Search Results
Speech
A preliminary assessment of the TALF
Remarks at the Securities Industry and Financial Markets Association and Pension Real Estate Association's Public-Private Investment Program Summit, New York City.
Speech
Early lessons from recent financial turmoil.
Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the South Shore Chamber of Commerce, Quincy, MA, March 6, 2008
Speech
The implementation of current asset purchases
Remarks at the Annual Meeting with Primary Dealers, New York City.
Journal Article
TBA trading and liquidity in the agency MBS market
Mortgage-backed securities in the United States are generally traded on a ?to-be-announced,? or TBA, basis. The key feature of a TBA trade is that the identity of the securities to be delivered to the buyer is not specified exactly at the time of the trade, facilitating a liquid forward market. This article describes the main features of the TBA market. It also presents evidence on the liquidity of this market during the financial crisis period. Using variation in TBA eligibility rules, the authors? estimates suggest that the liquidity benefits associated with the TBA market are of the order ...
Conference Paper
The future of the housing GSEs
Speech
Federal Reserve lending disclosure
Testimony of Thomas C. Baxter, Jr., and Scott G. Alvarez, General Counsel of the Board of Governors, before the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, U.S. House of Representatives, Washington, D.C.
Journal Article
Fed confronts financial crisis by expanding its role as lender of last resort
The current recession has deepened because of shrinking credit flows from banks, nonbank lenders and securities markets. This contrasts with the early 1990s, when new bonds and commercial paper cushioned a bank credit crunch, and with the high-tech investment bust of the early 2000s, when steady bank lending lessened the impact of receding bond and equity finance markets. ; This time, breakdowns in key credit markets posed great risks to the financial system and the broader economy. The Federal Reserve responded with unprecedented measures, expanding its role as lender of last resort in an ...
Speech
Implementing the Federal Reserve's asset purchase program
Remarks at Global Interdependence Center Central Banking Series Event, Federal Reserve Bank of Philadelphia.
Working Paper
How did a domestic housing slump turn into a global financial crisis?
The global financial crisis clearly started with problems in the U.S. subprime sector and spread across the world from there. But was the direct exposure of foreigners to the U.S. financial system a key driver of the crisis, or did other factors account for its rapid contagion across the world? To answer this question, we assessed whether countries that held large amounts of U.S. mortgage-backed securities (MBS) and were highly dependent on dollar funding experienced a greater degree of financial distress during the crisis. We found little evidence of such "direct contagion" from the United ...