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Keywords:Financial leverage 

Asset bubbles and the implications for central bank policy

Remarks at The Economic Club of New York, New York City.
Speech , Paper 21

Journal Article
Is rising leverage a problem?

FRBSF Economic Letter

A model of liquidity hoarding and term premia in inter-bank markets

Financial crises are associated with reduced volumes and extreme levels of rates for term inter-bank loans, reflected in the one-month and three-month Libor. We explain such stress by modeling leveraged banks? precautionary demand for liquidity. Asset shocks impair a bank?s ability to roll over debt because of agency problems associated with high leverage. In turn, banks hoard liquidity and decrease term lending as their rollover risk increases over the term of the loan. High levels of short-term leverage and illiquidity of assets lead to low volumes and high rates for term borrowing. In ...
Staff Reports , Paper 498

Journal Article
Event risk premia and bond market incentives for corporate leverage

Quarterly Review , Volume 15 , Issue Spr , Pages 15-30

Working Paper
Leverage as a state variable for employment, inventory accumulation, and fixed investment

Finance and Economics Discussion Series , Paper 94-24

Journal Article
Bank exposure to highly leveraged transactions

An assessment of banks' changing involvement in highly leveraged transactions through the use of regulatory data collected in 1991 and 1992, which reveal that overall bank exposure to highly leveraged activities currently poses little threat to bank capital or to the bank insurance fund.
Economic Commentary , Issue Jan

Journal Article
Global household leverage, house prices, and consumption

Household leverage in the United States and many industrial countries increased dramatically in the decade prior to 2007. Countries with the largest increases in household leverage tended to experience the fastest rises in house prices over the same period. These same countries tended to experience the biggest declines in household consumption once house prices started falling.
FRBSF Economic Letter

Journal Article
Statement to Congress, March 3, 1999 (near collapse of Long-Term Capital Management, LTCM)

Federal Reserve Bulletin , Issue May , Pages 306-309

Working Paper
Efficient resolution of moral hazard under no arbitrage: risk premium, volatility and leverage

Finance and Economics Discussion Series , Paper 95-15


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