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Report
Banking globalization, transmission, and monetary policy autonomy
Goldberg, Linda S. (2013-09-01)
International financial linkages, particularly through global bank flows, generate important questions about the consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I address the monetary autonomy issue in the context of the international policy trilemma: Countries seek three typically desirable but jointly unattainable objectives?stable exchange rates, free international capital mobility, and monetary policy autonomy oriented toward, and effective at, achieving domestic goals. I argue that global banking entails some ...
Staff Reports , Paper 640

Report
Organizational complexity and balance sheet management in global banks
Goldberg, Linda S.; Cetorelli, Nicola (2016-03-01)
Banks have progressively evolved from being standalone institutions to being subsidiaries of increasingly complex financial conglomerates. We conjecture and provide evidence that the organizational complexity of the family of a bank is a fundamental driver of the business model of the bank itself, as reflected in the management of the bank?s own balance sheet. Using micro-data on global banks with branch operations in the United States, we show that branches of conglomerates in more complex families have a markedly lower lending sensitivity to funding shocks. The balance sheet management ...
Staff Reports , Paper 772

Journal Article
Central Clearing: Risks and Customer Protections
Ruffini, Ivana (2015-10)
In the wake of the 2008 global financial crisis, the Group of Twenty (G-20) developed a regulatory reform program for derivatives contracts. This article examines the impact of the market structure change and associated customer protection frameworks on risks faced by market participants.
Economic Perspectives , Issue Q IV , Pages 90-100

Working Paper
COVID-19 and SME Failures
Penciakova, Veronika; Kalemli-Ozcan, Sebnem; Sander, Nick; Gourinchas, Pierre-Olivier (2020-12-03)
We estimate the impact of the COVID-19 crisis on business failures among small and medium-size enterprises (SMEs) in seventeen countries using a large representative firm-level database. We use a simple model of firm cost minimization and measure each firm’s liquidity shortfall during and after COVID-19. Our framework allows for a rich combination of sectoral and aggregate supply, productivity, and demand shocks. Accommodation and food services; arts, entertainment, and recreation; education; and other services are among the sectors most affected. The SME jobs at risk due to business ...
FRB Atlanta Working Paper , Paper 2020-21

Discussion Paper
A Time-Series Perspective on Safety, Liquidity, and Low Interest Rates
Tambalotti, Andrea; Giannoni, Marc; Del Negro, Marco; Giannone, Domenico; Bok, Brandyn (2018-02-06)
The previous post in this series discussed several possible explanations for the trend decline in U.S. real interest rates since the late 1990s. We noted that while interest rates have generally come down over the past two decades, this decline has been more pronounced for Treasury securities. The conclusion that we draw from this evidence is that the convenience associated with the safety and liquidity embedded in Treasuries is an important driver of the secular (long-term) decline in Treasury yields. In this post and the next, we provide an overview of the two complementary empirical ...
Liberty Street Economics , Paper 20180206

Report
The effect of the Term Auction Facility on the London inter-bank offered rate
Sarkar, Asani; Wang, Zhenyu; McAndrews, James J. (2008)
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

A Look at the Fed’s Emergency Lending Programs
Neely, Christopher J. (2020-12-22)
The Federal Reserve launched an alphabet soup of programs in response to the COVID-19 pandemic.
On the Economy

Speech
Recent Global Developments and Central Bank Responsibilities in a Changing Risk Landscape
http://fedora:8080/fcrepo/rest/objects/authors/ (2020-08-05)
Remarks at the Official Sector Service Providers (OSSP)-Bank Negara Malaysia (BNM)-South East Asian Central Banks (SEACEN) Research and Training Centre Forum on Central Bank Foreign Currency Operations.
Speech

Report
Liquidity and congestion
Afonso, Gara M. (2008-10-01)
This paper studies the relationship between the endogenous arrival of investors to a market and liquidity in a search-based model of asset trading. Entry of investors causes two contradictory effects. First, it reduces trading costs, which attracts new investors (the externality effect). But second, as investors concentrate on one side of the market, the market becomes ?congested,? decreasing the returns to investing and discouraging new investors from entering (the congestion effect). The equilibrium level of liquidity depends on which of the two effects dominates. When congestion is the ...
Staff Reports , Paper 349

Discussion Paper
Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed-Income Markets
Lewis, Morgan; Goldberg, Jonathan; Fleming, Michael J.; Adrian, Tobias; http://fedora:8080/fcrepo/rest/objects/authors/; Natalucci, Fabio M. (2013-10-16)
Long-term interest rates hit record-low levels in 2012 but have since increased substantially. As discussed in an earlier post, the sharpest increase occurred between May 2 and July 5 of this year, with the ten-year Treasury yield rising from 1.63 percent to 2.74 percent. During the May-July episode, market liquidity also deteriorated. Some market participants have suggested that constraints on dealer balance sheet capacity impaired liquidity during the selloff, amplifying the magnitude and speed of the rise in interest rates and volatility. In this post, we review the evolution of Treasury ...
Liberty Street Economics , Paper 20131016a

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