Photo of Wayne Passmore

Wayne Passmore

Education

  • Ph.D., Economics, University of Michigan, 1985
  • B.A., Economics and Mathematics, Grinnell College, 1978
Current Research Topics
  • Secondary Mortgage Markets, Securitization
  • Bank Capital; Macroprudential Policy
  • Associate Director; Section Chief; Senior Economist; Economist

    Division of Research and Statistics; Board of Governors of the Federal Reserve System

    1990 - 2014
  • Vice President

    Federal Home Loan Bank of San Francisco

    1987 - 1990
  • Economist

    Division of Research and Statistics; Board of Governors of the Federal Reserve System

    1986 - 1987
  • Economist

    Federal Reserve Bank of New York

    1984 - 1986
  • How investor demands for safety influence bank capital and liquidity trade-offs
    Wayne Passmore and Judit Temesvary
    Journal of Financial Stability (2022)
    https://doi.org/10.1016/j.jfs.2022.100987
  • An Empirical Foundation for Calibrating the G-SIB Surcharge
    Alexander Jiron, Wayne Passmore, and Aurite Werman
    BIS Working Papers (2021)
  • FHA, Fannie Mae, Freddie Mac and the Great Recession
    Wayne Passmore and Shane M. Sherlund
    Real Estate Economics (2021)
    https://doi.org/10.1111/1540-6229.12296
    See also » FRB Working Paper (2016)
  • The Stability of Safe Asset Production
    Sara Almadani, Michael Batty, Danielle Nemschoff, and Wayne Passmore
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2787
  • Investor Demands for Safety, Bank Capital, and Liquidity Measurement
    Wayne Passmore and Judit Temesvary
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.079
  • Financing Affordable and Sustainable Homeownership with Fixed-COFI Mortgages
    Wayne Passmore and Alexander H. von Hafften
    Regional Science and Urban Economics (2020)
    https://doi.org/10.1016/j.regsciurbeco.2018.08.002
    See also » FRB Working Paper (2018)
  • An Overview of G-SIB Capital Surcharges
    Wayne Passmore
    Policy Research Meeting on Financial Markets and Institutions: Proceedings of the Conference in Memory of Andrea Generale, Rome (2019)
  • Are Basel's Capital Surcharges for Global Systemically Important Banks Too Small?
    Wayne Passmore and Alexander H. von Hafften
    International Journal of Central Banking (2019)
    See also » FRB Working Paper (2017)
  • The FHA and the GSEs as Countercyclical Tools in the Mortgage Markets
    Wayne Passmore and Shane M. Sherlund
    Economic Policy Review (2018)
  • GSE Guarantees, Financial Stability, and Home Equity Accumulation
    Wayne Passmore and Alexander H. von Hafften
    Economic Policy Review (2018)
  • Improving the 30-Year Fixed-Rate Mortgage
    Wayne Passmore and Alexander H. von Hafften
    Finance and Economics Discussion Series (2017)
    https://doi.org/10.17016/FEDS.2017.090
  • Are Basel's Capital Surcharges for Global Systemically Important Banks Too Small?
    Wayne Passmore and Alexander H. von Hafften
    FEDS Notes (2017)
    https://doi.org/10.17016/2380-7172.1859
    See also » FRB Working Paper (2017)
  • Cost of Funds Indexed Mortgage Contracts With Government-Backed Catastrophic Insurance (COFI-Cats): A Realistic Alternative to the 30-Year Fixed-Rate Mortgage?
    Diana Hancock and Wayne Passmore
    Journal of Economics & Business (2016)
    https://doi.org/10.1016/j.jeconbus.2016.02.004
  • Macroprudential Mortgage-Backed Securitization: Can it Work?
    Diana Hancock and Wayne Passmore
    Principles of Housing Finance Reform (2016)
  • How Does the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates?
    Diana Hancock and Wayne Passmore
    Real Estate Economics (2015)
    https://doi.org/10.1111/1540-6229.12109
  • Traditional Banks, Shadow Banks, and Financial Stability
    D. Hancock and Wayne Passmore
    Shadow Banking Within and Across National Borders (2015)
  • How the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates
    Diana Hancock and Wayne Passmore
    Finance and Economics Discussion Series (2014)
    https://doi.org/10.17016/FEDS.2014.012
  • The Federal Reserve's Portfolio and its Effects on Mortgage Markets
    Diana Hancock and Wayne Passmore
    Finance and Economics Discussion Series (2012)
