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Journal Article
Making financial markets safer for consumers: lessons from consumer goods markets and beyond
Whitaker, Stephan D.; Littman, Daniel A.; Fitzpatrick, Thomas J. (2010-01)
In the wake of the mortgage meltdown, policymakers are discussing how best to protect consumers in financial product markets.
Forefront , Issue Winter , Pages 8-13

Working Paper
The magnitude and cyclical behavior of financial market frictions
Zakrajšek, Egon; Natalucci, Fabio M.; Levin, Andrew T. (2004)
We quantify the cross-sectional and time-series behavior of the wedge between the cost of external and internal finance by estimating the structural parameters of a canonical debt-contracting model with informational frictions. For this purpose, we construct a new dataset that includes balance sheet information, measures of expected default risk, and credit spreads on publicly traded debt for about 900 U.S. firms over the period 1997Q1 to 2003Q3. Using nonlinear least squares, we obtain precise time-specific estimates of the bankruptcy cost parameter and consistently reject the null ...
Finance and Economics Discussion Series , Paper 2004-70

Journal Article
New directions for understanding systemic risk: a report on a conference cosponsored by the Federal Reserve Bank of New York and the National Academy of Sciences
Krishnan, Neel; Kambhu, John; Weidman, Scott (2007-11)
The Federal Reserve Bank of New York released a report -- New Directions for Understanding Systemic Risk -- that presents key findings from a cross-disciplinary conference that it cosponsored in May 2006 with the National Academy of Sciences' Board on Mathematical Sciences and Their Applications. ; The pace of financial innovation over the past decade has increased the complexity and interconnectedness of the financial system. This development is important to central banks, such as the Federal Reserve, because of their traditional role in addressing systemic risks to the financial system. ; ...
Economic Policy Review , Volume 13 , Issue Nov , Pages i-83

Conference Paper
General discussion : policies to stabilize financial markets
Draghi, Mario (2009)
Proceedings - Economic Policy Symposium - Jackson Hole

Report
Safeguarding financial markets: an emerging design for stability
anonymous (1997)
Annual Report

Working Paper
Inflation, financial markets, and capital formation
Boyd, John H.; Smith, Bruce D.; Choi, Sangmok (1995)
Working Papers , Paper 556

Briefing
Identifying systemically important financial institutions
Price, David A.; Walter, John R. (2011-04)
The Dodd-Frank Act, in addressing systemic risks to the financial system, requires federal regulators to extend a variety of requirements to nonbank financial institutions that are deemed "systemically important." But how can regulators, and the institutions themselves, best determine whether an institution is systemically important? Research in this area has generated a number of potential approaches.
Richmond Fed Economic Brief , Issue Apr

Journal Article
Emotion and financial markets
Church, Bryan K.; Deaves, Richard; Ackert, Lucy F. (2003-04)
Psychologists and economists hold vastly different views about human behavior. Psychologists contend that economists' models bear little relation to actual behavior. This view is supported by a large body of psychological research that shows that emotional state can significantly affect decision making. ; Economists, on the other hand, argue that psychological studies have no theoretical basis and offer little empirical evidence about people's decision-making processes. The reigning financial economics paradigm-the efficient market hypothesis (EMH)-assumes that individuals make rational ...
Economic Review , Volume 88 , Issue Q2 , Pages 33-41

Working Paper
Asset pooling, credit rationing, and growth
Lehnert, Andreas (1998)
I study the effect of improved financial intermediation on the process of capital accumulation by augmenting a standard model with a general contract space. With the extra contracts, intermediaries endogenously begin using ROSCAs, or Rotating Savings and Credit Associations. These contracts allow poor agents, previously credit rationed, access to credit. As a result, agents work harder and total economy-wide output increases; however, these gains come at the cost of increased inequality. I provide sufficient conditions for the allocations to be Pareto optimal, and for there to be a unique ...
Finance and Economics Discussion Series , Paper 1998-52

Speech
The promise and peril of the new financial architecture: a speech at the Money Marketeers of New York University, New York, New York, November 6, 2008
Warsh, Kevin M. (2008)
Speech , Paper 438

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