Search Results

Showing results 1 to 10 of approximately 169.

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Journal Article
The Gordon Gekko effect: the role of culture in the financial industry
Lo, Andrew W. (2016-08)
Culture is a potent force in shaping individual and group behavior, yet it has received scant attention in the context of financial risk management and the 2007-09 financial crisis. This article presents a brief overview of the role of culture as it is seen by psychologists, sociologists, and economists, and then describes a specific framework for analyzing culture in the context of financial practices and institutions. Using this framework, the author addresses three questions: (1) what is culture? (2) does it matter? and (3) can it be changed? He illustrates the utility of this framework by ...
Economic Policy Review , Issue Aug , Pages 17-42

Working Paper
Why Has the Stock Market Risen So Much Since the US Presidential Election?
Jahan-Parvar, Mohammad; Wilson, Beth Anne; Pellet, Thomas; Collins, Christopher G.; Blanchard, Olivier Jean (2018-08-21)
This paper looks at the evolution of U.S. stock prices from the time of the Presidential elections to the end of 2017. It concludes that a bit more than half of the increase in the aggregate U.S. stock prices from the presidential election to the end of 2017 can be attributed to higher actual and expected dividends. A general improvement in economic activity and a decrease in economic policy uncertainty around the world were the main factors behind the stock market increase. The prospect and the eventual passage of the corporate tax bill nevertheless played a role. And while part of the rise ...
International Finance Discussion Papers , Paper 1235

Report
Asset Pricing with Cohort-Based Trading in MBS Markets
Song, Zhaogang; Fusari, Nicola; Liu, Haoyang; Li, Wei (2020-07-01)
Agency MBSs with diverse characteristics are traded in parallel through individualized specified pool (SP) contracts and standardized to-be-announced (TBA) contracts. This parallel trading environment generates distinctive effects on MBS pricing and trading: (1) Although cheapest-to-deliver (CTD) issues are present in TBA trading and absent from SP trading by design, MBS heterogeneity associated with CTD discounts affects SP returns positively, with the effect stronger for lower-value SPs; (2) High selling pressure amplifies the effects of MBS heterogeneity on SP returns; (3) Greater MBS ...
Staff Reports , Paper 931

Journal Article
So Far, So Good: Government Insurance of Financial Sector Tail Risk
Wall, Larry D. (2021-11-08)
The US government has intervened to provide extraordinary support 16 times from 1970 to 2020 with the goal of preventing or mitigating (or both) the cost of financial instability to the financial sector and the real economy. This article discusses the motivation for such support, reviewing the instances where support was provided, along with one case where it was expected but not provided. The article then discusses the moral hazard and fiscal risks posed by the government's insurance of the tail risk along with ways to reduce the government's risk exposure.
Policy Hub , Volume 2021 , Issue 13

Report
Reference guide to U.S. repo and securities lending markets
Copeland, Adam; McCaughrin, Rebecca; Baklanova, Viktoria (2015-09-01)
This paper is intended to serve as a reference guide on U.S. repo and securities lending markets. It begins by presenting the institutional structure, and then describes the market landscape, the role of the participants, and other characteristics, including how repo and securities lending activity has changed since the 2007-09 financial crisis. The paper then discusses vulnerabilities in the repo and short-term wholesale funding markets and the efforts to limit potential systemic risks. It next provides an overview of existing data sources on securities financing markets and highlights ...
Staff Reports , Paper 740

Working Paper
Bank Risk-Taking and Monetary Policy Transmission: Evidence from China
Xu, Zhiwei; Li, Xiaoming; Peng, Yuchao; Liu, Zheng (2020-08-03)
We present evidence that monetary policy easing reduces bank risk-taking but exacerbates capital misallocation in China after implementing the Basel III capital regulationsin2013. Thenewregulationstightenedbankcapitalrequirementsandintroduced a new risk-weighting approach to calculating the capital adequacy ratio (CAR). To meet tightened capital requirements, a bank can boost its eﬀective CAR by raising capital or by increasing the share of lending to low-risk borrowers. Using conﬁdential loan-level data from a large Chinese commercial bank, merged with ﬁrm-level data on a large set of ...
Working Paper Series , Paper 2020-27

Working Paper
Macroprudential Policy: Results from a Tabletop Exercise
Rosen, Richard J.; Musatov, Alex; Prescott, Edward Simpson; Duffy, Denise; Kovner, Anna; Tallarini, Thomas D.; Yang, Emily; Haubrich, Joseph G.; Zlate, Andrei; Vardoulakis, Alexandros (2019-05-21)
This paper presents a tabletop exercise designed to analyze macroprudential policy. Several senior Federal Reserve officials were presented with a hypothetical economy as of 2020:Q2 in which commercial real estate and nonfinancial debt valuations were very high. After analyzing the economy and discussing the use of monetary and macroprudential policy tools, participants were then presented with a hypothetical negative shock to commercial real estate valuations that occurred in the second half of 2020. Participants then discussed the use of the tools during an incipient downturn. Some of the ...
Working Papers , Paper 19-11

Report
COVID Response: The Municipal Liquidity Facility
Haughwout, Andrew F.; Hyman, Benjamin; Shachar, Or (2021-09-01)
At the onset of the COVID-19 pandemic, state and local governments were among the sectors expected to experience the most severe distress. The combination of a sharply deteriorating revenue picture, a pressing need for additional expenditures, delays in the receipt of substantial taxes owed, and an inability to access the financial markets raised serious concerns among many observers about the ability of state and local governments to meet their public service delivery responsibilities. In April 2020, the Federal Reserve announced the establishment of the Municipal Liquidity Facility (MLF) to ...
Staff Reports , Paper 985

Report
Macroprudential policy: case study from a tabletop exercise
Zlate, Andrei; de Fontnouvelle, Patrick; Yang, Emily; Adrian, Tobias (2015-09-01)
Since the global financial crisis of 2007-09, policymakers and academics around the world have advocated the use of prudential tools for macroprudential purposes. This paper presents a macroprudential tabletop exercise that aimed at confronting Federal Reserve Bank presidents with a plausible, albeit hypothetical, macro-financial scenario that would lend itself to macroprudential considerations. In the tabletop exercise, the primary macroprudential objective was to reduce the likelihood and severity of possible future financial disruptions associated with the hypothetical overheating ...
Staff Reports , Paper 742

Working Paper
Embedded Supervision: How to Build Regulation into Blockchain Finance
Auer, Raphael (2019-10-01)
The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, i.e., a regulatory framework that provides for compliance in tokenized markets to be automatically monitored by reading the market?s ledger, thus reducing the need for firms to actively collect, verify and deliver data. After sketching out a design for such schemes, the paper explores the conditions under which distributed ledger data might be used to monitor compliance. To this end, a decentralized market is modelled ...
Globalization Institute Working Papers , Paper 371

show more (2)

show more (120)

PREVIOUS / NEXT

Fed in Print

Search Results

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

FILTER BY Keywords