Search Results
Speech
The Federal Reserve’s Market Functioning Purchases: From Supporting to Sustaining
Logan, Lorie
(2020-07-15)
Remarks at SIFMA Webinar.
Speech
Working Paper
International financial integration, crises, and monetary policy: evidence from the euro area interbank crises
Peydro, Jose Luis; Fecht, Falko; Bräuning, Falk; Abbassi, Puriya
(2017-07-01)
We analyze how financial crises affect international financial integration, exploiting euro area proprietary interbank data, crisis and monetary policy shocks, and variation in loan terms to the same borrower on the same day by domestic versus foreign lenders. Crisis shocks reduce the supply of crossborder liquidity, with stronger volume effects than pricing effects, thereby impairing international financial integration. On the extensive margin, there is flight to home ? but this is independent of quality. On the intensive margin, however, GIPS-headquartered debtor banks suffer in the Lehman ...
Working Papers
, Paper 17-6
Discussion Paper
Pricing Liquidity without Preemptive Runs
Cipriani, Marco; Martin, Antoine; McCabe, Patrick E.
(2022-01-31)
Prime money market funds (MMFs) are vulnerable to runs. This was dramatically illustrated in September 2008 and March 2020, when massive outflows from prime MMFs worsened stress in the short-term funding markets and eased only after taxpayer-supported interventions by the Treasury and the Federal Reserve. In this post, we describe how mechanisms like swing pricing that charge a price for liquidity can reduce the vulnerability of prime MMFs without triggering preemptive runs.
Liberty Street Economics
, Paper 20220131
Discussion Paper
Factors that Affect Bank Stability
Yorulmazer, Tanju; Eisenbach, Thomas M.
(2014-02-26)
In a previous Liberty Street Economics post, we introduced a framework for thinking about the risks banks face. In particular, we distinguished between asset return risk and funding risk that can interact and cause a bank to fail. In our framework, a bank can fail for two reasons: 1-Low asset returns: Fundamental insolvency due to erosion of equity by low asset returns that don’t cover a bank’s debt burden. 2-Loss of funding: Costly liquidation of assets that erode equity.
Liberty Street Economics
, Paper 20140226
Working Paper
Credit and Liquidity Policies during Large Crises
Ebsim, Mahdi; Faria-e-Castro, Miguel; Kozlowski, Julian
(2023-11-20)
We compare firms’ financials during the Great Financial Crisis (GFC) and COVID-19. While the two crises featured similar increases in credit spreads, debt and liquid assets decreased during the GFC but increased during COVID-19. In the cross-section, leverage was the primary determinant of credit spreads and investment during the GFC, but liquidity was more important during COVID-19. We augment a quantitative model of firm capital structure with a motive to hold liquid assets. The GFC resembled a combination of real and financial shocks, while COVID-19 also featured liquidity shocks. We ...
Working Papers
, Paper 2020-035
Working Paper
Cash-in-the-Market Pricing in a Model with Money and Over-the-Counter Financial Markets
Nosal, Ed; Mattesini, Fabrizio
(2011-11-13)
Entrepreneurs need cash to finance their real investments. Since cash is costly to hold, entrepreneurs will underinvest. If entrepreneurs can access financial markets prior to learning about an investment opportunity, they can sell some of their less liquid assets for cash and, as a result, invest at a higher level. When financial markets are over-the-counter, the price that the entrepreneur receives for the assets that he sells depends on the amount of liquidity (cash) that is in the OTC market: Greater levels of liquidity lead to higher asset prices. Since asset prices are linked to ...
Working Paper Series
, Paper WP-2013-24
Speech
Treasury Market Liquidity and Early Lessons from the Pandemic Shock
Logan, Lorie
(2020-10-23)
Remarks at Brookings-Chicago Booth Task Force on Financial Stability (TFFS) meeting, panel on market liquidity (delivered via videoconference).
Speech
Working Paper
The Financial Origins of Non-Fundamental Risk
Acharya, Sushant; Dogra, Keshav; Singh, Sanjay R.
