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Keywords:Libor OR LIBOR 

Speech
Money Market Developments: Views from the Desk

Remarks at the Annual Primary Dealer Meeting, Federal Reserve Bank of New York, New York City.
Speech , Paper 333

Speech
Reforming culture and conduct in the financial services industry: how can lawyers help?: remarks at Yale Law School's Chirelstein Colloquium, New Haven, Connecticut

Remarks at Yale Law School's Chirelstein Colloquium, New Haven, Connecticut.
Speech , Paper 235

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

Report
The effect of the Term Auction Facility on the London inter-bank offered rate

The Term Auction Facility (TAF), the first auction-based liquidity initiative by the Federal Reserve during the global financial crisis, was aimed at improving conditions in the dollar money market and bringing down the significantly elevated London interbank offered rate (Libor). The effectiveness of this innovative policy tool is crucial for understanding the role of the central bank in financial stability, but academic studies disagree on the empirical evidence of the TAF effect on Libor. We show that the disagreement arises from misspecifications of econometric models. Regressions using ...
Staff Reports , Paper 335

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

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

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
Confidence in the implementation of U.S. monetary policy normalization: remarks at the 23rd EMEAP (Executives’ Meeting of East Asia-Pacific Central Banks) Governors’ Meeting, Manila, Philippines

Remarks at the 23rd EMEAP (Executives? Meeting of East Asia-Pacific Central Banks) Governors? Meeting, Manila, Philippines.
Speech , Paper 291

Journal Article
Leaving LIBOR

The Fed has developed a new reference rate to replace the troubled LIBOR. Will banks make the switch?
Econ Focus , Issue 3Q , Pages 3-5

Speech
Restoring confidence in reference rates

Remarks at the Salomon Center for the Study of Financial Institutions, New York University Stern School of Business, New York City.
Speech , Paper 143

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