Jun 30, 2016

TAF: The Cure-All for Stigma?

Stigma has long inhibited use of the Federal Reserve's discount window. The Fed's Term Auction Facility (TAF) overcame stigma during the recent crisis. Notes from the Vault discusses the reasons for the TAF's success and some implications for the future.

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Jun 02, 2016

An Expert Explains High-Frequency Trading

6/2/2016 - An unprecedented call for liquidity in the markets after the financial crisis was a factor that led to high-frequency trading, according to an expert from Tradeworx, a financial technology company. Learn more by listening to this episode.

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May 31, 2016

Getting a Grip on Liquidity: Conference Takeaways

The Atlanta Fed's recent Financial Markets Conference analyzed liquidity from the perspective of markets, institutions, and central banks. Notes from the Vault discusses three takeaways from the conference related to improvements in measuring liquidity and the impacts of regulation and technology on liquidity.

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Apr 29, 2016

Ending Too Big to Fail: Lessons from Continental Illinois

Some analysts have recently called for structural changes to the banking industry to end too big to fail (TBTF). Notes from the Vault looks back at the 1984 TBTF treatment of Continental Illinois to see whether these structural measures would have prevented the bailout.

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Mar 31, 2016

Getting a Grip on Liquidity

Liquidity is a slippery concept but one that has important implications for the financial system. This Notes from the Vault post highlights some of the liquidity related issues that will be discussed in our upcoming Financial Markets Conference, Getting a Grip on Liquidity: Markets, Institutions, and Central Banks.

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Feb 29, 2016

Stress Testing with the Help of Bayes' Theorem

Bank stress tests require forecasting income statements and capital ratios under extreme economic assumptions. These assumptions often go beyond historical experience, which makes sound forecasting with a quantitative model difficult. This Notes from the Vault post explains how Bayes' theorem can help deal with these extreme assumptions, resulting in better forecasts.

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Jan 29, 2016

The Role of Intermediary Competition in Government Interventions: The Case of HARP

The federal government, Fannie Mae, and Freddie Mac developed the Home Affordable Refinance Program (HARP) to help distressed mortgage borrowers. Notes from the Vault shows that HARP initially gave a competitive advantage to current servicers, which resulted in limited competition.

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