Details about Gara M. Afonso

Access statistics for papers by Gara M. Afonso.

Last updated 2023-02-24. Update your information in the RePEc Author Service.

Short-id: paf14

Working Papers

2024

1. A New Set of Indicators of Reserve Ampleness
   Liberty Street Economics, Federal Reserve Bank of New York
2. When Are Central Bank Reserves Ample?
   Liberty Street Economics, Federal Reserve Bank of New York
3. Who Is Borrowing and Lending in the Eurodollar and Selected Deposit Markets?
   Liberty Street Economics, Federal Reserve Bank of New York

2023

4. Banks’ Balance-Sheet Costs and ON RRP Investment
   Liberty Street Economics, Federal Reserve Bank of New York
5. Dropping Like a Stone: ON RRP Take-up in the Second Half of 2023
   Liberty Street Economics, Federal Reserve Bank of New York
6. Monetary Policy Implementation with Ample Reserves
   FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta
7. Monetary Policy Transmission and the Size of the Money Market Fund Industry: An Update
   Liberty Street Economics, Federal Reserve Bank of New York
8. The Federal Reserve’s Two Key Rates: Similar but Not the Same?
   Liberty Street Economics, Federal Reserve Bank of New York
9. The Optimal Supply of Central Bank Reserves under Uncertainty
   Working Paper Series, Federal Reserve Bank of San Francisco
   Also in Staff Reports, Federal Reserve Bank of New York (2023)
10. Treasury Bill Supply and ON RRP Investment
    Liberty Street Economics, Federal Reserve Bank of New York
11. Who’s Borrowing and Lending in the Fed Funds Market Today?
    Liberty Street Economics, Federal Reserve Bank of New York

2022

12. Banks’ Balance-Sheet Costs, Monetary Policy, and the ON RRP
    Staff Reports, Federal Reserve Bank of New York View citations (1)
13. How Abundant Are Reserves? Evidence from the Wholesale Payment System
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    Also in Staff Reports, Federal Reserve Bank of New York (2022) View citations (2)
14. How the Fed Adjusts the Fed Funds Rate within Its Target Range
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
15. How the Federal Reserve’s Monetary Policy Implementation Framework Has Evolved
    Liberty Street Economics, Federal Reserve Bank of New York
16. How the Fed’s Overnight Reverse Repo Facility Works
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
17. Measuring the Ampleness of Reserves
    Liberty Street Economics, Federal Reserve Bank of New York
18. Scarce, Abundant, or Ample? A Time-Varying Model of the Reserve Demand Curve
    Staff Reports, Federal Reserve Bank of New York
19. The Fed’s Latest Tool: A Standing Repo Facility
    Liberty Street Economics, Federal Reserve Bank of New York

2020

20. A New Reserves Regime? COVID-19 and the Federal Reserve Balance Sheet
    Liberty Street Economics, Federal Reserve Bank of New York
21. How Bank Reserves Are Distributed Matters. How You Measure Their Distribution Matters Too
    Liberty Street Economics, Federal Reserve Bank of New York
22. Monetary Policy Implementation With an Ample Supply of Reserves
    Working Paper Series, Federal Reserve Bank of Chicago View citations (4)
    Also in Staff Reports, Federal Reserve Bank of New York (2020) View citations (5)
    Working Paper Series, Federal Reserve Bank of Chicago (2020) View citations (3)
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2020) View citations (4)
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2020) View citations (4)
23. The Market Events of Mid-September 2019
    Staff Reports, Federal Reserve Bank of New York View citations (6)
    See also Journal Article The Market Events of Mid-September 2019, Economic Policy Review, Federal Reserve Bank of New York (2021) (2021)

2019

24. Coming to Terms with Operational Risk
    Liberty Street Economics, Federal Reserve Bank of New York View citations (3)
25. From Policy Rates to Market Rates—Untangling the U.S. Dollar Funding Market
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)

2018

26. A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow
    Working Papers, Federal Reserve Bank of Philadelphia View citations (2)
    Also in Staff Reports, Federal Reserve Bank of New York (2018) View citations (1)
    See also Journal Article A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2019) View citations (18) (2019)
27. Did the Dodd-Frank Act End ‘Too Big to Fail’?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
28. Size Is Not All: Distribution of Bank Reserves and Fed Funds Dynamics
    Liberty Street Economics, Federal Reserve Bank of New York

2017

29. Mission Almost Impossible: Developing a Simple Measure of Pass-Through Efficiency
    Liberty Street Economics, Federal Reserve Bank of New York View citations (2)

