Remarks at New York University's Stern School of Business, New York City.

In the decade prior to the financial crisis, foreign banks’ exposure to U.S.-dollar-denominated assets rose dramatically. When the crisis hit in 2007, the banks’ access to dollar funding came under severe duress, with potentially dire consequences for global financial markets that could also...

Remarks at 2010 CFA Institute Fixed Income Management Conference, Newport Beach, California.

Remarks at 2010 CFA Institute Fixed Income Management Conference, Newport Beach, California.

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

Remarks at New York University's Stern School of Business, New York City.

The potential advantages from the introduction of Treasury inflation-protected securities (TIPS) in 1997 have not been fully realized, mainly because TIPS are less liquid than nominal Treasury securities. The lack of liquidity is thought to adversely affect TIPS prices relative to prices of...