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Working Paper
Market run-ups, market freezes, inventories, and leverage

This paper is superseded by Working Paper No. 13-14.> We study trade between a buyer and a seller who have existing inventories of assets similar to those being traded. We analyze how these inventories affect trade, information dissemination, and prices. We show that when traders? initial leverages are moderate, inventories increase price and trade volume (a market ?run-up?), but when leverages are high, trade is impossible (a market ?freeze?). Our analysis predicts a pattern of trade in which prices and volumes first increase, and then markets break down. Moreover, the presence of competing ...
Working Papers , Paper 12-8

Journal Article
Opinion : In defense of failure

Econ Focus , Volume 12 , Issue Win , Pages 48

Journal Article
This little piggy restricted market access

Fedgazette , Volume 17 , Issue Sep , Pages 13

Working Paper
Competition in large markets

This paper develops a simple and robust implication of free entry followed by competition without substantial strategic interactions: Increasing the number of consumers leaves the distributions of producers' prices and other choices unchanged. In many models featuring non-trivial strategic considerations, producers' prices fall as their numbers increase. Hence, examining the relationship between market size and producers' actions provides a nonparametric tool for empirically discriminating between these distinct approaches to competition. To illustrate its application, I examine observations ...
Working Paper Series , Paper WP-05-16

Journal Article
Beyond the border: Latin American market reforms put to the test

Southwest Economy , Issue Jul , Pages 9 -10

Journal Article
Conference explores relationship of markets, institutions

Roger Ferguson, then vice chairman of the Federal Reserve Board of Governors, spoke at an Atlanta Fed conference that explored the dynamics of the financial marketplace. Ferguson discussed reasons behind decades of relative U.S. economic stability.>
Financial Update , Volume 19 , Issue Q 2

Working Paper
Explaining asset pricing puzzles associated with the 1987 market crash

The 1987 market crash was associated with a dramatic and permanent steepening of the implied volatility curve for equity index options, despite minimal changes in aggregate consumption. We explain these events within a general equilibrium framework in which expected endowment growth and economic uncertainty are subject to rare jumps. The arrival of a jump triggers the updating of agents' beliefs about the likelihood of future jumps, which produces a market crash and a permanent shift in option prices. Consumption and dividends remain smooth, and the model is consistent with salient features ...
Working Paper Series , Paper WP-2010-10

Conference Paper
Panel remarks: global aspects of unconventional monetary policies

Proceedings - Economic Policy Symposium - Jackson Hole

Synching, not sinking, the markets

Presentation at the Meeting of the Philadelphia Council for Business Economics, Federal Reserve Bank of Philadelphia, Philadelphia - Aug. 6, 1999 ; [See William Poole and Robert H. Rasche, "Perfecting the Market's Knowledge of Monetary Policy," Federal Reserve Bank of St. Louis Working Paper 2000-010A]
Speech , Paper 77

Household heterogeneity and real exchange rates

Typical incomplete markets models in international economics make two assumptions. First, households are not able to fully insure themselves against country-specific shocks. Second, there is a representative household within each country, so that households are fully insured against idiosyncratic shocks. We assume instead that cross-household risk-sharing is limited within countries, but cross-country risk-sharing is complete. We consider two types of limited risk-sharing: domestically incomplete markets (DI) and private information-Pareto optimal (PIPO) risk-sharing. We show that the models ...
Staff Report , Paper 372



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Bond, Philip 4 items

Campbell, Jeffrey R. 3 items

Leitner, Yaron 3 items

Poole, William 3 items

Ackert, Lucy F. 2 items

Athreya, Kartik B. 2 items

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