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

Remarks at the Association for a Better New York Breakfast Meeting, Grand Hyatt, New York.

We use minute-by-minute daily transaction-level payments data to document the cross-sectional and time-series behavior of the estimated prices and quantities negotiated by commercial banks in the fed funds market. We study the frequency and volume of trade, the size distribution of loans, the...

Liquidity hoarding by banks and extreme volatility of the fed funds rate have been widely seen as severely disrupting the interbank market and the broader financial system during the 2007-08 financial crisis. Using data on intraday account balances held by banks at the Federal Reserve and...

The quantity of reserves in the U.S. banking system has risen dramatically since September 2008. Some commentators have expressed concern that this pattern indicates that the Federal Reserve's liquidity facilities have been ineffective in promoting the flow of credit to firms and households....

We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high-frequency behavior of the U.S. market for federal funds: depository institutions tend to hold more reserves during the last few days of each "reserve maintenance period," when the...

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

Remarks at 2010 CFA Institute Fixed Income Management Conference, Newport Beach, California.

Remarks at Cornell University, Ithaca, New York.

Remarks at the University of Rochester, Rochester, New York.