Michael Fleming

Michael Fleming

Vice President
Capital Markets Function
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045

Phone (212) 720-6372
Fax (212) 720-1582
michael.fleming@ny.frb.org

Publications

The Failure Resolution of Lehman Brothers
With Asani Sarkar
Federal Reserve Bank of New York Economic Policy Review, Vol. 20, No. 2, March 2014

Trading Activity and Price Transparency in the Inflation Swap Market
With John R. Sporn
Federal Reserve Bank of New York Economic Policy Review, Vol. 19, No. 1, May 2013
pp. pp.45-57
See also ››
Working paper version, Appendix to Federal Reserve Bank of New York Staff Report, No. 557, March 2012

Federal Reserve Liquidity Provision during the Financial Crisis of 2007-2009 OFFSITE
Annual Review of Financial Economics, Vol. 4, 2012
pp. 161-177
See also ››
Working paper version, Federal Reserve Bank of New York Staff Reports No. 563, July 2012

The Microstructure of the TIPS Market
With Neel Krishnan
Federal Reserve Bank of New York Economic Policy Review, Vol. 18, No. 1, March 2012
pp. 27-45
See also ››
Working paper version, Federal Reserve Bank of New York Staff Reports No. 414, December 2009

Income Effects of Federal Reserve Liquidity Facilities
With Nicholas J. Klagge
Federal Reserve Bank of New York Current Issues in Economics and Finance, Volume 17, Number 1, 2011

Repo Market Effects of the Term Securities Lending Facility
With Warren B. Hrung and Frank M. Keane
American Economic Review: Papers & Proceedings, Vol. 100, May 2010,
pp. 591-6
See also ››
Working paper version, Federal Reserve Bank of New York Staff Reports No. 426, January 2010

The Federal Reserve's Foreign Exchange Swap Lines
With Nicholas J. Klagge
Federal Reserve Bank of New York Current Issues in Economics and Finance, Vol. 16, No. 4, April 2010

The Term Securities Lending Facility: Origin, Design, and Effects
With Warren B. Hrung and Frank M. Keane
Federal Reserve Bank of New York Current Issues in Economics and Finance,Vol. 15, No. 2, February 2009

Dealer Behavior in the Specials Market for U.S. Treasury Securities
With Kenneth D. Garbade
Journal of Financial Intermediation,Vol. 16, No. 2, April 2007,
pp. 204-28

Who Buys Treasury Securities at Auction?
Federal Reserve Bank of New York Current Issues in Economics and Finance,Vol. 13, No. 1, January 2007

Explaining Settlement Fails
With Kenneth D. Garbade
Federal Reserve Bank of New York Current Issues in Economics and Finance,Vol. 11, No. 9, September 2005

Anomalous Bidding in Short-Term Treasury Bill Auctions
With Kenneth D. Garbade and Frank Keane
Journal of Financial Research,Vol. 28, No. 2, Summer 2005, pp. 165-76
See also ››
Working paper version, Federal Reserve Bank of New York Staff Reports, No. 184, May 2004

What Financing Data Reveal about Dealer Leverage
With Tobias Adrian
Federal Reserve Bank of New York Current Issues in Economics and Finance,Vol. 11, No. 3, March 2005

Repurchase Agreements with Negative Interest Rates
With Kenneth D. Garbade
Federal Reserve Bank of New York Current Issues in Economics and Finance,Vol. 10, No. 5, April 2004

Measuring Treasury Market Liquidity
Federal Reserve Bank of New York Economic Policy Review,Vol. 9, No. 3, September 2003,
pp. 83-108.
See also ››
Working paper version, Federal Reserve Bank of New York Staff Reports No. 133, July 2001.)

The Repurchase Agreement Refined: GCF Repo
With Kenneth D. Garbade
Federal Reserve Bank of New York Current Issues in Economics and Finance,Vol. 9, No. 6, June 2003

When the Back Office Moved to the Front Burner: Settlement Fails in the Treasury Market after September 11
With Kenneth D. Garbade
Federal Reserve Bank of New York Economic Policy Review,Vol. 8, No. 2, November 2002,
pp. 35-57

Are Larger Treasury Issues More Liquid? Evidence from Bill Reopenings.
Journal of Money, Credit, and Banking,Vol. 34, No. 3, August 2002, Part 2, pp. 707-35.
See also ››
Working paper version, Federal Reserve Bank of New York Staff Reports No. 145, March 2002.)
Read the full text in JSTOR ››

Financial Market Implications of the Federal Debt Paydown.
Brookings Papers on Economic Activity,No. 2, 2000, pp. 221-51
See also ››
Working paper version, Federal Reserve Bank of New York Staff Reports No. 120, March 2001
Read the full text in JSTOR ››

The Benchmark U.S. Treasury Market: Recent Performance and Possible Alternatives.
Federal Reserve Bank of New York Economic Policy Review,Vol. 6, No. 1, April 2000,
pp. 129-45.

Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information
With Eli M. Remolona
Journal of Finance,Vol. 54, No. 5, October 1999, pp. 1901-15.
See also ››
Working paper version, Federal Reserve Bank of New York Staff Reports No. 27, July 1997
Read the full text in JSTOR ››

What Moves Bond Prices?
With Eli M. Remolona
Journal of Portfolio Management,Vol. 25, No. 4, Summer 1999, pp. 28-38

Liquidity in U.S. Treasury Spot and Futures Markets
With Asani Sarkar
Committee on the Global Financial System report Market Liquidity: Research Findings and Selected Policy Implications, Bank for International Settlements,May 1999

How Workers Use 401(k) Plans: The Participation, Contribution, and Withdrawal Decisions
With William F. Bassett and Anthony P. Rodrigues
National Tax Journal,Vol. 51, No. 2, June 1998, pp. 263-89
See also ››
Working paper version, Federal Reserve Bank of New York Staff Reports No. 38, March 1998.

What Moves the Bond Market?
With Eli M. Remolona
Federal Reserve Bank of New York Economic Policy Review,Vol. 3, No. 4, December 1997,
pp. 31-50.

The Round-the-Clock Market for U.S. Treasury Securities.
Federal Reserve Bank of New York Economic Policy Review,Vol. 3, No. 2, July 1997,
pp. 9-32.

Book Chapters

U.S. Treasury Securities
With Frank J. Fabozzi
Frank J. Fabozzi, ed., The Handbook of Fixed Income Securities, 8th ed., New York: McGraw Hill, 2012

U.S. Treasury and Agency Securities
With Frank J. Fabozzi
Frank J. Fabozzi, ed., The Handbook of Fixed Income Securities, 7th ed., New York: McGraw Hill, 2005

U.S. Treasury Securities
With Frank J. Fabozzi
Frank J. Fabozzi, ed., The Handbook of Financial Instruments, Hoboken, NJ: John Wiley and Sons, 2002

U.S. Treasury and Agency Securities
With Frank J. Fabozzi
Frank J. Fabozzi, ed., The Handbook of Fixed Income Securities, 6th ed., New York: McGraw Hill, 2000

Michael Fleming's CVPDFThe views expressed in the papers listed on this page are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System.