This paper describes potential new markets for long-term inflation risk, and shows the relationship such markets would have to other potential new markets, markets for long-term claims on income aggregates. One inflation-risk market which would be very useful is a market for long-term (or...

This article uses principal component methods to assess the importance of changes in the federal funds rate in driving interest rate changes across a broad array of credit markets. We find that most of the variability in interest rate changes across these markets is explained by a small number...

Presentation to Financial Executives International, San Francisco, CA, April 15, 2010

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

Remarks at the Fordham Corporate Law Center Lecture, New York.

Remarks at the Economic Press Briefing on Private For-Profit Institutions in Higher Education, New York City.