Head of Banking Studies
Banks’ Balance-Sheet Costs and ON RRP Investment
Monetary Policy Transmission and the Size of the Money Market Fund Industry: An Update
Measuring the Ampleness of Reserves
The Fed's Latest Tool: A Standing Repo Facility
How the Fed Adjusts the Fed Funds Rate within Its Target Range
How the Fed's Overnight Reverse Repo Facility Works
How the Federal Reserve's Monetary Policy Implementation Framework Has Evolved
How Bank Reserves Are Distributed Matters. How You Measure Distribution Matters Too.
A New Reserves Regime? COVID-19 and the Federal Reserve Balance Sheet
From Policy Rates to Market Rates—Untangling the U.S. Dollar Funding Market
Understanding Cyber Risk: Lessons from a Recent Fed Workshop
Coming to Terms with Operational Risk
Size Is Not All: Distribution of Bank Reserves and Fed Funds Dynamics
Did the Dodd-Frank Act End ‘Too Big to Fail’?
Mission Almost Impossible: Developing a Simple Measure of Pass-through Efficiency
How Have High Reserves and New Policy Tools Reshaped the Fed Funds Market?
What Do Bond Markets Think about “Too-Big-to-Fail” Since Dodd-Frank?
What Do Rating Agencies Think about “Too-Big-to-Fail” Since Dodd-Frank?
Do “Too-Big-to-Fail” Banks Take On More Risk?
Who’s Borrowing in the Fed Funds Market?
Who’s Lending in the Fed Funds Market?
Why (or Why Not) Keep Paying Interest on Excess Reserves?
When Do Trading Frictions Increase Liquidity?
Just Released: Money and Payments Workshop Examines Repo Market Reform
Gara Afonso's CV The 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.