Policy Discussion Papers
Providing you with in-depth analysis of monetary and financial policy.
- No. 28
- This Policy Discussion Paper summarizes papers that were presented at the Workshop on Entrepreneurial Finance, which was held March 12–13, 2009, at the Federal Feserve Bank of Cleveland. Researchers presented new empirical research that exploits data sets on entrepreneurial activity that are based on broad and representative data samples. Papers in the workshop focused primarily on analyses of the sources and structure of start-up finance, including the importance of bank lending, venture capital, angel investors, and owner equity. [NOTE: This issue is available only on-line. It was not printed.] Read more (PDF)
- No. 27
- One of the most important issues in the regulatory reform debate is that of systemically important financial institutions. This paper proposes a framework for identifying and supervising such institutions; the framework is designed to remove the advantages they derive from becoming systemically important and to give them more time-consistent incentives. It defines criteria for classifying firms as systemically important: size (the classic doctrine of too big to let fail) and the four C’s of systemic importance (contagion, concentration, correlation, and conditions); it also discusses the concept of progressive systemic mitigation. [NOTE: This issue is available only on-line. It was not printed.] Read more (PDF)
- No. 26
- This Policy Discussion Paper summarizes the papers that were presented at the Liquidity in Frictional Markets conference in November 2008. The papers, which looked at markets for assets as diverse as houses, bank loans, and electronic funds transfer, all explored that amorphous concept called “liquidity” and how its presence—or absence—affects the economy. (PDF)
- No. 25
The effects of sustained high rates of foreclosure on numerous areas of Cuyahoga County have thrust land banking to the forefront of recent public policy discussions in Ohio. This Policy Discussion Paper seeks to inform those discussions by explaining the state’s traditional land banking system and illustrating how the new land banking system, spelled out in Senate Bill 353/House Bill 602 and signed into law January 2009, works.
Originally published January 6, 2009. Updated January 30, 2009, to reflect changes in legislation. (PDF)