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Speech
Monetary Policy Implementation: Adapting to a New Environment
Logan, Lorie (2021-10-14)
Remarks before the Money Marketeers of New York University (delivered via videoconference).
Speech

Discussion Paper
Introduction to a Series on Market Liquidity
Adrian, Tobias; Schaumburg, Ernst; Fleming, Michael J. (2015-08-17)
Market participants and policymakers have recently raised concerns about market liquidity?the ability to buy and sell securities quickly, at any time, at minimal cost. Market liquidity supports the efficient allocation of capital through financial markets, which is a catalyst for sustainable economic growth. Changes in market liquidity, whether due to regulation, changes in market structure, or otherwise, are therefore of great interest to policymakers and market participants alike.
Liberty Street Economics , Paper 20150817

Discussion Paper
Did Dealers Fail to Make Markets during the Pandemic?
Sarkar, Asani; Song, Zhaogang; Rubio, David; Chen, Jiakai; Liu, Haoyang (2021-03-24)
In March 2020, as the COVID-19 pandemic disrupted a range of financial markets, the ability of dealers to maintain liquid conditions in these markets was questioned. Reflecting these concerns, authorities took numerous steps, including providing regulatory relief to dealers. In this post, we examine liquidity provision by dealers in several financial markets during the pandemic: how much was provided, possible causes of any shortfalls, and the effects of the Federal Reserve’s actions.
Liberty Street Economics , Paper 20210324

Speech
Panel Remarks: Supervisory and Regulatory Action to Support the Economy and Protect Consumers
Stiroh, Kevin J. (2020-04-23)
Panel Remarks at The Fed and Main Street during the Coronavirus Pandemic, WebEx event, April 23, 2020.
Speech

Discussion Paper
What Explains the June Spike in Treasury Settlement Fails?
McMorrow, Michael; Keane, Frank M.; Fleming, Michael J.; Martin, Antoine (2014-09-19)
In June of this year?as we noted in the preceding post?settlement fails in U.S. Treasury securities spiked to their highest level since the implementation of the fails charge in May 2009. Our first post reviewed what fails are, why they arise, and how they can be measured. In this post, we dig into the fails data to identify possible explanations for the high level of fails in June. We observe that sequential fails of several benchmark securities accounted for the lion?s share of fails in June, but that fails in seasoned securities?which have been trending upward for some time?were also ...
Liberty Street Economics , Paper 20140919a

Speech
The Federal Reserve’s Market Functioning Purchases: From Supporting to Sustaining
Logan, Lorie (2020-07-15)
Remarks at SIFMA Webinar.
Speech

Working Paper
Household Liquidity and Macroeconomic Stabilization: Evidence from Mortgage Forbearance
Lee, Sean Chanwook; Maghzian, Omeed (2023-09-10)
We estimate the impact of household liquidity provision on macroeconomic stabilization using the 2020 CARES Act mortgage forbearance program. We leverage intermediation frictions in forbearance induced by mortgage servicers to identify the effect of reducing short-term payments with little change in long-term debt obligations on local labor market outcomes. Following statewide business reopenings, a 1 percentage point increase in the share of mortgages in forbearance leads to a 30 basis point increase in monthly employment growth in nontradable industries. In a model incorporating ...
Working Papers , Paper 23-12

Working Paper
Slow capital, fast prices: Shocks to funding liquidity and stock price reversals
Gissler, Stefan (2015-02-27)
A V-shaped price pattern is often observed in financial markets - in response to a negative shock, prices fall "too far" before reversing course. This paper looks at one particular channel of such patterns: the link between a liquidity provider's balance sheet and asset prices. I examine a well-identified historical case study where a large exogenous shock to a liquidity provider's balance sheet resulted in severe capital constraints. Using evidence from German universal banks, who acted as market makers for selected stocks in the interwar period, I show in a difference-in-differences ...
Finance and Economics Discussion Series , Paper 2015-43

Discussion Paper
A New Perspective on Low Interest Rates
Giannoni, Marc; Del Negro, Marco; Tambalotti, Andrea; Giannone, Domenico (2018-02-05)
Interest rates in the United States have remained at historically low levels for many years. This series of posts explores the forces behind the persistence of low rates. We briefly discuss some of the explanations advanced in the academic literature, and propose an alternative hypothesis that centers on the premium associated with safe and liquid assets. Our argument, outlined in a paper we presented at the Brookings Conference on Economic Activity last March, suggests that the increase in this premium since the late 1990s has been a key driver of the decline in the real return on U.S. ...
Liberty Street Economics , Paper 20180205

Journal Article
Stability of funding models: an analytical framework
Yorulmazer, Tanju; Eisenbach, Thomas M.; McAndrews, James J.; Keister, Todd (2014-02)
With the recent financial crisis, many financial intermediaries experienced strains created by declining asset values and a loss of funding sources. In reviewing these stress events, one notices that some arrangements appear to have been more stable?that is, better able to withstand shocks to their asset values and/or funding sources?than others. Because the precise determinants of this stability are not well understood, gaining a better grasp of them is a critical task for market participants and policymakers as they try to design more resilient arrangements and improve financial regulation. ...
Economic Policy Review , Issue Feb , Pages 29-47

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