Publications

publications

William R. Emmons

Housing's Great Fall: Putting Household Balance Sheets Together Again

The simplest way to avoid another devastating housing crash and foreclosure crisis probably is to reduce household borrowing and, then, to keep it low.

(2 Reviews)

Reader Exchange

By William R. Emmons

(0 Reviews)

Views: Fair-Value Accounting: Don't Shoot the Messenger!

By William R. Emmons

(3 Reviews)

In-Depth: The Credit Crunch Reflects Collapse of a “Shadow Banking System”

By Julie L. Stackhouse and William R. Emmons

Fannie Mae, Freddie Mac and private-label assets comprised much of this system.

(2 Reviews)

How Will Fannie and Freddie Operate in the Future?

By William R. Emmons

(1 Reviews)

Views: Bank, Thrift and Other Key Financial Institution Failures Set Ignominious Standard in 2008

By William R. Emmons and Andrew P. Meyer

(1 Reviews)

The Mortgage Crisis: Let Markets Work, But Compensate the Truly Needy

By William R. Emmons

As painful as it may be, letting the housing and mortgage markets sort out these problems on their own would be best for the economy in the long run. Large-scale government interventions are not necessarily the best policy responses, although those made truly needy by this crisis need to be helped.

(2 Reviews)

The Past, Present and Future of the U.S. Mortgage Market

By William R. Emmons

Fed officer and economist William Emmons examines the evolution of the mortgage markets—and speculates that U.S. markets may return to models of an earlier era.

(0 Reviews)

Why Do Gasoline Prices React to Things That Have Not Happened?

By Christopher J. Neely and William R. Emmons

Some people complain they are being gouged at the pump, but raising prices now in anticipation of what might happen helps ensure an adequate gas supply.

(1 Reviews)

As Household Asset Values Rise, Should We Still Worry about the Saving Rate?

By William R. Emmons

Although some data show that household wealth is rising, we shouldn’t be complacent about the flip side of the coin—that personal saving is in a nosedive.

(0 Reviews)

Cash-Out Refinancing: Check It Out Carefully

By William R. Emmons

Lower interest rates can make mortgage refinancing a good idea, but borrowers need to pay attention to more than just the monthly payment. Cash-out refinancing is especially tricky because it entails taking on a larger mortgage. This can lead to a greater repayment burden in the future.

(0 Reviews)

Basel II Will Trickle Down to Community Bankers, Consumers

By William R. Emmons Vahe Lskavyan, and Timothy J. Yeager,

The new banking accord could make survival for some regional and community banks more difficult. On the other hand, consumers could see lower mortgage rates.

(0 Reviews)

The Housing Giants in Plain View

By William R. Emmons Mark D. Vaughan, and Timothy J. Yeager,

These government-sponsored enterprises continue to make headlines because of their explosive growth and resulting heavyweight status within the nation's financial system.

(0 Reviews)

Credit Unions Make Friends—But Not with Bankers

By William R. Emmons and Frank A. Schmid

Unable to slow the growth of credit unions by protesting their tax breaks and sponsor subsidies, banks are citing other reasons to bolster their case that the competition has an unfair edge.

(0 Reviews)

The Futures Market as Forecasting Tool: An Imperfect Crystal Ball

By William R. Emmons and Timothy J. Yeager

The futures market is not a perfect crystal ball. In some cases, it accurately forecasts what spot prices will be in the future. But not always.

(0 Reviews)

A Third Pillar of Bank Supervision Examinations and Capital Requirements Already Seek to Control Risk. Can Markets Support This Effort?

By William R. Emmons R. Alton Gilbert, and Mark D. Vaughan,

Examinations and capital requirements are the current pillars of bank supervision. Some people now want to draw on the markets for further assistance in controlling risk.

(0 Reviews)

Should Regulators Include Credit Unions When They Analyze Bank Competition?

By William R. Emmons

Authors suggest that they should be included.

(0 Reviews)