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Keywords:Securities 

Journal Article
The Federal Reserve's contingency financing plan for the century date change

With the approach of the new millennium last year, many market participants resolved to limit their exposure to Y2K-related risks by cutting back normal trading activities. The Federal Reserve foresaw that the widespread adoption of such a strategy could lead to serious liquidity problems in key financing markets. Consequently, the Fed undertook to create a Standby Financing Facility that would provide securities dealers with a form of backup funding and ease market anxieties about year-end credit conditions.
Current Issues in Economics and Finance , Volume 6 , Issue Dec

Conference Paper
Are the distinctions between debt and equity disappearing? An overview

Conference Series ; [Proceedings] , Volume 33 , Pages 1-11

Journal Article
States take the lead

FRBSF Economic Letter

Conference Paper
The economics of private equity funds

Proceedings , Issue Oct

Report
The joint dynamics of liquidity, returns, and volatility across small and large firms

This paper explores liquidity spillovers in market-capitalization-based portfolios of NYSE stocks. Return, volatility, and liquidity dynamics across the small- and large-cap sectors are modeled by way of a vector autoregression model, using data that spans more than 3,000 trading days. We find that volatility and liquidity innovations in one sector are informative in predicting liquidity shifts in the other. Impulse responses indicate the existence of persistent liquidity, return, and volatility spillovers across the small- and large-cap sectors. Lead and lag patterns across small- and ...
Staff Reports , Paper 207

Journal Article
Competitiveness and price setting in dealer markets

The behavior of securities dealers has been closely scrutinized in the 1990s. Recent investigations of the National Association of Securities Dealers and the Nasdaq market by the U.S. Department of Justice and the Securities and Exchange Commission suggest that market makers colluded to fix prices and widen bid-ask spreads in attempts to increase dealers' profits at investors' expense. At a minimum, market makers appear to have adopted a quoting convention that can be viewed as anticompetitive behavior. ; This article explores the Nasdaq pricing controversy in light of economic theory and ...
Economic Review , Volume 83 , Issue Q 3 , Pages 4-11

Conference Paper
Technology, information production, and market efficiency : general discussion

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Consequences of going private buyouts for public debt and preferred stock: 1974-1985

Proceedings , Paper 232

Working Paper
Margin requirements, volatility, and market integrity: what have we learned since the crash?

This study assesses the state of the policy debate that surrounds the federal regulation of margin requirements. A relatively comprehensive review of the literature finds no undisputed evidence that supports the hypothesis that margin requirements can be used to control stock return volatility and correspondingly little evidence that suggests that margin-related leverage is an important underlying source of "excess" volatility. The evidence does not support the hypothesis that there is a stable inverse relationship between the level of Regulation T margin requirements and stock returns ...
Finance and Economics Discussion Series , Paper 1997-22

Journal Article
Slackened growth in liquid assets

Federal Reserve Bulletin , Issue Nov

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