Gara Afonso

Federal Reserve Bank of New York

33 Liberty Street

New York, NY 10045

United States

http://nyfedeconomists.org/afonso

  • Federal Reserve Bank of New York

SCHOLARLY PAPERS

26

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4,412

SSRN CITATIONS
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Top 2,697

in Total Papers Citations

349

CROSSREF CITATIONS

337

Scholarly Papers (26)

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1.

Do 'Too-Big-To-Fail' Banks Take on More Risk?

Downloads 1,268 (31,917)
Citation 21

Do 'Too-Big-To-Fail' Banks Take on More Risk?

Economic Policy Review 20(2), 41-58, 2014.
Number of pages: 20 Posted: 05 Apr 2014 Last Revised: 01 Mar 2021
Gara Afonso, João A. C. Santos and James Traina
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of San Francisco
Downloads 1,026 (42,576)
Citation 16

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too-big-to-fail, government support

Do 'Too-Big-To-Fail' Banks Take on More Risk?

Journal of Financial Perspectives, Vol. 3, No. 2, 2015
Number of pages: 33 Posted: 07 Dec 2017
Gara Afonso, João A. C. Santos and James Traina
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of San Francisco
Downloads 242 (242,841)

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2.

Systemic Risk and Liquidity in Payment Systems

FRB of New York Staff Report No. 352
Number of pages: 49 Posted: 09 Nov 2008 Last Revised: 10 Nov 2010
Gara Afonso and Hyun Song Shin
Federal Reserve Bank of New York and Bank for International Settlements (BIS)
Downloads 474 (117,930)
Citation 7

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systemic risk, financial networks, high-value payment systems, precautionary demand

3.

Trading Partners in the Interbank Lending Market

FRB of New York Staff Report No. 620
Number of pages: 52 Posted: 19 May 2013
Gara Afonso, Anna Kovner and Antoinette Schoar
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Richmond and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 364 (160,691)
Citation 59

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interbank lending, OTC markets

4.

How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007

Downloads 319 (184,043)
Citation 19

How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007

Number of pages: 51 Posted: 19 Mar 2012
Viral V. Acharya, Viral V. Acharya, Gara Afonso and Anna Kovner
New York University (NYU) - Leonard N. Stern School of Business, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 212 (275,578)
Citation 4

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Credit crunch, ABCP freeze, liquidity

How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007

FRB of New York Staff Report No. 623
Number of pages: 66 Posted: 11 Aug 2013
Viral V. Acharya, Viral V. Acharya, Gara Afonso and Anna Kovner
New York University (NYU) - Leonard N. Stern School of Business, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 103 (503,002)
Citation 13

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funding risk and liquidity, global banking, ABCP freeze

How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007

CEPR Discussion Paper No. DP9457
Number of pages: 63 Posted: 02 May 2013
Viral V. Acharya, Viral V. Acharya, Gara Afonso and Anna Kovner
New York University (NYU) - Leonard N. Stern School of Business, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 4 (1,207,582)
Citation 1
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ABCP freeze, credit crunch, liquidity

5.

The Market Events of Mid-September 2019

Downloads 293 (201,382)
Citation 10

The Market Events of Mid-September 2019

FRB of New York Staff Report No. 918 (2020)
Number of pages: 30 Posted: 06 Mar 2020 Last Revised: 24 May 2023
Gara Afonso, Marco Cipriani, Adam M. Copeland, Anna Kovner, Gabriele La Spada and Antoine Martin
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Richmond, Federal Reserve Banks - Federal Reserve Bank of New York and Swiss National Bank
Downloads 186 (311,141)
Citation 4

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federal funds market, repo market, central bank reserves, regulation, monetary policy

The Market Events of Mid-September 2019

Economic Policy Review, Vol. 27, No. 2
Number of pages: 26 Posted: 02 Sep 2021
Gara Afonso, Marco Cipriani, Adam M. Copeland, Anna Kovner, Gabriele La Spada and Antoine Martin
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Richmond, Federal Reserve Banks - Federal Reserve Bank of New York and Swiss National Bank
Downloads 107 (488,924)
Citation 5

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federal funds market, repo market, central bank reserves, regulation, monetary policy implementation

The Market Events of Mid-September 2019

CEPR Discussion Paper No. DP14467
Number of pages: 33 Posted: 25 Mar 2020
Gara Afonso, Marco Cipriani, Adam M. Copeland, Anna Kovner, Gabriele La Spada and Antoine Martin
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Richmond, Federal Reserve Banks - Federal Reserve Bank of New York and Swiss National Bank
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Citation 2
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central bank reserves, Federal funds market, Monetary policy implementation, regulation, repo market

6.

