photo of W. Scott Frame

W. Scott Frame

Financial Economist and Senior Adviser
curriculum vitae Adobe PDF file format
email :: 404-498-8783

To interview economists, press should contact Public Affairs at 404-498-8748.

  • Biography

    W. Scott Frame is a financial economist and senior adviser on the financial markets team in the research department of the Federal Reserve Bank of Atlanta. His major fields of study are financial institutions, credit markets, real estate, and public policy.

    Dr. Frame has been with the Bank since 2001, although he spent two years as the Belk Distinguished Professor of Finance at the University of North Carolina at Charlotte (2012–14). Before joining the Bank, Dr. Frame was a senior financial economist at the U.S Treasury Department from 1996 to 2000. He also worked at the Federal Reserve Bank of Atlanta as an economic analyst from 1993 to 1995 and as an instructor at the University of Georgia. Dr. Frame was promoted to financial economist and policy adviser in 2007 and assumed his current duties in 2012.

    Dr. Frame assisted in the response to the financial crisis in various ways. During the fall of 2008, he worked as a special adviser to the U.S. Treasury Department and assisted with the conservatorships for Fannie Mae and Freddie Mac. In 2009, Dr. Frame was a member of the team implementing the Federal Reserve's Term Asset-Backed Lending Facility. He also acted as a consultant to the Council of Economic Advisers in 2010 on housing finance-related issues. Following the crisis, Dr. Frame supported Federal Reserve System bank supervision efforts as a member of the Operating Committee and Model Validation Unit.

    Dr. Frame has published in many journals, including the Journal of Finance, the Journal of Financial Economics, the Journal of Business, the Journal of Economic Literature, and the Journal of Economic Perspectives.

    Dr. Frame is an associate editor of the Journal of Money, Credit, and Banking, the Journal of Financial Services Research, and the Journal of Financial Research. He is also currently the executive director of the International Banking, Economics, and Finance Association (IBEFA), as well as past president of both IBEFA and the Southern Finance Association. Dr. Frame is also a member of the American Economic Association, the American Real Estate and Urban Economics Association, and the Financial Management Association. He has served as a referee for the American Economic Review, the Journal of Finance, and the Review of Financial Studies, among many others.

    Dr. Frame received his doctorate in economics in 1996 and his master's degree in economics in 1993, both from the University of Georgia. He received his bachelor of science in economics in 1990 from Arizona State University.

  • Working Papers

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    Atlanta Fed Working Papers

    2018-11
    Technological Change and Financial Innovation in Banking: Some Implications for Fintech
    W. Scott Frame, Larry Wall, and Lawrence J. White
    October 2018
    Abstract | Full text Adobe PDF file format (364 KB)

    2018-10
    Villains or Scapegoats? The Role of Subprime Borrowers in Driving the U.S. Housing Boom
    James Conklin, W. Scott Frame, Kristopher Gerardi, and Haoyang Liu
    August 2018
    Abstract | Full text Adobe PDF file format (920 KB)

    2018-8
    Unconventional Monetary Policy and Risk-Taking: Evidence from Agency Mortgage REITs
    W. Scott Frame and Eva Steiner
    August 2018
    Abstract | Full text Adobe PDF file format (371 KB)

    2018-7
    Fiscal Implications of the Federal Reserve's Balance Sheet Normalization
    Michele Cavallo, Marco Del Negro, W. Scott Frame, Jamie Grasing, Benjamin A. Malin, and Carlo Rosa
    August 2018
    Abstract | Full text Adobe PDF file format (2,341 KB)

    2017-2
    Foreign Investment, Regulatory Arbitrage, and the Risk of U.S. Banking Organizations
    W. Scott Frame, Atanas Mihov, and Leandro Sanz
    March 2017
    Abstract | Full text Adobe PDF file format (495 KB)

    2017-1
    Agency Conflicts in Residential Mortgage Securitization: What Does the Empirical Literature Tell Us?
    W. Scott Frame
    March 2017
    Abstract | Full text Adobe PDF file format (291 KB)

    2016-2
    The Federal Home Loan Bank System and U.S. Housing Finance
    W. Scott Frame
    January 2016
    Abstract | Full text Adobe PDF file format (418 KB)

    2015-3
    The Failure of Supervisory Stress Testing: Fannie Mae, Freddie Mac, and OFHEO
    Scott Frame, Kristopher Gerardi, and Paul S. Willen
    March 2015
    Abstract | Full text Adobe PDF file format (316 KB)

  • Other Fed Work

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    Executive Speeches

    W. Scott Frame. "Redefining the Scope of Government Intervention in Secondary Mortgage Markets." Speech to the Bankers Club of Chicago. May 20, 2010.

