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The Rising Use of Nonbank Credit among U.S. Households: 2009-2011 by Gregory B. Mills and William Monson, Urban Institute, July 17, 2013. “Between January 2009 and June 2011, through the depths of the Great Recession and the initial sluggish recovery, the percentage of U.S. households that had ever used high-cost nonbank credit rose from 11.8 to 14.2 percent. This …
Should monetary policy lean against the wind? – an analysis based on a DSGE model with banking, by Leonardo Gambacorta and Federico M Signoretti – Working Papers No 418, July 2013 “The global financial crisis has reaffirmed the importance of financial factors for macroeconomic fluctuations. Recent work has shown how the conventional pre-crisis prescription that …
Relationship and Transaction Lending in a Crisis by Patrick Bolton, Xavier Freixas, Leonardo Gambacorta and Paolo Emilio Mistrulli, Working Papers No 417 -July 2013 “We study how relationship lending and transaction lending vary over the business cycle. We develop a model in which relationship banks gather information on their borrowers, which allows them to provide …
Rohit Chopra is the CFPB’s Student Loan Ombudsman. This post is excerpted from prepared remarks before a conference hosted by the Center for American Progress on July 17, 2013, in Washington, DC. “While there has been considerable attention by policymakers on federal student loan interest rates taken out for the 2013-2014 academic year, outstanding student …
Summary of Commentary on Current Economic Conditions by Federal Reserve District, July 17, 2013 “Reports from the twelve Federal Reserve Districts indicate that overall economic activity continued to increase at a modest to moderate pace since the previous survey. Manufacturing expanded in most Districts since the previous report, with many Districts reporting increases in new …
FHFA’s Initiative to Reduce the Enterprises’ Dominant Position in the Housing Finance System by Raising Gradually Their Guarantee Fees, Evaluation Report – EVL–2013–005 – July 16, 2013 “In 2012, Fannie Mae and Freddie Mac (the Enterprises) generated $12.5 billion in revenues from the single-family guarantee fees that they charge to protect investors in their mortgage-backed securities …
News release: “The European Commission has informed some of the world’s largest investment banks of its preliminary conclusion that they infringed EU antitrust rules that prohibit anti-competitive agreements by colluding to prevent exchanges from entering the credit derivatives business between 2006 and 2009. The sending of a statement of objections does not prejudge the final …
Outsourcing and Insourcing Jobs in the U.S. Economy: Evidence Based on Foreign Investment Data. James K. Jackson Specialist in International Trade and Finance, June 21, 2013 “The United States is the largest foreign direct investor in the world and the largest recipient of such investment funds. This active role in foreign investment continues to drive a national debate …