    https://doi.org/10.17016/FEDS.2012.22
  • Federal Home Loan Bank Advances and Commercial Bank Portfolio Composition
    W. S. Frame, Diana Hancock, and Wayne Passmore
    Journal of Money, Credit and Banking (2012)
    https://doi.org/10.1111/j.1538-4616.2012.00505.x
    See also » FRB Working Paper (2007)
  • Did the Federal Reserve's MBS purchase program lower mortgage rates?
    Diana Hancock and Wayne Passmore
    Journal of Monetary Economics (2011)
    https://doi.org/10.1016/j.jmoneco.2011.05.002
    See also » FRB Working Paper (2011)
  • Roundtable: Systemic Risk Regulation at 2010 FMA Annual Meeting
    Wayne Passmore
    Journal of Applied Finance (2011)
  • Catastrophic Mortgage Insurance and the Reform of Fannie Mae and Freddie Mac
    Diana Hancock and Wayne Passmore
    Future of Housing Finance: Restructuring the U.S. Residential Mortgage Market (2011)
  • The Future of Fannie Mae and Freddie Mac
    Diana Hancock and Wayne Passmore
    Journal of Applied Finance (2011)
  • An Analysis of Government Guarantees and the Functioning of Asset-Backed Securities Markets
    Diana Hancock and Wayne Passmore
    Finance and Economics Discussion Series (2010)
    https://doi.org/10.17016/FEDS.2010.46
  • The Bank Lending Channel of Monetary Policy and its Effect on Mortgage Lending
    Lamont K. Black, Diana Hancock, and Wayne Passmore
    Finance and Economics Discussion Series (2010)
    https://doi.org/10.17016/FEDS.2010.39
  • Three Initiatives Enhancing the Mortgage Market and Promoting Financial Stability
    Diana Hancock and S. Wayne Passmore
    B.E. Journal of Economic Analysis & Policy (2009)
    https://doi.org/10.2202/1935-1682.2226
  • Strategic Trading in Multiple Assets and the Effects on Market Volatility
    Chenghuan Sean Chu, Andreas Lehnert, and Wayne Passmore
    International Journal of Central Banking (2009)
  • GSEs, Mortgage Rates, and Secondary Market Activities
    Andreas Lehnert, Wayne Passmore, and Shane M. Sherlund
    Journal of Real Estate Finance and Economics (2008)
    https://doi.org/10.1007/s11146-007-9047-5
    See also » FRB Working Paper (2005)
  • Bank Core Deposits and the Mitigation of Monetary Policy
    Lamont Black, Diana Hancock, and Wayne Passmore
    Finance and Economics Discussion Series (2007)
    https://doi.org/10.17016/FEDS.2007.65
  • Federal Home Loan Bank Advances and Commercial Bank Portfolio Composition
    W. Scott Frame, Diana Hancock, and Wayne Passmore
    Working Paper (Federal Reserve Bank of Atlanta) (2007)
    See also » FRB Working Paper (2007)
  • Federal Home Loan Bank Advances and Commercial Bank Portfolio Composition
    W. Scott Frame, Diana Hancock, and S. Wayne Passmore
    Proceedings of a Conference on Bank Structure and Competition (2007)
    See also » FRB Working Paper (2007)
  • Comment on 'An Options-Based Approach to Evaluating the Risk of Fannie Mae and Freddie Mac'
    Andreas Lehnert and Wayne Passmore
    Journal of Monetary Economics (2006)
    https://doi.org/10.1016/j.jmoneco.2005.10.002
  • The Effect of Housing Government-Sponsored Enterprises on Mortgage Rates
    Wayne Passmore, Shane M. Sherlund, and Gillian Burgess
    Real Estate Economics (2005)
    https://doi.org/10.1111/j.1540-6229.2005.00125.x
    See also » FRB Working Paper (2005)
  • The GSE Implicit Subsidy and the Value of Government Ambiguity
    Wayne Passmore
    Real Estate Economics (2005)
    https://doi.org/10.1111/j.1540-6229.2005.00126.x
    See also » FRB Working Paper (2003)
  • An Analysis of the Potential Competitive Impacts of Basel II Capital Standards on U.S. Mortgage Rates and Mortgage Securitization
    S. Wayne Passmore, Diana Hancock, Andreas Lehnert, and Shane M. Sherlund
    Basel II White Paper (2005)
  • GSEs, Mortgage Rates, and the Long-Run Effects of Mortgage Securitization
    Wayne Passmore, Roger Sparks, and Jamie Ingpen
    Journal of Real Estate Finance and Economics (2002)
    https://doi.org/10.1023/A:1016577809655
    See also » FRB Working Paper (2001)
  • Does the Community Reinvestment Act (CRA) Cause Banks to Provide a Subsidy to Some Mortgage Borrowers?
    Glenn B. Canner, Elizabeth Laderman, Andreas Lehnert, and Wayne Passmore
