-
-
The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
Do you have a request for information and records? Learn how to submit it.
Learn about the history of the New York Fed and central banking in the United States through articles, speeches, photos and video.
-
-
-
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
-
-
-
The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
-
-
-
We are connecting emerging solutions with funding in three areas—health, household financial stability, and climate—to improve life for underserved communities. Learn more by reading our strategy.
The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
-
Michael J. Fleming |
|
Head of Capital Markets Studies |
||||
|
|
|
The Federal Reserve’s Market Functioning Purchases
With Haoyang Liu, Rich Podjasek, and Jake Schurmeier Federal Reserve Bank of New York Economic Policy Review, Volume 28 Number 1, June 2022 Intraday Market Making with Overnight Inventory Costs With Tobias Adrian, Agostino Capponi, Erik Vogt, and Hongzhong Zhang Journal of Financial Markets, Vol. 50, September 2020 See also ›› Federal Reserve Bank of New York Staff Reports, No. 799, October 2016, Revised March 2020 Liquidity and Volatility in the U.S. Treasury Market With Robert Engle, Eric Ghysels, and Giang Nguyen Journal of Econometrics, Vol. 217, No. 2, August 2020, pp. 207-229 See also ›› Federal Reserve Bank of New York Staff Reports, No. 590, December 2012, Revised November 2018 Price and Size Discovery in Financial Markets: Evidence from the U.S. Treasury Securities Market With Giang Nguyen Review of Asset Pricing Studies, Vol. 9, No. 2, December 2019, pp. 256–295 See also ›› Federal Reserve Bank of New York Staff Report 624, August 2013, Revised August 2018 The Microstructure of a U.S. Treasury ECN: The BrokerTec Platform With Bruce Mizrach and Giang Nguyen Journal of Financial Markets, Vol. 40, September 2018, pp. 2-22 See also ›› Federal Reserve Bank of New York Staff Report 381, July 2009, Revised March 2017 Market Liquidity After the Financial Crisis With Tobias Adrian, Or Shachar, and Erik Vogt Annual Review of Financial Economics, 2017, Vol. 9, pp. 43-83 See also ›› Federal Reserve Bank of New York Staff Report 796, October 2016, Revised June 2017 Dealer Financial Conditions and Lender-of-Last-Resort Facilities With Viral Acharya, Warren B. Hrung, and Asani Sarkar Journal of Financial Economics, Vol. 123, No. 1, January 2017, pp. 81-107 See also ›› Federal Reserve Bank of New York Staff Report 673, May 2014 The Failure Resolution of Lehman Brothers With Asani Sarkar Federal Reserve Bank of New York Economic Policy Review, Vol. 20, No. 2, December 2014 pp. 175-206 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. 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  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 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 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 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 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 ›› 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. 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 ›› 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 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 (latest edition) With Frank J. Fabozzi Frank J. Fabozzi, ed., The Handbook of Fixed Income Securities, 9th ed., New York: McGraw Hill, 2021 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 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. |
