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Jel Classification:E58 

Discussion Paper
Municipal Debt Markets and the COVID-19 Pandemic

In March, with the outbreak of the COVID-19 pandemic in the United States, the market for municipal securities was severely stressed: mutual fund redemptions sparked unprecedented selling of municipal securities, yields increased sharply, and issuance dried up. In this post, we describe the evolution of municipal bond market conditions since the onset of the COVID-19 crisis. We show that conditions in municipal markets have improved significantly, in part a result of the announcement and implementation of several Federal Reserve facilities. Yields have decreased substantially, mutual funds ...
Liberty Street Economics , Paper 20200629

Speech
Is the active use of macroprudential tools institutionally realistic?

Panel remarks at the Macroprudential Monetary Policy Conference, Federal Reserve Bank of Boston, Boston, Massachusetts.
Speech , Paper 180

Speech
Panel remarks at the Brookings Institution

Remarks at The Fed at a crossroads: Where to go next?, Brookings Institution, Washington, D.C.
Speech , Paper 181

Speech
Negative nominal central bank policy rates: where is the lower bound?

Remarks at the University of Wisconsin.
Speech , Paper 168

Speech
The global implications of diverging monetary policy settings in advanced economies

Panel Remarks at the Sixth High Level Conference on the International Monetary System: Monetary Policy Challenges in a Changing World, Zurich, Switzerland.
Speech , Paper 169

Speech
Regulation and liquidity provision

Remarks at the SIFMA Liquidity Forum, New York City.
Speech , Paper 179

Report
A leverage-based measure of financial instability

We employ a model of leverage-induced explosive behavior in financial markets to develop a measure of financial market instability. Specifically, we derive a quantitative condition for how large levered investors can become relative to the whole market before the demand curve for securities suddenly becomes upward-sloping and small price declines cascade as levered investors are forced to liquidate. The size and leverage of all levered investors and the elasticity of demand of unlevered investors define the minimum market size for stability (or MinMaSS), the smallest market size that can ...
Staff Reports , Paper 688

Report
Announcement-Specific Decompositions of Unconventional Monetary Policy Shocks and Their Macroeconomic Effects

I propose to identify announcement-specific decompositions of asset price changes into monetary policy shocks using intraday time-varying volatility. This approach is the first to accommodate both changes in the nature of shocks and the state of the economy across announcements, allowing me to explicitly compare shocks across announcements. I compute decompositions with respect to fed funds, forward guidance, and asset purchase shocks for 2007-18. Only a handful of announcements spark significant shocks. Asset purchase shocks lower corporate borrowing costs; both asset purchases and forward ...
Staff Reports , Paper 891

Report
When does a central bank’s balance sheet require fiscal support?

Using a simple general equilibrium model, we argue that it would be appropriate for a central bank with a large balance sheet composed of long-duration nominal assets to have access to, and be willing to ask for, support for its balance sheet by the fiscal authority. Otherwise its ability to control inflation may be at risk. This need for balance sheet support?a within-government transaction?is distinct from the need for fiscal backing of inflation policy that arises even in models where the central bank?s balance sheet is merged with that of the rest of the government.
Staff Reports , Paper 701

Report
Repo runs: evidence from the tri-party repo market

The repo market has been viewed as a potential source of financial instability since the 2007-09 financial crisis, owing in part to findings that margins increased sharply in a segment of this market. This paper provides evidence suggesting that no system-wide run on repo occurred. Using confidential data on tri-party repo, a major segment of this market, we show that the level of margins and the amount of funding were surprisingly stable for most borrowers during the crisis. However, we also document a sharp decline in the tri-party repo funding of Lehman in September 2008.
Staff Reports , Paper 506

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