgage pricing. DOI: https://doi.org/10.17016/2380-7172.2296 Read More November 14, 2018 Intercorporate Equity Holdings in the Financial Accounts of the United States Joseph Briggs and Hannah Hall This FEDS Note details these changes and highlights the new data on intercorporate equity investments available in the Financial Accounts. DOI: https://doi.org/10.17016/2380-7172.2281 Read More October 22, 2018 Do Marketplace Lending Platforms Offer Lower Rates to Consumers? Robert M. Adams This note analyzes interest rates of loans from the two largest P2P platforms, Lending Club and Prosper, to observe their potential benefits to borrowers. DOI: https://doi.org/10.17016/2380-7172.2268 Read More October 19, 2018 Optimal Monetary Policy in a DSGE Model with Attenuated Forward Guidance Effects Hess Chung, Taisuke Nakata, and Matthias Paustian In this article, we explore the implications of attenuating the power of forward guidance for the optimal conduct of forward guidance policy in a quantitative DSGE model of the U.S. economy. DOI: https://doi.org/10.17016/2380-7172.2264 Read More October 12, 2018 The Relationship between Macroeconomic Overheating and Financial Vulnerability: A Narrative Investigation Elena Afanasyeva, Seung Jung Lee, Michele Modugno, Francisco Palomino In this note, we follow a narrative approach to review historical episodes of significant financial imbalances and examine whether these episodes were linked to macroeconomic overheating. DOI: https://doi.org/10.17016/2380-7172.2253 Read More October 12, 2018 The Relationship between Macroeconomic Overheating and Financial Vulnerability: A Quantitative Exploration Elena Afanasyeva, Seung Jung Lee, Michele Modugno, Francisco Palomino In this note, we explore the link between indicators of financial imbalances and macroeconomic performance, focusing on the experience of the United States. In an accompanying note, The Relationship between Macroeconomic Overheating and Financial Vulnerability: A Narrative Investigation, we follow a narrative approach to review historical episodes of significant financial imbalances and examine whether these episodes were linked to macroeconomic overheating. DOI: https://doi.org/10.17016/2380-7172.2254 Read More October 12, 2018 Accounting for Reinsurance Transactions in the Financial Accounts of the United States Michael Batty The net worth of households and nonprofit organizations grows by $249 billion to reflect the value of policies that were previously missing from the Financial Accounts of the United States (Financial Accounts). Businesses also capture $81 billion from previously missing policies. The rest of the world (ROW) sector loses $130 billion on net because they are the reinsurer for many of the policies that are newly recorded. This note describes these changes and their associated effects in more detail.  DOI: https://doi.org/10.17016/2380-7172.2271 Read More October 11, 2018 How Can We Measure the Value of a Home? Comparing Model-Based Estimates with Owner-Occupant Estimates Raven Molloy and Eric Nielsen In this note, we assess whether AVM estimates or owner valuations are better at approximating the market value of a home. DOI: https://doi.org/10.17016/2380-7172.2266 Read More September 28, 2018 A New Measure of Housing Wealth in the Financial Accounts of the United States Hannah Hall, Eric Nielsen, and Kamila Sommer This note introduces a new method for measuring the aggregate value of own-use residential real estate in the United States from 2001 to present. DOI: https://doi.org/10.17016/2380-7172.2261 Read More September 28, 2018 Unlocking the Treasury Market through TRACE Doug Brain, Michiel De Pooter, Dobrislav Dobrev, Michael Fleming, Pete Johansson, Collin Jones, Frank Keane, Michael Puglia, Liza Reiderman, Tony Rodrigues, and Or Shachar This joint FEDS Note and Liberty Street Economics blog post from staff at the Board of Governors and Federal Reserve Bank of New York aims to share initial insights on the Treasury cash transactions data reported to Financial Industry Regulatory Authority (FINRA)'s Trade Reporting and Compliance Engine (TRACE). DOI: https://doi.org/10.17016/2380-7172.2251 Read More September 13, 2018 A Wealthless Recovery? Asset Ownership and the Uneven Recovery from the Great Recession Lisa Dettling, Joanne Hsu and Elizabeth Llanes Data from the Federal Reserve Board's Survey of Consumer Finances indicate that although total household wealth has fully recovered from the Great Recession, there has been only modest growth for the vast majority of families since 2010, and most families have not recovered to pre-recession wealth levels. This uneven recovery is explained by declines in home and stock ownership, which have shown little signs of reversing; thus, these disparities