Small business
Mission-oriented banks in Texas and underserved businesses: lessons from the Paycheck Protection Program
Although it is too soon to have outcome data on the ECIP, we can still explore how useful expanding MDI and CDFI lending might be to underserved small firms by using data on loan access and forgiveness from its predecessor, the PPP.
December 16, 2022
Why Has U.S. Stock Ownership Doubled Since the Early 1980s? Equity Participation Over the Past Half Century
The U.S. stock ownership rate doubled between 1983 and 2001 but remains below predictions of some equity participation models.
November 18, 2022
Economic Surveys
Banking Conditions Survey
Loan volumes declined for a second period in a row, and loan demand fell sharply.
November 14, 2022
Economic Surveys
Banking Conditions Survey
Loan demand declined for the first time in nearly two years, and overall loan volumes decreased over the past six weeks.
October 03, 2022
Operational Loss Recoveries and the Macroeconomic Environment: Evidence from the U.S. Banking Sector
Using supervisory data from large U.S. bank holding companies, this paper documents that operational loss recovery rates decrease in macroeconomic downturns.
September 01, 2022
Working Papers
Are Equity Option Returns Abnormal? IPCA Says No
This paper shows that much of the profitability in equity option return strategies, which try to capture option mispricing by taking exposure to underlying volatility, can be explained by an IPCA model.
August 26, 2022
Economic Surveys
Banking Conditions Survey
Loan demand continued to increase but at a markedly slower pace than what has been seen over the last 18 months.
August 22, 2022
Uncertainty, Stock Prices and Debt Structure: Evidence from the U.S.-China Trade War
Using the recent U.S.-China trade war as a laboratory, this paper shows that policy uncertainty shocks have a significant impact on stock prices.
August 19, 2022
Dallas Fed Economics
Firm debt structure can mitigate impact of uncertainty shock
We found evidence that the way a firm structures its debt can mitigate a significant amount of the negative effects from uncertainty shocks, especially for zombie firms.
August 09, 2022
Southwest Economy
Changing economy likely to test banks as stimulus ends, growth slows
Banks in the region and the U.S., which have benefited from pandemic-era fiscal stimulus, face downside risks arising from Russia’s invasion of Ukraine, ongoing COVID-19 shocks abroad and expectations of significant central bank tightening to address elevated inflation.
July 01, 2022