Joe Peek
Joe Peek
Vice President and Economist

Research

email  Joe.Peek@bos.frb.org

617-973-3880

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Primary fields of research

International banking, Japanese banking problems, financial institutions, bank regulation, monetary policy, small business credit availability, bank credit availability for real estate

Publications

Refereed journal articles

"Capital Constraints, Asymmetric Information, and Internal Capital Markets in Banking: New Evidence," with Dmytro Holod. 2010. Journal of Money, Credit, and Banking 42(5): 879–906.

"Credit Availability and the Structure of the Homebuilding Industry," with Brent Ambrose. 2008. Real Estate Economics 36(4): 659–692. [winner of the Edwin Mills award for the best paper published in REE in 2008]

"Asymmetric Information and Liquidity Constraints: A New Test," with Dmytro Holod. 2007. Journal of Banking and Finance 31(8): 2425–2451.

"Comovement After Joining an Index: Spillovers of Nonfundamental Effects," with Brent Ambrose and Dong Lee. 2007. Real Estate Economics 35(1): 57–90.

"Housing, Credit Constraints, and Macro Stability: The Secondary Mortgage Market and Reduced Cyclicality of Residential Investment," with James A. Wilcox. 2006. American Economic Review, Papers and Proceedings 96(2): 135–140.

"Unnatural Selection: Perverse Incentives and the Misallocation of Credit in Japan," with Eric Rosengren. 2005. American Economic Review 95(4): 1144–1166.

"Identifying the Macroeconomic Effect of Loan Supply Shocks," with Eric Rosengren and Geoffrey Tootell. 2003. Journal of Money, Credit, and Banking 35(6): 931–946.

"Does the Federal Reserve Possess an Exploitable Informational Advantage?" with Eric Rosengren and Geoffrey Tootell. 2003. Journal of Monetary Economics 50(4): 817–839.

"Troubled Banks, Impaired Foreign Direct Investment: The Role of Relative Access to Credit," with Michael Klein and Eric Rosengren. 2002. American Economic Review 92(3): 664–682.

"Determinants of the Japan Premium: Actions Speak Louder than Words," with Eric Rosengren. 2001. Journal of International Economics 53(2): 283–305.

"The Market Reaction to the Disclosure of Supervisory Actions: Implications for Bank Transparency," with John S. Jordan and Eric S. Rosengren. 2000. Journal of Financial Intermediation 9(3): 298–319.

"Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States," with Eric Rosengren. 2000. American Economic Review 90(1): 30–45.

"Is Bank Supervision Central to Central Banking?" with Eric Rosengren and Geoffrey Tootell. 1999. Quarterly Journal of Economics 114(2): 629–653.

"The Poor Performance of Foreign Bank Subsidiaries: Were the Problems Acquired or Created?" with Eric Rosengren and Faith Kasirye. 1999. Journal of Banking and Finance 23(2-4): 579–604.

"Bank Consolidation and Small Business Lending: It's Not Just Bank Size That Matters," with Eric Rosengren. 1998. Journal of Banking and Finance 22(6-8): 799–819.

"Derivatives Activity at Troubled Banks," with Eric Rosengren. 1997. Journal of Financial Services Research 12(2-3): 287–302. Reprinted in The Regulation and Supervision of Banks Vol. III, ed. Maximilian J.B. Hall. 2001. Cheltenham, UK: Edward Elgar Publishing.

"The International Transmission of Financial Shocks: The Case of Japan," with Eric Rosengren. 1997. American Economic Review, 87(4): 495–505.

"Will Legislated Early Intervention Prevent the Next Banking Crisis?" with Eric Rosengren. 1997. Southern Economic Journal 64(1): 268–280.

"Bank Regulatory Agreements and Real Estate Lending," with Eric Rosengren. 1996. Real Estate Economics 24(1): 55–73.

"The Capital Crunch: Neither a Borrower Nor a Lender Be," with Eric Rosengren. 1995. Journal of Money, Credit, and Banking 27(3): 625–638. Reprinted in The Regulation and Supervision of Banks Vol. III, ed. Maximilian J.B. Hall. 2001. Cheltenham, UK: Edward Elgar Publishing.

"Bank Regulation and the Credit Crunch," with Eric Rosengren. 1995. Journal of Banking and Finance 19(3-4): 679–692. Reprinted in The Regulation and Supervision of Banks Vol. III, ed. Maximilian J.B. Hall. 2001. Cheltenham, UK: Edward Elgar Publishing.

