Banking

Economists

 

Robert E. Carpenter

Robert Carpenter image to go here

My research is currently focused on the impacts of the European financial crisis and the future of the eurozone as well as stress testing, capital allocation and the financing of entrepreneurial firms.

 

 

Professional Experience

Bob Carpenter joined the Federal Reserve Bank of Richmond as lead financial economist in 2006. He is also professor of economics and public policy at the University of Maryland, Baltimore County, and a faculty associate at the Maryland Institute for Policy Analysis and Research. He has written and presented extensively on topics including the European debt crisis, the impacts of mortgage foreclosures, the economics of slot machine gambling, and internal finance constraints and the growth of firms.

Education:

Ph.D., Washington University in St. Louis, 1992
M.A., Washington University in St. Louis, 1988
A.B., University of Michigan-Flint, 1986

Curriculum Vitae 

“Assessing the Effectiveness of the Paulson ‘Teaser Freezer’ Plan: Evidence from the ABX Index” (with Eliana Balla and Breck Robinson). Journal of Economics and Business 63, no. 5 (September-October 2011): 392-411.

“Who Pays for the Maryland Lottery? Evidence from Point of Sale Data” (with Evan Perlman and Donald F. Norris). Journal of Gambling Business and Economics 4, no. 1 (2010): 33-54.
 
“Investment Opportunities, Cash Flow, and Investment: New Tests Using UK Panel Data” (with Alessandra Guariglia). Journal of Banking and Finance 32 (September 2008): 1894-1906.
 
“Investment Behavior, Observable Expectations, and Internal Funds: A Comment on Cummins, Hasset, and Oliner (American Economic Review, 2006)” (with Alessandra Guariglia). Economics Bulletin 5, no. 12 (July 2007): 1-12.
 
“Going Public to Grow? Evidence from a Panel of Italian Firms” (with Laura Rondi). Small Business Economics 27, nos. 4-5 (December 2006): 387-407.

“Capital Market Imperfections, High-Tech Investment, and New Equity Financing” (with Bruce Petersen). The Economic Journal, 112, no. 477 (2002): 54-72.
 
“Is the Growth of Small Firms Constrained by Internal Finance?” (with Bruce Petersen). Review of Economics and Statistics 84, no. 2 (2002): 298-309.
 
“Italian Corporate Governance, Investment, and Finance” (with Laura Rondi). Empirica 27, no. 4 (2000): 365-388.
 
“Financing Constraints and Inventory Investment: A Comparative Study with High-Frequency Panel Data” (with Steven Fazzari and Bruce Petersen). Review of Economics and Statistics 80, no. 4 (1998): 513-519.
 
“Seasonal Cycles, Business Cycles, and the Comovement of Inventory Investment and Output” (with Daniel Levy). Journal of Money, Credit, and Banking 30, no. 3 (1998): 331-346.
 
“Finance Constraints or Free Cash Flow? A New Look at the Life Cycle Model of the Firm.” Empirica 22, no. 2 (1995): 185-209.

“Inventory Investment, Internal Finance Fluctuations, and the Business Cycle” (with Steven Fazzari and Bruce Petersen). Brookings Papers on Economic Activity 2 (1994): 75-137.

“The Economics of Basel III.” Marcus and Evans Conference on Stress Testing and Capital Allocation, Singapore, September 5, 2011.

“The Financial Crisis, the Banking System, and Prospects for the Financing of Entrepreneurial Firms.” Keynote speech for Improving High-Tech Financing in Europe: Policy Lessons from the VICO Project, sponsored by the European Commission, Madrid, Spain, September, 2011.

“Exit Strategies for Extraordinary Monetary Policy Measures.” Towson University Economic Outlook Conference, Linthicum Heights, MD, March 2011.

“Sovereign and Municipal Debt Crises?” Greater Baltimore Committee Leadership Group, Baltimore, MD, March 2011.

“Sovereign Debt Crises and the Problems in Municipal Finance.” Mid-Atlantic Association of Financial Professionals, Baltimore, MD, March 2011.

