Meet the Economists
Wayne Passmore
Senior Adviser
Program Direction Section
Research and Statistics
Education
- Ph.D., Economics, University of Michigan, 1985
- B.A., Economics and Mathematics, Grinnell College, 1978
Current Research Topics
- Secondary Mortgage Markets, Securitization
- Bank Capital; Macroprudential Policy
Associate Director; Section Chief; Senior Economist; Economist
Division of Research and Statistics; Board of Governors of the Federal Reserve System
1990 - 2014Vice President
Federal Home Loan Bank of San Francisco
1987 - 1990Economist
Division of Research and Statistics; Board of Governors of the Federal Reserve System
1986 - 1987Economist
Federal Reserve Bank of New York
1984 - 1986
- How investor demands for safety influence bank capital and liquidity trade-offs
Wayne Passmore and Judit Temesvary
Journal of Financial Stability (2022)
https://doi.org/10.1016/j.jfs.2022.100987 - An Empirical Foundation for Calibrating the G-SIB Surcharge
Alexander Jiron, Wayne Passmore, and Aurite Werman
BIS Working Papers (2021) - FHA, Fannie Mae, Freddie Mac and the Great Recession
Wayne Passmore and Shane M. Sherlund
Real Estate Economics (2021)
https://doi.org/10.1111/1540-6229.12296
See also » FRB Working Paper (2016) - The Stability of Safe Asset Production
Sara Almadani, Michael Batty, Danielle Nemschoff, and Wayne Passmore
FEDS Notes (2020)
https://doi.org/10.17016/2380-7172.2787 - Investor Demands for Safety, Bank Capital, and Liquidity Measurement
Wayne Passmore and Judit Temesvary
Finance and Economics Discussion Series (2020)
https://doi.org/10.17016/FEDS.2020.079 - Financing Affordable and Sustainable Homeownership with Fixed-COFI Mortgages
Wayne Passmore and Alexander H. von Hafften
Regional Science and Urban Economics (2020)
https://doi.org/10.1016/j.regsciurbeco.2018.08.002
See also » FRB Working Paper (2018) - An Overview of G-SIB Capital Surcharges
Wayne Passmore
Policy Research Meeting on Financial Markets and Institutions: Proceedings of the Conference in Memory of Andrea Generale, Rome (2019) - Are Basel's Capital Surcharges for Global Systemically Important Banks Too Small?
Wayne Passmore and Alexander H. von Hafften
International Journal of Central Banking (2019)
See also » FRB Working Paper (2017) - The FHA and the GSEs as Countercyclical Tools in the Mortgage Markets
Wayne Passmore and Shane M. Sherlund
Economic Policy Review (2018) - GSE Guarantees, Financial Stability, and Home Equity Accumulation
Wayne Passmore and Alexander H. von Hafften
Economic Policy Review (2018) - Improving the 30-Year Fixed-Rate Mortgage
Wayne Passmore and Alexander H. von Hafften
Finance and Economics Discussion Series (2017)
https://doi.org/10.17016/FEDS.2017.090 - Are Basel's Capital Surcharges for Global Systemically Important Banks Too Small?
Wayne Passmore and Alexander H. von Hafften
FEDS Notes (2017)
https://doi.org/10.17016/2380-7172.1859
See also » FRB Working Paper (2017) - Cost of Funds Indexed Mortgage Contracts With Government-Backed Catastrophic Insurance (COFI-Cats): A Realistic Alternative to the 30-Year Fixed-Rate Mortgage?
Diana Hancock and Wayne Passmore
Journal of Economics & Business (2016)
https://doi.org/10.1016/j.jeconbus.2016.02.004 - Macroprudential Mortgage-Backed Securitization: Can it Work?
Diana Hancock and Wayne Passmore
Principles of Housing Finance Reform (2016) - How Does the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates?
Diana Hancock and Wayne Passmore
Real Estate Economics (2015)
https://doi.org/10.1111/1540-6229.12109 - Traditional Banks, Shadow Banks, and Financial Stability
D. Hancock and Wayne Passmore
Shadow Banking Within and Across National Borders (2015) - How the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates
Diana Hancock and Wayne Passmore
Finance and Economics Discussion Series (2014)
https://doi.org/10.17016/FEDS.2014.012 - The Federal Reserve's Portfolio and its Effects on Mortgage Markets
Diana Hancock and Wayne Passmore
Finance and Economics Discussion Series (2012)
https://doi.org/10.17016/FEDS.2012.22 - Federal Home Loan Bank Advances and Commercial Bank Portfolio Composition
W. S. Frame, Diana Hancock, and Wayne Passmore
Journal of Money, Credit and Banking (2012)
https://doi.org/10.1111/j.1538-4616.2012.00505.x
See also » FRB Working Paper (2007) - Did the Federal Reserve's MBS purchase program lower mortgage rates?
