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Working Paper
Efficient bailouts?
Bianchi, Javier (2012)
This paper develops a non-linear DSGE model to assess the interaction between ex-post interventions in credit markets and the build-up of risk ex ante. During a systemic crisis, bailouts relax balance sheet constraints and mitigate the severity of the recession. Ex ante, the anticipation of such bailouts leads to an increase in risk-taking, making the economy more vulnerable to a financial crisis. The optimal policy requires, in general, a mix of ex-post intervention and ex-ante prudential policy. We also analyze the effects of bailouts on financial stability and welfare in the absence of ...
Globalization Institute Working Papers , Paper 133

Speech
Financial reform or financial dementia?
Fisher, Richard W. (2010)
Remarks at the SW Graduate School of Banking 53rd Annual Keynote Address and Banquet, Dallas, Texas, June 3, 2010 ; "Let me make my sentiments clear: It is my view that, by propping up deeply troubled big banks, authorities have eroded market discipline in the financial system."
Speeches and Essays , Paper 61

Journal Article
Implementing the Monetary Control Act in a troubled environment for thrifts
Moulton, Janice M. (1982-07)
Business Review , Issue Jul/Aug , Pages 13-21

Speech
Two areas of present concern: the economic outlook and the pathology of Too-Big-to-Fail (with reference to Errol Flynn, Johnny Mercer, Gary Stern, and Voltaire)
Fisher, Richard W. (2009)
Remarks before the Senior Delegates' Roundtable of the Fixed Income Forum, Carlsbad, California, July 23, 2009. ; "A lot of former negatives are being eliminated. We are seeing changes from negative impulses to slightly positive ones. This accentuates the positive in the aggregate. We probably have the beginnings of a faint recovery."
Speeches and Essays , Paper 8

Journal Article
The Market Events of Mid-September 2019
Afonso, Gara; Cipriani, Marco; Copeland, Adam; Kovner, Anna; La Spada, Gabriele; Martin, Antoine (2021-08-01)
This article studies the mid-September 2019 stress in U.S. money markets: On September 16 and 17, unsecured and secured funding rates spiked, and on September 17, the effective federal funds rate broke the ceiling of the Federal Open Market Committee (FOMC) target range. We highlight two factors that may have contributed to these events. First, reserves may have become scarce for at least some depository institutions, in the sense that these institutions’ reserve holdings may have been close to, or lower than, their desired level. Moreover, frictions in the interbank market may have ...
Economic Policy Review , Volume 27 , Issue 2 , Pages 26

Speech
Lessons learned, convictions confirmed
Fisher, Richard W. (2010)
"In theory, the Fed's monetary policy and regulatory functions are separate. In practice, they are anything but--rather, it is a symbiotic relationship. The past two years have highlighted the interconnections of monetary and regulatory policy: Monetary policy depends upon regulation that ensures the soundness of financial institutions." ; Remarks before the Council on Foreign Relations, New York City, March 3, 2010.
Speeches and Essays , Paper 27

Journal Article
Banking Trends: Skin in the Game in the CMBS Market
DiSalvo, James; Johnston, Ryan (2018-01)
Issuers of commercial mortgage-backed securities must now retain a portion on their own books. What evidence is there that the rule will reduce risky lending?
Banking Trends , Issue Q1 , Pages 11-17

Working Paper
Mortgage companies and regulatory arbitrage
Demyanyk, Yuliya; Loutskina, Elena (2012)
Mortgage companies (MCs) originated about 60% of all mortgages before the 2007 crisis and continue to hold a 30% market share postcrisis. While financial regulations are strictly enforced for depository institutions (banks), they are weakly enforced for MCs even if they are subsidiaries of a bank holding company (BHC). This study documents that the resulting regulatory arbitrage creates incentives for BHCs to engage in risk shifting through their MC affiliates. We show that MCs are established to circumvent the capital requirements and to shield the parent BHCs from loan-related losses. BHCs ...
Working Papers (Old Series) , Paper 1220R

Speech
Containing (or restraining) systemic risk: the need to not fail on 'Too Big to Fail' (with reference to Margaret Thatcher, Geoffrey Howe, Irving Kristol, Joe Nocera, Bastiat, Nietzsche, Mencken and Sandy Weill)
Fisher, Richard W. (2011)
Remarks before the Market News International Seminar, New York, N.Y., June 6, 2011 ; "Postcrisis, the large institutions are even larger: The top 10 now account for 64 percent of assets, up from 58 percent before the crisis and substantially higher than the 25 percent they accounted for in 1990. In effect, more prudent and better-managed banks have been denied the market share that would have been theirs if mismanaged big banks had been allowed to go out of business.
Speeches and Essays , Paper 90

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