Economic Policy Review

1995 - 2025

From Federal Reserve Bank of New York
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Introduction and appendix to Behavioral Risk Management in the Financial Services Industry: The Role of Culture, Governance, and Financial Reporting pp. 1-2: Hamid Mehran
Corporate culture in banking pp. 5-16: Anjan Thakor
The Gordon Gekko effect: the role of culture in the financial industry pp. 17-42: Andrew Lo
Risk management, governance, culture, and risk taking in banks pp. 43-60: René Stulz
Deferred cash compensation: enhancing stability in the financial services industry pp. 61-75: Hamid Mehran and Joseph Tracy
Cash holdings and bank compensation pp. 77-83: Viral Acharya, Hamid Mehran and Rangarajan K. Sundaram
Bank corporate governance: a proposal for the post-crisis world pp. 85-105: Jonathan R. Macey and Maureen O'Hara
The role of financial reporting and transparency in corporate governance pp. 107-128: Christopher S. Armstrong, Wayne R. Guay, Hamid Mehran and Joseph P. Weber
Transparency, accounting discretion, and bank stability pp. 129-149: Robert M. Bushman
Public disclosure and risk-adjusted performance at bank holding companies pp. 151-173: Beverly Hirtle

Introduction [to A Primer on the GCF Repo® Service] pp. 1-6: Adam Copeland
The financial plumbing of the GCF Repo® Service pp. 7-24: Paul Agueci, Leyla Alkan, Adam Copeland, Kate Pingitore, Caroline Prugar and Tyisha Rivas
An empirical analysis of the GCF Repo® Service pp. 25-37: Adam Copeland, Isaac Davis and Antoine Martin
The equity risk premium: a review of models pp. 39-57: Fernando Duarte and Carlo Rosa

Challenges in identifying interbank loans pp. 1-17: Olivier Armantier and Adam Copeland
Do we know what we owe? Consumer debt as reported by borrowers and lenders pp. 19-44: Meta Brown, Andrew Haughwout, Donghoon Lee and Wilbert van der Klaauw

The Great Recession’s impact on school district finances in New York State pp. 45-66: Rajashri Chakrabarti, Max Livingston and Elizabeth Setren

Do big banks have lower operating costs? pp. 1-27: Anna Kovner, James Vickery and Lily Zhou
Evidence from the bond market on banks’ “Too-Big-to-Fail” subsidy pp. 29-39: Joao Santos
Do \\"Too-Big-to-Fail\\" banks take on more risk? pp. 41-58: Gara Afonso, Joao Santos and James Traina
Components of U.S. financial sector growth, 1950-2013 pp. 59-83: Samuel Antill, David Hou and Asani Sarkar
Evolution in bank complexity pp. 85-106: Nicola Cetorelli, James McAndrews and James Traina
Measures of global bank complexity pp. 107-126: Nicola Cetorelli and Linda Goldberg
Matching collateral supply and financing demands in dealer banks pp. 127-151: Adam Kirk, James McAndrews, Parinitha Sastry and Phillip Weed
Bank resolution concepts, trade-offs, and changes in practices pp. 153-173: Phoebe White and Tanju Yorulmazer
Why bail-in? And how! pp. 207-228: Joseph H. Sommer
What makes large bank failures so messy and what should be done about it? pp. 229-244: James McAndrews, Donald Morgan, Joao Santos and Tanju Yorulmazer

Literature review on the stability of funding models pp. 3-16: Tanju Yorulmazer
Case studies on disruptions during the crisis pp. 17-28: Tanju Yorulmazer
Stability of funding models: an analytical framework pp. 29-47: Thomas Eisenbach, Todd Keister, James McAndrews and Tanju Yorulmazer

TBA trading and liquidity in the agency MBS market pp. 1-18: James Vickery and Joshua Wright
Unintended consequences of school accountability policies: evidence from Florida and implications for New York pp. 19-44: Rajashri Chakrabarti and Noah Schwartz
Trading activity and price transparency in the inflation swap market pp. 45-57: Michael Fleming and John Sporn

Shadow banking pp. 1-16: Tobias Adrian, Adam Ashcraft, Hayley Boesky and Zoltan Pozsar
The rising gap between primary and secondary mortgage rates pp. 17-39: Andreas Fuster, Laurie Goodman, David Lucca, Laurel Madar, Linsey Molloy and Paul Willen
Precarious slopes? The Great Recession, federal stimulus, and New Jersey schools pp. 41-65: Rajashri Chakrabarti and Sarah Sutherland
The financial market effect of FOMC minutes pp. 67-81: Carlo Rosa
The failure resolution of Lehman Brothers pp. 175-206: Michael Fleming and Asani Sarkar

Housing busts and household mobility: an update pp. 1-15: Fernando Ferreira, Joseph Gyourko and Joseph Tracy
Explaining the U.S. tri-party repo market pp. 17-28: Adam Copeland, Darrell Duffie, Antoine Martin and Susan McLaughlin
The Federal Reserve’s Term Asset-Backed Securities Loan Facility pp. 29-66: Adam Ashcraft, Allan M. Malz and Zoltan Pozsar

The evolution of banks and financial intermediation: framing the analysis pp. 1-12: Nicola Cetorelli, Benjamin H. Mandel and Lindsay Mollineaux

Settlement liquidity and monetary policy implementation—lessons from the financial crisis pp. 3-20: Morten Bech, Antoine Martin and James McAndrews
The microstructure of the TIPS market pp. 27-45: Michael Fleming and Neel Krishnan
Subprime foreclosures and the 2005 bankruptcy reform pp. 47-57: Matthew Botsch, Benjamin Iverson and Donald Morgan

Regulation’s role in bank changes pp. 13-20: Peter Olson
The rise of the originate-to-distribute model and the role of banks in financial intermediation pp. 21-34: Vitaly M. Bord and Joao Santos

The Role of bank credit enhancements in securitization pp. 35-46: Benjamin H. Mandel, Donald Morgan and Chenyang Wei
A Structural view of U.S. bank holding companies pp. 65-81: Dafna Avraham, Patricia Selvaggi and James Vickery

Overview pp. 1-2: Patricia C. Mosser
Central bank dollar swap lines and overseas dollar funding costs pp. 3-20: Linda Goldberg, Craig Kennedy and Jason Miu
Commentary to: Central bank dollar swap lines and overseas dollar funding costs pp. 21-23: Stijn Claessens
The Federal Reserve’s Commercial Paper Funding Facility pp. 25-39: Tobias Adrian, Karin Kimbrough and Dina Tavares Marchioni
Large-scale asset purchases by the Federal Reserve: did they work? pp. 41-59: Joseph Gagnon, Matthew Raskin, Julie Remache and Brian P. Sack