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Photo of Mark A. Carlson

Mark A. Carlson

Adviser Program Direction Section Monetary Affairs
[email protected]

Education

  • Ph.D., Economics, University of California - Berkeley, 2001
  • B.S., Economics, University of Minnesota, 1996
  • Adviser

    Board of Governors of the Federal Reserve System

    2021 - present
  • Senior Economic Project Manager

    Board of Governors of the Federal Reserve System

    2016 - 2021
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2015 - 2016
  • Senior Economist

    Bank for International Settlements

    2014 - 2016
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2011 - 2015
  • Economist

    Board of Governors of the Federal Reserve System

    2001 - 2011
  • Adjunct Professor

    Georgetown University

    2006 - 2010
  • The effect of the Federal Reserve’s lending facility on PPP lending by commercial banks
    Sriya Anbil, Mark Carlson, and Mary-Frances Styczynski
    Journal of Financial Intermediation (2023)
    https://doi.org/10.1016/j.jfi.2023.101042
  • Liquidity Requirements, Free-Riding, and the Implications for Financial Stability Evidence from the Early 1900s
    Mark Carlson and Matthew Jaremski
    Journal of Money, Credit and Banking (2023)
    https://doi.org/10.1111/jmcb.12937
    See also » FRB Working Paper (2018)
  • Restoring confidence in troubled financial institutions after a financial crisis
    Charles W. Calomiris and Mark Carlson
    Journal of Financial Intermediation (2023)
    https://doi.org/10.1016/j.jfi.2022.101012
    See also » FRB Working Paper (2022)
  • Considerations regarding the use of the discount window to support economic activity through a funding for lending program
    Mark Carlson and Rebecca Zarutskie
    Finance and Economics Discussion Series (2022)
    https://doi.org/10.17016/FEDS.2022.070
  • Bank Examiners’ Information and Expertise and their Role in Monitoring and Disciplining Banks Before and During the Panic of 1893
    Charles W. Calomiris and Mark Carlson
    Journal of Money, Credit and Banking (2022)
    https://doi.org/10.1111/jmcb.12874
  • The Effects of Banking Competition on Growth and Financial Stability: Evidence from the National Banking Era
    Mark A. Carlson, Sergio A. Correia, and Stephan Luck
    Journal of Political Economy (2022)
    https://doi.org/10.1086/717453
  • Use of the Federal Reserve's repo operations and changes in dealer balance sheets
    Mark Carlson, Zack Saravay, and Mary Tian
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2961
  • Primary Markets for Short-term Debt and the Stabilizing Effects of the PDCF
    Mark Carlson and Marco Macchiavelli
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2917
  • "Unconventional" Monetary Policy as Conventional Monetary Policy: A Perspective from the United States in the 1920s
    Mark Carlson and Burcu Duygan-Bump
    International Journal of Central Banking (2021)
  • A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-54
    Sriya Anbil, Mark Carlson, Christopher Hanes, and David C. Wheelock
    Federal Reserve Bank of St. Louis Review (2021)
    https://doi.org/10.20955/r.103.45-70
    See also » FRB Working Paper (2020)
  • Emergency Loans and Collateral Upgrades: How Broker-Dealers Used Federal Reserve Credit During the 2008 Financial Crisis
    Mark Carlson and Marco Macchiavelli
    Journal of Financial Economics (2020)
    https://doi.org/10.1016/j.jfineco.2020.03.005
  • Issues in the Use of the Balance Sheet Tool
    Mark Carlson, Stefania D'Amico, Cristina Fuentes-Albero, Bernd Schlusche, and Paul Wood
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.071
  • The Re-emergence of the Federal Reserve Funds Market in the 1950s
    Sriya Anbil and Mark Carlson
    FEDS Notes (2019)
    https://doi.org/10.17016/2380-7172.2312
  • The Incentives of Large Sophisticated Creditors to Run on a Too Big to Fail Financial Institution
    Mark Carlson and Jonathan Rose
    Journal of Financial Stability (2019)
    https://doi.org/10.1016/j.jfs.2019.03.004
  • Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Contagion Risk?
    Mark Carlson and David C. Wheelock
    Journal of Money, Credit and Banking (2018)
    https://doi.org/10.1111/jmcb.12520
    See also » FRB Working Paper (2016)
  • Furnishing an 'Elastic Currency': The Founding of the Fed and the Liquidity of the U.S. Banking System
