This paper examines the effects of the Federal Reserve's Term Auction Facility (TAF) on the London Inter-Bank Offered Rate (LIBOR). The particular question investigated is whether the announcements and operations of the TAF are associated with downward shifts of the LIBOR; such an association...

The quantity of reserves in the U.S. banking system has risen dramatically since September 2008. Some commentators have expressed concern that this pattern indicates that the Federal Reserve's liquidity facilities have been ineffective in promoting the flow of credit to firms and households....

We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors,...

Introductory Remarks for the Panel Discussion Sponsored by the Heller-Hurwicz Economics Institute and the Economic Club of Minnesota at the University of Minnesota, Minneapolis.

Remarks at the Global Association of Risk Professionals 12th Annual Risk Management Convention, New York City.

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

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

Remarks at the Future of Banking Regulation and Supervision in the EU Conference, Frankfurt, Germany.

Remarks at Cornell University, Ithaca, New York.