Policy and Testimony
"Why the leverage ratio distorts market-making," Risk, January 3, 2017.
"Passthrough Efficiency in the Fed’s New Monetary Policy Setting" (with Arvind Krishnamurthy), paper invited for presentation at the Jackson Hole Symposium of the Federal Reserve Bank of Kansas City, August 26, 2016. Bloomberg radio interview (audio), August 30, 2016.
"Financial Regulatory Reform After the Crisis: An Assessment," forthcoming, Management Science, paper invited for presentation to the 2016 ECB Forum on Central Banking, Sintra, Portugal, June, 2016 (presentation slides; presentation video, beginning at minute 5:00).
"Systemic Risk in Financial Systems and Capital Markets in Relationship with the Proposed Draft Capital Markets Stability Act," Expert Report submitted to Canada's Department of Justice, May 2016.
"Submission in Response to U.S. Treasury Notice Seeking Public Comment on the Evolution of the Treasury Market Structure," Graduate School of Business, Stanford University, April, 2016.
CFTC Roundtable on Made Available for Trade Determinations, July 15, 2015. Video. (Prepared remarks start at 1 hour, 14 minutes.)
"Discussion of John Cochrane's, 'A New Structure for U.S. Federal Debt,' " forthcoming in The $13 Trillion Dollar Question: Managing the U.S. Federal Debt, edited by David Wessel, Brookings Institution Press, 2015.
"Resolution of Failing Central Counterparties," in Making Failure Feasible: How Bankruptcy Reform Can End 'Too Big To Fail', edited by Thomas Jackson, Kenneth Scott and John E. Taylor, Hoover Institution Press, 2015.
"Reforming LIBOR and Other Financial-Market Benchmarks" (with Jeremy Stein), Journal of Economic Perspectives, Volume 29 (Spring 2015), pp. 191-212.
“Systemic Risk Exposures: A 10-by-10-by-10 Approach,” in Systemic Risk and Macro Modeling, Markus K. Brunnermeier and Arvind Krishnamurthy, editors, University of Chicago Press, 2014.
"Market Participants Group on Reforming Interest Rate Benchmarks, Final Report" (with the Market Participants Group), Financial Stability Board, March 2014.
"Financial Market Infrastructure: Too Important to Fail," in The U.S. Financial System – Five Years After the Crisis, edited by Martin Bailey and John Taylor, Hoover Institution and Brookings Institute, 2014.
"A Sampling-Window Approach to Transactions-Based Libor Fixing" (with David Skeie and James Vickery), Federal Reserve Bank of New York Staff Report Number 513, February 2013.
"Replumbing Our Financial System — Uneven Progress," International Journal of Central Banking 2013, Volume 9, Supplement 1: 251-280.
"Drawing Boundaries Around and Through the Banking System," Chapter 1.2, World Economic Forum, Financial Development Report, October 31, 2012.
"Key Mechanics of the U.S. Tri-Party Repo Market" (with Adam Copeland, Antoine Martin, and Susan McLaughlin), Economic Policy Review of the Federal Reserve Bank of New York, October, 2012.
Interview, The Region, Federal Reserve Bank of Minneapolis, June, 2012.
"Market Making Under the Proposed Volcker Rule," a report to the Securities Industry and Financial Markets Association and a submission to the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Securities and Exchange Commission, January, 2012, Graduate School of Business, Stanford University.
"A Dialogue on the Costs and Benefits of Automatic Stays for Derivatives and Repurchase Agreements" (with David Skeel), U of Penn, Inst for Law & Econ Research Paper No. 12-02, January 2012. Forthcoming in Bankruptcy Not Bailout: A Special Chapter 14, edited by Kenneth E. Scott and John B. Taylor, Hoover Press, 2012.
"After MF Global: How to Protect Customers' Cash" (with Joseph Grundfest), Financial Times, December 6, 2011.
"On the Clearing of Foreign Exchange Derivatives," Graduate School of Business, Stanford University, May 2011. Comment on U.S. Treasury, "Determination of Foreign Exchange Swaps and Foreign Exchange Forwards under the Commodity Exchange Act," April, 2011.
The Squam Lake Report: Fixing the Financial System, Princeton University Press, 2010.
How Big Banks Fail: and What To Do About It, Princeton University Press, 2010.
"Does a Central Clearing Counterparty Reduce Counterparty Risk?" (with Haoxiang Zhu), Review of Asset Pricing Studies 2011, Volume 1: 74-95.
"Is There a Case for Banning Short Speculation in Sovereign Bond Markets?" Banque de France Financial Stability Review, Number 14 – Financial Innovation and Stability, July 2010, pp. 55-59.
Testimony to United States House of Representatives, Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, "Credit Default Swaps on Government Debt: Potential Implications of the Greek Debt Crisis," Hearing of April 29, 2010.
SEC v. Goldman Sachs: Analyzing the Complaint Regarding the ABACUS 2007 AC-1 Deal (slides and video from a presentation with Professor Joseph Grundfest), April, 2010.
"In Defense of Financial Speculation," Wall Street Journal, February 24, 2010.
"Policy Perspectives on OTC Derivatives Market Infrastructure" (with Ada Li and Theo Lubke), Staff Report Number 424, Federal Reserve Bank of New York, January, 2010.
"The Failure Mechanics of Dealer Banks," Journal of Economic Perspectives 2010, Volume 24: 51-72.
"Contractual Methods for Out-of-Court Restructuring of Systemically Important Financial Institutions," Submission requested by the U.S. Treasury Working Group on Bank Capital, PRELIMINARY DRAFT: November 9, 2009, Stanford University.
"How Should We Regulate Derivatives Markets," Briefing Paper Number 5, The Pew Financial Reform Project, 2009.
Policy Issues Facing the Market for Credit Derivatives in The Road Ahead for the Fed, edited by John D. Ciorciari and John B. Taylor, Hoover Institution Press, 2009.
"Competing for a Share of the Global Derivatives Market: Trends and Policy Choices for the United States" (with Henry T.C. Hu), Working Paper, Graduate School of Business, Stanford University, 2008.
Senate Testimony on Credit Derivatives, July, 2008.