(2023-05-01)
We formalize the idea that the financial sector can be a source of non-fundamental risk. Households' desire to hedge against price volatility can generate price volatility in equilibrium, even absent fundamental risk. Fearing that asset prices may fall, risk-averse households demand safe assets from leveraged intermediaries, whose issuance of safe assets exposes the economy to self-fulfilling fire sales. Policy can eliminate nonfundamental risk by (i) increasing the supply of publicly backed safe assets, through issuing government debt or bailing out intermediaries, or (ii) reducing the ...
Working Paper Series
, Paper 2023-20
Discussion Paper
With Abundant Reserves, Do Banks Adjust Reserve Balances to Accommodate Payment Flows?
Kraft, Kailey; Huang, Catherine; Copeland, Adam
(2022-10-12)
As a result of the global financial crisis (GFC), the Federal Reserve switched from a regime of scarce reserves to one of abundant reserves. In this post, we explore how banks’ day-to-day management of reserve balances with respect to payment flows changed with this regime switch. We find that bank behavior did not change on average; under both regimes, banks increased their opening balances when they expected higher outgoing payments and, similarly, decreased these balances with expected higher incoming payments. There are substantial differences across banks, however. At the introduction ...
Liberty Street Economics
, Paper 20221012
Report
Financial Stability Considerations for Monetary Policy: Empirical Evidence and Challenges
Boyarchenko, Nina; Favara, Giovanni; Schularick, Moritz
(2022-02-01)
This paper reviews literature on the empirical relationship between vulnerabilities in the financial system and the macroeconomy, and how monetary policy affects that connection. Financial vulnerabilities build up over time, with both risk appetite and risk taking rising during economic expansions. To some extent, financial crises are predictable and have severe real economic consequences when they occur. Empirically it is difficult to link monetary policy to financial vulnerabilities, in part because financial cycles have long durations, making it difficult to separate effects of changes in ...
Staff Reports
, Paper 1003
FILTER BY year
FILTER BY Bank
Federal Reserve Bank of New York 72 items
Federal Reserve Bank of St. Louis 21 items
Board of Governors of the Federal Reserve System (U.S.) 10 items
Federal Reserve Bank of Boston 6 items
Federal Reserve Bank of Chicago 6 items
Federal Reserve Bank of Richmond 6 items
Federal Reserve Bank of Philadelphia 5 items
Federal Reserve Bank of Atlanta 3 items
Federal Reserve Bank of Dallas 2 items
Federal Reserve Bank of San Francisco 2 items
Federal Reserve Bank of Cleveland 1 items
show more (6)
show less
FILTER BY Series
Staff Reports 32 items
Liberty Street Economics 28 items
Working Papers 26 items
Speech 13 items
Finance and Economics Discussion Series 9 items
Working Paper Series 4 items
FRB Atlanta Working Paper 3 items
Working Paper 3 items
