Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Agenda Overview |
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Track T5-2: Monetary Policy
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Sticky Deposits, not Depositors 1Brigham Young University; 2Massachusetts Institute of Technology This paper examines deposit stickiness using account-level data from over 10 million retail accounts across 152 U.S. credit unions. We find significant skewness in deposit distributions, with 10% of depositors controlling 70% of total deposits. Low-balance depositors are sensitive to exogenous interest rate changes, but high-balance depositors are not. High-balance depositors are also relatively insensitive to discontinuous rate jumps at specific balance thresholds and are more likely to experience large, sudden withdrawals. Taken together, our evidence suggests that aggregate deposit stickiness is driven by relatively few high-balance accounts that are used as medium-run liquidity stores rather than for long-term savings.
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