FEDS NotesPub Date : 2022-06-01DOI: 10.17016/2380-7172.3101
Abigail Roberts
{"title":"Survey Responses Indicating Improved Perceptions of Discount Window Usage Align with Observed Borrowing Behavior","authors":"Abigail Roberts","doi":"10.17016/2380-7172.3101","DOIUrl":"https://doi.org/10.17016/2380-7172.3101","url":null,"abstract":"In this note, we examine borrowing activity through the discount window's primary credit program subsequent to the program changes made in March 2020 to assess the extent to which banks' behavior appeared consistent with their reported views of the discount window. Views were collected from 80 banks in the September 2020 Senior Financial Officer Survey (SFOS).","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"101 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126288014","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
FEDS NotesPub Date : 2022-06-01DOI: 10.17016/2380-7172.3133
A. Castro, Michele Cavallo, Rebecca Zarutskie
{"title":"Understanding Bank Deposit Growth during the COVID-19 Pandemic","authors":"A. Castro, Michele Cavallo, Rebecca Zarutskie","doi":"10.17016/2380-7172.3133","DOIUrl":"https://doi.org/10.17016/2380-7172.3133","url":null,"abstract":"A notable development in the U.S. banking system following the onset of the COVID-19 pandemic has been the rapid and sustained growth in aggregate bank deposits. Total deposits at domestic commercial banks rose by more than 35 percent since the end of 2019 and stood at around $18 trillion as of the fourth quarter of 2021.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121527257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
FEDS NotesPub Date : 2022-06-01DOI: 10.17016/2380-7172.3128
A. Raajkumar
{"title":"How Effective Were National, State, and Local Eviction Moratoria?","authors":"A. Raajkumar","doi":"10.17016/2380-7172.3128","DOIUrl":"https://doi.org/10.17016/2380-7172.3128","url":null,"abstract":"Evictions can have detrimental effects on tenants and their households, such as unemployment, loss of shelter, and/or food insecurity, which can often be especially severe since households that face eviction tend to be poorer and less job-secure (Desmond and Kimbro, 2015). Even when tenants are ultimately not evicted, eviction filings themselves can represent a burden for households (Banerjee and Ghatak, 2003; Leung, Hepburn, and Desmond, 2021). Finally, the mere threat of eviction can impose substantial burdens on households (Garboden and Rosen, 2019). Beyond the household level, evictions can also have adverse effects on public health (Benfer et al., 2021; Jowers et al., 2021).","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123685060","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
FEDS NotesPub Date : 2022-06-01DOI: 10.17016/2380-7172.3121
A. Adams, M. Ibert
{"title":"Runs on Algorithmic Stablecoins: Evidence from Iron, Titan, and Steel","authors":"A. Adams, M. Ibert","doi":"10.17016/2380-7172.3121","DOIUrl":"https://doi.org/10.17016/2380-7172.3121","url":null,"abstract":"Stablecoins---digital currencies pegged to an external reference (e.g., the US dollar)---play an increasingly important role in transacting digital currencies. However, with a peg to an external reference comes the risk that the peg breaks and, akin to runs on other financial instruments, the risk of a stablecoin run.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131523191","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
FEDS NotesPub Date : 2022-05-27DOI: 10.17016/2380-7172.3090
Hannah Case, Simona M. Hannon, A. Mezza
{"title":"A Note on the Expected Expiration of Federal Student Loan Forbearance","authors":"Hannah Case, Simona M. Hannon, A. Mezza","doi":"10.17016/2380-7172.3090","DOIUrl":"https://doi.org/10.17016/2380-7172.3090","url":null,"abstract":"On April 6, 2022, the Department of Education (DoEd) announced a new extension on the forbearance provision for federal student loans, which is now set to expire on August 31, 2022, almost 30 months after being set for the first time. These measures—originally intended for a period of 60 days—applied exclusively to federal student loans owned by the Department of Education, a little more than 80 percent of the current $1.75 trillion outstanding student loan debt.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"218 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116064165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
FEDS NotesPub Date : 2022-05-27DOI: 10.17016/2380-7172.3141
Dario Caldara, Sarah Conlisk, Matteo Iacoviello, Maddie Penn
{"title":"The Effect of the War in Ukraine on Global Activity and Inflation","authors":"Dario Caldara, Sarah Conlisk, Matteo Iacoviello, Maddie Penn","doi":"10.17016/2380-7172.3141","DOIUrl":"https://doi.org/10.17016/2380-7172.3141","url":null,"abstract":"Global geopolitical risks have soared since Russia's invasion of Ukraine. Investors, market participants, and policymakers expect that the war will exert a drag on the global economy while pushing up inflation, with a sharp increase in uncertainty and risks of severe adverse outcomes. As an example of these concerns, the April 2022 edition of the International Monetary Fund's World Economic Outlook contains more than 200 mentions of the word \"war.\"","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130652517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
FEDS NotesPub Date : 2022-05-12DOI: 10.17016/2380-7172.3077
Danny Brando, Antonis Kotidis, A. Kovner, Michael Lee, Stacey L. Schreft
{"title":"Implications of Cyber Risk for Financial Stability","authors":"Danny Brando, Antonis Kotidis, A. Kovner, Michael Lee, Stacey L. Schreft","doi":"10.17016/2380-7172.3077","DOIUrl":"https://doi.org/10.17016/2380-7172.3077","url":null,"abstract":"Cyber risk, defined as the risk of loss from dependence on computer systems and digital technologies, has grown in the financial system. Cyber events, especially cyberattacks, are among the top risks cited in financial stability surveys in the United States and globally.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114169252","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
FEDS NotesPub Date : 2022-05-06DOI: 10.17016/2380-7172.3129
Ryan A. Decker, J. Haltiwanger
{"title":"Business entry and exit in the COVID-19 pandemic: A preliminary look at official data","authors":"Ryan A. Decker, J. Haltiwanger","doi":"10.17016/2380-7172.3129","DOIUrl":"https://doi.org/10.17016/2380-7172.3129","url":null,"abstract":"The economic effects of the COVID-19 pandemic brought new focus to questions about business entry and survival. The spring of 2020 was characterized by widespread fear of surging business exit (death).","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117210291","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
FEDS NotesPub Date : 2022-05-06DOI: 10.17016/2380-7172.3114
Daniel Garcia, A. Paciorek
{"title":"The Remarkable Recent Rebound in Household Formation and the Prospects for Future Housing Demand","authors":"Daniel Garcia, A. Paciorek","doi":"10.17016/2380-7172.3114","DOIUrl":"https://doi.org/10.17016/2380-7172.3114","url":null,"abstract":"This note updates our previous work on household formation and living arrangements from the summer of 2020. At that early stage in the pandemic, the data showed a dramatic decline in headship rates as millions of Americans changed their living arrangements, many by remaining with or moving back in with parents and older relatives.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128201727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
FEDS NotesPub Date : 2022-04-19DOI: 10.17016/2380-7172.3116
Lei Li, Lucas Epstein
{"title":"Investor Base and Prime Money Market Fund Behavior","authors":"Lei Li, Lucas Epstein","doi":"10.17016/2380-7172.3116","DOIUrl":"https://doi.org/10.17016/2380-7172.3116","url":null,"abstract":"Prime money market funds (MMFs) represent a key vulnerability in the financial system. During the last 15 years, they have experienced two severe investor runs, in September 2008 and March 2020, both of which contributed to full-scale financial crises.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"225 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114368098","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}