Bernd Schlusche

Board of Governors of the Federal Reserve System

20th Street and Constitution Avenue NW

Washington, DC 20551

United States

  • Board of Governors of the Federal Reserve System

SCHOLARLY PAPERS

24

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144

Scholarly Papers (24)

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1.

Market Reaction to Corporate Press Releases

Number of pages: 58 Posted: 21 Feb 2010 Last Revised: 13 Nov 2011
Andreas Neuhierl, Anna Scherbina and Bernd Schlusche
Washington University in St. Louis - John M. Olin Business School, Brandeis University and Board of Governors of the Federal Reserve System
Downloads 4,696 (4,391)
Citation 30

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Corporate News, Event Study, Market Efficiency

2.

Cross-Firm Information Flows and the Predictability of Stock Returns

Number of pages: 77 Posted: 11 May 2013 Last Revised: 21 Mar 2016
Anna Scherbina and Bernd Schlusche
Brandeis University and Board of Governors of the Federal Reserve System
Downloads 2,279 (14,027)
Citation 1

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Information Leadership, Lead-Lag Effect, Corporate News Announcements, Limited Attention, Market Efficiency

3.

Asset Price Bubbles: A Survey

Number of pages: 43 Posted: 28 Mar 2011 Last Revised: 03 Feb 2013
Anna Scherbina and Bernd Schlusche
Brandeis University and Board of Governors of the Federal Reserve System
Downloads 1,617 (24,014)
Citation 12

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Bubbles, Limits to Arbitrage, Financial Crisis

4.

Quantitative Easing and Bank Risk Taking: Evidence from Lending

Downloads 1,201 (37,257)
Citation 48

Quantitative Easing and Bank Risk Taking: Evidence from Lending

Number of pages: 56 Posted: 02 Nov 2015 Last Revised: 18 May 2020
John Kandrac and Bernd Schlusche
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 821 (62,645)
Citation 48

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QE, bank lending, reserve balances, monetary policy, Federal Reserve, risk-taking channel, LSAP, portfolio substitution effect

Quantitative Easing and Bank Risk Taking: Evidence from Lending

FEDS Working Paper No. 2017-125
Number of pages: 55 Posted: 03 Jan 2018 Last Revised: 07 Feb 2018
John Kandrac and Bernd Schlusche
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 380 (163,428)

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5.

Data Snooping and Market-Timing Rule Performance

Number of pages: 52 Posted: 18 Feb 2009 Last Revised: 19 Jul 2013
Andreas Neuhierl and Bernd Schlusche
Washington University in St. Louis - John M. Olin Business School and Board of Governors of the Federal Reserve System
Downloads 1,140 (40,258)
Citation 5

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Market Timing, Data Snooping, Multiple Testing, Reality Check, SPA Test, Stepwise Method

6.

Performance Isn't Everything: Personal Characteristics and Career Outcomes of Mutual Fund Managers

Number of pages: 79 Posted: 07 Sep 2017 Last Revised: 20 May 2018
Brad M. Barber, Anna Scherbina and Bernd Schlusche
University of California, Davis, Brandeis University and Board of Governors of the Federal Reserve System
Downloads 1,082 (43,563)
Citation 3

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Women in Finance, Diversity, Career Advancement, Mutual Fund Industry, Mutual Fund Managers, Mutual Fund Manager Performance

7.

Economic Linkages Inferred from News Stories and the Predictability of Stock Returns

Number of pages: 53 Posted: 05 Dec 2013 Last Revised: 30 Dec 2015
Anna Scherbina and Bernd Schlusche
Brandeis University and Board of Governors of the Federal Reserve System
Downloads 1,039 (45,965)
Citation 13

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News Media, Soft Information, Linked Stocks, Information Leadership, Lead-Lag Effect, Complex Information, Limited Attention, Market Efficiency

8.

The Effect of Bank Supervision and Examination on Risk Taking: Evidence from a Natural Experiment

Downloads 695 (79,042)
Citation 2

The Effect of Bank Supervision and Examination on Risk Taking: Evidence from a Natural Experiment

Number of pages: 54 Posted: 22 Mar 2017 Last Revised: 18 May 2020
John Kandrac and Bernd Schlusche
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 557 (103,463)

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Bank Supervision, Risk Taking, S&L Crisis, Lending, Resolution Costs

The Effect of Bank Supervision on Risk Taking: Evidence from a Natural Experiment

FEDS Working Paper No. 2017-79
Number of pages: 51 Posted: 07 Sep 2017
John Kandrac and Bernd Schlusche
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 138 (438,804)
Citation 2

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9.