Stressed, Not Frozen: The Federal Funds Market in the Financial Crisis

Journal of Finance, Forthcoming, AFA 2011 Denver Meetings Paper, FRB of New York Staff Report No. 437
Number of pages: 53 Posted: 11 Mar 2010 Last Revised: 05 May 2011
Gara Afonso, Anna Kovner and Antoinette Schoar
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Richmond and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 273 (216,618)
Citation 15

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Fed funds, financial crises, liquidity, interbank lending, hoarding

7.

Monetary Policy Implementation with an Ample Supply of Reserves

Downloads 226 (260,622)
Citation 8

Monetary Policy Implementation with an Ample Supply of Reserves

FRB of New York Staff Report No. 910. Rev. July 2023
Number of pages: 65 Posted: 24 Jan 2020 Last Revised: 14 Jul 2023
Gara Afonso, Kyungmin Kim, Antoine Martin, Ed Nosal, Simon Potter and Sam Schulhofer-Wohl
Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Swiss National Bank, Federal Reserve Banks - Federal Reserve Bank of Atlanta, Peterson Institute for International Economics and Federal Reserve Banks - Federal Reserve Bank of Dallas
Downloads 104 (499,476)
Citation 4

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federal funds market, monetary policy implementation, ample reserves

Monetary Policy Implementation with an Ample Supply of Reserves

FRB Atlanta Working Paper No. 2020-2
Number of pages: 47 Posted: 29 Apr 2020
Gara Afonso, Kyungmin Kim, Antoine Martin, Ed Nosal, Simon Potter and Sam Schulhofer-Wohl
Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Swiss National Bank, Federal Reserve Banks - Federal Reserve Bank of Atlanta, Peterson Institute for International Economics and Federal Reserve Banks - Federal Reserve Bank of Dallas
Downloads 39 (837,042)

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Monetary Policy Implementation with an Ample Supply of Reserves

FRB of Chicago Working Paper No. WP-2020-02
Number of pages: 47 Posted: 27 Apr 2020
Gara Afonso, Kyungmin Kim, Antoine Martin, Ed Nosal, Simon Potter and Sam Schulhofer-Wohl
Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Swiss National Bank, Federal Reserve Banks - Federal Reserve Bank of Atlanta, Peterson Institute for International Economics and Federal Reserve Banks - Federal Reserve Bank of Dallas
Downloads 38 (845,219)

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federal funds market, monetary policy implementation, ample reserve supply

Monetary Policy Implementation with an Ample Supply of Reserves

FRB of Chicago Working Paper No. WP-2020-02
Number of pages: 47 Posted: 09 Jul 2021
Gara Afonso, Kyungmin Kim, Antoine Martin, Ed Nosal, Simon Potter and Sam Schulhofer-Wohl
Federal Reserve Bank of New York, affiliation not provided to SSRN, affiliation not provided to SSRN, Federal Reserve Banks - Federal Reserve Bank of Atlanta, Peterson Institute for International Economics and Federal Reserve Banks - Federal Reserve Bank of Dallas
Downloads 34 (879,356)
Citation 5

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federal funds market, monetary policy implementation, ample reserve supply

Monetary Policy Implementation with an Ample Supply of Reserves

FRB of Chicago Working Paper No. WP 2020-02
Number of pages: 47 Posted: 14 Jun 2021
Gara Afonso, Kyungmin Kim, Ed Nosal, Simon Potter and Sam Schulhofer-Wohl
Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Atlanta, Peterson Institute for International Economics and Federal Reserve Banks - Federal Reserve Bank of Dallas
Downloads 11 (1,124,316)

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Federal funds market, interest rates, ample reserve supply, bank reserves, monetary supply

8.

