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Keywords:LIBOR 

Working Paper
Credit Risk, Liquidity and Lies

We reexamine the relative effects of credit risk and liquidity in the interbank market using bank-level panel data on Libor submissions and CDS spreads. Our model synthesizes previous work by combining the fundamental determinants of interbank spreads with the effects of strategic misreporting by Libor-submitting firms. We find that interbank spreads were very sensitive to credit risk at the peak of the crisis. However, liquidity premia constitute the bulk of those spreads on average, and Federal Reserve interventions coincide with improvements in liquidity at short maturities. Accounting for ...
Finance and Economics Discussion Series , Paper 2015-112

Discussion Paper
How the LIBOR Transition Affects the Supply of Revolving Credit

In the United States, most commercial and industrial (C&I) lending takes the form of revolving lines of credit, known as revolvers or credit lines. For decades, like other U.S. C&I loans, credit lines were typically indexed to the London Interbank Offered Rate (LIBOR). However, since 2022, the U.S. and other developed-market economies have transitioned from credit-sensitive reference rates such as LIBOR to new risk-free rates, including the Secured Overnight Financing Rate (SOFR). This post, based on a recent New York Fed Staff Report, explores how the provision of revolving credit is likely ...
Liberty Street Economics , Paper 20230203

Speech
537 Days: Time Is Still Ticking

Remarks at LIBOR: Entering the Endgame (a webinar hosted by the Bank of England and the New York Fed) .
Speech

Speech
The importance of incentives in ensuring a resilient and robust financial system: remarks at the U.S. Chamber of Commerce, Washington, D.C.

Remarks at the U.S. Chamber of Commerce, Washington, D.C.
Speech , Paper 277

Speech
Remarks at the Culture Imperative – an Interbank Symposium

Remarks at the Culture Imperative ? An Interbank Symposium at the Convene Conference Center, New York City.
Speech , Paper 231

Speech
The LIBOR Countdown Has Not Stopped

Remarks at the IMN Virtual Investors' Conference on LIBOR.
Speech

Speech
The role of the New York Fed as administrator and producer of reference rates: remarks at the Annual Primary Dealer Meeting, Federal Reserve Bank of New York, New York City

Remarks at the Annual Primary Dealer Meeting, Federal Reserve Bank of New York, New York City.
Speech , Paper 270

Speech
Money markets at a crossroads: policy implementation at a time of structural change: remarks at the Master of Applied Economics' Distinguished Speaker Series, University of California, Los Angeles

Remarks at the Master of Applied Economics' Distinguished Speaker Series, University of California, Los Angeles.
Speech , Paper 240

Speech
Monetary Policy Implementation: Adapting to a New Environment

Remarks before the Money Marketeers of New York University (delivered via videoconference).
Speech

Speech
Prepare for Landing

Remarks at the ISDA Benchmark Strategies Forum (delivered via videoconference).
Speech

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