Current Policy Perspectives 2 items
Economic Policy Review 2 items
Page One Economics Newsletter 2 items
Richmond Fed Economic Brief 2 items
Chicago Fed Insights 1 items
Chicago Fed Letter 1 items
Econ Focus 1 items
Economic Perspectives 1 items
Economic Synopses 1 items
International Finance Discussion Papers 1 items
On the Economy 1 items
Working Papers (Old Series) 1 items
show more (15)
show less
FILTER BY Content Type
Working Paper 47 items
Report 34 items
Discussion Paper 28 items
Speech 13 items
Journal Article 5 items
Newsletter 3 items
Briefing 2 items
show more (2)
show less
FILTER BY Author
Fleming, Michael J. 18 items
Goldberg, Linda S. 15 items
Kozlowski, Julian 13 items
Caramp, Nicolas 6 items
Ebsim, Mahdi 6 items
Faria-e-Castro, Miguel 6 items
Liu, Haoyang 6 items
Song, Zhaogang 6 items
Teeple, Keisuke 6 items
Adrian, Tobias 5 items
Eisenbach, Thomas M. 5 items
Martin, Antoine 5 items
Shachar, Or 5 items
Tambalotti, Andrea 5 items
Cetorelli, Nicola 4 items
Correa, Ricardo 4 items
Del Negro, Marco 4 items
Giannone, Domenico 4 items
Giannoni, Marc 4 items
Logan, Lorie 4 items
McAndrews, James J. 4 items
Sarkar, Asani 4 items
Sultanum, Bruno 4 items
Andolfatto, David 3 items
Chen, Jiakai 3 items
Lester, Benjamin 3 items
Nelson, Claire 3 items
Rice, Tara N. 3 items
Rosengren, Eric S. 3 items
Vickery, James 3 items
Vogt, Erik 3 items
Yorulmazer, Tanju 3 items
http://fedora:8080/fcrepo/rest/objects/authors/ 3 items
Afonso, Gara M. 2 items
Bethune, Zachary 2 items
Bok, Brandyn 2 items
Boyarchenko, Nina 2 items
Chiang, Yu-Ting 2 items
Choi, Mark 2 items
Dyskant, Lucas 2 items
Fecht, Falko 2 items
Kargar, Mahyar 2 items
Keane, Frank M. 2 items
Kovner, Anna 2 items
Lee, Michael Junho 2 items
Lerman, Robert 2 items
Martin, Fernando M. 2 items
Nguyen, Giang 2 items
Palida, Ali 2 items
Penciakova, Veronika 2 items
Rubio, David 2 items
Ruela, Francisco 2 items
Silva, André F. 2 items
Skeie, David R. 2 items
Trachter, Nicholas 2 items
Weill, Pierre-Olivier 2 items
Żoch, Piotr 2 items
Abbassi, Puriya 1 items
Acharya, Sushant 1 items
Ajello, Andrea 1 items
Avdjiev, Stefan 1 items
Baele, Lieven 1 items
Bekaert, Geert 1 items
Bordo, Michael D. 1 items
Branch, William A. 1 items
Bräuning, Falk 1 items
Buch, Claudia M. 1 items
Choi, Jaewon 1 items
Cipriani, Marco 1 items
Cohen, Assa 1 items
Copeland, Adam 1 items
Craig, Ben R. 1 items
Crosignani, Matteo 1 items
Crouzet, Nicolas 1 items
D'Amico, Stefania 1 items
Dinlersoz, Emin M. 1 items
Dobbeck, Dianne 1 items
Dogra, Keshav 1 items
Duca, John V. 1 items
Duffie, Darrell 1 items
Dunne, Peter G. 1 items
Dunne, Timothy 1 items
Engle, Robert 1 items
Evans, Charles L. 1 items
Fan, Roger 1 items
Favara, Giovanni 1 items
Frame, W. Scott 1 items
Frasser, Cristian 1 items
Fringuellotti, Fulvia 1 items
Fryzlewicz, Piotr 1 items
Fusari, Nicola 1 items
Gambacorta, Leonardo 1 items
Garratt, Rod 1 items
Ghysels, Eric 1 items
Gissler, Stefan 1 items
Goldberg, Jonathan 1 items
Gomis-Porqueras, Pedro 1 items
Gourinchas, Pierre-Olivier 1 items
Gourio, Francois 1 items