How Abundant Are Reserves? Evidence from the Wholesale Payment System

Downloads 211 (277,868)
Citation 3

How Abundant Are Reserves? Evidence from the Wholesale Payment System

FRB of New York Staff Report No. 1040
Number of pages: 26 Posted: 29 Nov 2022
Gara Afonso, Darrell Duffie, Lorenzo Rigon and Hyun Song Shin
Federal Reserve Bank of New York, Stanford University - Graduate School of Business, Stanford University - Department of Economics and Bank for International Settlements (BIS)
Downloads 197 (295,109)

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real-time gross settlement (RTGS) systems, quantitative tightening, balance sheet management, reserve balances

How Abundant are Reserves? Evidence from the Wholesale Payment System

NBER Working Paper No. w30736
Number of pages: 26 Posted: 12 Dec 2022 Last Revised: 14 Apr 2023
Gara Afonso, Darrell Duffie, Lorenzo Rigon and Hyun Song Shin
Federal Reserve Bank of New York, Stanford University - Graduate School of Business, Stanford University and Bank for International Settlements (BIS)
Downloads 14 (1,088,843)
Citation 3

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9.

Banks' Balance-Sheet Costs, Monetary Policy, and the ON RRP

FRB of New York Staff Report No. 1041, Rev. August 2024
Number of pages: 55 Posted: 27 Dec 2022
Gara Afonso, Marco Cipriani and Gabriele La Spada
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 149 (377,156)
Citation 2

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balance sheet constraints, banks, leverage ratio, monetary policy, money market funds, ONRRP

10.

Scarce, Abundant, or Ample? A Time-Varying Model of the Reserve Demand Curve

FRB of New York Staff Report No. 1019, 2022. Rev. April 2024
Number of pages: 74 Posted: 31 May 2022 Last Revised: 09 Apr 2024
Gara Afonso, Domenico Giannone, Gabriele La Spada and John C. Williams
Federal Reserve Bank of New York, International Monetary Fund (IMF), Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 147 (381,307)
Citation 3

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demand for reserves, federal funds market, monetary policy

11.

Trade Dynamics in the Market for Federal Funds

Downloads 128 (424,879)
Citation 118

Trade Dynamics in the Market for Federal Funds

FRB of New York Staff Report No. 549
Number of pages: 96 Posted: 25 Feb 2012
Gara Afonso and Ricardo Lagos
Federal Reserve Bank of New York and New York University (NYU) - Department of Economics
Downloads 97 (524,387)
Citation 9

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Fed funds market, search, bargaining, over-the-counter

Trade Dynamics in the Market for Federal Funds

NBER Working Paper No. w20419
Number of pages: 70 Posted: 02 Sep 2014 Last Revised: 17 Apr 2023
Gara Afonso and Ricardo Lagos
Federal Reserve Bank of New York and New York University (NYU) - Department of Economics
Downloads 31 (906,440)
Citation 33

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12.

A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow

Downloads 79 (435,361)
Citation 8

A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow

FRB of New York Staff Report No. 840
Number of pages: 44 Posted: 28 Feb 2018
Gara Afonso, Roc Armenter and Benjamin R. Lester
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 79 (597,636)
Citation 7

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monetary policy implementation, federal funds market, over-the-counter markets

13.

An Empirical Study of Trade Dynamics in the Fed Funds Market

FRB of New York Staff Report No. 550
Number of pages: 40 Posted: 25 Feb 2012
Gara Afonso and Ricardo Lagos
Federal Reserve Bank of New York and New York University (NYU) - Department of Economics
Downloads 118 (451,901)
Citation 12

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monetary policy, Fed funds market, Fed funds rate

14.

The Optimal Supply of Central Bank Reserves under Uncertainty

FRB of New York Staff Report No. 1077, Rev. December 2023, https://doi.org/10.59576/sr.1077
Number of pages: 36 Posted: 14 Nov 2023 Last Revised: 22 Dec 2023
Gara Afonso, Gabriele La Spada, Thomas M. Mertens and John C. Williams
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of San Francisco and Federal Reserve Bank of New York
Downloads 106 (489,082)

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monetary policy implementation, rate control, federal funds rate

15.

