The 1960s and 1970s witnessed rapid growth in the markets for new money market instruments, such as negotiable certificates of deposit (CDs) and Eurodollar deposits, as banks and investors sought ways around various regulations affecting funding markets. In this paper, we investigate the impacts...

Money markets have been operating under a new monetary policy implementation framework since the Federal Reserve started paying interest on bank reserves in late 2008. The regulatory environment has also evolved substantially over this period. We develop and test hypotheses regarding the effects...

Contributors -- About the co-editors -- Background on George Kaufman's contributions to the finance profession -- Public policy and financial economics : comments to honor George G. Kaufman / Charles L. Evans -- 57 years of banking changes and ideas / Alex J. Pollock -- Theory vs. practice and...

This report is the first in a series of reports by the Program on International Financial Systems on enhancing the market structure for trading U.S. Treasuries (“cash Treasuries”) and for repurchase agreements of U.S. Treasuries (“Treasury repos”). In this report, we assess whether...

Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a ‘public’ or ‘private’ activity—or both? What do we mean by, and want...

Intro -- Contents -- Foreword -- Glossary -- 1 Introduction -- 2 A Primer on Systemic Risk -- 3 Systemic Risk: A Theoretical Framework -- 4 The Buildup of Financial Imbalances -- 5 Contagion -- 6 Systemic Risk and the Real Costs of FinancialCrises -- 7 Measuring Systemic Risk -- 8 Systemic Risk...