"Bank Real Estate Lending and the New England Capital Crunch," with Eric Rosengren. 1994. Journal of the American Real Estate and Urban Economics Association 22(1): 33–58.

"Treasury Bill Rates in the 1970s and 1980s," with Patric Hendershott. 1992. Journal of Money, Credit and Banking 24(2): 195-214.

"The Baby Boom, 'Pent-Up' Demand and Future House Prices," with James A. Wilcox. 1991. Journal of Housing Economics 1(4): 347–367.

"The Measurement and Determinants of Single-Family House Prices," with James A. Wilcox. 1991. AREUEA Journal 19(3): 353–382.

"Determinants of U.S. Treasury Bill Rates," with Patric Hendershott. 1989. Financial Markets and Portfolio Management 3(1): 9–15.

"Household Saving in the United States: Measurement and Behavior," with Patric Hendershott. 1989. Journal of Business and Economic Statistics 7(1): 11–19.

"Monetary Policy Regimes and the Reduced Form for Interest Rates," with James A. Wilcox. 1987. Journal of Money, Credit and Banking 19(3): 273–291.

"An Ex Ante View of Household Portfolio Choice: The Role of Expected Capital Gains," with David Ortmeyer. 1986. Review of Economics and Statistics 68(2): 207–216.

"Tax Rate Effects on Interest Rates," with James A. Wilcox. 1986. Economics Letters 20(2): 183–186.

"The Degree of Fiscal Illusion in Interest Rates: Some Direct Estimates," with James A. Wilcox. 1984. American Economic Review 74(5): 1061–1066.

"The Postwar Stability of the Fisher Effect," with James A. Wilcox. 1983. Journal of Finance September 38(4): 1111–1124.

"Capital Gains and Personal Saving Behavior." 1983. Journal of Money, Credit and Banking 15(1): 1–23.

"Interest Rates, Income Taxes and Anticipated Inflation." 1982. American Economic Review 72(5): 980–991.

"Personal Saving and the Measurement of Income Tax Liabilities." 1982. Review of Economics and Statistics 64(1): 143–147.

Other journal articles

"Implications of the Globalization of the Banking Sector: The Latin American Experience," with Eric S. Rosengren. 2000. New England Economic Review September/October: 45–62.

"Using Bank Supervisory Data to Improve Macroeconomic Forecasts," with Eric Rosengren and Geoffrey Tootell. 1999. New England Economic Review September/October: 21–32.

"Japanese Banking Problems: Implications for Lending in the United States," with Eric Rosengren. 1999. New England Economic Review January/February: 25–36.

"The Evolution of Bank Lending to Small Business," with Eric Rosengren. 1998. New England Economic Review March/April: 27–36.

" How Well Capitalized Are Well-Capitalized Banks?" with Eric Rosengren. 1997. New England Economic Review September/October: 41–50.

"Have Borrower Concentration Limits Encouraged Bank Consolidation?" with Eric Rosengren. 1997. New England Economic Review January/February) 37–47.

"The Use of Capital Ratios to Trigger Intervention in Problem Banks: Too Little, Too Late," with Eric Rosengren. 1996. New England Economic Review September/October: 49–58.

"Bank Regulatory Agreements in New England," with Eric Rosengren. 1995. New England Economic Review May/June: 15–24.

"Is Bank Lending Important for the Transmission of Monetary Policy? An Overview," with Eric Rosengren. 1995. New England Economic Review November/ December: 3–10; also in Federal Reserve Bank of Boston Conference Series No. 39.

"Business Failures in New England," with James W. Meehan, Jr. and Eric Rosengren. 1993. New England Economic Review November/December: 33–44.

"The Capital Crunch in New England," with Eric Rosengren. 1992. New England Economic Review May/June: 21–31.

"A Real, Affordable Mortgage," with James A. Wilcox. 1991. New England Economic Review January/February: 51–66.

"A Call to ARMs: Adjustable Rate Mortgages in the 1980s." 1990. New England Economic Review March/April: 47–61.

"The Stock Market and Economic Activity," with Eric Rosengren. 1988. New England Economic Review May/June: 39–50.

"Inflation and the Excess Taxation of Personal Interest Income." 1988. New England Economic Review March/April: 46–52.

"The Distorting Effects of the Inflation Premium on Personal Income and Expenditures." 1987. New England Economic Review September/October: 10–24.

"Household Wealth Composition: The Impact of Capital Gains." 1986. New England Economic Review November/December: 26–39.

"Tax Rates and Interest Rates on Tax-Exempt Securities," with James A. Wilcox. 1986. New England Economic Review January/February: 29–41.

