This book offers a look at equity markets and what they have experienced since the 1997 Order Handling Rules were instituted. Specifically, it examines the tremendous technology innovation, intensified competition between an expanding set of alternative trading venues, and continuing regulatory...

Two primary drivers have transformed the equity markets in recent years: technological advances and regulatory initiatives. How does modern, electronic technology facilitate trading, and to what extent does it present new challenges? How does regulation adjust to the changing structure of the...

Quality of Our Financial Markets -- High Frequency Trading: Friend or Foe? -- Mid-Day Address -- May 6: Lessons Learned and Questions Raised -- The Needs of the Buyside: How Well are They Being Met? -- New Technology: What Does it Bring to the Table? -- Closing Address

The small decline in the value of mortgage-related assets relative to the large total losses associated with the financial crisis suggests the presence of financial amplification mechanisms, which allow relatively small shocks to propagate through the financial system. We review the literature...

This article describes the Federal Reserve’s monetary policy operating framework prior to the expansion of the Fed’s balance sheet during the financial crisis. To implement the Fed’s mandate of promoting price stability consistent with full employment, the Federal Open Market Committee...