    W. Scott Frame. "Fannie Mae, Freddie Mac, and the Stabilization of the U.S. Mortgage Finance System." Speech to the Rotary Club of Atlanta. December 15, 2008.

    Articles

    W. Scott Frame. "Estimating the Effect of Mortgage Foreclosures on Nearby Property Values: A Critical Review of the Literature." Federal Reserve Bank of Atlanta Economic Review (2010 No3).
    Abstract | Full text Adobe PDF file format (302 KB)

    Mark J. Flannery and W. Scott Frame. "The Federal Home Loan Bank System: The 'Other' Housing GSE" (with Mark J. Flannery). Federal Reserve Bank of Atlanta Economic Review (2006 Q3).
    Abstract | Full text Adobe PDF file format (224 KB)

    W. Scott Frame and Lawrence J. White. "Regulating Housing GSEs: Thoughts on Institutional Structure and Authorities." Federal Reserve Bank of Atlanta Economic Review (2004 Q2).
    Abstract | Full text Adobe PDF file format (168 KB)

    W. Scott Frame "Federal Home Loan Bank Mortgage Purchases: Implications for Mortgage Markets." Federal Reserve Bank of Atlanta Economic Review (2003 Q3).
    Abstract | Full text Adobe PDF file format (230 KB)

    W. Scott Frame and Larry D. Wall. "Fannie Mae's and Freddie Mac's Voluntary Initiatives: Lessons from Banking." Federal Reserve Bank of Atlanta Economic Review (2002 Q1).
    Abstract | Full text Adobe PDF file format (164 KB)

    W. Scott Frame and Larry D. Wall. "Financing Housing through Government-Sponsored Enterprises." Federal Reserve Bank of Atlanta Economic Review (2002 Q1).
    Abstract | Full text Adobe PDF file format (302 KB)

    W. Scott Frame. "FYI—Examining Small Business Lending in Bank Antitrust Analysis." Federal Reserve Bank of Atlanta Economic Review (1995 No2).

    Christopher Holder and W. Scott Frame. "FYI—Commercial Bank Profits" (with Christopher Holder). Federal Reserve Bank of Atlanta Economic Review (1994 No4).

    Blog Posts

    Michele Cavallo, Marco del Negro, W. Scott Frame, Jamie Grasing, Benjamin A. Malin, and Carlo Rosa. "Fiscal Implications of the Federal Reserve's Balance Sheet NormalizationOff-site link," Liberty Street Economics. January 9, 2018.

    W. Scott Frame and Joseph Tracy. "At the New York Fed: The Appropriate Government Role in U.S. Mortgage MarketsOff-site link," Liberty Street Economics. August 23, 2017.

    W. Scott Frame. "Conflicts of Interest in Securitization and the U.S. Housing Crisis." Notes from the Vault (2017 April).

    W. Scott Frame, Kristopher Gerardi, and Joseph Tracy. "Being Up Front about the FHA's Up-Front Mortgage Insurance PremiumsOff-site link," Liberty Street Economics. March 27, 2017.

    W. Scott Frame, Kristopher Gerardi, and Joseph Tracy. "Risky Business: Government Mortgage Insurance ProgramsOff-site link," Liberty Street Economics. June 20, 2016.

    W. Scott Frame, Andreas Fuster, Joseph Tracy, and James Vickery. "Evaluating the Rescue of Fannie Mae and Freddie MacOff-site link," Liberty Street Economics. October 15, 2015.

    W. Scott Frame. "Marketplace Lending's Role in the Consumer Credit Market." Notes from the Vault (2015 September).

    Larry D. Wall, W. Scott Frame, and Lawrence J. White. "Will Taxpayers Get a Truly Fair Deal with Housing Finance Reform?." Notes from the Vault (2013 March).

