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Features |
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CHIPS Supplemental Funding and its Effects on CHIPS, Overdrafts, and Fedwire  This report examines patterns of CHIPS supplemental funding and also analyzes the new initiative’s effect on CHIPS, participants’ overdrafts, and aggregate Fedwire activity. By Dennis Kuo, James McAndrews, and Clara Sheets, August 2009 |
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| Global Dimensions of the Financial Crisis The Federal Reserve Bank of New York will host a conference on June 3 and 4, 2010, on the “Global Dimensions of the Financial Crisis. |
| Featured Economist |
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 Robert RichRobert W. Rich is an Assistant Vice President in the Macroeconomic and Monetary Studies Function at the Federal Reserve Bank of New York. Before joining the Bank, he was an assistant professor of economics at Vanderbilt University. | |
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Recent Articles
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 Is the International Role of the Dollar Changing?The emergence of the euro, changes in the dollar’s value, and the financial market crisis have, in the view of many commentators, posed a significant challenge to the currency’s long-standing position in world markets. By Linda Goldberg, Current Issues in Economics and Finance (16) 1, January 2010 |
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 Central Bank Dollar Swap Lines and Overseas Dollar Funding CostsThis paper presents the developments in the dollar swap facilities through the end of 2009. The facilities were a response to dollar funding shortages outside the United States and were effective at making dollars more broadly available to financial institutions overseas during a period of market dysfunction. By Linda Goldberg, Craig Kennedy, and Jason Miu, Staff Reports 429, January 2010 |
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| Macro Risk Premium and Intermediary Balance Sheet Quantities The authors base their argument in this paper on the relationship between the macro risk premium and the growth of financial intermediaries’ balance sheets. By Tobias Adrian, Emanuel Moench, and Hyun Song Shin, Staff Reports 428, January 2010 |
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| Performance Maximization of Actively Managed Funds This paper derives the performance-maximizing strategy—a variant of buy-write—and the least upper bound on such performance enhancement, thereby showing that if common equity indexes are used as benchmarks, the potential performance enhancement from trading frequently is usually negligible. By Paolo Guasoni, Gur Huberman, and Zhenyu Wang, Staff Reports 427, January 2010 |
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| Repo Market Effects of the Term Securities Lending Facility The authors assess the effectiveness of the Term Securities Lending Facility and find that it has precipitated a significant narrowing of repurchase agreement (repo) spreads between Treasury collateral and less liquid collateral. By Michael J. Fleming, Warren B. Hrung, and Frank Keane, Staff Reports 426, January 2010 |
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