Follow the Leader: Using the Stock Market to Uncover Information Flows Between Firms

Number of pages: 71 Posted: 12 Nov 2018 Last Revised: 06 Dec 2018
Anna Scherbina and Bernd Schlusche
Brandeis University and Board of Governors of the Federal Reserve System
Downloads 636 (88,565)
Citation 7

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Information Leadership, Lead-Lag Effect, Corporate News Announcements, Limited Attention, Market Efficiency

10.

Issues in the Use of the Balance Sheet Tool

FEDS Working Paper No. 2020-71
Number of pages: 38 Posted: 02 Sep 2020
Mark A. Carlson, Stefania D'Amico, Cristina Fuentes-Albero, Bernd Schlusche and Paul R. Wood
Board of Governors of the Federal Reserve System, Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 369 (170,376)
Citation 2

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11.

An Agency Problem in the MBS Market and the Solicited Refinancing Channel of Large-Scale Asset Purchases

Downloads 269 (238,426)

An Agency Problem in the MBS Market and the Solicited Refinancing Channel of Large-Scale Asset Purchases

Number of pages: 53 Posted: 29 May 2014 Last Revised: 29 Apr 2015
John Kandrac and Bernd Schlusche
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 141 (431,255)

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QE, LSAP, mortgage-backed securities, monetary policy, Federal Reserve, mortgage, prepayment rates

An Agency Problem in the MBS Market and the Solicited Refinancing Channel of Large-Scale Asset Purchases

FEDS Working Paper No. 2015-027, http://dx.doi.org/10.17016/FEDS.2015.027
Number of pages: 50 Posted: 09 May 2015
John Kandrac and Bernd Schlusche
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 128 (466,530)

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Federal Reserve, LSAP, Monetary policy, QE, mortgage, mortgage-backed securities, prepayment rates

12.

Flow Effects of Large-Scale Asset Purchases

Number of pages: 14 Posted: 20 Jul 2013 Last Revised: 27 Mar 2017
John Kandrac and Bernd Schlusche
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 237 (270,469)
Citation 3

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LSAP, Quantitative Easing, Open Market Operations, Liquidity, Monetary Policy

13.

The Effect of Malicious Cyber Activity on the U.S. Corporate Sector

Number of pages: 66 Posted: 07 Apr 2023 Last Revised: 16 Apr 2024
Anna Scherbina and Bernd Schlusche
Brandeis University and Board of Governors of the Federal Reserve System
Downloads 202 (315,021)
Citation 1

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Cyberattacks, Malicious Cyber Activity, Cyber Threat Actors, Cybersecurity Initiatives, Intellectual Property Theft, Trade Secrets, Critical Infrastructures, Emerging Technologies, Defense Contracts, Government Contracts, Spillover Effects, Economically Linked Firms, Corporate Transparency

14.

Monetary Policy Options at the Effective Lower Bound: Assessing the Federal Reserve'S Current Policy Toolkit

FEDS Working Paper No. 2019-3
Number of pages: 63 Posted: 07 Feb 2019 Last Revised: 21 Feb 2019
Hess T. Chung, Etienne Gagnon, Taisuke Nakata, Matthias O. Paustian, Bernd Schlusche, James Trevino, Diego Vilan and Wei Zheng
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 177 (357,118)
Citation 12

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15.

Demand for M2 at the Zero Lower Bound: The Recent U.S. Experience

Downloads 115 (504,419)
Citation 2

Demand for M2 at the Zero Lower Bound: The Recent U.S. Experience

FEDS Working Paper No. 2014-22
Number of pages: 43 Posted: 02 Apr 2014
Ruth Judson, Bernd Schlusche and Vivian Wong
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 73 (684,749)

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money demand, M2, zero lower bound, opportunity cost

Demand for M2 at the Zero Lower Bound: The Recent U.S. Experience

FEDS Working Paper No. 2014-22
Number of pages: 43 Posted: 31 May 2017
Ruth Judson, Bernd Schlusche and Vivian Wong
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Housing Finance Agency
Downloads 42 (897,365)
Citation 2

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16.