    Podcast Episodes podcast

    W. Scott Frame. "The Government's Conservatorship of Fannie Mae and Freddie Mac." Economy Matters podcast. September 17, 2015.

    Larry D. Wall, W. Scott Frame, and Lawrence J. White. "Will Taxpayers Get a Truly Fair Deal with Housing Finance Reform?." Notes from the Vault (2013 March).

  • Publications

    Articles

    "The Effect of Large Investors on Asset Quality: Evidence from Subprime Mortgage Securities" (with Kris Gerardi and Manuel Adelino). Journal of Monetary Economics, 87: Pages 34–51.

    "Reexamining the Empirical Relation between Loan Risk and Collateral: The Roles of Collateral Characteristics and Types" (with Allen Berger and Vasso Ioannidou). Journal of Financial Intermediation, April 2016 (26). Pages 28–46.

    "Government Involvement in Residential Mortgage Markets." Real Estate Economics, October 2015 (43). Pages 807–19.

    "Bank Supervision after the Financial Crisis" (with Jason Berkowitz, Beverly Hirtle, Robert DeYoung, and Mark Kurst). Journal of Applied Finance, Fall 2015 (25). Pages 5–15.

    "The Rescue of Fannie Mae and Freddie Mac" (with Andreas Fuster, Joseph Tracy, and James Vickery). Journal of Economic Perspectives, Spring 2015 (29). Pages 25–52.

    "The Devil's in the Tail: Residential Mortgage Finance and the U.S. Treasury" (with Larry Wall and Lawrence J. White). Journal of Applied Finance, September 2013 (23). Pages 61–83.

    "Federal Home Loan Bank Advances and Commercial Bank Portfolio Composition" (with Diana Hancock and Wayne Passmore). Journal of Money, Credit, and Banking, June 2012 (44). Pages 661–84.

    "Tests of Ex Ante versus Ex Post Theories of Collateral Using Private and Public Information" (with Allen Berger and Vasso Ioannidou). Journal of Financial Economics, April 2011 (100). Pages 85–97.

    "The Surprising Use of Credit Scoring for Small Business Lending by Community Banks and the Attendant Effects on Credit Availability, Risk, and Profitability" (with Allen Berger and Adrian Cowan). Journal of Financial Services Research, April 2011 (39). Pages 1–17.

    "The Information Revolution and Small Business Lending: The Missing Evidence" (with Robert DeYoung, Dennis Glennon, and Peter Nigro). Journal of Financial Services Research, April 2011 (39). Pages 19–33.

    "Why Do Borrowers Pledge Collateral? New Empirical Evidence on the Role of Asymmetric Information" (with Allen Berger, Marco Espinosa and Nathan Miller). Journal of Financial Intermediation, January 2011 (20). Pages 55–70.

    "The Federal Home Loan Bank System: Lender of Next-to-Last Resort?" (with Adam Ashcraft and Morten Bech). Journal of Money, Credit, and Banking, June 2010 (42). Pages 551–83.

    "The 2008 Federal Intervention to Stabilize Fannie Mae and Freddie Mac." Journal of Applied Finance, Fall/Winter 2008 (18). Pages 124–33.

    "Commercial Lending Distance and Historically Underserved Areas" (with Robert DeYoung, Dennis Glennon, Daniel McMillan, and Peter Nigro). Journal of Economics and Business, January/February 2008 (60). Pages 149–64.

    "An Analysis of the Systemic Risks Posed by Fannie Mae and Freddie Mac and an Evaluation of the Policy Options for Reducing Those Risks" (with Robert Eisenbeis and Larry Wall). Journal of Financial Services Research, June 2007 (31). Pages 75–99.

    "Charter Value, Risk-Taking Incentives, and Emerging Competition for Fannie Mae and Freddie Mac" (with Lawrence White). Journal of Money, Credit, and Banking, February 2007 (39). Pages 83–104.

    "Small Business Credit Scoring and Credit Availability" (with Allen Berger). Journal of Small Business Management, January 2007 (45). Pages 5–22.

    "Debt Maturity, Risk, and Asymmetric Information" (with Allen Berger, Marco Espinosa, and Nathan Miller). Journal of Finance, December 2005 (60). Pages 2895–923.