 “The Sovereign Debt Crisis.” Marcus and Evans Conference on Stress Testing and Capital Allocation, New York, NY, February 2011.

 “Problems in the Eurozone.” Morgan State University, Baltimore, MD, November 2010.

“It’s a Small World After All.” Economics Made Easy: A Journalism Workshop, sponsored by the University of Maryland and Federal Reserve Bank of Richmond, College Park, MD, October 2010.

“Fiscal Imbalances.” Board of Directors, Mid-Atlantic Farm Credit Bureau, August 2010.

“Central Bank Independence.” Greater Baltimore Committee Leadership Group, Baltimore, MD, March 2010.

“Spillovers from Housing to Financial Markets to the Macroeconomy: What’s Next?” Greater Baltimore Committee Leadership Group, Baltimore, MD, March 2009.

“Shocks to Housing and Financial Markets and Their Economic Spillovers.” Virginia Bureau of Financial Institutions, Richmond, VA, January 2009.

“Financial Turmoil: The Grand Tour.” Miles and Stockbridge P.C., Baltimore, MD, December 2008. Also presented for: Cars and Working Families: Expanding Opportunities in a Changing Economic Environment, sponsored by the Annie E. Casey Foundation and the Federal Reserve Bank of Richmond, Baltimore, MD, September 2009; the Mid-Atlantic Association of Financial Professionals, Baltimore, MD, March 2009; and The Widespread Impacts of Mortgage Foreclosures: From Credit Markets to Local Communities, a conference series sponsored by the Federal Reserve Bank of Richmond and the Sellinger School of Management at Loyola College (Baltimore, MD, March 2009), George Mason University (Fairfax, VA, October 2008), East Caroline University (Greenville, NC, October 2008) and Longwood University (Farmville, VA, September 2008).

“Financial Markets and Housing: The Big Picture.” United States Naval Academy, Annapolis, MD, October 2008.

“The Paulson Plan.” Department of Economics, East Carolina University, Greenville, NC, October 2008.

“Securitization and Servicing of Residential Mortgages.” Maryland Department of Housing and Community Development, Crownsville, MD, June 2008.

"Slots or No Slots—The Public Policy Implications of Expanded Gambling in Maryland.” Public Policy Forum, sponsored by the Maryland Institute of Policy Analysis and Research at the University of Maryland, Baltimore County, Baltimore, MD, June 2008.

“Beyond the Housing Crisis: Understanding the Increasing Impact of the Subprime Mortgage Meltdown on the U.S. Economy.” University Forum, sponsored by the University of Maryland, Baltimore County and the Federal Reserve Bank of Richmond, Baltimore, MD, April 2008.

“The Securitization of Residential Home Mortgages and the Economic Role and Incentive of Servicers.” Office of the Governor of the State of Maryland, the Maryland Department of Housing and Community Development, and the Maryland Department of Labor, Licensing, and Regulation, March 2008.

“Term Structure and Yield Curve Inversions.” Commonwealth Area Financial Professionals Conference, Richmond, VA, March 2007.

“Risk-Based Capital.” CFO and CPA Conference, West Virginia Bankers Association, Charleston, WV, November 15, 2006.

“The Maryland State Budget and the Impact of Slot Machine Gambling.” Maryland Institute for Policy Analysis and Research Seminar at the University of Maryland, Baltimore County, Baltimore, MD, September 2003.

“Video Gaming in Maryland.” The Maryland Public Policy Institute, Rockville, MD, March 2003.

“Maryland’s Economy.” The Maryland Public Policy Institute, Rockville, MD, January, 2003.

“New Perspectives on Fixed Investment: Where Is the Research Agenda Leading?” City University Business School Conference, London, England, 2001.

“Financing the New Economy in Germany.” American Institute for Contemporary German Studies Workshop, Washington, DC, 2001.

"Financial Markets, the New Economy, and Growth.” XIII Villa Mondragone International Economic Conference, CEIS, University of Rome Tor Vergata, 2001.

