Market Microstructure, Financial Intermediation, Monetary Policy
Michael Fleming is the head of Capital Markets Studies within the Financial Stability Policy Research Division. His primary research interests are market microstructure, financial intermediation, and monetary policy. His recent work examines Federal Reserve liquidity provision during the pandemic, the evolution of Treasury market liquidity and its drivers, and the effects of market structure changes on intermediaries and market quality. Michael joined the New York Fed as an economist in 1994. He received a Ph.D. in Business Economics from Harvard University in 1994 and a B.A. in Economics from Colby College in 1988. He has taught fixed income at NYU Stern.
Michael Fleming's CV