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Keywords:Repurchase agreements 

Preparing for a smooth (eventual) exit

Remarks at the National Association for Business Economics Policy Conference, Arlington, Virginia
Speech , Paper 17

Introductory remarks at Workshop on \\"Fire Sales\\" as a Driver of Systemic Risk in Tri-Party Repo and Other Secured Funding Markets

Remarks at Workshop on "Fire Sales" as a Driver of Systemic Risk in Tri-Party Repo and Other Secured Funding Markets, Federal Reserve Bank of New York, New York City.
Speech , Paper 118

What the Fed did and why

Remarks at the Westchester County Bankers Association, Tarrytown, New York.
Speech , Paper 27

Reflections on the economic outlook and the implications for monetary policy

Remarks at Fordham Wall Street Council, Fordham University Graduate School of Business, New York City.
Speech , Paper 115

More lessons from the crisis

Remarks at the Center for Economic Policy Studies (CEPS) Symposium, Princeton, New Jersey.
Speech , Paper 5

Reducing the systemic risk in shadow maturity transformation

Remarks at the Global Association of Risk Professionals 12th Annual Risk Management Convention, New York City.
Speech , Paper 46

Fixing wholesale funding to build a more stable financial system

Remarks at the New York Bankers Association's 2013 Annual Meeting & Economic Forum, The Waldorf Astoria, New York City.
Speech , Paper 95

Securities lending

This paper, originally released in August 1989 as part of a Federal Reserve Bank of New York series on the U.S. securities markets, examines loans of Treasury and agency securities in the domestic market. It highlights some important institutional characteristics of securities loan transactions, in particular the common use of agents to arrange the terms of the loans. While we note that this characteristic sets securities lending apart from most repurchase agreement (repo) transactions, which occur bilaterally between a borrower and a lender, we observe that repo and securities loan ...
Staff Reports , Paper 555

Trading risk and volatility in interest rate swap spreads

This paper examines how risk in trading activity can affect the volatility of asset prices. We look for this relationship in the behavior of interest rate swap spreads and in the volume and interest rates of repurchase contracts. Specifically, we focus on convergence trading, in which speculators take positions on a bet that asset prices will converge to normal levels. We investigate how the risks in convergence trading can affect price volatility in a form of positive feedback that can amplify shocks in asset prices. In our analysis, we see empirical evidence of both stabilizing and ...
Staff Reports , Paper 178

Repo market effects of the Term Securities Lending Facility

The Term Securities Lending Facility (TSLF) was introduced by the Federal Reserve to promote liquidity in the financing markets for Treasury and other collateral. We evaluate one aspect of the program--the extent to which it has narrowed repo spreads between Treasury collateral and less liquid collateral. We find that TSLF operations have precipitated a significant narrowing of repo spreads. More refined tests indicate the market conditions and types of operations associated with the program's effectiveness. Various additional tests, including a split-sample test, suggest that our findings ...
Staff Reports , Paper 426


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