    "Resolving Large Financial Intermediaries: Banks versus Housing Enterprises" (with Robert Eisenbeis and Larry Wall). Journal of Financial Stability, April 2005 (1). Pages 386–425.

    "Fussing and Fuming over Fannie and Freddie: How Much Smoke, How Much Fire?" (with Lawrence White). Journal of Economic Perspectives, Spring 2005 (19). Pages 159–84.

    "Credit Scoring and the Availability, Price, and Risk of Small Business Credit." (with Allen Berger and Nathan Miller). Journal of Money, Credit, and Banking, April 2005 (37). Pages 191–222.

    The Diffusion of Financial Innovations: An Examination of the Adoption of Small Business Credit Scoring by Large Banking Organizations" (with Jalal Akhavein and Lawrence White). Journal of Business, March 2005 (78). Pages 577–96.

    "Empirical Studies of Financial Innovation: Lots of Talk, Little Action?" (with Lawrence White). Journal of Economic Literature, March 2004 (42). Pages 116–44.

    "Credit Scoring and the Availability of Small Business Credit in Low- and Moderate Income Areas" (with Michael Padhi and Lynn Woosley). Financial Review, February 2004 (39). Pages 35–54.

    "Do Credit Unions Use Their Tax Advantage to Benefit Members?: Evidence from a Cost Function" (with Gordon Karels and Christine McClatchey). Review of Financial Economics, Spring 2003 (12). Pages 35–47.

    "The Effect of Common Bond and Membership Expansion on Credit Union Risk" (with Gordon Karels and Christine McClatchey). Financial Review, November 2002 (37). Pages 613–36.

    "The Effect of Credit Scoring on Small Business Lending" (with Aruna Srinivasan and Lynn Woosley). Journal of Money, Credit, and Banking, August 2001 (33). Pages 813–25.

    "U.S. Financial Services Consolidation: The Case of Corporate Credit Unions" (with Tim Coelli). Review of Industrial Organization, March 2001 (18). Pages 229–42.

    "Abnormal Returns in the Acquisition Market: The Case of Bank Holding Companies 1990–1993" (with William Lastrapes). Journal of Financial Services Research, October 1998 (14). Pages 145–63.

    "The Value of Olympic Sponsorships: Who Is Capturing the Gold?" (with Kathleen Farrell). Journal of Market-Focused Management, November 1997 (2). Pages 171–82.

    "Empirical Evidence on a Special-Interest-Group Perspective to Antitrust" (with Charles DeLorme and David Kamerschen). Public Choice, August 1997 (92). Pages 317–35.

    "The Profit-Structure Relationship in Legally Protected Banking Markets Using Efficiency Measures" (with David Kamerschen). Review of Industrial Organization, February 1997 (12). Pages 9–22.

    "Special-Interest-Group Perspective Before and After the Clayton and FTC Acts" (with Charles DeLorme and David Kamerschen). Applied Economics, July 1996 (28). Pages 773–77.

    Book Chapters

    "Technological Change, Financial Innovation, and Economic Development" (with Thorsten Beck) in Handbook of Finance and Development, forthcoming.

    "The Federal Home Loan Bank System and U.S. Housing Finance" in Principles of Housing Finance Reform, edited by Joseph Tracy and Susan Wachter, 2016.

    "Technological Change, Financial Innovation and Diffusion in Banking" (with Lawrence J. White) in the Oxford Handbook of Banking, 2nd Edition, edited by Allen Berger, Philip Molyneux, and John Wilson, 2014.

    "The Industrial Organization of the U.S. Single-Family Residential Mortgage Industry" (with Lawrence J. White) in the International Encyclopedia of Housing and Home, edited by Susan J. Smith, 2012.

    "The Federal Home Loan Bank System: Current Issues in Perspective" (with Lawrence J. White) in Reforming Rules and Regulations, edited by Vivek Ghosal, 2010. Pages 255–76.

    "Technological Change, Financial Innovation and Diffusion in Banking" (with Lawrence J. White) in the Oxford Handbook of Banking, edited by Allen Berger, Philip Molyneux, and John Wilson, 2010. Pages 486–507.