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Keywords:transparency 

Journal Article
Transparency, accounting discretion, and bank stability

This article examines the consequences of accounting policy choices for individual banks? downside tail risk, for the codependence of such risk among banks, and for regulatory forbearance, or the decision by a regulator not to intervene. The author synthesizes recent research that provides robust empirical evidence for two effects of discretionary accounting policy choices by banks. First, these choices degrade transparency, an outcome that increases financing frictions, inhibits market discipline of bank risk taking, and allows regulatory forbearance. Second, they exacerbate capital adequacy ...
Economic Policy Review , Issue Aug , Pages 129-149

Discussion Paper
The Impact of Trade Reporting on the Interest Rate Derivatives Market

In recent years, regulators in the United States and abroad have begun to strengthen regulations governing over-the-counter (OTC) derivatives trading, driven by concerns over the decentralized and opaque nature of current trading practices. For example, the Dodd-Frank Act will require U.S.-based market participants to publicly report details of their interest rate derivatives (IRD) trades shortly after those transactions have been executed. Based on an analysis of new and detailed data on the trading activity of major dealers, this post discusses the possible costs and benefits of reporting ...
Liberty Street Economics , Paper 20120430

Speech
Climate Change and Risk Management in Bank Supervision

Remarks at Risks, Opportunities, and Investment in the Era of Climate Change, Harvard Business School, Boston, Massachusetts.
Speech

Speech
The Federal Reserve’s counterparty framework: past, present, and future

Remarks at the 2015 Roundtable on Treasury Markets and Debt Management, Federal Reserve Bank of New York, New York City.
Speech , Paper 188

Speech
The global implications of diverging monetary policy settings in advanced economies

Panel Remarks at the Sixth High Level Conference on the International Monetary System: Monetary Policy Challenges in a Changing World, Zurich, Switzerland.
Speech , Paper 169

Speech
Remarks at The Evolving Structure of the U.S. Treasury Market: Third Annual Conference, Federal Reserve Bank of New York, New York City

Remarks at The Evolving Structure of the U.S. Treasury Market: Third Annual Conference, Federal Reserve Bank of New York, New York City.
Speech , Paper 263

Speech
Opening Remarks

Remarks at 2023 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York City.
Speech

Speech
Welcome remarks at the LBMA/LPPM Precious Metal Conference 2018, Boston Park Plaza, Boston

Remarks at the LBMA/LPPM Precious Metal Conference 2018, Boston Park Plaza, Boston.
Speech , Paper 298

Journal Article
Ben Bernanke: Solving a Crisis, Changing the Fed

Ben Bernanke’s contributions to economic thinking have been vast, from his extensive study of the Great Depression to groundbreaking research on the interplay of finance and the macroeconomy and the usefulness of unconventional monetary policy tools. His research helped guide his tenure as Federal Reserve Chair and his role in putting the U.S. economy on a path to the longest expansion in its history. Through that role, he also built a better and more transparent Fed for the future. The following remarks are adapted from a presentation by the Federal Reserve Bank of San Francisco president, ...
FRBSF Economic Letter , Volume 2025 , Issue 02 , Pages 7

Working Paper
Dealer Networks

Dealers in over-the-counter securities form networks to mitigate search frictions. The audit trail for municipal bonds shows the dealer network has a core-periphery structure. Central dealers are more efficient at matching buyers and sellers than peripheral dealers, which shortens intermediation chains and speeds up trading. Investors face a tradeoff between execution speed and cost. Central dealers provide immediacy by pre-arranging fewer trades and holding larger inventory. However, trading costs increase strongly with dealer centrality. Investors with strong liquidity need trade with ...
Finance and Economics Discussion Series , Paper 2014-95

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