Policy and Testimony
"The Federal Reserve Is Too Cautious on Quantitative Tightening," Opinion, Wall Street Journal, June 3, 2024.
"Silicon Valley Bank and Beyond: Regulating for Liquidity," in Getting Monetary Policy Back on Track, edited by Michael Bordo, John Cochrane, and John Taylor, Hoover Press, April, 2024, pages 71-78.
"Comment to bank regulators on Proposed Rule: Regulatory Capital Rule: Large Banking Organizations and Banking Organizations with Significant Trading Activity," January, 2024, joint letter with 28 academics.
Comment to the Securities and Exchange Commission on its proposed rule on the registration of government securities dealers, January 10, 2024.
Project Advisor, "Bank Failures and Contagion: Lender of Last Resort, Liquidity, and Risk Management," G30 Working Group on the 2023 Banking Crisis, Group of 30, Washington, D.C., January, 2024.
"Resilience Redux in the U.S. Treasury Market," in Structural Shifts in the Global Economy, A Symposium Sponsored by Federal Reserve Bank of Kansas, Jackson Hole, Wyoming, August, 2023, pages 77-119.
"How to Fix the World's Most Important Market," Odd Lots Podcast, Bloomberg, August 28, 2023.
"Global reliance on the dollar: Challenges and Policy Responses," speech, 2nd Annual International Roles of the U.S. Dollar Conference, Federal Reserve Bank of New York, May, 2023, Slides.
"Extreme Weather Risk in a Changing Climate: Enhancing prediction and protecting communities -- Report to the President," Executive Office of the President, President's Council of Advisors on Science and Technology, Working Group on Extreme Weather Risk in a Changing Climate, April, 2023.
"U.S. Treasury Markets: Steps Toward Increased Resilience Status Update 2022" (with Tim Geithner, Pat Parkinson, and Jeremy Stein), G30 Special Report, June, 2022.
Technology and Finance, with Thierry Foucault, Laura Veldkamp, and Xavier Vives, CEPR Press, 2022.
"Dollar Funding Stresses in China," with Laura Kodres and Leslie Sheng Shen, Policy Note, Graduate School of Business, Stanford University, May, 2022.
"The economics of US digital currency policy," Bies Lecture, Northwestern University, April, 2022.
"Can China Conquer Crypto? Beijing's Dangerous Quest to Control Digital Currencies," Foreign Affairs, April 22, 2022.
"Excited About a Digital Dollar? Not So Fast," Bloomberg News, March 9, 2022.
"Digital Currencies: The US, China, And The World At A Crossroads," co-edited with Elizabeth Economy, Hoover Press, March, 2022.
“Central Bank Digital Currencies,” Evidence session, Economic Affairs Committee, House of Lords, UK Parliament, October 12, 2021.
"What's Next for Digital Currencies," Barron's Live Podcast, July, 2021.
Project Advisor, "U.S. Treasury Markets: Steps Toward Increased Resilience," G30 Working Group on Treasury Market Liquidity, Group of 30, Washington, D.C., July, 2021.
Testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy hearing on “Building a Stronger Financial System: Opportunities of a Central Bank Digital Currency,” June 9, 2021.
"Treasury Market Structure," Podcast, Federal Reserve Bank of Chicago, interview of Barbara Novick, Lou Crandall, and Kenneth Garbade, January, 2021.
Project advisor, "Digital Currencies and Stablecoins: Risks, Opportunities, and Challenges Ahead," Working Group on Digital Currencies, Group of 30, Washington, D.C., July, 2020.
"Still the World’s Safe Haven? -- Redesigning the U.S. Treasury Market After the COVID- 19 Crisis," Hutchins Center Working Paper Number 62, Brookings Institution, May, 2020. [Slides] [Video of paper presentation at FutFinInfo 2020]
"Prone to Fail: The Pre-Crisis Financial System," Journal of Economic Perspectives, Volume 33 (2019), pages 81-106. (Slides)
"Swap Markets: Post LIBOR/EURIBOR," Speevr Video Interview, April 2018.
"Post-Crisis Bank Regulations and Financial Market Liquidity," Thirteenth Paolo Baffi Lecture on Money and Finance, Banca d'Italia, Eurosystem, March 2018.
"A Review of Financial Reform," Speevr Video Interview, April 2018.
"Notes on LIBOR Conversion," Graduate School of Business, Stanford University, January, 2018.
"What to do about Libor?" Risk, April 24, 2017.
"CCPs should prep to quash Sifi swap termination stays," Risk, February 22, 2017.
"Why the leverage ratio distorts market-making," Risk, January 3, 2017.
"Passthrough Efficiency in the Fed’s New Monetary Policy Setting" (with Arvind Krishnamurthy), in Richard A. Babson, editor, Designing Resilient Monetary Policy Frameworks for the Future, A Symposium Sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 25-27, 2016, Federal Reserve Bank of Kansas City, pages 21-102. Bloomberg radio interview (audio), August 30, 2016.
"Financial Regulatory Reform After the Crisis: An Assessment," Management Science, Volume 64 (2018), pages 4471-4965. Presented at 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,' " 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.
"Aligning Incentives at Systemically Important Financial Institutions," The Squam Lake Group, March, 2013.
"The Futurization of Swaps," Bloomberg Government, January 28, 2013. A Counterpoint to Commentary by Robert Litan, Bloomberg Government, January 14, 2013.
"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.
"SEC Beware, Money Funds Can Bring System Down," The Squam Lake Group, Bloomberg, April 18, 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.
"Reforming Money Market Funds," January, 2011, The Squam Lake Group.
