shortform
Blog posts and shorter writings.
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Economic Capital: A Better Measure of Bank Failure?
Introducing a new solvency metric that identifies failing banks earlier and more accurately than traditional measures
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Economic Capital: A New Measure of Bank Solvency
A novel solvency metric incorporating interest rate changes, credit spreads, and deposit stability risks
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Reserves and Where to Find Them
Analysis of bank reserve holdings and distribution across the banking system
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When the Household Pie Shrinks, Who Gets Their Slice?
Examining how households prioritize debt payments during economic stress
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Deposits and the March 2023 Banking Crisis—A Retrospective
A retrospective analysis of deposit dynamics during the March 2023 banking crisis
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Bank Funding during the Current Monetary Policy Tightening Cycle
How banks adjust their funding strategies during monetary policy tightening
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How Do Interest Rates (and Depositors) Impact Measures of Bank Value?
Examining the relationship between interest rates, depositor behavior, and bank valuations
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Does the CRA Increase Household Access to Credit?
Analyzing the Community Reinvestment Act's impact on consumer credit access
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Interest Rates Up, But Not on Your Savings Account
Podcast appearance explaining why savings account interest rates lag Federal Reserve rate hikes and the concept of deposit betas
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How Do Deposit Rates Respond to Monetary Policy?
Evaluating the pass-through of federal funds rate changes to deposit rates
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Who Pays What First? Debt Prioritization during the COVID Pandemic
How households prioritized different types of debt payments during the COVID-19 pandemic
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Weathering the Storm: Who Can Access Credit in a Pandemic?
Examining credit access disparities during COVID-19, showing large firms increased drawdowns while small businesses couldn't access pre-committed credit
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The Banking Industry and COVID‑19: Lifeline or Life Support?
Assessing the banking sector's role and resilience during the COVID-19 pandemic
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How Does Supervision Affect Bank Performance during Downturns?
Examining the impact of bank supervision on performance during economic downturns
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Analyzing the Effects of CFPB Oversight
Examining how CFPB supervision affected mortgage lending, finding a de-risking effect rather than reduced credit supply
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The Cost of Regulatory Capital
How capital regulations affect bank pricing, estimating banks' willingness to pay to reduce regulatory capital requirements
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International Trade and Household Debt: How Import Competition from China Helped Fuel the Credit Bubble
Analyzing how import competition explains 30% of cross-regional variation in household debt growth during the 2000s
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Buyout Activity: The Impact of Aggregate Discount Rates
Examining how market risk premiums drive leveraged buyout cycles, showing common changes in equity and debt costs explain booms and busts
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Did the Supervisory Guidance on Leveraged Lending Work?
Analyzing the effectiveness of 2013 leveraged lending guidance, finding large banks reduced activity while nonbanks increased
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How Does Supervision Affect Banks?
Research showing increased supervisory attention reduces bank riskiness without impacting earnings or growth
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The Effect of Fed Funds Rate Hikes on Consumer Borrowing Costs
Analyzing how federal funds rate changes affect consumer lending rates, showing loan maturity matters more than credit quality
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What Drives Buyout Booms and Busts?
Examining how overall cost of capital, rather than debt alone, drives leveraged buyout activity cycles
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Why Do Banks Keep All That 'Fracking' Money?
Examining why banks in energy regions reduced lending allocations and increased liquid asset holdings during the financial crisis
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What Do Banks Do with All That 'Fracking' Money?
How deposit inflows from oil and gas royalty payments affect bank lending, with banks allocating 25% to lending and 75% to liquid assets