    Mark Carlson and David C. Wheelock
    Federal Reserve Bank of St. Louis Review (2018)
    https://doi.org/10.20955/r.2018.17-44
  • Near-Money Premiums, Monetary Policy, and the Integration of Money Markets: Lessons from Deregulation
    Mark Carlson and David C. Wheelock
    Journal of Financial Intermediation (2018)
    https://doi.org/10.1016/j.jfi.2016.09.001
    See also » FRB Working Paper (2016)
  • Stigma and the Discount Window
    Mark Carlson and Jonathan D. Rose
    FEDS Notes (2017)
    https://doi.org/10.17016/2380-7172.2108
  • Matching Banks by Business Model, Geography and Size: A Dataset
    Mark Carlson, Molly Shatto, and Missaka Warusawitharana
    FEDS Notes (2017)
    https://doi.org/10.17016/2380-7172.2022
  • Interbank Networks in the National Banking Era: Their Purpose and Their Role in the Panic of 1893
    Charles W. Calomiris and Mark A. Carlson
    Journal of Financial Economics (2017)
    https://doi.org/10.1016/j.jfineco.2017.06.007
  • The Tools and Transmission of Federal Reserve Monetary Policy in the 1920s
    Mark Carlson and Burcu Duygan-Bump
    FEDS Notes (2016)
    https://doi.org/10.17016/2380-7172.1871
  • Interbank Markets and Banking Crises: New Evidence on the Establishment and Impact of the Federal Reserve
    Mark Carlson and David C. Wheelock
    American Economic Review: Papers and Proceedings (2016)
    https://doi.org/10.1257/aer.p20161044
  • Corporate Governance and Risk Management at Unprotected Banks: National Banks in the 1890s
    Charles W. Calomiris and Mark Carlson
    Journal of Financial Economics (2016)
    https://doi.org/10.1016/j.jfineco.2016.01.025
    See also » FRB Working Paper (2014)
  • The Demand for Short-Term, Safe Assets and Financial Stability: Some Evidence and Implications for Central Bank Policies
    Mark Carlson, Burcu Duygan-Bump, Fabio Natalucci, Bill Nelson, Marcelo Ochoa, Jeremy Stein, and Skander Van den Heuvel
    International Journal of Central Banking (2016)
    See also » FRB Working Paper (2014)
  • Navigating Constraints: The Evolution of Federal Reserve Monetary Policy, 1935-1959
    Mark A. Carlson and David C. Wheelock
    Cambridge University Press (2016)
    See also » FRB Working Paper (2014)
  • Assessing the Economic Costs and Benefits of TLAC Implementation
    Kostas Tsatsaronis, Christoffer Kok, Claire Labonne, Carmen Kislat, Fabrizio Venditti, Tomoki Tanemura, Makoto Minegishi, Chávez Juan Avelard Cardenas, Robert-Paul Berben, Henrique Basso, Rebeca Anguren, Dorothe Bonjour, Caspar Siegert, Bill Francis, Fang Du, Levent Guntay, Francis Vitek, Mark Carlson, and Benjamin Cohen
    Bank for International Settlements (2015)
  • Credit Availability and the Collapse of the Banking Sector in the 1930s
    Mark Carlson and Jonathan D. Rose
    Journal of Money, Credit and Banking (2015)
    https://doi.org/10.1111/jmcb.12244
    See also » FRB Working Paper (2011)
  • Why Do We Need Both Liquidity Regulations and a Lender of Last Resort? A Perspective from Federal Reserve Lending during the 2007-09 U.S. Financial Crisis
    Mark Carlson, Burcu Duygan-Bump, and William R. Nelson
    Finance and Economics Discussion Series (2015)
    https://doi.org/10.17016/FEDS.2015.011
  • The Lender of Last Resort: Lessons from the Fed's First 100 Years
    Mark A. Carlson and David C. Wheelock
    Cambridge University Press (2015)
  • Lessons from the Historical Use of Reserve Requirements in the United States to Promote Bank Liquidity
    Mark Carlson
    International Journal of Central Banking (2015)
    See also » FRB Working Paper (2013)
  • National bank examinations and operations in the early 1890s
    Charles W. Calomiris and Mark Carlson
    Finance and Economics Discussion Series (2014)
    https://doi.org/10.17016/FEDS.2014.019
  • Navigating Constraints: The Evolution of Federal Reserve Monetary Policy, 1935-59
    Mark A. Carlson and David C. Wheelock
    Globalization and Monetary Policy Institute Working Paper (2014)
    See also » FRB Working Paper (2014)
  • Using Policy Intervention to Identify Financial Stress
    Mark Carlson, Kurt F. Lewis, and William R. Nelson
    International Journal of Finance & Economics (2014)
    https://doi.org/10.1002/ijfe.1482
    See also » FRB Working Paper (2012)
  • Capital Ratios and Bank Lending: A Matched Bank Approach
