Monetary policy measures taken by the Federal Reserve as a response to the 2007-09 financial crisis and subsequent economic conditions led to a large increase in the level of outstanding reserves. The Federal Open Market Committee (FOMC) has a range of tools to control short-term market rates in...

Remarks at the ACI 2010 World Congress, Sydney, Australia.

Remarks at the National Association for Business Economics Policy Conference, Arlington, Virginia

Remarks at Global Interdependence Center Central Banking Series Event, Federal Reserve Bank of Philadelphia.

Remarks before the Puerto Rico Chamber of Commerce Annual Convention, Fajardo, Puerto Rico.

Remarks by Brian P. Sack before the Money Marketeers of New York University, New York City.

Remarks at the Annual Meeting with Primary Dealers, New York City.

Previous comparative analyses of gross and net settlement have focused on the credit risk of the central counterparty in net settlement arrangements, and on the incentives for participants to alter the risk of the portfolio under net settlement. By modeling the trading economy that generates the...