John Kandrac
I am a principal economist in the Division of Research & Statistics at the Federal Reserve Board in Washington, D.C. My research focuses primarily on monetary policy and banking.
I also chair the research committee for the annual Community Banking Research Conference held at the Federal Reserve Bank of St. Louis.
Working papers
“Can the Federal Reserve Effectively Target Main Street? Evidence from the 1970s Recession” SSRN
Presented: FIRS Conference (scheduled), AEA Annual Meeting, 4th Conference on Contemporary Issues in Banking, NFA Conference, NY Fed/NYU Stern Conference on Financial Intermediation, Workshop on Empirical Monetary Economics (OFCE/Sciences Po), Federal Reserve Board, VSB Mid-Atlantic Research Conference in Finance, IBEFA Summer Meetings
“Heterogeneous Competition in Banking: Evidence from Multiple Loan and Deposit Products” (with A. Heitz) SSRN
Presented: FDIC, Federal Reserve Board, AFFECT AEA Early Ideas Session, FMA Annual Conference, IBEFA Summer Meetings (scheduled)
“Community Banking Organizations” (with B. Marsh) forthcoming in The Oxford Handbook of Banking, 4th ed.
Publications
“The Costs and Benefits of Liquidity Regulations: Lessons from an Idle Monetary Policy Tool” (with C. Curfman), 2022, Review of Finance, vol. 26, no. 2, pp. 319–353. SSRN
“Pushed Past the Limit? How Banks Reacted to Negative Rates in Japan” (with G. H. Hong) 2022, Journal of Money, Credit and Banking, vol. 54, no. 4, pp. 1027—1063. SSRN
“The Effect of Bank Supervision and Examination on Risk Taking: Evidence from a Natural Experiment” (with B. Schlusche), 2021, The Review of Financial Studies, vol. 34, no. 6, pp. 3181–3212. SSRN
“Quantitative Easing and Bank Risk Taking: Evidence from Lending” (with B. Schlusche), 2021, Journal of Money, Credit and Banking, vol. 53, no. 4, pp. 635-676. SSRN
“Monetary Policy Implementation and Financial Vulnerability: Evidence from the Overnight Reverse Repurchase Facility” (with A. Anderson), 2018, The Review of Financial Studies, vol. 31, no. 9, pp. 3643-3686. SSRN
“The Costs of Quantitative Easing: Liquidity and Market Functioning Effects of Federal Reserve MBS Purchases,” 2018, International Journal of Central Banking, vol. 14, no. 5, pp. 259-304. SSRN
“Modelling the Causes and Manifestation of Bank Stress: An Example from the Financial Crisis,” 2014, Applied Economics, vol. 46, no. 35, pp. 4290-4301. SSRN
“Have Federal Reserve MBS Purchases Affected Market Functioning?”, 2013, Economics Letters, vol. 121, no. 2, pp. 188-191.
“Flow Effects of Large-Scale Asset Purchases,” (with B. Schlusche), 2013, Economics Letters, vol. 121, no. 2, pp. 330-335. SSRN
“Monetary Policy and Bank Lending to Small Firms,” 2012, Journal of Macroeconomics, vol. 34, no. 3, pp. 741-748.