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Third Quarter 2019

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Posted 2019-07-12

What Determines Debt Maturity?

by Rodolfo E. Manuelli

What determines the maturity structure of debt? In this article, I develop a simple model to explore how the optimal maturity of debt issued by a firm (or a country) depends both on the firm’s cyclical state and other features of the economic environment in which it operates.

Posted 2019-07-12

How Have Banks Been Managing the Composition of High-Quality Liquid Assets?

by Jane Ihrig, Edward Kim, Cindy M. Vojtech, and Gretchen C. Weinbach

Banks’ liquidity management practices are fundamental to understanding the implementation and transmission of monetary policy. Since the Global Financial Crisis of 2007-09, these practices have been shaped importantly by the liquidity coverage ratio requirement. 

Posted 2019-07-12

An Empirical Economic Assessment of the Costs and Benefits of Bank Capital in the United States

by Simon Firestone, Amy Lorenc, and Ben Ranish

We evaluate the economic costs and benefits of bank capital in the United States. The analysis is similar to that found in previous studies, though we tailor it to the specific features and experience of the U.S. financial system.

Posted 2019-07-12

Occupational Mobility and Lifetime Earnings

by Yongseok Shin and C.Y. Kelvin Yuen

People’s occupations have a significant amount of information about their wages. However, because people—especially young workers—go through multiple occupations and employment statuses during their working lives, we find that their occupations at a young age do not predict their lifetime earnings well.

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