“The European Debt Crisis and the Future of the Eurozone.” In The Handbook of Major Events in Economic History. Routledge Press, forthcoming.

“Assessing the Contagion Risk of the European Sovereign Debt Crisis.” Risk Flash (Federal Reserve Bank of Richmond) July 2011.

 “The Downgrade of US Treasuries by Standard and Poors: Predictions and Suggestions for Monitoring.” Risk Flash (Federal Reserve Bank of Richmond) July 2011.

 “It’s a Small World After All: Why We Need to Care About a Debt Crisis in Greece” S&R Perspectives (Federal Reserve Bank of Richmond) Fall 2010.

“Is the European Financial Crisis Peripheral to US Banking?” Risk Perspectives (Federal Reserve Bank of Richmond) Summer 2010.

“Other than Temporary Impairments and Federal Home Loan Bank Capitalization: Is a Foul Mood Justified?” Emerging Issues Letters (Federal Reserve Bank of Richmond) 3 (April 2009).

“Are You Being Served? Mortgage Servicers and Loan Modifications” (with Breck Robinson). Emerging Issues Letters (Federal Reserve Bank of Richmond) 1 (January 2009).
 
“Everything Old is New Again: Can Covered Bonds Jump-Start a Stalled US Mortgage Market? S&R Perspectives (Federal Reserve Bank of Richmond) Winter 2008, 4-5.
 
“An Analysis of the Impact of Introducing Video Lottery Terminals in Maryland” (with Judith Shinogle, Scott Farrow, and Donald F. Norris). Maryland Institute for Policy Analysis and Research Report, October 14, 2008.

 “Financial Turmoil Throws Sand in the Gears of Federal Home Loan Bank Discount Note Auctions” (with Andrew McKenna). Emerging Issues Letters (Federal Reserve Bank of Richmond) 5 (October 2008).

“Proposed Changes to Securitization Accounting Rules May Stress Bank Balance Sheets” (with Eliana Balla and Eura Tunstall). Risk Flash (Federal Reserve Bank of Richmond) June 28, 2008.

“Are Monoline Financial Guarantors in Trouble? What Are the Possible Contagion Effects?” Emerging Issues Letters (Federal Reserve Bank of Richmond) 2 (November 2007).
 
“The Bear Stearns Flap: Does It Give Us a Peek Under Hedge Funds’ Tent?” (with David Gearheart) Emerging Issues Letters (Federal Reserve Bank of Richmond) 1 (July 2007).
 
The Concerned Citizen’s Guide to Slot Machine Gambling and Horse Racing in Maryland. Policy Brief for the Maryland Institute for Policy Analysis and Research, Spring 2007.

“Decoding Messages from the Yield Curve” (with Eliana Balla and Mark Vaughan). Region Focus (Federal Reserve Bank of Richmond) Spring 2007, 37-39.
“The Economics of Slot Machine Gambling,” Testimony before the Maryland House of Delegates, Committee on Ways and Means, March 23, 2004, and August 19, 2003.
 
“It’s the Net Impact from Slots that Counts,” Baltimore Sun, January 25, 2004.

Comments on Video Gaming in Maryland: Weighing the Costs and the Benefits. For the Maryland Public Policy Institute, March 2003.

Slot Machine Gambling in Maryland: An Economic Analysis. Report for the Maryland Institute for Policy Analysis and Research, March 2003.

Maryland’s Budget Crisis: What a Drag. Policy brief for the Maryland Public Policy Institute, January 2003.

“A Comparative Study of the Tax Burden in Maryland” (with Dennis Coates and Virginia McConnell). Commissioned study for the Maryland Department of Business and Economic Development, October 2001.

 “Hard Times, Easy Money? Countercyclical Stabilization in an Uncertain Economy.” Policy Note (The Levy Economics Institute) 9 (2001).

Contact Us

Baltimore

Robert E. Carpenter
(410) 951-4682