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Working Paper
Liquidity Networks, Interconnectedness, and Interbank Information Asymmetry
Network analysis has demonstrated that interconnectedness among market participants results in spillovers, amplifies or absorbs shocks, and creates other nonlinear effects that ultimately affect market health. In this paper, we propose a new directed network construct, the liquidity network, to capture the urgency to trade by connecting the initiating party in a trade to the passive party. Alongside the conventional trading network connecting sellers to buyers, we show both network types complement each other: Liquidity networks reveal valuable information, particularly when information ...
Discussion Paper
Analyzing State Resilience to Weather and Climate Disasters
The National Oceanic and Atmospheric Administration (NOAA) reports that climate change is increasing the frequency of extreme conditions that lead to disasters such as droughts, hurricanes, flooding, and wildfires. These climate-related physical risks are likely to disrupt local economic activity.
Discussion Paper
Analyzing State Resilience to Weather and Climate Disasters
The National Oceanic and Atmospheric Administration (NOAA) reports that climate change is increasing the frequency of extreme conditions that lead to disasters such as droughts, hurricanes, flooding, and wildfires. These climate-related physical risks are likely to disrupt local economic activity.
Discussion Paper
Analyzing State Resilience to Weather and Climate Disasters
The National Oceanic and Atmospheric Administration (NOAA) reports that climate change is increasing the frequency of extreme conditions that lead to disasters such as droughts, hurricanes, flooding, and wildfires. These climate-related physical risks are likely to disrupt local economic activity.
Working Paper
Economic volatility and financial markets: the case of mortgage-backed securities
The volatility of aggregate economic activity in the United States decreased markedly in the mid eighties. The decrease involved several components of GDP and has been linked to a more stable economic environment, identified by smaller shocks and more effective policy, and a diverse set of innovations related to inventory management as well as financial markets. We document a negative relation between the volatility of GDP and some of its components and one such financial development: the emergence of mortgage-backed securities. We also document that this relationship changed sign, from ...
Discussion Paper
Analyzing State Resilience to Weather and Climate Disasters
The National Oceanic and Atmospheric Administration (NOAA) reports that climate change is increasing the frequency of extreme conditions that lead to disasters such as droughts, hurricanes, flooding, and wildfires. These climate-related physical risks are likely to disrupt local economic activity.
Working Paper
Climate-related Financial Stability Risks for the United States: Methods and Applications
This report has two objectives: 1. Review the available literature on Climate-Related Financial Stability Risks (CRFSRs) as it pertains to the United States. Specifically, the literature review considers several modeling approaches and aims to 1.1 Identify financial market vulnerabilities (e.g., bank leverage), 1.2 Provide an assessment of those vulnerabilities (high/medium/low) as identified by the current literature, and 1.3 Evaluate the uncertainty surrounding these assessments based on interpretation of the findings and coverage of existing literature (high/low). 2. Identify methodologies ...
Discussion Paper
Analyzing State Resilience to Weather and Climate Disasters
The National Oceanic and Atmospheric Administration (NOAA) reports that climate change is increasing the frequency of extreme conditions that lead to disasters such as droughts, hurricanes, flooding, and wildfires. These climate-related physical risks are likely to disrupt local economic activity.
Discussion Paper
Analyzing State Resilience to Weather and Climate Disasters
The National Oceanic and Atmospheric Administration (NOAA) reports that climate change is increasing the frequency of extreme conditions that lead to disasters such as droughts, hurricanes, flooding, and wildfires. These climate-related physical risks are likely to disrupt local economic activity.
Discussion Paper
Analyzing State Resilience to Weather and Climate Disasters
The National Oceanic and Atmospheric Administration (NOAA) reports that climate change is increasing the frequency of extreme conditions that lead to disasters such as droughts, hurricanes, flooding, and wildfires. These climate-related physical risks are likely to disrupt local economic activity.