Gourio, François 1 items
Gupta, Abhi 1 items
Gupta, Arun 1 items
Gustafson, Matthew 1 items
Haltiwanger, John 1 items
Hannaoui, Oliver Zain 1 items
Hirtle, Beverly 1 items
Huang, Catherine 1 items
Huh, Yesol 1 items
Ihrig, Jane E. 1 items
Infante, Sebastian 1 items
Inghelbrecht, Koen 1 items
Ivanov, Ivan T. 1 items
Jordan-Wood, Samuel 1 items
Kalemli-Ozcan, Sebnem 1 items
Keister, Todd 1 items
Kim, You Suk 1 items
King, Thomas B. 1 items
Kitsul, Yuriy 1 items
Kraft, Kailey 1 items
Krogh, Isabel 1 items
Lebeau, Lucie 1 items
Lee, Donghoon 1 items
Lee, Sean Chanwook 1 items
Lewis, Kurt F. 1 items
Lewis, Morgan 1 items
Lewis, Rebecca 1 items
Li, Dan 1 items
Li, Pearl 1 items
Li, Wei 1 items
Lindsay, David 1 items
Liu, Shuo 1 items
Lo, Stephanie 1 items
Maghzian, Omeed 1 items
Mattesini, Fabrizio 1 items
McCabe, Patrick E. 1 items
McMorrow, Michael 1 items
Mendez-Carbajo, Diego 1 items
Mertens, Thomas M. 1 items
Mullin, John 1 items
Natalucci, Fabio M. 1 items
Neely, Christopher J. 1 items
Neuhann, Daniel 1 items
Nikolaou, Kleopatra 1 items
Nosal, Ed 1 items
Paligorova, Teodora 1 items
Peek, Joe 1 items
Petrosky-Nadeau, Nicolas 1 items
Peydro, Jose Luis 1 items
Phelan, Gregory 1 items
Plosser, Matthew 1 items
Rajan, Raghuram G. 1 items
Ramcharan, Rodney 1 items
Ravazzolo, Fabiola 1 items
Ravazzolo, Francesco 1 items
Rheinlander, Thorsten 1 items
Ritter, John 1 items
Rocheteau, Guillaume 1 items
Ruffini, Ivana 1 items
Sanches, Daniel R. 1 items
Sander, Nick 1 items
Santos, Joao A. C. 1 items
Scharlemann, Tess C. 1 items
Schiaffi, Stefano 1 items
Schoar, Antoinette 1 items
Schularick, Moritz 1 items
Schurhoff, Norman 1 items
Shourideh, Ali 1 items
Singh, Sanjay R. 1 items
Stackman, Daniel 1 items
Stiroh, Kevin J. 1 items
Townsend, Robert M. 1 items
Tumer-Alkan, Gunseli 1 items
Valenzuela, Marcela 1 items
Van Tassel, Peter 1 items
Venkateswaran, Venky 1 items
Wang, J. Christina 1 items
Wang, Zhenyu 1 items
Wei, Min 1 items
Weinbach, Gretchen C. 1 items
Williams, John C. 1 items
Wolla, Scott A. 1 items
Wong, Russell 1 items
Yu, Ning 1 items
Zer, Ilknur 1 items
Zetlin-Jones, Ariel 1 items
Zholos, Andrey 1 items
Zuniga, Diego 1 items
show more (182)
show less
FILTER BY Jel Classification
G12 30 items
G21 24 items
E44 17 items
G01 14 items
G1 14 items
G2 12 items
E58 11 items
G28 11 items
E5 10 items
G18 10 items
G32 10 items
G14 8 items
E52 7 items
E6 7 items
E43 6 items
G23 6 items
E2 5 items
E4 5 items
D82 4 items
E51 4 items
D53 3 items
E40 3 items
E41 3 items
F33 3 items
F34 3 items
F36 3 items
D2 2 items
D40 2 items
D62 2 items
E42 2 items
E50 2 items
E65 2 items
G10 2 items
G11 2 items
G19 2 items
G1;G2 2 items
G20 2 items
G24 2 items
G33 2 items
H0 2 items
H3 2 items
H6 2 items
C11 1 items
C23 1 items
C32 1 items
C54 1 items
C58 1 items
D43 1 items
D44 1 items
D52 1 items
D8 1 items
D83 1 items
D84 1 items
D85 1 items
E53 1 items
E62 1 items
F00 1 items
F00;G2 1 items
F3 1 items
F30 1 items
F31 1 items
F42 1 items
G15 1 items
G17 1 items
G51 1 items
H63 1 items
L14 1 items
O23 1 items
show more (63)
show less