Since the Federal Open Market Committee (FOMC) began announcing its policy decisions in 1994, U.S. stock returns have on average been more than thirty times larger on announcement days than on other days. Surprisingly, these abnormal returns are accrued before the policy announcement. The excess...

The recent crisis highlighted the importance of globally active banks in linking markets. One channel for this linkage is the liquidity management of these banks, specifically the regular flow of funds between parent banks and their affiliates in diverse foreign markets. We use the Great...

Remarks at the Whitman School of Management at Syracuse University, Syracuse, New York.

Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.

Remarks at the New York Association for Business Economics, New York City.

Remarks at the Council of Society Business Economists Annual Dinner, London, United Kingdom.

Remarks at the Harvard Law School's Symposium on Building the Financial System of the 21st Century, Armonk, New York.

Remarks hosted by the Institute of Regulation & Risk North Asia, Hong Kong

Remarks at the Thirty-Seventh Annual Jackson Hole Symposium, Jackson Hole, Wyoming.

Remarks at the Central Reserve Bank of Peru on the Foreign Sovereign Immunities Act and Central Bank Immunity in the United States.