This article examines those real estate investment trusts (REITs) that invest predominantly in mortgage-backed securities (MBS) and fund themselves with repurchase agreements (repos)---so-called mortgage REITS, or mREITs. mREITs grew quite rapidly after the financial crisis that began in 2008...

Regulators have expressed concern about the growth of a category of real estate investment trusts (REITs) that today invest primarily in mortgage-backed securities (MBS). These companies, known as mortgage REITs, or mREITs, have increased both in number and in asset size since the financial...

In response to the financial crisis of 2007, Congress created the Orderly Liquidation Authority (OLA) as part of its overarching financial regulatory reform bill, the Dodd-Frank Act. The OLA's provisions are aimed at simultaneously addressing two conflicting goals - mitigating systemic risk,...

The U.S. financial system has changed significantly over the last several decades without any major structural changes to the decentralized financial regulatory system, despite numerous proposals. In the past decade, many countries have chosen to consolidate their regulators into a newly formed...

The U.S. financial system has changed significantly over the last several decades without any major structural changes to the decentralized financial regulatory system, despite numerous proposals. In the past decade, many countries have chosen to consolidate their regulators into a newly formed...

I study the relationship between two old bond topics: The Government bond dealer and new-seasoned bond spreads. I establish empirical support for the Gaines (1962) 'amplification hypothesis' that changes in net positions have a causal effect on the spreads offered by primary dealers: net...

The addition of the St. Louis Fed's Archival Publications database, FRASER, provides a unique opportunity for the world of economic research. This white paper describes the detail behind a new set of series made possible by FRASER: A monthly database on Foreign Purchases and Sales of Long-term...

There has never been a thorough analysis of Treasury spline errors. All that is known is the consequence of assumption. Measurement without theory ruffles the waters surrounding theories of liquidity risk in Treasury markets. A central question posited by this paper is: Is the on-off spread...

This paper lists the contents of the Capital Markets Data Project monthly database, CMD-MD. A subset of the database is free to download and complements the economic content of the FRED monthly database. CMD-MD contains 367 series centered around the capital markets and is available for download

This brief note builds on Sabol (2015) by describing ways to account for forecasting errors made about the expected path of short-term interest rates in a model of expected bond returns. I consider the Cieslak and Povala (2014) model of monetary policy expectations frictions as one such measure...