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Journal Article
Official surveillance and oversight of the government securities market

Quarterly Review , Volume 18 , Issue Spr

How do treasury dealers manage their positions?

Using data on U.S. Treasury dealer positions from 1990 to 2006, we find evidence of a significant role for dealers in the intertemporal intermediation of new Treasury security supply. Dealers regularly take into inventory a large share of Treasury issuance so that dealer positions increase during auction weeks. These inventory increases are only partially offset in adjacent weeks and are not significantly hedged with futures. Dealers seem to be compensated for the risk associated with these inventory changes by means of price appreciation in the subsequent week.
Staff Reports , Paper 299

Money, liquidity, and monetary policy

In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are closely tied to fluctuations in the leverage of market-based financial intermediaries. Offering a window on liquidity, the balance sheet growth of broker-dealers provides a sense of the availability of credit. Contractions of broker-dealer balance sheets have tended to precede declines in real economic growth, even before the current turmoil. For this reason, balance sheet quantities of market-based financial intermediaries are important macroeconomic state variables for the ...
Staff Reports , Paper 360

Journal Article
Licentious behavior

Should mortgage brokers face tougher licensing regulations? In light of the mortgage meltdown, many think the answer is an obvious yes, but recent research urges caution.
The Region , Volume 22 , Issue Jun , Pages 8-11, 42-46

Journal Article
Is there a need for regulation in the government securities market?

New England Economic Review , Issue Sep , Pages 29-40

Conference Paper
Mortgage brokers and the subprime mortgage market

Proceedings , Paper 953

Working Paper
Requiem for a market marker: the case of Drexel Burham Lambert and below-investment-grade bonds

Working Paper Series, Issues in Financial Regulation , Paper WP-97-25

Discussion Paper
Clearance and settlement in U.S. securities markets

Staff Studies , Paper 163

Journal Article
Statement to Congress, September 4, 1991 (regulation of the government securities market)

Federal Reserve Bulletin , Issue Nov , Pages 885-887

Journal Article
Statement to Congress, September 4, 1991 (implications of disclosures by Salomon Brothers Inc. for the government securities market)

Federal Reserve Bulletin , Issue Nov , Pages 887-891


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