    Finance and Economics Discussion Series (2002)
    https://doi.org/10.17016/FEDS.2002.19
  • Measuring the CRA Subsidy in Mortgage Markets
    Glenn B. Canner, Elizabeth Laderman, Andreas Lehnert, and S. Wayne Passmore
    Proceedings of a Conference on Bank Structure and Competition (2002)
  • Mortgage Refinancing in 2001 and Early 2002
    Glenn Canner, Karen Dynan, and Wayne Passmore
    Federal Reserve Bulletin (2002)
    https://doi.org/10.17016/bulletin.2002.88-12
  • The Simple Microeconomics of Government-Sponsored Enterprises
    S. Wayne Passmore and Roger Sparks
    Proceedings of a Conference on Bank Structure and Competition (2001)
  • Credit Scoring and Mortgage Securitization: Implications for Mortgage Rates and Credit Availability
    Andrea Heuson, Wayne Passmore, and Roger Sparks
    Journal of Real Estate Finance and Economics (2001)
    https://doi.org/10.1023/A:1017952120081
  • Credit Scoring and Mortgage Securitization: Do They Lower Mortgage Rates?
    Andrea Heuson, Wayne Passmore, and Roger Sparks
    Finance and Economics Discussion Series (2000)
    https://doi.org/10.17016/FEDS.2000.44
  • The Subsidy Provided by the Federal Safety Net: Theory and Evidence
    Myron L. Kwast and S. Wayne Passmore
    Financial Modernization and Regulation (2000)
    https://doi.org/10.1007/978-1-4757-5228-1
    See also » FRB Working Paper (1998)
  • Do Savings Associations Have a Special Commitment to Housing?
    Elizabeth Laderman and Wayne Passmore
    Journal of Financial Services Research (2000)
    https://doi.org/10.1023/A:1008167425192
  • Automated Underwriting and the Profitability of Mortgage Securitization
    Wayne Passmore and Roger W. Sparks
    Real Estate Economics (2000)
    https://doi.org/10.1111/1540-6229.00802
  • The Banking Industry and the Safety Net Subsidy
    Andreas Lehnert and Wayne Passmore
    Finance and Economics Discussion Series (1999)
    https://doi.org/10.17016/FEDS.1999.34
  • Pricing Systemic Crises: Monetary and Fiscal Policy When Savers are Uncertain
    Andreas Lehnert and Wayne Passmore
    Finance and Economics Discussion Series (1999)
    https://doi.org/10.17016/FEDS.1999.33
  • The Subsidy Provided by the Federal Safety Net: Theory and Evidence
    Myron L. Kwast and S. Wayne Passmore
    Journal of Financial Services Research (1999)
    https://doi.org/10.1023/A:1008184207595
    See also » FRB Working Paper (1998)
  • The Role of Specialized Lenders in Extending Mortgages to Lower-Income and Minority Homebuyers
    Glenn B. Canner, Wayne Passmore, and Elizabeth Laderman
    Federal Reserve Bulletin (1999)
    https://doi.org/10.17016/bulletin.1999.85-11
  • The Subsidy Provided by the Federal Safety Net: Theory, Measurement and Containment
    Myron L. Kwast and S. Wayne Passmore
    Proceedings of a Conference on Bank Structure and Competition (1998)
    See also » FRB Working Paper (1998)
  • Is Mortgage Lending by Savings Associations Special?
    Elizabeth Laderman and Wayne Passmore
    FRBSF Economic Review (1998)
    See also » FRB Working Paper (1998)
  • The Effect of Automated Underwriting on the Profitability of Mortgage Securitization
    Wayne Passmore and Roger Sparks
    Finance and Economics Discussion Series (1997)
    https://doi.org/10.17016/FEDS.1997.19
  • The Community Reinvestment Act and the Profitability of Mortgage-Oriented Banks
    Glenn Canner and Wayne Passmore
    Finance and Economics Discussion Series (1997)
    https://doi.org/10.17016/FEDS.1997.07
  • The Relative Profitability of Commercial Banks Active in Lending in Low-Income Neighborhoods and to Low-Income Borrowers
    Glenn Canner and S. Wayne Passmore
    Proceedings of a Conference on Bank Structure and Competition (1996)
  • Putting the Squeeze on a Market for Lemons: Government-Sponsored Mortgage Securitization
    Wayne Passmore and Roger Sparks
    Journal of Real Estate Finance and Economics (1996)
    https://doi.org/10.1007/BF00174549
  • Distribution of Credit Risk Among Providers of Mortgages to Lower-Income and Minority Homebuyers
    Glenn B. Canner, Wayne Passmore, and Brian J. Surette
    Federal Reserve Bulletin (1996)
    https://doi.org/10.17016/bulletin.1996.82-12
  • Implementing CRA: What is the Target?
