Historian of the Federal Reserve System
Senior Economist and Economic Advisor, Federal Reserve Bank of Chicago
email: jonathan.rose at chi.frb.org
The views expressed in my research are my own.
Historian of the Federal Reserve System
Senior Economist and Economic Advisor, Federal Reserve Bank of Chicago
email: jonathan.rose at chi.frb.org
The views expressed in my research are my own.
My published (public) work has focused on the financial history of the US, particularly in the residential mortgage market and during the Great Depression.
My CV (June 2025)
Housing finance history
Blockbusting in the postwar US (working paper) (with Daniel Hartley) Link
Covered by WBEZ
Reassessing the magnitudes of housing price declines and the use of leverage during the Depressions of the 1890s and 1930s Real Estate Economics (2022) Link
Short-term residential mortgage contracts in American economic history Explorations in Economic History (2020) Link
New Evidence on Redlining by Federal Housing Programs in the 1930s (with Price Fishback, Ken Snowden, and Thomas Storrs) , Journal of Urban Economics (2024). Link
Discussed on The Weeds. and Governing. Cited in the 2021 Economic Report of the President, and the PAVE Report.
Collateral Damage: The Impact of Foreclosures on New Home Mortgage Lending in the 1930s (with Price Fishback, Sebastian Fleitas, and Ken Snowden) - Journal of Economic History, (2020) vol. 80 no.3, pp. 853-885. Link
"The Prolonged Resolution of Troubled Real Estate Lenders during the 1930s," in Housing and Mortgage Markets in Historical Perspective (2014), edited by Price Fishback, Kenneth Snowden, and Eugene White. National Bureau of Economic Research Series and University Of Chicago Press. Link
"The New Deal and the Origins of the Modern American Real Estate Loan Contract," Explorations in Economic History, vol. 50 (2013), no. 4, pp. 548- 566. (With Kenneth Snowden). Link
Well worth saving: How the new deal safeguarded home ownership. (2013) National Bureau of Economic Research Series on Long-Term Factors in Economic Development. Chicago and London: University Of Chicago Press. (With Price Fishback and Kenneth Snowden.) Link
"The Incredible HOLC? Mortgage Relief during the Great Depression." Journal of Money, Credit, and Banking (2011). Link
"A Primer on Farm Mortgage Debt Relief Programs during the 1930s." (2013) Finance and Economics Discussion Series 2013-33, Board of Governors of the Federal Reserve System. Link
"Housing in American Economic History," Oxford Handbook of American Economic History (2018). (With Daniel Fetter and Kenneth Snowden.) Link
Urban history
Destruction, Policy, and the Evolving Consequences of Washington, DC’s 1968 Civil Disturbance (working paper) (with Leah Brooks and Stan Veuger) Forthcoming, Review of Economics and Statistics Link
Discussed in the NY Times.
Banking + banking history
Rushing To Judgment and the Banking Crisis of 2023 (with Steven Kelly) Link
Understanding the Speed and Size of Bank Runs in Historical Comparison (2023) Link
Covered by the FT.
Old-Fashioned Deposit Runs - Forthcoming, Quarterly Journal of Finance. Link
Cited by the Federal Reserve, California and NY regulators, and the FSOC.
"The Incentives of Large Sophisticated Creditors to Run on a Too Big to Fail Financial Institution." Journal of Financial Stability (2019) (With Mark Carlson). Link
"When Good Investments Go Bad: The Contraction in Community Bank Lending After the 2008 GSE Takeover." Journal of Financial Intermediation (2016) vol. 27, pp. 68-88. (With Tara Rice). Link
Credit Availability and the Collapse of the Banking Sector in the 1930s (2015) Journal of Money, Credit, and Banking. Link
Federal Reserve history
The Speed of Discount Window Lending: A Look Back at 1985." (2024) Link
"Stigma and the Discount Window" (2017) (With Mark Carlson) Link
"Yield Curve Control in the United States, 1942 to 1951" (2021). Link
Essays for the Federal Reserve History website
These essays are intended for the general public, researchers, and policymakers as a public good as they seek information about the history of the Fed. In an effort to allow the Fed History website to be a living history, these essays are not attributed to me so that they can be updated in the future as new information about the past comes to light.
Continental Illinois Link
Redlining Link
Community Reinvestment Act Link
Community Development Link
Native Americans and the Fed Link
Fedwire Link
ACH Link
Checks Link
Cash Link
Point-of-sale systems Link
Japanese Americans during WWII Link
HOEPA Link
Bank capital standards Link
Transparency Link
Federal Home Loan Bank Advances Link
Insurance history
Financial crises at insurance companies: learning from the demise of the National Surety Company during the Great Depression Financial History Review (2018). Link
Macro-ish history
"Hoover’s Truce: Wage Rigidity in the Onset of the Great Depression." Journal of Economic History, vol. 70 (2010) no. 4, pp. 843-870. Link
Crypto
A Retrospective on the Crypto Runs of 2022 (2023) (with Radhika Patel) Link.
Covered by Matt Levine at Bloomberg, and the WSJ.
Auto lending
"What Happened to Subprime Auto Loans During the Covid-19 Pandemic?" (2021) (with Tanya Bakshi) Link
Book reviews
Review of "The Young Fed" by Mark Carlson, in Business Economics Link
Review of "American Bonds" by Sarah L. Quinn, in Journal of Economic History (2020). Link
Review of "Monetary policy and the onset of the Great Depression: the myth of Benjamin Strong as decisive leader" by Mark Toma, in Economic History Review (2013). Link