Governor Randall S. Kroszner presented identical remarks at the Institute of International Bankers, New York, New York, June 15, 2006

Governor Randall S. Kroszner presented identical remarks at the Bankers' Association for Finance and Trade, New York, New York, on June 15, 2006

This paper analyzes the macroeconomic implications of real-indexed bonds, indexed to the terms of trade or GDP, using a general equilibrium model of a small open economy with financial frictions. Although indexed bonds provide a hedge to income fluctuations and can thereby mitigate the effects...

We study the role played by private and public information in the process of price formation in the U.S. Treasury bond market. To guide our analysis, we develop a parsimonious model of speculative trading in the presence of two realistic market frictions -- information heterogeneity and...

Previous empirical studies that test for the "rationality" of economic and financial forecasts generally test for generic properties such as bias or autocorrelated errors, and provide limited insight into the behavior behind inefficient forecasts. In this paper we test for a specific behavioral...

Governor Randall S. Kroszner presented identical remarks at the Institute of International Bankers, New York, New York, June 15, 2006

a speech before the Economic Club of New York, New York, New York

Governor Randall S. Kroszner presented identical remarks at the Bankers' Association for Finance and Trade, New York, New York, on June 15, 2006

We analyze the development of, and foreign participation in, 49 local bond markets. Countries with stable inflation rates and strong creditor rights have more developed local bond markets and rely less on foreign-currency-denominated bonds. Less developed bond markets have returns characterized...