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Journal Article
The effectiveness of unconventional monetary policy: the term auction facility
Thornton, Daniel L. (2011-11)
This paper investigates the effectiveness of one of the Federal Reserve?s unconventional monetary policy tools, the term auction facility (TAF). At issue is whether the TAF reduced the spread between the London interbank offered rate (LIBOR) rates and equivalent-term Treasury rates by reducing the liquidity premium embedded in LIBOR rates. This paper suggests that rather than reducing the liquidity premium in LIBOR rates, the announcement of the TAF increased the risk premium in financial and other bond rates because market participants interpreted the announcement by the Fed and other ...
Review , Volume 93 , Issue Nov , Pages 439-454

Speech
A new era of bank supervision
Dahlgren, Sarah J. (2011)
Remarks at the New York Bankers Association Financial Services Forum, New York City.
Speech , Paper 65

Report
MBS ratings and the mortgage credit boom
Ashcraft, Adam B.; Vickery, James; Goldsmith-Pinkham, Paul (2010)
We study credit ratings on subprime and Alt-A mortgage-backed-securities (MBS) deals issued between 2001 and 2007, the period leading up to the subprime crisis. The fraction of highly rated securities in each deal is decreasing in mortgage credit risk (measured either ex ante or ex post), suggesting that ratings contain useful information for investors. However, we also find evidence of significant time variation in risk-adjusted credit ratings, including a progressive decline in standards around the MBS market peak between the start of 2005 and mid-2007. Conditional on initial ratings, we ...
Staff Reports , Paper 449

Report
Shadow banking: a review of the literature
Ashcraft, Adam B.; Adrian, Tobias (2012)
We provide an overview of the rapidly evolving literature on shadow credit intermediation. The shadow banking system consists of a web of specialized financial institutions that conduct credit, maturity, and liquidity transformation without direct, explicit access to public backstops. The lack of such access to sources of government liquidity and credit backstops makes shadow banks inherently fragile. Much of shadow banking activities is intertwined with the operations of core regulated institutions such as bank holding companies and insurance companies, thus creating a source of systemic ...
Staff Reports , Paper 580

Speech
Lessons at the zero bound: the Japanese and U.S. experience
Dudley, William (2013)
Remarks at the Japan Society, New York City.
Speech , Paper 105

Speech
Risk-management lessons from recent financial turmoil.
Rosengren, Eric S. (2008)
Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the Conference on New Challenges for Operational Risk Measurement and Management, Boston, Massachusetts, May 14, 2008
Speech , Paper 13

Speech
Risk management in financial institutions: a speech at the Federal Reserve Bank of Chicago's Annual Conference on Bank Structure and Competition, Chicago, Illinois, May 15, 2008
Bernanke, Ben S. (2008)
Speech , Paper 400

Journal Article
New directions for understanding systemic risk: a report on a conference cosponsored by the Federal Reserve Bank of New York and the National Academy of Sciences
Krishnan, Neel; Kambhu, John; Weidman, Scott (2007-11)
The Federal Reserve Bank of New York released a report -- New Directions for Understanding Systemic Risk -- that presents key findings from a cross-disciplinary conference that it cosponsored in May 2006 with the National Academy of Sciences' Board on Mathematical Sciences and Their Applications. ; The pace of financial innovation over the past decade has increased the complexity and interconnectedness of the financial system. This development is important to central banks, such as the Federal Reserve, because of their traditional role in addressing systemic risks to the financial system. ; ...
Economic Policy Review , Volume 13 , Issue Nov , Pages i-83

Report
Vesting and control in venture capital contracts
Skeie, David R. (2007)
Vesting of equity payments to an entrepreneur, which is a form of time-contingent compensation, is very common in venture capital contracts. Empirical research suggests that vesting is used to help overcome asymmetric information and agency problems. We show in a theoretical model that vesting equity to an entrepreneur over a long period of time acts as a screening device against a bad entrepreneur type. But incomplete contracts due to hold-up by the venture capitalist imply that equity compensation, in the form of either short-term or long-term vesting, cannot provide standard contractible ...
Staff Reports , Paper 297

Speech
Introductory remarks for the Panel on Regulating Financial Markets: lessons from crisis management
Cumming, Christine M. (2013)
Introductory Remarks for the Panel Discussion Sponsored by the Heller-Hurwicz Economics Institute and the Economic Club of Minnesota at the University of Minnesota, Minneapolis.
Speech , Paper 106

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