Search Results
Report
Asset Pricing with Cohort-Based Trading in MBS Markets
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 ...
Journal Article
Generations of Discontent: Labor Force Participation and Wages
After decades of decline, the labor force participation rates among men started rising in the middle and latter years of the 2010s and is currently at its highest level since 2010. This paper explores the potential role that the market wage and wage growth across generations of men could play in explaining, first, the decline, and then, the apparent reversal. This paper compares the experience of men to that of women, who had a much different labor force participation and wage experience than men across the generations.