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Keywords:Financial stability 

Working Paper
Are Repo Markets Fragile? Evidence from September 2019

We show that the segmented structure of the U.S. Treasury repo market, in which some participants have limited access across the segments, leads to rate dispersion, even in this essentially riskless market. Using confidential data on repo trading, we demonstrate how the rate dispersion between the centrally cleared and over-the-counter (OTC) segments of the Treasury repo market was exacerbated during the stress episode of September 2019. Our results highlight that, while segmentation can increase fragility in the repo market, the presence of strong trading relationships in the OTC segment ...
Finance and Economics Discussion Series , Paper 2021-028

Working Paper
The Financial (In)Stability Real Interest Rate, R**

We introduce the concept of financial stability real interest rate using a macroeconomic banking model with an occasionally binding financing constraint as in Gertler and Kiyotaki (2010). The financial stability interest rate, r**, is the threshold interest rate that triggers the constraint being binding. Increasing imbalances in the financial sector measured by an increase in leverage are accompanied by a lower threshold that could trigger financial instability events. We also construct a theoretical implied financial condition index and show how it is related to the gap between the natural ...
International Finance Discussion Papers , Paper 1308

Journal Article
Atlanta Fed president discusses credit market instability

Recent turmoil in U.S. credit markets and its context within international financial markets were the subjects of two recent speeches by Atlanta Fed President Dennis Lockhart.
Financial Update , Volume 21 , Issue 1

Journal Article
Fed vice chair Kohn encourages banks to work with less debt

Federal Reserve Vice Chairman Donald Kohn recommended that commercial and investment banks operate with less debt, saying that the financial system's increased stability will outweigh the costs.
Financial Update , Volume 21 , Issue 2

Journal Article
Fed, Treasury issue joint statement on financial, monetary stability

The Federal Reserve and the U.S. Treasury recently addressed their joint role in preserving U.S. financial and monetary stability and the Fed's independence as a policymaking body.
Financial Update , Volume 22 , Issue 1

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