Diana Hancock and Wayne Passmore
Journal of Monetary Economics (2011)
https://doi.org/10.1016/j.jmoneco.2011.05.002
See also » FRB Working Paper (2011) - Roundtable: Systemic Risk Regulation at 2010 FMA Annual Meeting
Wayne Passmore
Journal of Applied Finance (2011) - Catastrophic Mortgage Insurance and the Reform of Fannie Mae and Freddie Mac
Diana Hancock and Wayne Passmore
Future of Housing Finance: Restructuring the U.S. Residential Mortgage Market (2011) - The Future of Fannie Mae and Freddie Mac
Diana Hancock and Wayne Passmore
Journal of Applied Finance (2011) - An Analysis of Government Guarantees and the Functioning of Asset-Backed Securities Markets
Diana Hancock and Wayne Passmore
Finance and Economics Discussion Series (2010)
https://doi.org/10.17016/FEDS.2010.46 - The Bank Lending Channel of Monetary Policy and its Effect on Mortgage Lending
Lamont K. Black, Diana Hancock, and Wayne Passmore
Finance and Economics Discussion Series (2010)
https://doi.org/10.17016/FEDS.2010.39 - Three Initiatives Enhancing the Mortgage Market and Promoting Financial Stability
Diana Hancock and S. Wayne Passmore
B.E. Journal of Economic Analysis & Policy (2009)
https://doi.org/10.2202/1935-1682.2226 - Strategic Trading in Multiple Assets and the Effects on Market Volatility
Chenghuan Sean Chu, Andreas Lehnert, and Wayne Passmore
International Journal of Central Banking (2009) - GSEs, Mortgage Rates, and Secondary Market Activities
Andreas Lehnert, Wayne Passmore, and Shane M. Sherlund
Journal of Real Estate Finance and Economics (2008)
https://doi.org/10.1007/s11146-007-9047-5
See also » FRB Working Paper (2005) - Bank Core Deposits and the Mitigation of Monetary Policy
Lamont Black, Diana Hancock, and Wayne Passmore
Finance and Economics Discussion Series (2007)
https://doi.org/10.17016/FEDS.2007.65 - A Summary of Federal Home Loan Bank Advances and Commercial Bank Portfolio Composition
W. Scott Frame, Diana Hancock, and S. Wayne Passmore
Proceedings of a Conference on Bank Structure and Competition (2007) - Federal Home Loan Bank Advances and Commercial Bank Portfolio Composition
W. Scott Frame, Diana Hancock, and Wayne Passmore
Working Paper (Federal Reserve Bank of Atlanta) (2007)
See also » FRB Working Paper (2007) - Federal Home Loan Bank Advances and Commercial Bank Portfolio Composition
W. Scott Frame, Diana Hancock, and S. Wayne Passmore
Proceedings of a Conference on Bank Structure and Competition (2007)
See also » FRB Working Paper (2007) - Comment on 'An Options-Based Approach to Evaluating the Risk of Fannie Mae and Freddie Mac'
Andreas Lehnert and Wayne Passmore
Journal of Monetary Economics (2006)
https://doi.org/10.1016/j.jmoneco.2005.10.002 - The Effect of Housing Government-Sponsored Enterprises on Mortgage Rates
Wayne Passmore, Shane M. Sherlund, and Gillian Burgess
Real Estate Economics (2005)
https://doi.org/10.1111/j.1540-6229.2005.00125.x
See also » FRB Working Paper (2005) - The GSE Implicit Subsidy and the Value of Government Ambiguity
Wayne Passmore
Real Estate Economics (2005)
https://doi.org/10.1111/j.1540-6229.2005.00126.x
See also » FRB Working Paper (2003) - An Analysis of the Potential Competitive Impacts of Basel II Capital Standards on U.S. Mortgage Rates and Mortgage Securitization
S. Wayne Passmore, Diana Hancock, Andreas Lehnert, and Shane M. Sherlund
Basel II White Paper (2005) - GSEs, Mortgage Rates, and the Long-Run Effects of Mortgage Securitization
Wayne Passmore, Roger Sparks, and Jamie Ingpen
Journal of Real Estate Finance and Economics (2002)
https://doi.org/10.1023/A:1016577809655
See also » FRB Working Paper (2001) - Does the Community Reinvestment Act (CRA) Cause Banks to Provide a Subsidy to Some Mortgage Borrowers?
