Found 44 article(s) for author 'Jeremy Stein'

The Fire-Sales Problem and Securities Financing Transactions

The Fire-Sales Problem and Securities Financing Transactions. Jeremy Stein, October 4, 2013, Opinion. “Thank you. It’s a pleasure to be here at this workshop. In an effort to provide some broad framing for the sessions to follow, I thought I would try to do three things in my opening remarks. First, I will briefly discuss the welfare economics of fire sales. That is, I will try to make clear when a forced sale of an asset is not just an event that leads to prices being driven below long-run fundamental values, but also one that involves a market failure…” Link Verified October 12, 2014

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Yield-Oriented Investors and the Monetary Transmission Mechanism

Yield-Oriented Investors and the Monetary Transmission Mechanism. Jeremy Stein, September 26, 2013, Opinion. “Let me start by thanking the organizers for including me in this event. It’s a great pleasure to be here with other old friends and colleagues to pay tribute to Raghu, and to congratulate him not only on winning the Deutsche Bank prize for Financial Economics, but also on his new job as governor of the Reserve Bank of India…” Link Verified October 12, 2014

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Comments on Monetary Policy

Comments on Monetary Policy. Jeremy Stein, June 28, 2013, Opinion. “Thank you very much. It’s a pleasure for me to be here at the Council on Foreign Relations, and I look forward to our conversation. To get things going, I thought I would start with some brief remarks on the current state of play in monetary policy. As you know, at the Federal Open Market Committee (FOMC) meeting last week, we opted to keep our asset purchase program running at the rate of $85 billion per month…” Link Verified October 13, 2014

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Liquidity Regulation and Central Banking

Liquidity Regulation and Central Banking. Jeremy Stein, April 19, 2013, Opinion. “I’d like to talk today about one important element of the international regulatory reform agenda–namely, liquidity regulation. Liquidity regulation is a relatively new, post-crisis addition to the financial stability toolkit. Key elements include the Liquidity Coverage Ratio (LCR), which was recently finalized by the Basel Committee on Banking Supervision, and the Net Stable Funding Ratio, which is still a work in progress. In what follows, I will focus on the LCR…” Link Verified October 13. 2014

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2013 Credit Markets Symposium: Jeremy C. Stein — Keynote

2013 Credit Markets Symposium: Jeremy C. Stein — Keynote. Jeremy Stein, April 19, 2013, Video. “Jeremy C. Stein, member of the Board of Governors of the Federal Reserve System, provided a keynote address on liquidity regulation at the seventh annual Credit Markets Symposium hosted by the Richmond Fed. The event convened market participants, risk management professionals, policymakers and regulators to discuss critical and emerging credit market topics at the Richmond Fed’s Charlotte, N.C. office April 18-19, 2013…” Link Verified October 12, 2014

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Regulating Large Financial Institutions

Regulating Large Financial Institutions. Jeremy Stein, April 17, 2013, Opinion. “Thank you. I’m delighted to be here, and want to thank the International Monetary Fund and the organizers of the conference for including me in a discussion of these important topics. I will focus my remarks today on the ongoing regulatory challenges associated with large, systemically important financial institutions, or SIFIs. In part, this focus amounts to asking a question that seems to be on everyone’s mind these days: Where do we stand with respect to fixing the problem of “too big to fail” (TBTF)?…” Link

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Overheating in Credit Markets: Origins, Measurement, and Policy Responses

Overheating in Credit Markets: Origins, Measurement, and Policy Responses. Jeremy Stein, February 7, 2013, Opinion. “Thank you very much. It’s a pleasure to be here. The question I’d like to address today is this: What factors lead to overheating episodes in credit markets? In other words, why do we periodically observe credit booms, times during which lending standards appear to become lax and which tend to be followed by low returns on credit instruments relative to other asset classes?…” Link Verified October 13, 2014

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Dollar Funding and the Lending Behavior of Global Banks

Dollar Funding and the Lending Behavior of Global Banks. Jeremy Stein, Victoria Ivashina, David Scharfstein, November 2012, Paper. “A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because these banks rely on wholesale dollar funding, while raising more of their euro funding through insured retail deposits, the shock leads to a greater withdrawal of dollar funding. Banks can borrow in euros and swap into dollars to make…” (May require user account or purchase) Link

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The Optimal Conduct of Monetary Policy with Interest on Reserves

The Optimal Conduct of Monetary Policy with Interest on Reserves. Jeremy Stein, January 2012, Paper. “In a world with interest on reserves, the central bank has two distinct tools that it can use to raise the short-term policy rate: it can either increase the interest it pays on reserve balances, or it can reduce the quantity of reserves in the system. We argue that by using both of these tools together, and by broadening the scope of reserve requirements, the central bank can simultaneously pursue two objectives: it can manage the inflation-output tradeoff using a Taylor-type rule, and it can regulate the externalities…” (May require user account or purchase) Link

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