Books and book chapters

"The Changing Role of Main Banks in Aiding distressed Firms in Japan," in Japan's Bubble, Deflation and Long-Term Stagnation, eds. Koichi Hamada, Anil Kashyap, and David Weinstein. 2011. MIT Press.

"The Role of Banks in the Transmission of Monetary Policy," with Eric Rosengren in The Oxford Handbook of Banking, eds. Allen Berger, Philip Molyneux, and John Wilson. 2010. Oxford University Press.

"Secondary Bank Lending in Japan," with Zekeriya Eser and Eric Rosengren in Japan's Great Stagnation: Financial and Monetary Policy Lessons for Advanced Economies, eds. Michael Hutchison and Frank Westermann. 2006. CESifo Seminar Series. MIT Press.

"The Importance of Bank Access to External Funds for the Transmission of Monetary Policy," with Dmytro Holod in The Art of the Loan in the 21st Century, Proceedings of the 41st Annual Conference on Bank Structure and Competition. 2005. Federal Reserve Bank of Chicago.

"Crisis Resolution and Credit Allocation: The Case of Japan," with Eric Rosengren in Systemic Financial Crises: Containment and Resolution, eds. Patrick Honohan and Luc Laeven. 2005. Cambridge University Press.

"The Fall and Rise of Banking Safety Net Subsidies," with James A. Wilcox in Too Big To Fail: Policies and Practices in Government Bailouts, ed. Benton E. Gup. 2004. Greenwood Publishing Group.

"Secondary Mortgage Markets, GSEs, and the Changing Cyclicality of Mortgage Flows," with James A. Wilcox in Research in Finance Vol. 20, ed. Andrew H. Chen. 2003. Elsevier Science B.V.

"Synergies Between Bank Supervision and Monetary Policy: Implications for the Design of Bank Regulatory Structure," with Eric Rosengren and Geoffrey Tootell in Prudential Supervision: What Works and What Doesn't? ed. Frederic S. Mishkin. 2001. The University of Chicago Press.

"Japanese Banking Problems: Implications for Southeast Asia," with Eric Rosengren in Global Financial Crises and Reforms: Cases, Correlates and Caveats, ed. B. N. Ghosh. 2001. Routledge; also in Banking, Financial Integration, and International Crises, eds. Leonardo Hernandez and Klaus Schmidt-Hebbel. 2002. Central Bank of Chile.

"Implications of the Globalization of the Banking Sector: The Latin American Experience," with Eric S. Rosengren in Building an Infrastructure for Financial Stability, eds. John S. Jordan and Eric S. Rosengren. 2000. Federal Reserve Bank of Boston Conference Series No. 44.

"Factors Affecting the Japan Premium," with Eric Rosengren in Global Financial Crises: Implications for Banking and Regulation, Proceedings of the 35th Annual Conference on Bank Structure and Competition. 1999. Federal Reserve Bank of Chicago.

"International Implications of Disclosing Supervisory Information," with John Jordan and Eric Rosengren in Global Financial Crises: Implications for Banking and Regulation, Proceedings of the 35th Annual Conference on Bank Structure and Competition. 1999.Federal Reserve Bank of Chicago.

"Can Bank Supervisory Information Improve Forecasts of Variables Critical to Monetary Policy?" with Eric Rosengren and Geoffrey Tootell in Payments Systems in the Global Economy: Risks and Opportunities, Proceedings of the 34th Annual Conference on Bank Structure and Competition. 1998. Federal Reserve Bank of Chicago.

"Comment on 'Bank Examination and Enforcement, 1980-1994,'" in History of the Eighties—Lessons for the Future: Proceedings of the FDIC Symposium, Federal Deposit Insurance Corporation Vol. 2. 1997.

"Small Business Credit Availability: How Important Is Size of Lender?" with Eric Rosengren in Universal Banking: Financial System Design Reconsidered. 1996. Irwin Professional Publishing.

"Bank Lending and the Transmission of Monetary Policy," with Eric Rosengren in Is Bank Lending Important for the Transmission of Monetary Policy? eds. Joe Peek and Eric Rosengren. 1995. Federal Reserve Bank of Boston Conference Series No. 39.

"Is Bank Lending Important for the Transmission of Monetary Policy?" ed. with Eric Rosengren. 1995. Federal Reserve Bank of Boston Conference Series No. 39.