Liquidity and Congestion

FRB of New York Staff Report No. 349
Number of pages: 44 Posted: 20 Oct 2008 Last Revised: 08 Jun 2010
Gara Afonso
Federal Reserve Bank of New York
Downloads 86 (561,028)
Citation 16

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liquidity, search, congestion, asset pricing

16.

The Over-the-Counter Theory of the Fed Funds Market: A Primer

FRB of New York Staff Report No. 660
Number of pages: 32 Posted: 12 Jan 2014
Gara Afonso and Ricardo Lagos
Federal Reserve Bank of New York and New York University (NYU) - Department of Economics
Downloads 66 (650,116)
Citation 4

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Fed funds market, search, bargaining, over-the-counter

17.

Stressed Not Frozen: The Fed Funds Market in the Financial Crisis

NBER Working Paper No. w15806
Number of pages: 60 Posted: 15 Mar 2010 Last Revised: 11 Mar 2023
Gara Afonso, Anna Kovner and Antoinette Schoar
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Richmond and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 64 (660,327)
Citation 1

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18.

Monetary Policy Implementation with Ample Reserves

FRB Atlanta Working Paper No. 2023-10
Number of pages: 64 Posted: 06 Sep 2023
Gara Afonso, Kyungmin Kim, Antoine Martin, Ed Nosal, Simon Potter and Sam Schulhofer-Wohl
Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Atlanta, Peterson Institute for International Economics and Federal Reserve Banks - Federal Reserve Bank of Dallas
Downloads 41 (800,682)

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federal funds market, monetary policy implementation, ample reserves

19.

A New Set of Indicators of Reserve Ampleness

Liberty Street Economics
Posted: 15 Aug 2024
Gara Afonso, Kevin Clark, Brian Gowen, Gabriele La Spada, JC Martinez, Jason Miu and Will Riordan
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York

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reserves, ON RRP, overnight reverse repurchase agreement (ON RRP), monetary policy implementation, Federal Reserve, ample reserves

20.

When Are Central Bank Reserves Ample?

Liberty Street Economics
Posted: 14 Aug 2024
Gara Afonso, Domenico Giannone, Gabriele La Spada and John C. Williams
Federal Reserve Bank of New York, International Monetary Fund (IMF), Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York

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ample reserves, monetary policy, early-warning signals

21.

Who Is Borrowing and Lending in the Eurodollar and Selected Deposit Markets?

Liberty Street Economics
Posted: 13 May 2024
Gara Afonso, Gonzalo Cisternas and Will Riordan
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York

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Eurodollars, selected deposits, federal funds, fed funds

22.

Dropping Like a Stone: ON RRP Take-up in the Second Half of 2023

Liberty Street Economics
Posted: 20 Dec 2023
Gara Afonso, Marco Cipriani and Gabriele La Spada
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York

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Overnight Reverse Repo Facility (ON RRP), Federal Reserve balance sheet run-off, ample reserves

23.

Treasury Bill Supply and ON RRP Investment

Liberty Street Economics
Posted: 29 Nov 2023
Gara Afonso, Marco Cipriani, Catherine Huang, Gabriele La Spada and Sergio Olivas
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Harvard University, Harvard Faculty of Arts and Sciences, Department of Economics, Students, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York

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Overnight Reserve Repo (ON RRP), treasury supply, money market mutual funds (MMFs)

24.

Who’s Borrowing and Lending in the Fed Funds Market Today?

Liberty Street Economics
Posted: 10 Oct 2023
Gara Afonso, Gonzalo Cisternas, Brian Gowen, Jason Miu and Joshua Younger
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York

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fed funds, reserves, interbank market, monetary policy, Federal Open Market Committee (FOMC)

25.

The Federal Reserve’s Two Key Rates: Similar but Not the Same?

Liberty Street Economics
Posted: 15 Aug 2023
Gara Afonso, Marco Cipriani, Gabriele La Spada and Peter Prastakos
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Massachusetts Institute of Technology (MIT), Operations Research Center, Students

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pass-through, monetary policy implementation, Fed Funds, Federal Reserve

26.

Relationships Matter: The Importance of Relationships in the Fed Funds Market

Posted: 19 Mar 2011 Last Revised: 25 Oct 2011
Gara Afonso, Anna Kovner and Antoinette Schoar
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Richmond and Massachusetts Institute of Technology (MIT) - Sloan School of Management

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