Glenn B. Canner, Elizabeth Laderman, Andreas Lehnert, and Wayne Passmore
Finance and Economics Discussion Series (2002)
https://doi.org/10.17016/FEDS.2002.19 - Measuring the CRA Subsidy in Mortgage Markets
Glenn B. Canner, Elizabeth Laderman, Andreas Lehnert, and S. Wayne Passmore
Proceedings of a Conference on Bank Structure and Competition (2002) - Mortgage Refinancing in 2001 and Early 2002
Glenn Canner, Karen Dynan, and Wayne Passmore
Federal Reserve Bulletin (2002)
https://doi.org/10.17016/bulletin.2002.88-12 - The Simple Microeconomics of Government-Sponsored Enterprises
S. Wayne Passmore and Roger Sparks
Proceedings of a Conference on Bank Structure and Competition (2001) - Credit Scoring and Mortgage Securitization: Implications for Mortgage Rates and Credit Availability
Andrea Heuson, Wayne Passmore, and Roger Sparks
Journal of Real Estate Finance and Economics (2001)
https://doi.org/10.1023/A:1017952120081 - Credit Scoring and Mortgage Securitization: Do They Lower Mortgage Rates?
Andrea Heuson, Wayne Passmore, and Roger Sparks
Finance and Economics Discussion Series (2000)
https://doi.org/10.17016/FEDS.2000.44 - The Subsidy Provided by the Federal Safety Net: Theory and Evidence
Myron L. Kwast and S. Wayne Passmore
Financial Modernization and Regulation (2000)
https://doi.org/10.1007/978-1-4757-5228-1
See also » FRB Working Paper (1998) - Do Savings Associations Have a Special Commitment to Housing?
Elizabeth Laderman and Wayne Passmore
Journal of Financial Services Research (2000)
https://doi.org/10.1023/A:1008167425192 - Automated Underwriting and the Profitability of Mortgage Securitization
Wayne Passmore and Roger W. Sparks
Real Estate Economics (2000)
https://doi.org/10.1111/1540-6229.00802 - The Banking Industry and the Safety Net Subsidy
Andreas Lehnert and Wayne Passmore
Finance and Economics Discussion Series (1999)
https://doi.org/10.17016/FEDS.1999.34 - Pricing Systemic Crises: Monetary and Fiscal Policy When Savers are Uncertain
Andreas Lehnert and Wayne Passmore
Finance and Economics Discussion Series (1999)
https://doi.org/10.17016/FEDS.1999.33 - The Subsidy Provided by the Federal Safety Net: Theory and Evidence
Myron L. Kwast and S. Wayne Passmore
Journal of Financial Services Research (1999)
https://doi.org/10.1023/A:1008184207595
See also » FRB Working Paper (1998) - The Role of Specialized Lenders in Extending Mortgages to Lower-Income and Minority Homebuyers
Glenn B. Canner, Wayne Passmore, and Elizabeth Laderman
Federal Reserve Bulletin (1999)
https://doi.org/10.17016/bulletin.1999.85-11 - The Subsidy Provided by the Federal Safety Net: Theory, Measurement and Containment
Myron L. Kwast and S. Wayne Passmore
Proceedings of a Conference on Bank Structure and Competition (1998)
See also » FRB Working Paper (1998) - Is Mortgage Lending by Savings Associations Special?
Elizabeth Laderman and Wayne Passmore
FRBSF Economic Review (1998)
See also » FRB Working Paper (1998) - The Effect of Automated Underwriting on the Profitability of Mortgage Securitization
Wayne Passmore and Roger Sparks
Finance and Economics Discussion Series (1997)
https://doi.org/10.17016/FEDS.1997.19 - The Community Reinvestment Act and the Profitability of Mortgage-Oriented Banks
Glenn Canner and Wayne Passmore
Finance and Economics Discussion Series (1997)
https://doi.org/10.17016/FEDS.1997.07 - The Relative Profitability of Commercial Banks Active in Lending in Low-Income Neighborhoods and to Low-Income Borrowers
Glenn Canner and S. Wayne Passmore
Proceedings of a Conference on Bank Structure and Competition (1996) - Putting the Squeeze on a Market for Lemons: Government-Sponsored Mortgage Securitization
Wayne Passmore and Roger Sparks
Journal of Real Estate Finance and Economics (1996)
https://doi.org/10.1007/BF00174549 - Distribution of Credit Risk Among Providers of Mortgages to Lower-Income and Minority Homebuyers
Glenn B. Canner, Wayne Passmore, and Brian J. Surette
Federal Reserve Bulletin (1996)
https://doi.org/10.17016/bulletin.1996.82-12 - Implementing CRA: What is the Target?