appear poised to persist. DOI: https://doi.org/10.17016/2380-7172.2249 Read More September 05, 2018 An Estimate of the Long-Term Neutral Rate of Interest John M. Roberts This note proposes a new measure of the high-frequency equilibrium interest rate, one that falls naturally out of a common textbook notion of the economy’s equilibrium interest rate--and which is rooted in one particularly simple and well-known model. DOI: https://doi.org/10.17016/2380-7172.2227 Read More September 04, 2018 U.S. Corporations' Repatriation of Offshore Profits Michael Smolyansky, Gustavo Suarez, and Alexandra Tabova We investigate how companies with large holdings of cash abroad have used those funds following the Tax Cuts and Jobs Act, which eliminated prior tax disincentives on the repatriation of foreign earnings. DOI: https://doi.org/10.17016/2380-7172.2239 Read More August 29, 2018 The Monetary Policy Response to Uncertain Inflation Persistence Robert Tetlow This FEDS Note considers the implications of uncertainty regarding the persistence of inflation for the conduct of monetary policy. DOI: https://doi.org/10.17016/2380-7172.2247 Read More August 20, 2018 The Branch Puzzle: Why Are there Still Bank Branches? Elliot Anenberg, Andrew C. Chang, Serafin Grundl, Kevin B. Moore, and Richard Windle* We provide evidence that the persistence of the large number of local bank branches across the country may be due to the fact that both depositors and small businesses continue to value local bank branches. DOI: https://doi.org/10.17016/2380-7172.2206 Read More August 13, 2018 SOMA's Unrealized Loss: What does it mean? Brian Bonis, Lauren Fiesthumel, and Jamie Noonan This Note discusses the various valuation measures of the Fed’s securities holdings, what these values mean, and the expected evolution of the value of the SOMA portfolio. DOI: https://doi.org/10.17016/2380-7172.2234 Read More August 13, 2018 Are Income and Credit Scores Highly Correlated? Rachael Beer, Felicia Ionescu, and Geng Li To the best of our knowledge, statistical analysis on the relationship between income and credit scores using proper data remains scant.  Using a unique proprietary data set, this note attempts to fill the gap in our understanding of this relationship. DOI: https://doi.org/10.17016/2380-7172.2235 Read More July 20, 2018 Simulating the Macroeconomic Effects of Unconventional Monetary Policies Hess T. Chung, Cynthia L. Doniger, Cristina Fuentes-Albero, Bernd Schlusche, and Wei Zheng In this note, we describe a method for calculating simulation results and demonstrate the benefits of the integrated model by analyzing a policy that entails an endogenous balance sheet response. DOI: https://doi.org/10.17016/2380-7172.2225 Read More July 19, 2018 Effects of fixed nominal thresholds for enhanced supervision David Hou (Federal Reserve Bank of New York) and Missaka Warusawitharana Following the financial crisis, the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the implementation of Basel III significantly changed the regulatory landscape in the U.S. DOI: https://doi.org/10.17016/2380-7172.2183 Read More June 28, 2018 (Don't Fear) The Yield Curve Eric Engstrom and Steven Sharpe In this note, we show that, for predicting recessions, such measures of a “long-term spread”--the spread in yields between a far-off maturity such as 10 years and a shorter maturity such as 1 or 2 years--are statistically dominated by a more economically intuitive alternative, a “near-term forward spread.” DOI: https://doi.org/10.17016/2380-7172.2212 Read More June 22, 2018 Gender-Related Differences in Credit Use and Credit Scores Geng Li This note takes advantage of a unique proprietary data set that collects credit payment histories, debt portfolios, credit scores, and demographic information for a sample of consumers. DOI: https://doi.org/10.17016/2380-7172.2188 Read More June 21, 2018 High-frequency Spending Responses to the Earned Income Tax Credit Aditya Aladangady, Shifrah Aron-Dine, David Cashin, Wendy Dunn, Laura Feiveson, Paul Lengermann, Katherine Richard, and Claudia Sahm Many households face large, high-frequency changes in income and have limited financial buffers to smooth their consumption through this income volatility. However, few studies have quantified spending responses to such timing shifts in income due to a lack of high-frequency spending data. We use a new dataset of anonymized daily, state-level spending to study a two-week delay in federal tax refunds with an earned income tax credit (EITC) in 2017. DOI: https://doi.org/10.17016/2380-7172.2199 Read More June 20, 2018 Where’s the Money Going? The Importance of Accounting for Rent Payments in Measuring a Household’s Financial Obligations Andrew C. Chang, Joanne W. Hsu, Sarah