NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Haelim M. Park

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Working Papers

October 2015Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System
with Charles W. Calomiris, Matthew Jaremski, Gary Richardson: w21684
Reducing systemic liquidity risk related to seasonal swings in loan demand was one reason for the founding of the Federal Reserve System. Existing evidence on the post-Federal Reserve increase in the seasonal volatility of aggregate lending and the decrease in seasonal interest rate swings suggests that it succeeded in that mission. Nevertheless, less than 8 percent of state-chartered banks joined the Federal Reserve in its first decade. Some have speculated that nonmembers could avoid higher costs of the Federal Reserve’s reserve requirements while still obtaining access indirectly to the Federal Reserve discount window through contacts with Federal Reserve members. We find that individual bank attributes related to the extent of banks’ ability to mitigate seasonal loan demand variation p...
December 2010Retail Trade by Federal Reserve District, 1919 to 1939: A Statistical History
with Gary Richardson: w16617
Soon after beginning operations, the Federal Reserve established a nationwide network for collecting information about the economy. In 1919, the Fed began tabulating data by about retail sales, which it viewed as a fundamental measure of consumption. From 1920 until 1929, the Federal Reserve published data about retail sales each month by Federal Reserve district, but ceased to do so after 1929. It continued to compile monthly data on retail sales by reserve district, but this data remained in house. We collected these in-house reports from the archives of the Board of Governors and constructed a consistent series on retail trade at the district level. The new series enhances our understanding of economic trends during the Roaring „20s and Great Depression.

Published: Haelim Park, Gary Richardson (2012), Retail Trade by Federal Reserve District, 1919 to 1939: A Statistical History, in Christopher Hanes, Susan Wolcott (ed.) Research in Economic History (Research in Economic History, Volume 28) Emerald Group Publishing Limited, pp.151 - 231

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