Remarks at the Partnership for New York City Discussion, New York City.

Remarks at the Council of Society Business Economists Annual Dinner, London, United Kingdom.

Remarks hosted by the Institute of Regulation & Risk North Asia, Hong Kong

Testimony before the Financial Crisis Inquiry Commission, Washington, D.C.

Remarks at the Council on Foreign Relations Corporate Conference 2009, New York City.

Remarks hosted by the Institute of Regulation & Risk North Asia, Tokyo, Japan.

Remarks at the Reserve Bank of Australia's 50th Anniversary Symposium, Sydney, Australia.

We describe and evaluate the measures taken by the U.S. government to rescue Fannie Mae and Freddie Mac in September 2008. We begin by outlining the business model of these two firms and their role in the U.S. housing finance system. Our focus then turns to the sources of financial distress that...

Pierret (2015) presents empirical analysis of the solvency-liquidity nexus for the banking system, documenting that a shock to the level of banks’ solvency risk is followed by lower short-term debt. Conversely, higher short-term debt Granger-causes higher solvency risk. These results point...

While the balance sheet structure of U.S. banks influences how they respond to liquidity risks, the mechanisms for the effects on and consequences for lending vary widely across banks. We demonstrate fundamental differences across banks without foreign affiliates versus those with foreign...