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Speech
The Federal Reserve’s Market Functioning Purchases: From Supporting to Sustaining
Remarks at SIFMA Webinar.
Speech
Comments on “A Skeptical View of the Impact of the Fed’s Balance Sheet”: remarks at the 2018 U.S. Monetary Policy Forum, New York City
Remarks at the 2018 U.S. Monetary Policy Forum, New York City.
Speech
The Federal Reserve’s Recent Actions to Support the Flow of Credit to Households and Businesses
Remarks before the Foreign Exchange Committee, Federal Reserve Bank of New York, New York City.
Working Paper
Liquidity in the Mortgage Market: How does the COVID-19 Crisis Compare with the Global Financial Crisis?
The liquidity strains that contributed to the meltdown of the mortgage market in the Global Financial Crisis (GFC) re-emerged in the Coronavirus 2019 (COVID-19) Crisis. Some of these strains were acute. For example, the dependence of mortgage real estate investment trusts (REITs) on short-term funding amplified market disruption in March 2020. However, other liquidity pressures had only minor repercussions for the overall mortgage market because of reforms since the GFC, a heavy government presence, and strong house prices. The lackluster performance of the private-label mortgage-backed ...
Working Paper
Government-Sponsored Mortgage Securitization and Financial Crises
This paper analyzes a model of the mortgage market, considering scenarios with and without government-sponsored mortgage securitization. Conventional wisdom says that securitization, by fostering diversification and creating a “safe†asset in the form of mortgage-backed security (MBS), will reduce risk and enhance liquidity, thereby mitigating financial crises. We construct a strategic-game framework to model the interaction between the securitizer and banks. In this framework, the securitizer initiates the process by setting the MBS contract terms, which includes the guaranteed ...
Speech
Observations on implementing monetary policy in an ample-reserves regime: remarks before the Money Marketeers of New York University, New York City
Remarks before the Money Marketeers of New York University, New York City.
Speech
Desk Operations: The New Normal
Remarks at the Annual Primary Dealer Meeting (delivered via videoconference).