The Federal Reserve's Balance Sheet and Overnight Interest Rates

Number of pages: 42 Posted: 01 Jan 2013
Jaime Marquez, Ari Morse and Bernd Schlusche
Board of Governors of the Federal Reserve System, Carnegie Mellon University - David A. Tepper School of Business and Board of Governors of the Federal Reserve System
Downloads 102 (550,790)

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Reserve Balances, Federal Funds Rate, Balance Sheet, Large-Scale Asset Purchases, Interest Rate on Excess Reserves, Exit Strategy

17.

Arbitrage Capital of Global Banks

Downloads 101 (554,610)
Citation 3

Arbitrage Capital of Global Banks

FEDS Working Paper No. 2021-32
Number of pages: 66 Posted: 14 Jun 2021 Last Revised: 30 Jun 2021
Alyssa G. Anderson, Wenxin Du and Bernd Schlusche
Board of Governors of the Federal Reserve System, Harvard Business School and Board of Governors of the Federal Reserve System
Downloads 60 (760,359)

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Arbitrage Capital of Global Banks

NBER Working Paper No. w28658
Number of pages: 67 Posted: 12 Apr 2021 Last Revised: 22 Apr 2023
Alyssa G. Anderson, Wenxin Du and Bernd Schlusche
Board of Governors of the Federal Reserve System, Harvard Business School and Board of Governors of the Federal Reserve System
Downloads 41 (906,436)
Citation 3

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18.

The Evolution of the Federal Reserve's Agency MBS Holdings

FEDS Notes No. 2024-09-20-2
Posted: 27 Sep 2024
Dave Na, Ellie Newman and Bernd Schlusche
Independent, Independent and Board of Governors of the Federal Reserve System

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19.

Balance Sheet Policies in an Evolving Economy: Some Modelling Advances and Illustrative Simulations

FEDS Notes No. 2023-02-03-1
Posted: 12 May 2023
Hess T. Chung, Etienne Gagnon, James Hebden, Kyungmin Kim, Bernd Schlusche, Eric Till, James Trevino and Diego Vilan
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Independent, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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20.

An Analysis of the Interest Rate Risk of the Federal Reserve's Balance Sheet, Part 2: Projections Under Alternative Interest Rate Paths

FEDS Notes No. 2022-07-15-3
Posted: 21 Jul 2022
Alyssa G. Anderson, Philippa Marks, Dave Na, Bernd Schlusche and Zeynep Senyuz
Board of Governors of the Federal Reserve System, Independent, Independent, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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21.

An Analysis of the Interest Rate Risk of the Federal Reserve's Balance Sheet, Part 1: Background and Historical Perspective

FEDS Notes No. 2022-07-15-2
Posted: 21 Jul 2022
Alyssa G. Anderson, Dave Na, Bernd Schlusche and Zeynep Senyuz
Board of Governors of the Federal Reserve System, Independent, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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22.

Simulating the Macroeconomic Effects of Unconventional Monetary Policies

FEDS Notes No. 2018-07-20
Posted: 27 Jul 2018 Last Revised: 25 Jun 2020
Hess Chung, Cynthia Doniger, Cristina Fuentes-Albero, Bernd Schlusche and Wei Zheng
Indiana University Bloomington - Department of Economics, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Indiana University Purdue University Indianapolis (IUPUI)

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23.

Confidence Interval Projections of the Federal Reserve Balance Sheet and Income

FEDS Notes No. 2017-01-13
Posted: 14 Oct 2017 Last Revised: 14 May 2021
Elizabeth Klee, Soo Jeong Kim and Bernd Schlusche
Board of Governors of the Federal Reserve System, Chungnam National University and Board of Governors of the Federal Reserve System

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24.

Price Formation in Spot and Futures Markets: Exchange Traded Funds vs. Index Futures

https://doi.org/10.3905/JOD.2009.17.2.026
Posted: 06 Oct 2009
Bernd Schlusche
Board of Governors of the Federal Reserve System

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Index Futures, Exchange Traded Funds, Vector Error Correction Model, Common Factor Weights