Contact Info

t. 216.579.2036

f. 216.579.3050

bill.bednar@clev.frb.org

To arrange an interview with this research analyst, contact our media coordinator at 216.774.2514 or anne.m.diteodoro@clev.frb.org.

William Bednar |

Research Analyst

William Bednar, Research Analyst

William Bednar is a research analyst in the Research Department of the Federal Reserve Bank of Cleveland. His primary interests include financial economics, macroeconomics, and international economics.

Mr. Bednar holds a bachelor’s degree in business economics from the College of Wooster and a master’s degree in economics from Cleveland State University.

  • Fed Publications
Title Date Publication Author(s) Type

 

 March, 2013 ; Todd E Clark; Economic Trends
Abstract: Over time, the Federal Open Market Committee (FOMC) has sought to improve its public communications by providing more guidance on the likely future path of monetary policy. That is, the FOMC has tried to better explain to the public the direction the Committee expects its target for the federal funds rate to take in the future.
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 February, 2013 ; Mahmoud Elamin; Economic Trends
Abstract: The year 2012 was a busy one for risky debt. The total value of the various forms of risky debt that were issued—corporate debt, asset-backed securities, collateralized debt obligations, and municipal debt in particular—grew substantially over the previous year, while yield spreads for these instruments decreased.
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 January, 2013 ; John B Carlson; Economic Trends
Abstract: The uniqueness of the most recent recession and its connection to a financial crisis has provided many challenges to policymakers, including the FOMC. The subsequent recovery, which is slowly progressing, still features a number of factors that are creating uncertainty about when the economy might return to a more normal trajectory.
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 January, 2013 ; Mahmoud Elamin; Economic Trends
Abstract: The last financial crisis serves as a clear reminder of the importance of having a banking sector that can withstand a downturn in the economy or a drop in the value of its assets. One of the best protections from such a downturn is capital. Generally speaking, capital is what remains when bank liabilities are subtracted from assets; that is, it is the difference between what the bank owns and what it owes. Regulators use more precise definitions, and two of these have been steadily improving for bank-holding companies since the financial crisis.
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 January, 2013 ; Mahmoud Elamin; Economic Trends
Abstract: One test of the health of the banking sector is to evaluate how risky the assets in banks’ portfolios are. Regulators typically do this by considering banks’ risk-weighted assets. Here we will look at bank riskiness through the lens of the current regulatory system, where assets are risk-weighted according to a preset procedure established by regulators.
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 October, 2012 ; John B Carlson; Economic Trends
Abstract: Along with the September meeting statement, the Federal Open Market Committee also released its updated projections for key economic indicators. This is the fourth set of projections released this year, and by comparing the projections in each of the releases, we can gain an understanding of how FOMC participants’ forecasts for both the near and long term have changed over the past nine months.
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 September, 2012 ; Todd E Clark; Economic Trends
Abstract: Since the target federal funds rate bottomed out near its zero lower bound during the financial crisis, the Federal Reserve's balance sheet has been an important policy tool. This week the FOMC announced another round of asset purchases, which will further expand the balance sheet. We take a look at recent changes in the size and composition of the balance sheet and project those forward to the end of the year.
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 August, 2012 ; Mahmoud Elamin; Economic Trends
Abstract: Generally speaking, a bank-holding company (BHC) is a company that controls more than 25 percent of the voting securities of an FDIC-insured bank. One exception is if the company is holding the securities for trade. Such companies are not classified as BHCs. In this article we discuss the condition of U.S. BHCs since 2001. We focus on those with assets of more than $500 million.
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 July, 2012 ; John B Carlson; John Lindner; Economic Trends
Abstract: Prior to the financial crisis, the Fed’s security holdings were restricted to a mix of Treasury securities, which consisted of a combination of short-term bills and longer-term notes and bonds. At the start of the crisis, the balance of Treasury bills fell. This dip turned out to be the beginning of a major evolution in the composition of the Fed’s portfolio. As a result of the crisis, the Fed’s security holdings have been completely transformed.
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 April, 2012 ; Mahmoud Elamin; Economic Trends
Abstract: Back when the financial crisis was in full swing, a number of simultaneously exploding problems struck at AIG (American International Group). The Fed’s response was swift and varied. One particular response was Maiden Lane II, created to deal with problems in AIG’s securities-lending program. The last securities in Maiden Lane II were sold off at the end of February 2012. Did the American public and New York Fed benefit from the investment?
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 February, 2012 ; Mahmoud Elamin; Economic Trends
Abstract: Structured finance has been vilified as the culprit behind the worst recession since the Great Depression. Every aspect of its design has been disparaged: faulty underlying loans, bad incentives for originators, dubious AAA ratings and mispriced risks. Did the Great Recession spell the end of structured finance or is it making a comeback?
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