    Glenn Canner and S. Wayne Passmore
    Proceedings of a Conference on Bank Structure and Competition (1995)
  • Putting the Squeeze on a Market for Lemons: Government-Sponsored Mortgage Securitization
    Wayne Passmore and Roger Sparks
    Finance and Economics Discussion Series (1995)
  • Home Purchase Lending in Low-Income Neighborhoods and to Low-Income Borrowers
    Glenn B. Canner and Wayne Passmore
    Federal Reserve Bulletin (1995)
  • Credit Risk and the Provision of Mortgages to Lower-Income and Minority Homebuyers
    Glenn B. Canner and Wayne Passmore
    Federal Reserve Bulletin (1995)
  • The Influence of Risk-Adjusted Capital Regulations on Asset Allocation by Savings and Loans
    Wayne Passmore
    Global Risk-Based Capital Regulations (1994)
  • Optimal Bank Portfolios and the Credit Crunch
    Wayne Passmore and Steven A. Sharpe
    Finance and Economics Discussion Series (1994)
  • Residential Lending to Low-Income and Minority Families: Evidence from the 1992 HMDA Data
    Glenn B. Canner and Wayne Passmore
    Federal Reserve Bulletin (1994)
  • Private Mortgage Insurance
    Glenn B. Canner, Wayne Passmore, and Monisha Mittal
    Federal Reserve Bulletin (1994)
  • Econometric Models of COFI
    S. Wayne Passmore
    Journal of Real Estate Finance and Economics (1993)
    https://doi.org/10.1007/BF01097025
  • Report to the Congress on Community Development Lending by Depository Institutions
    Glenn Canner and S. Wayne Passmore
    Board of Governors of the Federal Reserve System (U.S.) (1993)
  • An efficiency model of deposit pricing and rate rigidity
    Wayne Passmore and Roger Sparks
    Finance and Economics Discussion Series (1993)
  • Market power and the pricing of mortgage securitization
    John L. Goodman and S. Wayne Passmore
    Finance and Economics Discussion Series (1992)
  • The influence of risk-adjusted capital regulations on asset allocation by savings and loans
    Wayne Passmore
    Finance and Economics Discussion Series (1992)
  • Can Retail Depositories Fund Mortgages Profitably?
    Wayne Passmore
    Journal of Housing Research (1992)
  • Can Banks Profitably Fund Mortgages?
    S. Wayne Passmore
    Proceedings of a Conference on Bank Structure and Competition (1991)
  • Profitability of Fixed-Rate Mortgages Questioned
    S. Wayne Passmore
    Bank Management (1991)
  • Can Retail Depositories Fund Mortgages Profitably?
    Wayne Passmore
    Finance and Economics Discussion Series (1991)
  • The Eleventh District Cost of Funds Index
    S. Wayne Passmore
    Secondary Mortgage Markets (1990)
  • The all-in Cost of Retail Deposits Versus Federal Home Loan Advances
    Wayne S. Passmore
    Thrift financing strategies: an analysis of the all-in cost of retail and wholesale funding for thrift institutions (1990)
  • The Eleventh District Cost of Funds: Description, Forecasting, and Pricing of Index-Based Mortgages
    S. Wayne Passmore
    Working Paper (Federal Home Loan Bank of San Francisco) (1989)
  • Loan Loss Reserves and Stock Market Valuations of Financial Institutions
    S. Wayne Passmore
    Proceedings of a Conference on Bank Structure and Competition (1988)
  • Strategic Niches and the Profitability of Banking
    S. Wayne Passmore
    Proceedings of a Conference on Bank Structure and Competition (1986)
  • Loan Loss Provisions
    B. White and S. Wayne Passmore
    Recent Trends in Commercial Bank Profitability (1986)
  • conference

    1985 to Current

    AEA, AFA, AREUEA, IBEFA, FMA, NBER, FRB-Chicago Bank Structure conference, and other Federal Reserve System Conferences.

    Dr. Passmore has given over 100 presentations.

Awards
  • 2005

    AREUEA

    Edwin Mills Prize for best paper in real estate

  • 1992

    FMA

    Best paper on financial Institutions

Conference Organization
  • 1987 to current

    AEA, AFA, AREUEA, FMA, NAEFA, WEA and Federal Reserve Conferences

    Organizer or Chair

Professional Affiliation
  • American Economic Association (AEA)
  • American Real Estate and Urban Economics Association (AREUEA)
  • Financial Management Association (FMA)
  • International Banking, Economics and Finance Association (IBEFA)
Last update: June 30, 2022