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.
BankOne Case, Regarding Market Valuation of Swaps, 2001
"Silicon Valley Bank and Beyond: Regulating for Liquidity," in Getting Monetary Policy Back on Track, edited by Michael Bordo, John Cochrane, and John Taylor, Hoover Press, April, 2024, pages 71-78.
"Comment to bank regulators on Proposed Rule: Regulatory Capital Rule: Large Banking Organizations and Banking Organizations with Significant Trading Activity," January, 2024, joint letter with 28 academics.
Comment to the Securities and Exchange Commission on its proposed rule on the registration of government securities dealers, January 10, 2024.
Project Advisor, "Bank Failures and Contagion: Lender of Last Resort, Liquidity, and Risk Management," G30 Working Group on the 2023 Banking Crisis, Group of 30, Washington, D.C., January, 2024.
"Resilience Redux in the U.S. Treasury Market," in Structural Shifts in the Global Economy, A Symposium Sponsored by Federal Reserve Bank of Kansas, Jackson Hole, Wyoming, August, 2023, pages 77-119.
"How to Fix the World's Most Important Market," Odd Lots Podcast, Bloomberg, August 28, 2023.
"Global reliance on the dollar: Challenges and Policy Responses," speech, 2nd Annual International Roles of the U.S. Dollar Conference, Federal Reserve Bank of New York, May, 2023, Slides.
"Extreme Weather Risk in a Changing Climate: Enhancing prediction and protecting communities -- Report to the President," Executive Office of the President, President's Council of Advisors on Science and Technology, Working Group on Extreme Weather Risk in a Changing Climate, April, 2023.
"U.S. Treasury Markets: Steps Toward Increased Resilience Status Update 2022" (with Tim Geithner, Pat Parkinson, and Jeremy Stein), G30 Special Report, June, 2022.
Technology and Finance, with Thierry Foucault, Laura Veldkamp, and Xavier Vives, CEPR Press, 2022.
"Dollar Funding Stresses in China," with Laura Kodres and Leslie Sheng Shen, Policy Note, Graduate School of Business, Stanford University, May, 2022.
"The economics of US digital currency policy," Bies Lecture, Northwestern University, April, 2022.
"Can China Conquer Crypto? Beijing's Dangerous Quest to Control Digital Currencies," Foreign Affairs, April 22, 2022.
"Excited About a Digital Dollar? Not So Fast," Bloomberg News, March 9, 2022.
"Digital Currencies: The US, China, And The World At A Crossroads," co-edited with Elizabeth Economy, Hoover Press, March, 2022.
“Central Bank Digital Currencies,” Evidence session, Economic Affairs Committee, House of Lords, UK Parliament, October 12, 2021.
"What's Next for Digital Currencies," Barron's Live Podcast, July, 2021.
Project Advisor, "U.S. Treasury Markets: Steps Toward Increased Resilience," G30 Working Group on Treasury Market Liquidity, Group of 30, Washington, D.C., July, 2021.
Testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy hearing on “Building a Stronger Financial System: Opportunities of a Central Bank Digital Currency,” June 9, 2021.
"Treasury Market Structure," Podcast, Federal Reserve Bank of Chicago, interview of Barbara Novick, Lou Crandall, and Kenneth Garbade, January, 2021.
Project advisor, "Digital Currencies and Stablecoins: Risks, Opportunities, and Challenges Ahead," Working Group on Digital Currencies, Group of 30, Washington, D.C., July, 2020.
"Still the World’s Safe Haven? -- Redesigning the U.S. Treasury Market After the COVID- 19 Crisis," Hutchins Center Working Paper Number 62, Brookings Institution, May, 2020. [Slides] [Video of paper presentation at FutFinInfo 2020]
"Prone to Fail: The Pre-Crisis Financial System," Journal of Economic Perspectives, Volume 33 (2019), pages 81-106. (Slides)
"Swap Markets: Post LIBOR/EURIBOR," Speevr Video Interview, April 2018.
"Post-Crisis Bank Regulations and Financial Market Liquidity," Thirteenth Paolo Baffi Lecture on Money and Finance, Banca d'Italia, Eurosystem, March 2018.
"A Review of Financial Reform," Speevr Video Interview, April 2018.
"Notes on LIBOR Conversion," Graduate School of Business, Stanford University, January, 2018.
"What to do about Libor?" Risk, April 24, 2017.
"CCPs should prep to quash Sifi swap termination stays," Risk, February 22, 2017.
"Why the leverage ratio distorts market-making," Risk, January 3, 2017.
"Passthrough Efficiency in the Fed’s New Monetary Policy Setting" (with Arvind Krishnamurthy), in Richard A. Babson, editor, Designing Resilient Monetary Policy Frameworks for the Future, A Symposium Sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 25-27, 2016, Federal Reserve Bank of Kansas City, pages 21-102. Bloomberg radio interview (audio), August 30, 2016.
"Financial Regulatory Reform After the Crisis: An Assessment," Management Science, Volume 64 (2018), pages 4471-4965. Presented at 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,' " 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.
"Aligning Incentives at Systemically Important Financial Institutions," The Squam Lake Group, March, 2013.
"The Futurization of Swaps," Bloomberg Government, January 28, 2013. A Counterpoint to Commentary by Robert Litan, Bloomberg Government, January 14, 2013.
"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.
"SEC Beware, Money Funds Can Bring System Down," The Squam Lake Group, Bloomberg, April 18, 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.
"Reforming Money Market Funds," January, 2011, The Squam Lake Group.
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.
BankOne Case, Regarding Market Valuation of Swaps, 2001