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Discussion Paper
Fiscal Flow Volatility and Reserves
In this note, we explain what changed in terms of fiscal flows into and out of the U.S. Treasury’s account and describe implications for monetary policy.
Working Paper
Liquidity Regulation and Financial Intermediaries
We document several effects of the Liquidity Coverage Ratio (LCR) rule on dealers' financing and intermediation of securities. For identification, we exploit the fact that the US implementation is more stringent than that in foreign jurisdictions. In line with LCR incentives, US dealers reduce their reliance on repos as a way to finance inventories of high-quality assets and increase the maturity of lower-quality repos relative to foreign dealers; additionally, US dealers cut back on trades that downgrade their own collateral. Dealers are nevertheless still providing significant maturity ...
Discussion Paper
Substitutability of Monetary Policy Instruments
This note presents an approach to infer the magnitude of changes to the level of the policy target rate--a more commonly used metric of monetary policy actions--that would lead to approximately the same macroeconomic outcomes as induced through changes in the central bank's balance sheet.
Discussion Paper
Estimating System Demand for Reserve Balances Using the 2018 Senior Financial Officer Survey
In this Note, we introduce a range of estimates of the banking system’s contemporary demand for reserves based on newly available, confidential micro data from a Senior Financial Officer Survey (SFOS) conducted by the Federal Reserve in September 2018.
Discussion Paper
Shining a Light on the Shadows: Dealer Funding and Internalization
In this note, we use new confidential supervisory data to take a first look at the practice of internalization and examine some of its implications.