Capital Markets: Publications

Research focusing on asset pricing and financial market liquidity and on the interaction between markets, institutions, and the macroeconomy.
Liberty Street Economics
Interest Rate Derivatives and Monetary Policy Expectations
Richard Crump, Emanuel Moench, William O'Boyle, Matthew Raskin, Carlo Rosa, and Lisa Stowe
December 5, 2014
Survey Measures of Expectations for the Policy Rate
Richard Crump, Emanuel Moench, William O'Boyle, Matthew Raskin, Carlo Rosa, and Lisa Stowe
December 5, 2014
What Can We Learn from Prior Periods of Low Volatility?
Fernando Duarte, Juan Navarro-Staicos, and Carlo Rosa
October 6, 2014
Connecting the Dots: Disagreement in the Federal Open Market Committee
Richard Crump, Troy Davig, Emanuel Moench, and Stefano Eusepi
September 25, 2014
What Explains the June Spike in Treasury Settlement Fails?
Michael Fleming, Frank Keane, Antoine Martin, and Michael McMorrow
September 19, 2014
Measuring Settlement Fails
Michael Fleming, Frank Keane, Antoine Martin, and Michael McMorrow
September 19, 2014
At the N.Y. Fed: Workshop on the Risks of Wholesale Funding
Dong Beom Choi, Patrick de Fontnouvelle, Thomas Eisenbach, and Michael Fleming
September 18, 2014
Why Aren’t More Renters Becoming Homeowners?
Andreas Fuster, Basit Zafar, and Matthew Cocci
September 8, 2014
Introducing the SCE Housing Survey
Basit Zafar, Andreas Fuster, Wilbert van der Klaauw, and Matthew Cocci
September 8, 2014
Financial Stability Monitoring
Tobias Adrian, Daniel Covitz, and Nellie Liang
August 4, 2014
Treasury Term Premia: 1961-Present
Tobias Adrian, Richard Crump, Benjamin Mills, and Emanuel Moench
May 12, 2014
No Good Deals—No Bad Models
Nina Boyarchenko
May 5, 2014
Introduction to the Floating-Rate Note Treasury Security
Ezechiel Copic, Luis Gonzalez, Caitlin Gorback, Blake Gwinn, and Ernst Schaumburg
April 21, 2014
Just Released: The 2013 SOMA Annual Report in a Historical Context
Alyssa Cambron, Michael Fleming, Deborah Leonard, Grant Long, and Julie Remache
April 17, 2014
The Failure Resolution of Lehman Brothers
Michael Fleming and Asani Sarkar
April 3, 2014
Convexity Event Risks in a Rising Interest Rate Environment
Allan M. Malz, Ernst Schaumburg, Roman Shimonov, and Andreas Strzodka
March 24, 2014
A special series on the Liquidity
Liquidity Risk, Liquidity Management, and Liquidity Policies
Tobias Adrian and João Santos
April 14, 2014
Depositor Discipline of Risk-Taking by U.S. Banks
Stavros Peristiani and João Santos
April 14, 2014
On Fire-Sale Externalities, TARP Was Close to Optimal
Fernando Duarte and Thomas Eisenbach
April 15, 2014
Liquidity Policies and Systemic Risk
Tobias Adrian and Nina Boyarchenko
April 17, 2014
Staff Reports
The Sensitivity of Housing Demand to Financing Conditions: Evidence from a Survey
Andreas Fuster and Basit Zafar
Number 702  November 2014
Counterparty Risk in Material Supply Contracts
Nina Boyarchenko and Anna M. Costello
Number 694  October 2014
Understanding Mortgage Spreads
Nina Boyarchenko, Andreas Fuster, and David O. Lucca
Number 674  May 2014
Dealer Financial Conditions and Lender-of-Last-Resort Facilities
Viral Acharya, Michael J. Fleming, Warren B. Hrung, and Asani Sarkar
Number 673  May 2014
LIBOR: Origins, Economics, Crisis, Scandal, and Reform
David Hou and David Skeie
Number 667  March 2014
Financial Stability Policies for Shadow Banking
Tobias Adrian
Number 664   February2014
Liquidity Policies and Systemic Risk
Tobias Adrian and Nina Boyarchenko
Number 661   December 2013
The Over-the-Counter Theory of the Fed Funds Market: A Primer
Gara Afonso and Ricardo Lagos
Number 660   December 2013
Noisy Information and Fundamental Disagreement
Philippe Andrade, Richard K. Crump, Stefano Eusepi, and Emanuel Moench
Number 655  December 2013
ECB Monetary Operations and the Interbank Repo Market
Peter G. Dunne, Michael J. Fleming, and Andrey Zholos
Number 654  December 2013
The Effects of Policy Guidance on Perceptions of the Fed’s Reaction Function
Katherine Femia, Steven Friedman, Brian Sack
Number 652  November 2013
Intermediary Balance Sheets
Tobias Adrian and Nina Boyarchenko
Number 651  November 2013
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