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Third Quarter 2019

In This Edition

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

    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.


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

    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. 


  • Occupational Mobility and Lifetime Earnings

    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.


  • What Determines Debt Maturity?

    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.