Search Results
Journal Article
Government securities investments of commercial banks
Government securities holdings at U.S. commercial banks have risen rapidly since 1990. The author contrasts the recent rise with increases observed during and after earlier recessions and evaluates possible explanations for the buildup. In addition, he presents a rough estimate of the interest exposure created solely by the securities acquisitions and compares it with estimates for earlier periods when commercial banks also added U.S. securities to their portfolios at a fast rate.
Discussion Paper
How Do Survey- and Market-Based Expectations of the Policy Rate Differ?
Over the past year, market pricing on interest rate derivatives linked to the federal funds rate has suggested a significantly lower expected path of the policy rate than responses to the New York Fed’s Survey of Primary Dealers (SPD) and Survey of Market Participants (SMP). However, this gap narrowed considerably from December 2015 to January 2016, before widening slightly at longer horizons in March. This post argues that the narrowing between December and January was mostly the result of survey respondents placing greater weight on lower rate outcomes, while the subsequent widening ...
Monograph
Nonbank lenders and the credit slowdown
Journal Article
Financial implications of the U.S. external deficit
Conference Paper
Why do volatilities sometimes move together?
Journal Article
Financial liberalization and monetary control in Japan
This article examines the effects of financial market reform on monetary control in Japan during the past two decades. The authors identify changes in the Bank of Japan's operating strategy and evaluate the Bank's ability to influence key policy variables in the current liberalized environment.