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Conference Paper
Taking intermediation seriously
Smith, Bruce D. (2003)
Proceedings

Speech
Fixing wholesale funding to build a more stable financial system
Dudley, William (2013-02-01)
Remarks at the New York Bankers Association's 2013 Annual Meeting & Economic Forum, The Waldorf Astoria, New York City.
Speech

Speech
The U.S. economic outlook
Dudley, William (2010)
Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.
Speech , Paper 20

Report
Macro risk premium and intermediary balance sheet quantities
Shin, Hyun Song; Moench, Emanuel; Adrian, Tobias (2010)
The macro risk premium measures the threshold return for real activity that receives funding from savers. We base our argument in this paper on the relationship between the macro risk premium and the growth of financial intermediaries' balance sheets. The spare capacity of their balance sheets determines the intermediaries' risk appetite, which in turn determines the real projects that receive funding and, hence, the supply of credit. Monetary policy affects risk appetite by changing the ability of intermediaries to leverage their capital. We estimate the time-varying risk appetite of ...
Staff Reports , Paper 428

Working Paper
Quantifying the impact of financial development on economic development
Greenwood, Jeremy; Sanchez, Juan M.; Wang, Cheng (2010)
How important is financial development for economic development? A costly state verification model of financial intermediation is presented to address this question. The model is calibrated to match facts about the U.S. economy, such as intermediation spreads and the firm-size distribution for the years 1974 and 2004. It is then used to study the international data, using cross-country interest-rate spreads and per-capita GDP. The analysis suggests a country like Uganda could increase its output by 140 to 180 percent if it could adopt the world?s best practice in the financial sector. Still, ...
Working Papers , Paper 2010-023

Report
Monetary cycles, financial cycles, and the business cycle
Shin, Hyun Song; Estrella, Arturo; Adrian, Tobias (2010)
One of the most robust stylized facts in macroeconomics is the forecasting power of the term spread for future real activity. The economic rationale for this forecasting power usually appeals to expectations of future interest rates, which affect the slope of the term structure. In this paper, we propose a possible causal mechanism for the forecasting power of the term spread, deriving from the balance sheet management of financial intermediaries. When monetary tightening is associated with a flattening of the term spread, it reduces net interest margin, which in turn makes lending less ...
Staff Reports , Paper 421

Speech
The longer-term challenges ahead
Dudley, William (2010)
Remarks at the Council of Society Business Economists Annual Dinner, London, United Kingdom.
Speech , Paper 18

Report
Shadow banking regulation
Ashcraft, Adam B.; Adrian, Tobias (2012)
Shadow banks conduct credit intermediation without direct, explicit access to public sources of liquidity and credit guarantees. Shadow banks contributed to the credit boom in the early 2000s and collapsed during the financial crisis of 2007-09. We review the rapidly growing literature on shadow banking and provide a conceptual framework for its regulation. Since the financial crisis, regulatory reform efforts have aimed at strengthening the stability of the shadow banking system. We review the implications of these reform efforts for shadow funding sources including asset-backed commercial ...
Staff Reports , Paper 559

Working Paper
Financial capital and the macroeconomy: a quantitative framework
Kiley, Michael T.; Sim, Jae W. (2011)
Financial intermediation transforms short-term liquid assets into long-term capital assets. As a result, risk taking, in the form of long-term commitments despite unresolved short-term funding risk, is an essential element of intermediation. If such funding risk must be addressed by costly recapitalization and/or distressed asset sales due to capital market frictions, an increase in uncertainty can cause a disruption in the intermediation process by forcing risk-neutral intermediaries to behave in a risk-averse manner. Our analysis examines this behavior theoretically and empirically. We ...
Finance and Economics Discussion Series , Paper 2011-27

Journal Article
The Federal Reserve’s Commercial Paper Funding Facility
Kimbrough, Karin; Marchioni, Dina; Adrian, Tobias (2011-05)
Established in the wake of Lehman Brothers? bankruptcy to stabilize severe disruptions in the commercial paper market, the Commercial Paper Funding Facility (CPFF) allowed the Federal Reserve to act as a lender of last resort for issuers of commercial paper, thereby effectively addressing temporary liquidity distortions and alleviating the severe funding stress that threatened to further exacerbate the financial crisis. In doing so, the CPFF can be considered a noteworthy model of liquidity provision in a market-based financial system, where maturity transformation occurs outside of the ...
Economic Policy Review , Volume 17 , Issue May , Pages 25-39

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