Testimony before the Committee on Government Oversight and Reform, U.S. House of Representatives.

Joint written testimony before the Congressional Oversight Panel, Washington, D.C.

Remarks at the International Insolvency Institute 13th Annual Conference, Columbia University Law School, New York City.

Testimony before the Committee on Government Oversight and Reform, U.S. House of Representatives.

Joint written testimony before the Congressional Oversight Panel, Washington, D.C.

Remarks at the International Insolvency Institute 13th Annual Conference, Columbia University Law School, New York City.

In responding to the severity and broad scope of the financial crisis that began in 2007, the Federal Reserve has made aggressive use of both traditional monetary policy instruments and innovative tools in an effort to provide liquidity. In this paper, I examine the Fed's actions in light of the...

The profit to a standard short-term return reversal strategy can be decomposed analytically into four components: 1) across-industry return momentum, 2) within-industry variation in expected returns, 3) under-reaction to within-industry cash flow news, and 4) a residual. Only the residual...

In response to the sharp decline in prices of financial stocks in the fall of 2008, regulators in a number of countries banned short selling of particular stocks and industries. Evidence suggests that these bans did little to stop the slide in stock prices, but significantly increased costs of...

We introduce liquidity frictions into an otherwise standard DSGE model with nominal and real rigidities, explicitly incorporating the zero bound on the short-term nominal interest rate. Within this framework, we ask: Can a shock to the liquidity of private paper lead to a collapse in short-term...