Unique and proprietary data of the illiquid, one-year non cancelable for three month Bermudan swaps (1Y NC 3M swaps) and one-year non callable for three months Bermudan CDs (1Y NC 3M CDs), provides evidence of market efficiency. The 1Y NC 3M swap and 1Y NC 3M CD markets efficiently reflected...

The financial crisis of 2007-2008 led to extraordinary government intervention in firms and markets. The scope and depth of government action rivaled that of the Great Depression. Many traded markets experienced dramatic declines in liquidity leading to the existence of conditions normally...

Inflation has completed a virtual 4-decade ?roundtrip?, receding to levels not seen since the early-1960s. Based on measures favored by the Federal Reserve, it is well within the Fed?s long-run objective. But now is not the time to be complacent about inflation. Recent data suggest that core...

The Enron debacle has produced an out-pouring of soul-searching by Congress and the media about the state of corporate governance and remedies for perceived ills. While this dithering continues, corporate boards and CEOs as well as their accountants and lawyers already are reacting to pressures...

In 2000, in 20 buyback operations, the Treasury purchased a total of $30 billion of par value marketable debt that it had previously issued, with maturities ranging from 12 to 27 years. In each of the first two quarters of 2001, it will purchase, in two buyback operations per month, about $9...

Este trabajo estudia el contenido de los discursos de los funcionarios de la Fed, poniendo el foco en la estabilidad financiera, desde 1997 hasta 2018. En él se desarrollan indicadores que miden tanto la intensidad como el tono de los discursos de los miembros de la Junta de Gobernadores y los...

Summary of Banco de España Working Paper no. 2110

The ECB Working Paper Series seeks to disseminate economic research on issues that are relevant to the various tasks and functions of the ECB. The Series invites submissions of research work by ECB staff and visitors. Papers by researchers not affiliated with the ECB may also be considered for...