2016

30. How Have High Reserves and New Policy Tools Reshaped the Fed Funds Market?
    Liberty Street Economics, Federal Reserve Bank of New York

2015

31. What Do Bond Markets Think about \\"Too-Big-to-Fail\\" Since Dodd-Frank?
    Liberty Street Economics, Federal Reserve Bank of New York
32. What Do Rating Agencies Think about “Too-Big-to-Fail” since Dodd-Frank
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)

2014

33. An Empirical Study of Trade Dynamics in the Fed Funds Market
    Working Papers, Federal Reserve Bank of Minneapolis View citations (12)
34. Do “Too-Big-To-Fail” Banks Take On More Risk?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (10)
35. The Over-the-Counter Theory of the Fed Funds Market: A Primer
    Working Papers, Federal Reserve Bank of Minneapolis View citations (6)
    Also in Staff Reports, Federal Reserve Bank of New York (2014) View citations (2)
36. Trade Dynamics in the Market for Federal Funds
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (43)
    Also in Staff Reports, Federal Reserve Bank of New York (2012) View citations (64)
    Working Papers, Federal Reserve Bank of Minneapolis (2014) View citations (20)

2013

37. How do global banks scramble for liquidity? Evidence from the asset-backed commercial paper freeze of 2007
    Staff Reports, Federal Reserve Bank of New York View citations (16)
38. Trading Partners in the Interbank Lending Market
    Staff Reports, Federal Reserve Bank of New York View citations (59)
39. Who’s Borrowing in the Fed Funds Market?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (5)
40. Who’s Lending in the Federal Funds Market?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (5)

2012

41. An empirical study of trade dynamics in the interbank market
    Staff Reports, Federal Reserve Bank of New York View citations (11)
42. Why (or Why Not) Keep Paying Interest on Excess Reserves?
    Liberty Street Economics, Federal Reserve Bank of New York

2011

43. When Do Trade Frictions Increase Liquidity?
    Liberty Street Economics, Federal Reserve Bank of New York

2010

44. Stressed not Frozen: The Fed Funds Market in the Financial Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (27)
45. Stressed, not frozen: the Federal Funds market in the financial crisis
    Staff Reports, Federal Reserve Bank of New York View citations (65)
    See also Journal Article Stressed, Not Frozen: The Federal Funds Market in the Financial Crisis, Journal of Finance, American Finance Association (2011) View citations (342) (2011)

2008

46. Liquidity and congestion
    Staff Reports, Federal Reserve Bank of New York View citations (7)
    See also Journal Article Liquidity and congestion, Journal of Financial Intermediation, Elsevier (2011) View citations (30) (2011)
47. Precautionary Demand and Liquidity in Payment Systems
    Staff Reports, Federal Reserve Bank of New York View citations (19)

2006

48. Imperfect Common Knowledge in First Generation Models of Currency Crises
    FMG Discussion Papers, Financial Markets Group View citations (1)
    See also Journal Article Imperfect Common Knowledge in First-Generation Models of Currency Crises, International Journal of Central Banking, International Journal of Central Banking (2007) View citations (6) (2007)

Journal Articles

2021

1. The Market Events of Mid-September 2019
   Economic Policy Review, 2021, 27, (2), 26
   See also Working Paper The Market Events of Mid-September 2019, Staff Reports (2020) View citations (6) (2020)

2019

2. A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow
   Review of Economic Dynamics, 2019, 33, 177-204 View citations (18)
   See also Working Paper A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow, Working Papers (2018) View citations (2) (2018)

2014

3. Do \\"Too-Big-to-Fail\\" banks take on more risk?
   Economic Policy Review, 2014, (Dec), 41-58 View citations (25)

2011

4. Liquidity and congestion
   Journal of Financial Intermediation, 2011, 20, (3), 324-360 View citations (30)
   See also Working Paper Liquidity and congestion, Staff Reports (2008) View citations (7) (2008)
5. Stressed, Not Frozen: The Federal Funds Market in the Financial Crisis
   Journal of Finance, 2011, 66, (4), 1109-1139 View citations (342)
   See also Working Paper Stressed, not frozen: the Federal Funds market in the financial crisis, Staff Reports (2010) View citations (65) (2010)

2007

6. Imperfect Common Knowledge in First-Generation Models of Currency Crises
   International Journal of Central Banking, 2007, 3, (1), 81-112 View citations (6)
   See also Working Paper Imperfect Common Knowledge in First Generation Models of Currency Crises, FMG Discussion Papers (2006) View citations (1) (2006)