Policy Papers

With Nellie Liang 
International Journal of Central Banking 14(1), January 2018, pp. 73-131 
Previously circulated as Federal Reserve Bank of New York Staff Reports, Number 690

With Michael Fleming, Or Shachar and Erik Vogt
Annual Review of Financial Economics 9, November 2017, pp. 43-83

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 23(1), February 2017, pp. 1-30

International Journal of Central Banking 11(3)June 2015, pp. 229-240 

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


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

International Journal of Central Banking 9(1), January 2013, 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

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

With Zoltan Pozsar, Adam Ashcraft, and Hayley Boesky
Federal Reserve Bank of New York Economic Policy Review 19(2)

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), December 2009, 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