J. Pack, and Michael G. Palumbo To get a more comprehensive picture of how families’ uncommitted income has evolved since the financial crisis, we analyze a broader measure of households’ committed monthly payments that includes rent for renters, as well as payments to cover mortgages for homeowners and other debt obligations for all families. DOI: https://doi.org/10.17016/2380-7172.2213 Read More June 15, 2018 On the Geographic Scope of Retail Mortgage Markets Dean Amel, Elliot Anenberg, and Rebecca Jorgensen In this note, we first discuss why markets for mortgage originations are likely to be national in scope. We then show that even if mortgage markets were local, they would be unconcentrated. Finally, we test for an empirical relationship between the local concentration of mortgage lending and changes in mortgage rates and find essentially no correlation of concentration and rates. DOI: https://doi.org/10.17016/2380-7172.2184 Read More June 01, 2018 How Does Intergenerational Wealth Transmission Affect Wealth Concentration? Laura Feiveson and John Sabelhaus In this note, we seek to establish the role of intergenerational wealth transmission by using the Federal Reserve Board's Survey of Consumer Finances (SCF), which contains extensive information about household balance sheets, intergenerational transfers made and received, and demographic and socioeconomic characteristics of respondents. DOI: https://doi.org/10.17016/2380-7172.2209 Read More May 22, 2018 Shedding Light on Our Economic and Financial Lives Jeff Larrimore, Alex Durante, Kimberly Kreiss, Ellen Merry, Christina Park, and Claudia Sahm In November and December of 2017, we interviewed over 12,000 individuals, representative of all adults in the United States, about their economic and financial lives. Here we discuss the responses on three important economic issues: the role of economic conditions in the opioid epidemic; jobs with irregular schedules and varying income as a potential barrier to full employment; and how low rates of geographic mobility may relate to family support networks. DOI: https://doi.org/10.17016/2380-7172.2192 Read More May 21, 2018 Is Operational Risk Regulation Forward-looking and Sensitive to Current Risks? Marco Migueis This article evaluates whether US large bank operational risk capital requirements are forward-looking, sensitive to banks’ current exposures, and allow for risk mitigation, and discusses modifications that could bring regulation closer to these goals while also highlighting the potential pitfalls of doing so. DOI: https://doi.org/10.17016/2380-7172.2198 Read More May 21, 2018 Comparing Three Credit Scoring Models Rachael Beer, Felicia Ionescu, and Geng Li Due to licensing issues, this FEDS Note has been removed from publication. Read More May 18, 2018 Monetary Policy Surprises and Monetary Policy Uncertainty Michiel De Pooter, Giovanni Favara, Michele Modugno, and Jason Wu In this note we find that after a given monetary policy surprise, primary dealers--key intermediaries in interest rate markets--tend to adjust their positions in the U.S. Treasury market and their exposures to interest rates more when the prevailing level of policy uncertainty is low than when it is high. DOI: https://doi.org/10.17016/2380-7172.2176 Read More May 09, 2018 Low risk as a predictor of financial crises Jon Danielsson (London School of Economics), Marcela Valenzuela (University of Chile), and Ilknur Zer Reliable indicators of future financial crises are important for policymakers and practitioners. While most indicators consider an observation of high volatility as a warning signal, this column argues that such an alarm comes too late, arriving only once a crisis is already under way. A better warning is provided by low volatility, which is a reliable indication of an increased likelihood of a future crisis. DOI: https://doi.org/10.17016/2380-7172.2169 Read More April 05, 2018 On the Benefits of Universal Banks: Concurrent Lending and Corporate Bond Underwriting Elliot Anenberg, Maggie Church, Serafin Grundl, and You Suk Kim In this note, we explore whether "universal banks" provide value to firms through their ability to provide both lending and underwriting services. DOI: https://doi.org/10.17016/2380-7172.2143 Read More March 27, 2018 Mobile Banking: A Closer Look at Survey Measures Ellen A. Merry This note presents new estimates of mobile banking use in 2017, as well as insights on types of users and their behaviors. DOI: https://doi.org/10.17016/2380-7172.2163 Read More March 09, 2018 Help Wanted: Evaluating Labor Shortages in Manufacturing Maria D. Tito In this note, we examine the extent of labor shortages for the manufacturing sector. DOI: https://doi.org/10.17016/2380-7172.2164 Read More March 08, 2018 