FEDS Notes are articles in which Board economists 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
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.
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.
Our analysis uses a different, unique proprietary dataset that features three frequently used credit scores for each individual. Compared with the dataset used in the CFPB report, this dataset includes more recent time periods and provides a longer historical perspective of credit score comparisons.
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.
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.
In this note, we explore whether "universal banks" provide value to firms through their ability to provide both lending and underwriting services.
This note presents new estimates of mobile banking use in 2017, as well as insights on types of users and their behaviors.
In this note, we examine the extent of labor shortages for the manufacturing sector.
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.
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.
In this FEDS Note, we examine the predictions of various models and recent surveys of the probability of a recession in the near term.
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.
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.
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.
In this note, we assess the pattern of consumption inequality using an alternative data source--namely, new motor vehicle purchases.
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).
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.
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.
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.
Disclaimer: FEDS Notes are articles in which Board economists 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.