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Journal Article
The Pursuit of Financial Stability: Essays from the Federal Reserve Bank of Richmond Annual Reports
These essays reflect much of the thinking we have done, some of it well before the financial crisis, on the sources of financial instability and the means by which public policy can promote stability. A unifying theme is that government interventions that protect creditors weaken the market discipline that might otherwise help to control risks in the financial system. This leaves us with recourse only to regulatory discipline. But as diligent and conscientious as we are in implementing financial regulation, our financial system will continue to face risks as financial market participants ...
Journal Article
Opinion: No quick fix for the housing market
To considerable extend, working down housing inventory will simply take some time.
Journal Article
Opinion : Macroprudential supervision : proceed with caution
Journal Article
Competition among bank regulators
Journal Article
Opinion : More theory, please
We can question whether the economics profession adequately rewards speaking to the public but that public communication will be most valuable if it reflects recent advances in economic theory and quantitative analysis.
Journal Article
Opinion: A New Payments Role for the Fed?
Journal Article
Composing the Fed's Balance Sheet
Opinion article: Composing the Fed's Balance Sheet
Journal Article
Takeovers and stock price volatility
An examination of the relation between takeovers and stock price volatility. The analysis focuses on the Martingale (efficient markets) Model of stock price behavior and an alternative view in which stock prices reflect values to participants in a market for corporate control. This paper includes a mathematical treatment of the subject.