A Not-So-Great Recovery in Consumption: What is holding back household spending? Aditya Aladangady and Laura Feiveson Historically, aggregate consumption has closely tracked disposable personal income, government transfers, and household net wealth. In this note, we show that this empirical relationship has broken down in recent years and explore potential explanations for why consumers--at least in the aggregate--may not be spending in line with recent income and wealth gains. DOI: https://doi.org/10.17016/2380-7172.2159 Read More March 07, 2018 Measuring Early-Stage Business Formation Kimberly Bayard, Emin Dinlersoz (U.S. Census Bureau), Timothy Dunne (University of Notre Dame), John Haltiwanger (University of Maryland), Javier Miranda (U.S. Census Bureau), and John Stevens New businesses play an important role in overall economic activity. They account for a sizable share of job creation, and they provide a key source of innovation that contributes to overall productivity growth. DOI: https://doi.org/10.17016/2380-7172.2166 Read More March 01, 2018 Predicting Recession Probabilities Using the Slope of the Yield Curve Peter Johansson (Federal Reserve Bank of New York) and Andrew Meldrum In this FEDS Note, we examine the predictions of various models and recent surveys of the probability of a recession in the near term. DOI: https://doi.org/10.17016/2380-7172.2146 Read More March 01, 2018 Interest on Reserves and Arbitrage in Post-Crisis Money Markets Thomas Keating and Marco Macchiavelli In this note, we use confidential, daily data on wholesale unsecured borrowing and reserve balances to empirically document several salient features of IOR arbitrage trades. DOI: https://doi.org/10.17016/2380-7172.2136 Read More March 01, 2018 Some Characteristics of the Decline in Manufacturing Capacity Utilization Justin Pierce and Emily Wisniewski In this note, we provide several observations regarding trends in manufacturing capacity utilization rates using data from the Federal Reserve Board and the Census Bureau. DOI: https://doi.org/10.17016/2380-7172.2162 Read More February 21, 2018 Student Loan Debt and Aggregate Consumption Growth Laura Feiveson, Alvaro Mezza, and Kamila Sommer Although student debt service is undoubtedly a source of severe financial strain for some individuals, in this discussion we show that the direct effect of increased student debt service on aggregate consumption growth is likely small. DOI: https://doi.org/10.17016/2380-7172.2127 Read More January 12, 2018 From Income to Consumption Inequality? Looking through the Lens of Motor Vehicle Purchases Wendy Dunn and Maria D. Tito In this note, we assess the pattern of consumption inequality using an alternative data source--namely, new motor vehicle purchases. DOI: https://doi.org/10.17016/2380-7172.2132 Read More January 11, 2018 Household Debt-to-Income Ratios in the Enhanced Financial Accounts Michael Ahn, Mike Batty, and Ralf R. Meisenzahl This note describes new data on household debt-to-income ratios (DTI) that is being provided in interactive maps as part of the Enhanced Financial Accounts (EFA). DOI: https://doi.org/10.17016/2380-7172.2138 Read More January 09, 2018 Do national account statistics underestimate US real output growth? Matteo Barigozzi (London School of Economics) and Matteo Luciani In this note, we introduce a new estimate of GDO obtained from a Non-Stationary Dynamic Factor model estimated on a large dataset of US macroeconomic indicators. DOI: https://doi.org/10.17016/2380-7172.2116 Read More January 09, 2018 Fiscal implications of the Federal Reserve’s Balance Sheet Normalization Michele Cavallo, Marco Del Negro (Federal Reserve Bank of New York), W. Scott Frame (Federal Reserve Bank of Atlanta), Jamie Grasing (University of Maryland), Benjamin Malin (Federal Reserve Bank of Minneapolis), and Carlo Rosa This Note summarizes analysis conducted in our recent FEDS working paper that seeks to understand the fiscal implications of the Federal Reserve’s balance sheet normalization program. DOI: https://doi.org/10.17016/2380-7172.2126 Read More January 02, 2018 Recent Trends in Small Business Lending and the Community Reinvestment Act Tim Dore and Traci Mach In this note, we analyze data on small business loan originations collected under the Community Reinvestment Act (CRA) to document heterogeneity in the recovery in small business lending since the financial crisis. DOI: https://doi.org/10.17016/2380-7172.2122 Read More Disclaimer: FEDS Notes are articles in which Board staff offer their own views and present analysis on a range of topics in economics and finance. These articles are shorter and less technically oriented than FEDS Working Papers and IFDP papers. 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