"The Effects of Interstate Branching on Small Business Lending," with Eric Rosengren in The New Tool Set: Assessing Innovations in Banking, Proceedings of the 31st Annual Conference on Bank Structure and Competition. 1995. Federal Reserve Bank of Chicago.

"Crunching the Recovery: Bank Capital and the Role of Bank Credit," with Eric Rosengren in Real Estate and the Credit Crunch. 1992. Federal Reserve Bank of Boston Conference Series No. 36.

"Bank Capital Regulation and the New England Credit Crunch," with Eric Rosengren in Credit Markets in Transition, Proceedings of the 28th Annual Conference on Bank Structure and Competition. 1992. Federal Reserve Bank of Chicago.

"Adjustable Rate Mortgages," in The New Palgrave Dictionary of Money and Finance, eds. John Eatwell, Murray Milgate and Peter Newman. 1992. The Macmillan Press Ltd.

"Price Level Adjusted Mortgages," with James A. Wilcox in The New Palgrave Dictionary of Money and Finance, eds. John Eatwell, Murray Milgate and Peter Newman. 1992. The Macmillan Press Ltd.

"Interest Rates in the Reagan Years," with Patric Hendershott, in The Economic Legacy of the Reagan Years: Euphoria or Chaos? eds. Anandi P. Sahu and Ronald L. Tracy. 1991. Praeger Publishers.

"Aggregate U.S. Private Saving: Conceptual Measures and Empirical Tests," with Patric Hendershott in The Measurement of Saving, Investment and Wealth, Studies in Income and Wealth Series Vol. 52, eds. Robert E. Lipsey and Helen Stone Tice. 1989. National Bureau of Economic Research.

"Household Saving: An Econometric Investigation," with Patric H. Hendershott in The Level and Composition of Household Saving, ed. P. H. Hendershott. 1985. Ballinger Publishing Company.

"Real Household Capital Gains and Wealth Accumulation," with Patric H. Hendershott in The Level and Composition of Household Saving, ed. P. H. Hendershott. 1985. Ballinger Publishing Company.

Working papers and other unpublished papers

"Lending to Unhealthy Firms in Japan during the Lost Decade: Distinguishing between Technical and Financial Health," with Suparna Chakraborty. 2016. Federal Reserve Bank of Boston Research Department Working Papers No. 16-22.

"Does Fed Policy Reveal a Ternary Mandate?" with Eric S. Rosengren and Geoffrey M.B. Tootell. 2016. Federal Reserve Bank of Boston Research Department Working Papers No. 16-11.

"Credit Supply Disruptions: From Credit Crunches to Financial Crisis," with Eric Rosengren. 2015. Federal Reserve Bank of Boston Current Policy Perspectives No. 15-5.

"Global Standards for Liquidity Regulation," with Eva Liebmann. 2015. Federal Reserve Bank of Boston Current Policy Perspectives No. 15-3.

"Cliff Notes: The Effects of the 2013 Debt-Ceiling Crisis," with Ali Ozdagli. 2013. Federal Reserve Bank of Boston Research Department Public Policy Briefs No. 13-9.

"The Role of Banks in the Transmission of Monetary Policy," with Eric S. Rosengren. 2013. Federal Reserve Bank of Boston Research Department Public Policy Discussion Papers No. 13-5.

"The Value to Banks of Small Business Lending," with Dmytro Holod. 2013. Federal Reserve Bank of Boston Research Department Working Papers No. 13-7.

"Nice to be on the A-List," with Yasushi Hamao and Kenji Kutsuna. 2012. Federal Reserve Bank of Boston Research Department Working Papers No. 12-13.

"Did Banks Treat Unlisted Firms Differently than Listed Firms During the Financial Crisis? Evidence from Japan," with Yasushi Hamao and Kenji Kutsuna. 2010.

"Is Financial Stability Central to Central Banking?" with Eric Rosengren and Geoffrey Tootell. 2009.

"The Benefits of Diversification: Evidence from Financial Synergies," with Zsuzsa Huszar. 2007.

"Reciprocity and Network Coordination: Evidence from Japanese Banks," with Zekeriya Eser. Revised 2009.

"The Value to Banks of Small Business Lending," with Dmytro Holod. 2006.

"The Effects of Mergers and Acquisitions on Small Business Lending by Large Banking Organizations," with Diana Hancock and James A. Wilcox. 2004.

"The Changing Cyclicality of Housing Markets: The Effects of GSEs and Secondary Mortgage Markets," with James A. Wilcox. 2004.

"Impact of Tight Money and/or Recessions on Small Business," with Diana Hancock and James A. Wilcox. 2003.