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Journal Article
The Federal Reserve's Term Auction Facility
As liquidity conditions in the term funding markets grew increasingly strained in late 2007, the Federal Reserve began making funds available directly to banks through a new tool, the Term Auction Facility (TAF). The TAF provides term funding on a collateralized basis, at interest rates and amounts set by auction. The facility is designed to improve liquidity by making it easier for sound institutions to borrow when the markets are not operating efficiently.
Journal Article
Improving business payments by asking what corporations really want
A recent study led by the New York Fed sheds light on the changes in the payment process that large corporations would most like to see. The study's results, summarized in this article, suggest that corporate treasurers and cash managers would particularly value enhancements that decrease unauthorized and insufficiently funded payments, streamline data formats, improve bank services and information posting, and reduce cross-border payment uncertainties.
Journal Article
Monetary policy and open market operations during 1987
Journal Article
Recent trends in monetary policy implementation: a view from the desk
Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Speech
Reducing the systemic risk in shadow maturity transformation
Remarks at the Global Association of Risk Professionals 12th Annual Risk Management Convention, New York City.