Policy Papers

Market Liquidity after the Financial Crisis
With Michael Fleming, Or Shachar, and Erik Vogt
Prepared for the Annual Review of Financial Economics

Macroprudential Policy: A Case Study from a Tabletop Exercise
With Patrick de Fontnouvelle, Emily Yang, Andrei Zlate
Federal Reserve Bank of New York Economic Policy Review, forthcoming
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 742

Monetary Policy, Financial Conditions, and Financial Stability
With Nellie Liang
International Journal of Central Banking, forthcoming
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 690

Financial Stability Monitoring
With Daniel Covitz and Nellie Liang
Annual Review of Financial Economics 7, 2015, pp. 357-395
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 601

Discussion of "Systemic Risk and the Solvency-Liquidity Nexus of Banks"
International Journal of Central Banking 11(3), June 2015, pp. 229-240 
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 722

Financial Stability Policies for Shadow Banking
Shadow Banking Within and Across National Borders, 
edited by Stijn Claessens, Douglas Evanoff, George Kaufman, Luc Laeven, World Scientific Studies in International Economics 40, 2014
Repo and Securities Lending
With Brian Begalle, Adam Copeland, and Antoine Martin
Risk Topography: Systemic Risk and Macro Modeling, edited by Markus K. Brunnemeier and Arvind Krishnamurthy, National Bureau of Economic Research Conference Report, University of Chicago Press, 
2014, pp. 131-148

With Zoltan Pozsar, Adam Ashcraft, and Hayley Boesky
Federal Reserve Bank of New York Economic Policy Review 19(2)
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 458

Discussion of "An Integrated Framework for Multiple Financial Regulations"
International Journal of Central Banking 9(1), pp. 153-166
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 583

Shadow Banking: A Review of the Literature
With Adam B. Ashcraft 
Palgrave Dictionary of Economics, 2012
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 580

Shadow Banking Regulation
With Adam Ashcraft
Annual Review of Financial Economics 4, 2012, pp. 99-140
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 559

Shadow Banking
With Zoltan Pozsar, Adam Ashcraft, and Hayley Boesky 
French Review of Financial Economics 105, pp. 157-184
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 458

Dodd-Frank One Year On: Implications for Shadow Banking
Dodd-Frank: One Year On, ed. by Viral Acharya, Thomas Cooley, Matthew Richardson, and Ingo Walter, CEPR conference volume, pp. 59-65
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 533

The Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09
With Hyun Song Shin
Annual Review of Economics 2, September 2010, pp. 603-618
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 439

The Federal Reserve's Commercial Paper Funding Facility 
With Dina Marchioni and Karin Kimbrough
Federal Reserve Bank of New York Economic Policy Review 17(1), pp. 25-39 
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 423

Prices and Quantities in the Monetary Policy Transmission Mechanism 
With Hyun Song Shin
International Journal of Central Banking 5(4), pp. 131-142
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 396

The Shadow Banking System: Implications for Financial Regulation
With Hyun Song Shin
Banque de France Financial Stability Review 13, September 2009, pp. 1-10
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 382

The Federal Reserve's Primary Dealer Credit Facility
With Christopher R. Burke and James J. McAndrews
Federal Reserve Bank of New York Current Issues in Economics and Finance 15(4), August 2009 

Financial Intermediaries, Financial Stability, and Monetary Policy
With Hyun Song Shin
Jackson Hole Economic Symposium Proceedings, Federal Reserve Bank of Kansas City, pp. 287-334
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 346

Liquidity, Monetary Policy, and Financial Cycles
With Hyun Song Shin
Current Issues in Economics and Finance 14(1), January/February 2008

Liquidity and Financial Contagion
With Hyun Song Shin
Financial Stability Review - Special Issue on Liquidity, Banque de France 11, February 2008

Measuring Risk in the Hedge Fund Sector
Federal Reserve Bank of New York Current Issues in Economics and Finance 13(3), March/April 2007

What Financing Data Reveal about Dealer Leverage
With Michael Fleming
Federal Reserve Bank of New York Current Issues in Economics and Finance 11(3), March 2005