Haelim Anderson

Center for Financial Research
Federal Deposit Insurance Corporation
550 17th St NW
Washington, DC 20429

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: Federal Deposit Insurance Corporation

NBER Working Papers and Publications

August 2020Interbank Networks in the Shadows of the Federal Reserve Act
with Selman Erol, Guillermo Ordoñez: w27721
Central banks provide public liquidity to traditional (regulated) banks with the intention of stabilizing the financial system. Shadow banks are not regulated, yet they indirectly access such liquidity through the interbank system. We build a model that shows how public liquidity provision may change the linkages between traditional and shadow banks, increasing systemic risk through three channels: reducing aggregate liquidity, expanding fragile short-term borrowing, and crowding out of private cross-bank insurance. We show that the creation of the Federal Reserve System and the provision of public liquidity changed the structure and nature of the U.S. interbank network in ways that are consistent with the model and its implications. We provide empirical evidence by constructing unique dat...
September 2017Deposit Insurance and Depositor Monitoring: Quasi-Experimental Evidence from the Creation of the Federal Deposit Insurance Corporation
with Gary Richardson, Brian S. Yang: w23828
In the Banking Acts of 1933 and 1935, the United States created the Federal Deposit Insurance Corporation, which ensured deposits in commercial banks up to $5,000. Congress capped the size of insured deposits so that small depositors would not run on banks, but large and informed depositors – such as firms and investors – would continue to monitor banks’ behavior. This essay asks how that insurance scheme influenced depositors’ reactions to news about the health of the economy and information on bank’s balance sheets. An answer arises from our treatment-and-control estimation strategy. When deposit insurance was created, banks with New York state charters accepted regular and preferred deposits. Preferred depositors received low, fixed interest rates, but when banks failed, received priori...
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...

Published: ANDERSON, H. , CALOMIRIS, C. W., JAREMSKI, M. and RICHARDSON, G. (2018), Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System. Journal of Money, Credit and Banking, 50: 173-201. doi:10.1111/jmcb.12457 citation courtesy of

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

NBER Videos

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email:

Contact Us