    Mark Carlson, Hui Shan, and Missaka Warusawitharana
    Journal of Financial Intermediation (2013)
    https://doi.org/10.1016/j.jfi.2013.06.003
    See also » FRB Working Paper (2011)
  • The Panic of 1893
    Mark Carlson
    Routledge Handbook of Major Events in Economic History (2013)
  • Arresting Banking Panics: Federal Reserve Liquidity Provision and the Forgotten Panic of 1929
    Mark Carlson, Kris James Mitchener, and Gary Richardson
    Journal of Political Economy (2011)
    https://doi.org/10.1086/662961
  • Distress in the Financial Sector and Economic Activity
    Mark A. Carlson, Thomas B. King, and Kurt F. Lewis
    B.E. Journal of Economic Analysis & Policy (2011)
    https://doi.org/10.2202/1935-1682.2697
    See also » FRB Working Paper (2009)
  • Alternatives for Distressed Banks during the Great Depression
    Mark Carlson
    Journal of Money, Credit and Banking (2010)
    https://doi.org/10.1111/j.1538-4616.2009.00293.x
  • Branch Banking as a Device for Discipline: Competition and Bank Survivorship During the Great Depression
    Mark Carlson and Kris James Mitchener
    Journal of Political Economy (2009)
    https://doi.org/10.1086/599015
  • Market Conditions and Hedge Fund Survival
    Mark Carlson and Jason Steinman
    Finance and Economics Discussion Series (2008)
    https://doi.org/10.17016/FEDS.2008.28
  • A Brief History of the 1987 Stock Market Crash With a Discussion of the Federal Reserve Response
    Mark Carlson
    Finance and Economics Discussion Series (2007)
    https://doi.org/10.17016/FEDS.2007.13
  • Profits and Balance Sheet Developments at U.S. Commercial Banks in 2006
    Mark Carlson and Gretchen C. Weinbach
    Federal Reserve Bulletin (2007)
    https://doi.org/10.17016/bulletin.2007.93-7
  • Rating Agencies and Sovereign Debt Rollover
    Mark Carlson and Galina B. Hale
    B.E. Journal of Macroeconomics (2006)
    https://doi.org/10.2202/1534-5998.1375
  • Branch Banking, Bank Competition, and Financial Stability
    Mark Carlson and Kris James Mitchener
    Journal of Money, Credit and Banking (2006)
    See also » FRB Working Paper (2005)
  • Causes of Bank Suspensions in the Panic of 1893
    Mark Carlson
    Explorations in Economic History (2005)
    https://doi.org/10.1016/j.eeh.2003.11.002
    See also » FRB Working Paper (2008)
  • Profits and Balance Sheet Developments at U.S. Commercial Banks in 2003
    Mark Carlson and Roberto Perli
    Federal Reserve Bulletin (2004)
    https://doi.org/10.17016/bulletin.2004.90-2-2
  • Are Branch Banks Better Survivors? Evidence from the Depression Era
    Mark Carlson
    Economic Inquiry (2004)
    https://doi.org/10.1093/ei/cbh048
    See also » FRB Working Paper (2001)
  • Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001
    William F. Basset and Mark Carlson
    Federal Reserve Bulletin (2002)
    https://doi.org/10.17016/bulletin.2002.88-6
  • Determinants and Repercussions of the Composition of Capital Inflows
    Mark Carlson and Leonardo Hernandez
    International Finance Discussion Papers (2002)
Conference Organization

  • January 6, 2022 | Federal Reserve Bank of Boston (virtual)

    Federal Reserve Day Ahead Conference on Financial Markets and Institutions

    Co-organizer

  • January 7-8, 2021 | Federal Reserve Bank of Chicago (virtual)

    Federal Reserve Day Ahead Conference on Financial Markets and Institutions

    Co-organizer

  • May 6-8, 2019 | Federal Reserve Board, Washington D.C.

    Workshop on Monetary and Financial History

    Co-organizer

Editor
  • Explorations in Economic History, Editorial board (2014-2017)
Referee
  • American Economic Review
  • Berkeley Economic Press
  • Cliometrica
  • Explorations in Economic History
  • International Journal of Central Banking
  • International Journal of Finance and Economics
  • Journal of Banking and Finance
  • Journal of Economic Dynamics and Control
  • Journal of Economic History
  • Journal of Finance
  • Journal of Financial Economics
  • Journal of Macroeconomics
  • Journal of Monetary Economics
  • Journal of Money, Credit, and Banking
  • Quarterly Journal of Economics
Professional Affiliation
  • Central Bank Network on Historical Monetary and Financial Statistics, Steering committee member
  • American Economics Association
  • Economic History Association
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Last Update: December 1, 2023