Glenn Canner and S. Wayne Passmore
Proceedings of a Conference on Bank Structure and Competition (1995) - Putting the Squeeze on a Market for Lemons: Government-Sponsored Mortgage Securitization
Wayne Passmore and Roger Sparks
Finance and Economics Discussion Series (1995) - Home Purchase Lending in Low-Income Neighborhoods and to Low-Income Borrowers
Glenn B. Canner and Wayne Passmore
Federal Reserve Bulletin (1995) - Credit Risk and the Provision of Mortgages to Lower-Income and Minority Homebuyers
Glenn B. Canner and Wayne Passmore
Federal Reserve Bulletin (1995) - The Influence of Risk-Adjusted Capital Regulations on Asset Allocation by Savings and Loans
Wayne Passmore
Global Risk-Based Capital Regulations (1994) - Optimal Bank Portfolios and the Credit Crunch
Wayne Passmore and Steven A. Sharpe
Finance and Economics Discussion Series (1994) - Residential Lending to Low-Income and Minority Families: Evidence from the 1992 HMDA Data
Glenn B. Canner and Wayne Passmore
Federal Reserve Bulletin (1994) - Private Mortgage Insurance
Glenn B. Canner, Wayne Passmore, and Monisha Mittal
Federal Reserve Bulletin (1994) - Econometric Models of COFI
S. Wayne Passmore
Journal of Real Estate Finance and Economics (1993)
https://doi.org/10.1007/BF01097025 - Report to the Congress on Community Development Lending by Depository Institutions
Glenn Canner and S. Wayne Passmore
Board of Governors of the Federal Reserve System (U.S.) (1993) - An efficiency model of deposit pricing and rate rigidity
Wayne Passmore and Roger Sparks
Finance and Economics Discussion Series (1993) - Market power and the pricing of mortgage securitization
John L. Goodman and S. Wayne Passmore
Finance and Economics Discussion Series (1992) - The influence of risk-adjusted capital regulations on asset allocation by savings and loans
Wayne Passmore
Finance and Economics Discussion Series (1992) - Can Retail Depositories Fund Mortgages Profitably?
Wayne Passmore
Journal of Housing Research (1992) - Can Banks Profitably Fund Mortgages?
S. Wayne Passmore
Proceedings of a Conference on Bank Structure and Competition (1991) - Profitability of Fixed-Rate Mortgages Questioned
S. Wayne Passmore
Bank Management (1991) - Can Retail Depositories Fund Mortgages Profitably?
Wayne Passmore
Finance and Economics Discussion Series (1991) - The Eleventh District Cost of Funds Index
S. Wayne Passmore
Secondary Mortgage Markets (1990) - The all-in Cost of Retail Deposits Versus Federal Home Loan Advances
Wayne S. Passmore
Thrift financing strategies: an analysis of the all-in cost of retail and wholesale funding for thrift institutions (1990) - The Eleventh District Cost of Funds: Description, Forecasting, and Pricing of Index-Based Mortgages
S. Wayne Passmore
Working Paper (Federal Home Loan Bank of San Francisco) (1989) - Loan Loss Reserves and Stock Market Valuations of Financial Institutions
S. Wayne Passmore
Proceedings of a Conference on Bank Structure and Competition (1988) - Strategic Niches and the Profitability of Banking
S. Wayne Passmore
Proceedings of a Conference on Bank Structure and Competition (1986) - Loan Loss Provisions
B. White and S. Wayne Passmore
Recent Trends in Commercial Bank Profitability (1986)
conference
1985 to CurrentAEA, AFA, AREUEA, IBEFA, FMA, NBER, FRB-Chicago Bank Structure conference, and other Federal Reserve System Conferences.
Dr. Passmore has given over 100 presentations.
Awards
- 2005
AREUEA
Edwin Mills Prize for best paper in real estate
- 1992
FMA
Best paper on financial Institutions
Conference Organization
1987 to current
AEA, AFA, AREUEA, FMA, NAEFA, WEA and Federal Reserve Conferences
Organizer or Chair
Professional Affiliation
- American Economic Association (AEA)
- American Real Estate and Urban Economics Association (AREUEA)
- Financial Management Association (FMA)
- International Banking, Economics and Finance Association (IBEFA)
Last update:
October 31, 2022