Office of Financial Research

The Bank Systemic Risk Monitor (BSRM), a collection of critical measures for monitoring systemic risks posed by the largest banks, has been updated with data through June 31, 2024.

A new OFR Staff Discussion Paper by Daniele Caratelli studies how wealth affects workers’ willingness to change jobs in recessions and the implications for the economy at large. Switching jobs is a common way for workers to achieve wage growth. Despite the possible financial upside, switching jobs can be risky: often, it is first in, first out when it comes to layoffs. Workers must trade-off the higher wage from a new job with the stability from the existing one. Caratelli identifies and discusses what he calls the precautionary job-keeping motive. All else equal, low-wealth workers are not as willing to switch jobs compared to high-wealth workers because they are less able to take on the increased risk of layoff that comes with changing jobs. Low-wealth workers switch jobs less and experience lower wage growth relative to their high-wealth peers. Precautionary job-keeping can help explain earnings growth during recent recessions. The pandemic recession was different in this sense. Because of the large fiscal stimulus, workers’ wealth actually increased during the COVID-19 pandemic, alleviating the precautionary job-keeping motive and incentivizing workers to switch to higher-paying jobs. Author Bio: https://lnkd.in/g-C2uQq2

Do you identify as a covered reporter in the OFR’s non-centrally cleared bilateral repo data collection? Read OFR staff responses to some frequently asked questions by other covered reporters as they onboard to our Data Collection Utility. The document contains tips about how to report various kinds of non-centrally cleared bilateral repo (NCCBR). We are committed to making this process as clear as possible.

Registration for the OFR-Cornell Conference on Global Climate Finance and Risks is now open. The conference will convene experts on climate finance issues to present research and conduct panel discussions that provide insights into policies to scale global climate finance and how they can help lower climate risks to the financial system. The conference will take place on October 25, 2024. 

We are #hiring a UI/UX Manager. As a UI/UX Manager you will design elegant solutions to complex workflows and create UI designs, prototypes, and specifications across multiple platforms. 📅 Apply now! Public: https://lnkd.in/e9hcu7Uj Current Government Employees: https://lnkd.in/er7gHrvY

We are #hiring a Content Strategist. As a Content Strategist you will work to maintain the freshness, integrity, and quality of the content of the OFR's websites and for helping to ensure tight integration across content types and taxonomies. 📅 Apply now! Public: https://lnkd.in/eiVZ48A5 Current Federal Employees: https://lnkd.in/eHzQJdsQ

We are #hiring a, IT Specialist Web Designer.  As an IT Specialist (Web Designer), you will provide expert IT technical services in development and maintenance of the OFR public website, its web applications, and ensuring compliance with current and emerging internet regulations. 📅 Apply now! Public: https://lnkd.in/evnstBbn Current Federal Employees: https://lnkd.in/eqpgZ7Br

Announcing our 2024 PhD Symposium. The PhD Symposium is an opportunity for upper-year PhD candidates to receive constructive feedback on their work from economists and other subject-matter experts from the OFR and certain Financial Stability Oversight Council member agencies. 

We are #hiring a Digital Workstream Manager.  As a Digital Workstream Manager, you will lead the planning, prioritization, and implementation of long and short-term digital initiatives that support the agency's financial stability mission. 📅 Apply now Public: https://lnkd.in/e9g_qEXS Current Federal Employees: https://lnkd.in/eg829WTv

The Bank Systemic Risk Monitor was enhanced to include the Supplementary Leverage Ratio (SLR). The SLR, established in 2014, is part of the Basel III reforms and measures a bank’s Tier 1 Capital relative to its total leverage. This additional risk measure of bank leverage includes certain off-balance sheet exposures not included in the typical bank leverage calculation. Learn more about why we enhanced this monitor.