580 research outputs found
Sylvia Wheelock Samson and Joyce Wheelock Telford oral history interview.
No full textOral history interview with Sylvia Wheelock Samson and Joyce Wheelock Telford conducted by David Marshall, originally recorded Mar. 9, 2005, in Lubbock, Tex. Accompanied by one finding aid.Sylvia Wheelock Samson and her sister Joyce Wheelock Telford are grandaughters of Frank Wheelock, founder of the city of Lubbock, Tex. They reminisce about their early life in Lubbock
David A. Wheelock
No full textDavid A. Wheelock, 1994https://researchexchange.iaao.org/presidents/1058/thumbnail.jp
Monetary policy in the Great Depression and beyond: the sources of the Fed's inflation bias
No full textThe deflationary outcome of monetary policy during the Great Depression had two fundamental causes: 1) the Federal Reserve's use of flawed operating guides, and 2) a decision to make preservation of the gold standard the overriding objective of policy. The Great Depression resulted in lasting changes in the domestic and international monetary regime that substantially weakened the gold standard, increased political control of monetary policy, and created new opportunities to monetize government debt, all of which gave monetary policy an inflation bias. Uncorrected flaws in the Federal Reserve operating strategy and the lessening of the gold standard constraint enabled a sustained inflationary monetary policy to emerge in the 1960s. Ultimately, that policy led to the collapse of the Bretton Woods System and abandonment of international linkages altogether.Depressions ; Monetary policy - United States ; Inflation (Finance)
Banking industry consolidation and market structure: impact of the financial crisis and recession
No full textThe number of U.S. commercial banks and savings institutions declined by 12 percent between December 31, 2006, and December 31, 2010, continuing a consolidation trend begun in the mid-1980s. Banking industry consolidation has been marked by sharply higher shares of deposits held by the largest banks—the 10 largest banks now hold nearly 50 percent of total U.S. deposits. However, antitrust policy is predicated on the assumption that banking markets are local in nature, and enforcement has focused on preventing bank mergers from increasing the concentration of local banking markets. The author finds little change over time in the average concentration of local banking markets or the average number of dominant banks in them, even during the recent financial crisis and recession when numerous bank failures and several large bank mergers occurred. Concentration did not increase substantially, on average, in markets where mergers occurred among banks when both the acquiring and acquired banks had existing local offices, though rural markets generally saw larger increases in concentration from such mergers than did urban markets. Although the structures of local banking markets, on average, have changed little since the mid-1980s, deposit concentration has continued to increase at the level of U.S. Census regions. As technology evolves and the costs of obtaining banking services from distant providers fall further, local market characteristics may become less relevant for analysis of competition in banking. ; Link to accompanying data file: http://research.stlouisfed.org/publications/review/11/11/1111dwd.xlsxBanking structure ; Financial crises ; Recessions
Monetary policy and financial market expectations: what did they know and when did they know it?
No full textInterest rates sometimes seem to respond to Federal Reserve policy actions in unexpected ways--for example, falling when the Fed " tightens" monetary policy or rising when the Fed "eases" policy. In this article, Michael R. Pakko and David C. Wheelock attempt to demystify such responses. They show how trading in the federal funds futures market reveals public expectations of Federal Reserve actions, and how our knowledge of these expectations can help us interpret the behavior of interest rates.Monetary policy ; Monetary policy - United States ; Financial markets ; Federal funds market (United States) ; Federal funds market (United States) ; Interest rates
The federal response to home mortgage distress: lessons from the Great Depression
No full textThis article examines the federal response to mortgage distress during the Great Depression: It documents features of the housing cycle of the 1920s and early 1930s, focusing on the growth of mortgage debt and the subsequent sharp increase in mortgage defaults and foreclosures during the Depression. It summarizes the major federal initiatives to reduce foreclosures and reform mortgage market practices, focusing especially on the activities of the Home Owners' Loan Corporation (HOLC), which acquired and refinanced one million delinquent mortgages between 1933 and 1936. Because the conditions under which the HOLC operated were unusual, the author cautions against drawing strong policy lessons from the HOLC's activities. Nonetheless, similarities between the Great Depression and the recent episode suggest that a review of the historical experience can provide insights about alternative policies to relieve mortgage distress.Home Mortgage Disclosure Act ; Mortgage loans ; Depressions
David Chard Interview
No full textDr. David Chard, former Dean of the Simmons School of Education, was interviewed by Hannah Hall in the Oral History Studio of Fondren Library at Southern Methodist University December 6, 2021. David discussed his childhood and upbringing in Eastern Michigan, including his undergraduate education at Central Michigan University, where he trained to become a teacher. After graduation in the mid-1980s, he spent four years in Lesotho with the Peace Corps, where he met his former wife. They were married for 11 years and had three children. He obtained his graduate degree in special education in Eugene, Oregon, and the family then moved to Austin, Texas. Throughout the decades, he had several affairs with men, but struggled to fully realize and embrace his queerness. He finally came out and moved back to Oregon, while continuing to maintain a positive relationship with his children. In order to be near them, he accepted a job as Dean of SMU's Simmons School of Education when it was getting off the ground. He enjoyed his career in Dallas, eventually leaving to become President of Wheelock College in Massachusetts. At the time of the interview, Wheelock College had merged with Boston University, where he continued as Dean. He emphasized the strong support he found at SMU for LGBTQ people and continues to visit a wide network of friends in Dallas with his husband
Systemic risk and the financial crisis: a primer
No full textHow did problems in a relatively small portion of the home mortgage market trigger the most severe financial crisis in the United States since the Great Depression? Several developments played a role, including the proliferation of complex mortgage-backed securities and derivatives with highly opaque structures, high leverage, and inadequate risk management. These, in turn, created systemic risk - that is, the risk that a triggering event, such as the failure of a large financial firm, will seriously impair financial markets and harm the broader economy. This article examines the role of systemic risk in the recent financial crisis. Systemic concerns prompted the Federal Reserve and U.S. Department of the Treasury to act to prevent the bankruptcy of several large financial firms in 2008. The authors explain why the failures of financial firms are more likely to pose systemic risks than the failures of nonfinancial firms and discuss possible remedies for such risks. They conclude that the economy could benefit from reforms that reduce systemic risks, such as the creation of an improved regime for resolving failures of large financial firms.Financial crises ; Systemic risk
Regulation and bank failures: new evidence from the agricultural collapse of the 1920's
No full textThis article examines the contribution of government policies to the high number of bank failures in the United States during the l920s. I consider the state of Kansas, which had a system of voluntary deposit insurance and where branch banking was strictly prohibited, and find that bank failure rates were highest in counties suffering the greatest agricultural distress and where deposit insurance system membership was the highest. The evidence for Kansas illustrates how prohibitions on branch banking caused unit banks to be especially susceptible to local economic shocks, and suggests that, despite regulations to limit risktaking, deposit insurance caused more bank failures than would have occurred otherwise.Deposit insurance ; Bank failures ; Banks and banking - History ; Branch banks
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