Delivered at the 119th Annual Arkansas Bankers Association & Tradeshow, Day with the Commissioner, Hot Springs, AR. May 1, 2009.

This paper documents the dynamics of financial integration for major advanced and emerging markets economies during the 1994-2009 period, assesses whether advances in integration have had a significant direct positive impact on countries' growth opportunities, and identifies some of the channels...

Indiana University, Bloomington, Ind., Oct. 2, 2008

This paper investigates the effectiveness of one of the Fed’s unconventional monetary policy tools, the term auction facility (TAF). At issue is whether the TAF reduced the spread between LIBOR rates and equivalent-term Treasury rates by reducing the liquidity premium embedded in LIBOR rates....

Indiana University, Bloomington, Ind., Oct. 2, 2008