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Showing results 1 to 10 of approximately 22.
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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
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
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) .
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 ...
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.
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 ...
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
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.
Journal Article
Leaving LIBOR
The Fed has developed a new reference rate to replace the troubled LIBOR. Will banks make the switch?
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.